Reliance Industries (RIL) has approved an enabling resolution to raise up to ₹15,000 crore through non-convertible debentures (NCDs), giving India’s largest listed company another option to access debt capital. The board approved the proposal on October 30, 2026, authorising the issuance of listed, secured or unsecured, redeemable NCDs through private placements in one or more tranches.
The fundraising approval came alongside Reliance’s second-quarter FY27 financial results, in which the company reported consolidated net profit attributable to shareholders of ₹25,548 crore, up 40.6% year-on-year. The proposed issue does not mean Reliance has already raised the full ₹15,000 crore. It gives the company the authority to issue debt securities up to that limit, with the timing and size of individual tranches to be determined separately.
Key Takeaways
- Fundraising approval: Up to ₹15,000 crore through NCDs.
- Approval date: October 30, 2026.
- Issuance route: Private placement.
- Instrument: Listed, secured or unsecured, redeemable NCDs.
- Issuance structure: One or more tranches.
- Q2 FY27 net profit: ₹25,548 crore, up 40.6% year-on-year.
- Outstanding NCDs: Approximately ₹39,389 crore as of September 30, 2026, before specified accounting adjustments.
- Previous issuance: Reliance also issued approximately ₹12,000 crore of NCDs during the September quarter.
Reliance Board Approves ₹15,000 Crore NCD Fundraising
The board of Reliance Industries passed an enabling resolution authorising the issuance of NCDs worth up to ₹15,000 crore.
According to the company’s exchange filing, the proposed securities can be listed, secured or unsecured, and redeemable. The fundraising will take place through private placements and may be completed in multiple tranches.
A private placement allows a company to issue securities to selected investors rather than offering them to the general public.
The approval provides Reliance with flexibility to raise funds when required, depending on its financing needs and market conditions.
However, the company has not disclosed the final coupon rate, maturity period, issue dates or specific use of proceeds for this newly approved ₹15,000 crore programme.
These details will depend on the terms of individual issuances.
What Are Non-Convertible Debentures?
Non-convertible debentures are debt instruments companies issue to borrow money from investors.
Unlike convertible debentures, NCDs cannot be converted into company shares. Investors receive interest according to the terms of the issue and get their principal amount back when the securities mature, subject to the issuer meeting its obligations.
Companies use NCDs to raise funds without diluting existing shareholders’ ownership.
Key features of NCDs
| Feature | Explanation |
|---|---|
| Nature | Debt instrument |
| Conversion | Cannot be converted into equity shares |
| Interest | Fixed or otherwise specified in issue terms |
| Security | Can be secured or unsecured |
| Repayment | Principal is repaid at maturity |
| Investors | Institutions and other eligible investors |
| Issuance route | Public issue or private placement |
For Reliance, the private placement route provides access to institutional and other eligible investors without requiring a public retail offering.
The final interest rate and repayment conditions will determine the cost of borrowing.
Reliance Already Has a Significant NCD Portfolio
The newly approved fundraising comes as Reliance continues to use debt securities as part of its financing strategy.
As of September 30, 2026, the company’s outstanding NCDs stood at approximately ₹39,389 crore, before accounting for prepaid finance charges and fair valuation adjustments.
Of this amount, secured NCDs accounted for approximately ₹20,000 crore.
Reliance also issued listed, unsecured, redeemable NCDs worth approximately ₹12,000 crore during the September quarter through a private placement.
The additional ₹15,000 crore authorisation therefore represents another potential source of debt funding.
| Particulars | Amount |
|---|---|
| Outstanding NCDs at September 30, 2026 | Approximately ₹39,389 crore |
| Secured NCDs within outstanding amount | Approximately ₹20,000 crore |
| NCDs issued during Q2 FY27 | Approximately ₹12,000 crore |
| Newly approved fundraising limit | Up to ₹15,000 crore |
The newly approved amount is an authorisation limit, not an amount already borrowed. It should not be added to outstanding debt unless and until the company completes further issuances.
Fundraising Approval Comes Alongside Strong Q2 FY27 Results
Reliance announced the NCD approval alongside its September-quarter financial results.
The company reported consolidated net profit attributable to shareholders of ₹25,548 crore, compared with ₹18,165 crore in the corresponding quarter last year.
Revenue from operations reached approximately ₹3.33 lakh crore, compared with ₹2.59 lakh crore a year earlier.
