New Delhi, Moody’s Ratings on Friday affirmed Reliance Industries Ltd’s (RIL) Baa2 long-term issuer and foreign currency senior unsecured ratings, maintaining a stable outlook on the company.
“The affirmation of RIL’s Baa2 ratings reflects company’s core credit strengths, including its large-scale operations and leading market positions across oil-to-chemicals, upstream oil and gas, digital services and organised retail,” said Kaustubh Chaubal, Senior Vice President at Moody’s Ratings.
Moody’s said RIL’s strong financial metrics, solid liquidity and prudent financial policies underpin its resilience, despite high capital spending.
The agency expects the conglomerate’s consolidated EBITDA to reach around ₹2 lakh crore (USD 23 billion) in fiscal year ending March 31, 2026 (FY2025-26), with 3-4 per cent annual growth over the next two years, driven by steady performance in consumer businesses such as telecom and retail.
Reliance Jio, the group’s digital arm, leads India’s telecom market with over 506 million subscribers, while its retail operations continue to benefit from scale, product diversity and technology investments.
In parallel, RIL’s retail operations also support consolidated earnings growth, given its unmatched scale, diversified product offerings, and expanding capabilities.
Moody’s expects earnings from RIL’s oil-to-chemicals and upstream businesses to remain stable over the next two years, supported by integration and feedstock flexibility. Annual capex of about USD 15 billion will largely be funded through internal accruals, keeping borrowings flat and net debt/EBITDA below 1.0x.
As of September 30, 2025, RIL held cash and equivalents of ₹2.2 lakh crore (USD 25.9 billion) against total debt of ₹4.8 lakh crore (USD 5.5 billion). Moody’s said liquidity remains “excellent,” supported by strong cash flows and access to capital markets.
RIL’s ratings remain capped at one notch above India’s sovereign rating. The outlook mirrors that of the sovereign, reflecting expectations of continued earnings growth and solid credit metrics over the next 12-18 months.>
