---
endpoint: analytics
pattern: Energy
status: done
latency_ms: 112536
conversation_id: adfc3080-abc9-4b87-a91e-7c40aee05ef2
citations: 3
created: 2026-05-31 20:55:40Z
---

# Who are the key shareholders of Reliance Industries?

# Key Shareholders of Reliance Industries Limited (RIL)

Reliance Industries' shareholder base is split into three distinct categories per its latest Integrated Annual Report (Distribution of shareholding as on March 31, 2026) [1][2]:

## 1. Promoter and Promoter Group — 49.11% (Anchor block)

| Category | # of Holders | Shares Held | % of Total |
|---|---|---|---|
| Indian Promoters | 46 | 664,54,96,096 | **49.11%** |
| Foreign Promoters | 0 | 0 | 0.00% |
| **Total Promoter Group** | **46** | **664,54,96,096** | **49.11%** |

- The Promoter Group is the **Mukesh Ambani family** and affiliated holding entities. Per the FY24 disclosure, the broader Promoter Group is composed of **52 members**, of which **5 promoter group entities do not hold any shares**, leaving 47 (now 46 in FY26) as actual shareholders [3].
- This bloc is the controlling shareholder and the single largest concentrated stake in the company. Holdings flow through family trusts, investment vehicles, and group holding companies (e.g., Petroleum Trust, Devarshi Commercials, Srichakra Commercials, Tattvam Enterprises, etc., per historical regulatory disclosures).

## 2. Public Shareholding — 49.11% (Institutional + Retail)

| Sub-category | # of Holders | Shares Held | % of Total |
|---|---|---|---|
| **Institutions** (MFs, FPIs, insurance, banks) | 2,039 | 521,19,31,709 | **38.51%** |
| Central/State Government / President of India (incl. LIC-class holdings) | 75 | 1,28,86,251 | 0.10% |
| **Non-Institutions** (retail / HNI / corporates) | 44,19,128 | 142,08,70,750 | **10.50%** |
| **Total Public Shareholding** | **44,21,242** | **664,56,88,710** | **49.11%** |

- **Institutional holders (~38.5%)** are the second-largest aggregate bloc. This is split between domestic mutual funds and insurance companies (notably **LIC of India**, India's largest single non-promoter institutional investor in RIL) and **foreign portfolio investors (FPIs)** — the latter typically being the dominant institutional sub-segment, including global passive index funds (Vanguard, BlackRock-managed funds), GIC, sovereign wealth pools, and EM mandates.
- **Non-institutional (~10.5%)** is overwhelmingly Indian retail investors. RIL has one of the largest retail shareholder bases in India at **~44.2 million individual shareholders** as of March 2026 [1].

## 3. Non-Promoter / Non-Public — 1.78% (GDR Custodian)

| Sub-category | # of Holders | Shares Held | % of Total |
|---|---|---|---|
| Shares held by Custodian against Depository Receipts (GDRs) | 1 | 24,12,87,828 | **1.78%** |

- This represents the **Deutsche Bank Trust Company Americas** (or successor custodian) acting as depositary for RIL's **Global Depositary Receipts** trading on the Luxembourg Stock Exchange / OTC markets.

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## Summary Snapshot (March 31, 2026)

| Category | % of Total Equity |
|---|---|
| **Promoter Group (Ambani family & entities)** | **49.11%** |
| Public — Institutional (Domestic MFs + FPIs + Insurance) | 38.51% |
| Public — Government bodies | 0.10% |
| Public — Retail / Non-institutional | 10.50% |
| GDR Custodian (non-promoter, non-public) | 1.78% |
| **Total Equity Outstanding** | **100.00% (~13.53 billion shares)** [2] |

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## Key Observations

- **Control is unambiguous**: The Ambani-family Promoter Group holds 49.11% — just under the 50% statutory majority threshold, but in practice gives the family effective control given the highly fragmented nature of the remaining float (~44.2 million retail holders + thousands of institutions).
- **Stability of promoter stake**: The promoter holding has been **constant at 49.11%** across FY24, FY25, and FY26 (664.55 crore shares), indicating no pledging-driven dilution or family-level share transactions over this period [1][2][3].
- **Institutional share rose modestly**: Public institutional holding ticked up from **37.75% (FY25) to 38.51% (FY26)** [1][2], absorbed primarily from retail (non-institutional declined from 11.05% to 10.50%) — suggesting net institutional accumulation over the year.
- **GDR base shrinking**: Custodian/GDR holdings declined from 2.39% (FY24) → 1.99% (FY25) → 1.78% (FY26), consistent with secular GDR cancellation as foreign investors prefer direct India access via FPI route [3][1].

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**Note on granular institutional-level disclosure**: RIL's annual report discloses shareholding by *category*, not by *individual institution name*. Specific top institutional holders (e.g., LIC, Vanguard funds, BlackRock-managed funds, Capital Group, GIC) are tracked via SEBI quarterly shareholding pattern filings, depository disclosures, and FactSet's `OWN_INST_STAKES_DETAIL` table. The Promoter Group itself is reported as an aggregated bloc; sub-entity disclosure (Petroleum Trust, individual family holding companies, etc.) appears in Form MGT-7 annual returns rather than in the shareholding pattern table cited above.

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**Sources**
[1] Reliance Industries Ltd. — Integrated Annual Report FY2025-26 (Distribution of shareholding as on 31-Mar-2026)
[2] Reliance Industries Ltd. — Integrated Annual Report FY2025-26 (Shareholding distribution table)
[3] Reliance Industries Ltd. — Integrated Annual Report FY2023-24 (Promoter & Promoter Group composition note — 52 total members, 5 non-holding)

## Citations

- [1] **Reliance Industries Ltd. (500325-IN) - Annual Report for period end 31-Mar-2026 (English) - PDF** · external
- [2] **Reliance Industries Ltd. (500325-IN) - Annual Report for period end 31-Mar-2026 (English) - PDF** · external
- [3] **Reliance Industries Ltd. (500325-IN) - Annual Report for period end 31-Mar-2024 (English) - PDF** · external

