RELIANCE
Reliance Industries
Is RELIANCE Halal?
Indian conglomerate — current financial ratios pass, but energy, retail, media and finance remain mixed.
What You Should Know
Reliance's FY 2025-26 consolidated report shows debt/assets of 17.19%, liquidity/assets of 11.18%, receivables plus cash/assets of 9.39%, and conservative interest income of 1.00% of revenue. Energy, telecom, retail, media and green-technology businesses require separate qualitative treatment, including environmental, content, product-mix and financing concerns.
⚠️ Concerns
- •Oil-to-chemicals and oil-and-gas environmental and commodity-contract exposure
- •Jio payments and financial-service arrangements require review
- •Retail, media, sports and entertainment mix is not isolated
- •Conservative interest income is 1.00% of revenue
Current quantitative Sharia screen
Based on Integrated Annual Report figures for the period ended 2026-03-31; calculated 2026-07-14.
374,421 / 2,178,140
243,408 / 2,178,140
204,468 / 2,178,140
10,718 / 1,075,675
- Financial
- Pass
- Overall
- Incomplete
Debt/assets is 17.19%, liquidity/assets is 11.18%, receivables plus cash/assets is 9.39% and conservative interest income is 1.00%; the mixed-business numerator remains undisclosed.
- Financial
- Pass
- Overall
- Incomplete
Examined total-assets ratios are below the MSCI limits, but the energy, retail, media and financial-services activity numerator is not reproducible.
- Financial
- Pass
- Overall
- Incomplete
Examined financial ratios are below Malaysia SAC limits; this is not an official classification and does not resolve the mixed business activity.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series is not stored.
Business-activity disclosure
Reliance spans oil-to-chemicals, oil and gas, digital services and telecom, retail, media and entertainment, and green technologies. Several core lines can be permissible in principle, but hydrocarbons, media content, retail product mix and financial/financing structures require methodology-specific qualitative review.
Limitation: The consolidated report does not provide a school-neutral prohibited-revenue numerator separating energy products, media content, retail categories, finance contracts or downstream end use.
Purification
Reliance's selected consolidated cash-flow disclosure reports INR 10,718 crore of interest income, approximately 1.00% of revenue. This conservative upper bound is not a scholar-approved purification percentage.
Inputs, assumptions and primary sources
- Amounts are INR crores from Reliance's consolidated balance sheet and statement of profit and loss for FY 2025-26.
- Interest-bearing debt includes non-current borrowings of INR 270,751 crore and current borrowings of INR 103,670 crore; lease liabilities are excluded.
- Cash and cash equivalents are INR 145,977 crore. Current investments of INR 97,431 crore are treated as a conservative securities input; non-current strategic investments are not automatically treated as liquid securities.
- Trade receivables are INR 58,491 crore and revenue from operations is INR 1,075,675 crore.
- Standalone cash-flow disclosures report INR 10,718 crore of interest income; this is used as a conservative upper bound and not a purification prescription.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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