Reliance Industries Q2 FY27 performance
| Financial metric | Q2 FY27 | Year-on-year change |
|---|---|---|
| Revenue from operations | ₹3.33 lakh crore | +28.5% |
| Net profit attributable to shareholders | ₹25,548 crore | +40.6% |
| EBITDA | Approximately ₹62,409 crore | +24% |
The company’s oil-to-chemicals (O2C) business was a major contributor to the quarter’s performance.
O2C revenue increased 44.2% year-on-year to ₹2,31,601 crore, supported by higher crude oil prices and improved refining and petrochemical conditions.
Reliance’s digital services business also contributed to earnings growth, while its retail business remained an important part of the group’s diversified operations.
The strong results provide context for the fundraising decision, although the company has not said that the NCD programme is directly linked to any particular business investment or project.
Why Is Reliance Raising Money Through Debt Instead of Equity?
One important advantage of NCDs is that they allow companies to raise capital without issuing additional shares.
If Reliance were to raise the same amount through an equity issue, existing shareholders could face dilution because the total number of shares would increase.
Debt fundraising avoids that immediate dilution. Instead, the company takes on repayment obligations and interest costs.
For a diversified conglomerate such as Reliance, NCDs can provide flexibility to manage financing requirements across its businesses.
However, debt is not free capital. The company must pay interest and repay the principal according to the terms of the securities.
The decision to issue NCDs will therefore depend on borrowing costs, liquidity requirements, investment opportunities and the company’s overall debt position.
What Investors Should Watch Next
The ₹15,000 crore approval is an enabling resolution, so investors should distinguish between the maximum amount authorised and the amount actually issued.
Several details remain important:
- Actual issuance: How much of the approved ₹15,000 crore limit Reliance eventually raises.
- Interest rates: The coupon offered to investors will indicate the cost of borrowing.
- Maturity: The repayment schedule will determine when the company must return the principal.
- Security: Whether individual NCD issues are secured or unsecured.
- Use of funds: Whether Reliance provides details about how the money will be deployed.
- Debt levels: How new borrowing affects the company’s overall financial position.
Investors will also monitor the company’s cash generation and capital expenditure requirements across its energy, retail and digital businesses.
The Bigger Picture
Reliance’s latest NCD approval highlights how large Indian companies use debt markets to maintain financing flexibility. By authorising fundraising of up to ₹15,000 crore, the company can access institutional capital in stages without immediately diluting shareholders. Its existing NCD portfolio and the approximately ₹12,000 crore issuance during Q2 FY27 show that debt securities are already part of its funding mix.
The impact of the new approval will depend on how much Reliance actually raises, the interest rates it pays and how effectively it deploys the funds. Strong quarterly earnings provide support, but investors will continue to assess borrowing costs, cash flows and overall leverage as the company expands its businesses.
Looking Ahead
Reliance has not yet disclosed the final terms or schedule for the newly authorised NCD programme. Investors will look for subsequent exchange filings specifying the size of each tranche, interest rates, maturity periods and whether the securities are secured or unsecured. The company may use the approval in one or more stages depending on its funding requirements and market conditions.
The broader focus will remain on Reliance’s ability to balance capital expenditure, debt obligations and growth across its businesses. The ₹15,000 crore authorisation gives the company another financing option, but the actual impact on its balance sheet will become clearer only when the securities are issued and the funds are deployed.
Frequently Asked Questions
1. How much money is Reliance Industries planning to raise through NCDs?
Reliance Industries has approved an enabling resolution to raise up to ₹15,000 crore through non-convertible debentures.
2. What is the purpose of Reliance’s NCD fundraising?
The company has not disclosed a specific use of proceeds for this newly approved programme. NCDs provide Reliance with an additional debt-funding option.
3. Will the ₹15,000 crore fundraising dilute Reliance shareholders?
No. NCDs are debt instruments and cannot be converted into equity shares. Their issuance does not directly dilute existing shareholders.
4. What is the difference between secured and unsecured NCDs?
Secured NCDs are backed by specified assets or security interests, while unsecured NCDs do not have such specific collateral backing. Both carry repayment obligations.
5. How much NCD debt did Reliance have in September 2026?
Reliance’s outstanding NCDs stood at approximately ₹39,389 crore as of September 30, 2026, before prepaid finance charges and fair valuation adjustments.
6. Does the approval mean Reliance has already raised ₹15,000 crore?
No. The board has authorised the company to issue NCDs up to that amount. The actual fundraising will depend on subsequent issuances and their terms.
Get the day’s top stories in your inbox
One concise email. No spam, unsubscribe anytime.
