Reliance Infrastructure Ltd Q3 FY26 – ₹20,547 Cr Sales, ₹11,460 Cr PAT, EPS ₹159: One-Quarter Jackpot or Long-Term Revival?

1. At a Glance – The Headline That Makes You Spit Your Chai

Reliance Infrastructure is currently trading around ₹134 with a market cap of roughly ₹5,500 Cr, while sitting on book value of ₹414 and flashing a P/E of ~1.1 like it’s Black Friday on Dalal Street. Sales stand at about ₹20,547 Cr, PAT at ₹11,460 Cr (TTM), ROCE at 34%, ROE at 37.5%, and debt has come down to ₹5,737 Cr. Sounds like a multibagger brochure, right?

But wait—this isn’t some clean FMCG compounding story. This is a court-case-powered, arbitration-boosted, other-income-heavy revival saga starring power distribution, toll roads, defence JVs, and enough regulatory drama to keep SFIO, ED, SEBI, and auditors fully employed.

One quarter made EPS look like a lottery ticket. The stock price, however, looks like it missed the memo. So the big question: Is this a broken infra dinosaur suddenly sprinting, or just a one-time sugar rush?

2. Introduction – From Anil Ambani Punchline to Balance-Sheet Plot Twist

For years, Reliance Infrastructure lived in the shadow of its own surname. Mention “Reliance” and investors asked: Mukesh or Anil? If the answer was Anil, the conversation usually ended with a nervous laugh.

But RInfra quietly survived. It sold assets, settled disputes, cut debt, and waited. And then the courts delivered a plot twist: big arbitration awards, reversals of long-pending disputes, and cash inflows that made the P&L look like it discovered steroids.

The result? A company that looks absurdly cheap on ratios, absurdly complicated on fundamentals, and absurdly polarising in market opinion.

This is not a story of smooth execution. This is a story of legacy assets, regulatory fights, power distribution cash flows, and legal windfalls. If you like clean spreadsheets, this stock will give you anxiety. If you like messy turnarounds with optionality, you’re already reading this with popcorn.

3. Business Model –