Reliance wins ICRA AAA rating for ₹50,000 crore bank loans

Credit rating
Refineries

Blacklitt Research21 October 20262 min read

The reverse of a 1949 Reserve Bank of India five-rupee note, with the Reserve Bank of India name, a deer and rhino design and the rupee numeral. — Illustrative image via Wikimedia Commons

Reliance (NSE: RELIANCE) has received an AAA (Stable) rating from ICRA on ₹50,000 crore of new bank loan facilities, with its ₹22,000 crore of debentures and commercial paper reaffirmed, it said in a filing on 21 Oct 2026. Its market value was ₹16,36,140 crore at the 21 Oct 2026 close of ₹1,209, and consolidated revenue for the June 2026 quarter was ₹3,18,400 crore.

Key highlights

Bank loan facilities: ₹50,000 crore, [ICRA]AAA (Stable), newly assigned
Non-convertible debentures: ₹12,000 crore, [ICRA]AAA (Stable), reaffirmed
Commercial paper: ₹10,000 crore, [ICRA]A1+, reaffirmed
Total rated amount: ₹72,000 crore, up from ₹22,000 crore

The ratings ICRA assigned and reaffirmed

Instrument	Previous rated amount (₹ crore)	Current rated amount (₹ crore)	Rating action
Non-convertible debentures	12,000	12,000	[ICRA]AAA (Stable), reaffirmed
Commercial paper	10,000	10,000	[ICRA]A1+, reaffirmed
Bank loan facilities	Nil	50,000	[ICRA]AAA (Stable), assigned
Total	22,000	72,000	Not applicable

What ICRA cites for the AAA rating

ICRA said the ratings reflect an increasingly diversified earnings mix. Digital services and retail now account for more than half of consolidated EBITDA, and digital services alone contributed 41% of consolidated EBITDA in the June 2026 quarter. The agency also cites Reliance's leadership in oil-to-chemicals, retail and digital services, and gross debt to OPBDITA of 2.2x in FY2026. Liquidity is rated "superior", with consolidated cash and cash equivalents of ₹2,46,791 crore on 30 Jun 2026.

Downgrade triggers and the Jio Platforms IPO

ICRA lists no positive factors for the rating. A downgrade could follow a large debt-funded capital expenditure or acquisition that weakens credit metrics, and net debt to OPBITDA above 2.5x on a sustained basis is named as the specific trigger. The agency also flags the planned investments in new energy and AI-led digital infrastructure as a key monitorable. Jio Platforms is undertaking an initial public offering, and ICRA expects its proceeds, used largely to repay borrowings under Reliance Jio Infocomm, to reduce group debt.

What the ratings mean for Reliance's shareholders

The ratings do not change Reliance's operations. The filing does not say how much of the new ₹50,000 crore bank facility the company has drawn, or on what terms. The total amount ICRA rates for the company rises to ₹72,000 crore from ₹22,000 crore, and ICRA's stable outlook reflects its expectation that Reliance's cash flows will keep its credit profile healthy. The filing gives no date for any next step.

Reference: Original filing (PDF)

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