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Today's prices ask more of Adani Enterprises than of Reliance Industries.
At current prices, buyers of Adani Enterprises are assuming about 35% growth against 2% in its own record; for Reliance Industries it is 6% against 7%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: both on estimate withheld.
- Size: Reliance Industries is worth about 5.0 times Adani Enterprises on the stock market.
- Record: Adani Enterprises has grown revenue faster: Adani Enterprises compounded at about 13% a year (FY2018–FY2026) and Reliance Industries at about 9% (FY2019–FY2026).
- What to watch: airports at Adani Enterprises; jio's revenue per user at Reliance Industries.
| Adani Enterprises | Reliance Industries | |
|---|---|---|
| Price | ₹2,688 | ₹1,340 |
| Market cap | ₹3.64L Cr | ₹18.13L Cr |
| P/E | 63.4 | 22.1 |
| P/B | 4.50 | 2.01 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Estimate withheld | Estimate withheld |
01Two businesses
The Adani group's incubator
Adani Enterprises is the flagship company and incubator of the Adani group. Businesses such as Adani Power, Adani Transmission (now Adani Energy Solutions) and Adani Total Gas began here before being separated and listed on their own. Its largest revenue line is still coal trading, alongside mining services and commercial mining.
Three businesses under one share price
Reliance Industries started out in textiles and petrochemicals and is now India's most valuable listed company. Its oldest engine, oil-to-chemicals (O2C), runs the Jamnagar refining complex and turns crude oil into fuels, polymers and polyester. Profits there rise and fall with global refining margins, which is why the segment is valued as a capital-heavy commodity business.
02The records side by side
Adani Enterprises has grown revenue faster: Adani Enterprises compounded at about 13% a year (FY2018–FY2026) and Reliance Industries at about 9% (FY2019–FY2026). By revenue, Reliance Industries is about 10.7 times the size of Adani Enterprises. Adani Enterprises kept 9.9% of revenue as net profit in FY2026; Reliance Industries kept 8.9% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: Adani Enterprises · Reliance Industries.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- AirportsPassenger growth and non-aeronautical income such as retail and real estate make airports the most valuable of the new businesses.
- How the capex is fundedAEL is spending heavily; whether that is paid for with debt, new shares or asset sales changes the value left for each existing share.
- Jio's revenue per userThe network is already built, so each tariff increase drops almost straight to profit. How far revenue per user can rise without losing subscribers is the biggest single swing factor in the group's value.
- Retail's store economicsRetail is worth what each store earns once it matures, not how many stores open. Slower same-store growth would shrink this part of the valuation faster than any other.
05What could go wrong
- Group-level eventsNews about the wider Adani group has moved this share price sharply in the past, regardless of how the businesses were performing.
- LeverageHeavy borrowing to fund new projects raises the cost of capital.
- The holding-company discountMarkets often value conglomerates below the sum of their parts, and that discount can last for years.
- New energy is still a betThe solar, battery and hydrogen projects are early, capital-hungry and not yet proven at scale.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Adani Enterprises or Reliance Industries better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Adani Enterprises trades at 63.4 times earnings and 4.50 times book value, and Reliance Industries at 22.1 times earnings and 2.01 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Adani Enterprises and Reliance Industries?
Adani Enterprises is the flagship company and incubator of the Adani group. Reliance Industries started out in textiles and petrochemicals and is now India's most valuable listed company.
Are Adani Enterprises and Reliance Industries valued the same way?
Yes — both on estimate withheld, so their workings compare like for like.
What does today's price assume for Adani Enterprises and Reliance Industries?
Worked backwards from the share price, Adani Enterprises needs about 35% growth and Reliance Industries about 6% growth, against 2% and 7% in their own records.