{"id":16905,"date":"2026-11-02T16:11:16","date_gmt":"2026-11-02T10:41:16","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=16905"},"modified":"2026-11-02T16:12:00","modified_gmt":"2026-11-02T10:42:00","slug":"reliance-industries-board-approves-15000-crore-ncd-fundraise","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/bond-news\/reliance-industries-board-approves-15000-crore-ncd-fundraise\/","title":{"rendered":"Reliance Industries Board Approves \u20b915,000 Crore NCD Fundraise"},"content":{"rendered":"<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">\ud83d\udcdd Quick Summary:<\/div>\n<h2 class=\"gpi-custom-widget-h2-content\"><span class=\"ez-toc-section\" id=\"The_%E2%82%B915000_crore_NCD_authorization_gives_RIL_flexibility_to_refinance_and_fund_growth_Net_leverage_has_fallen_to_047x_EBITDA_though_gross_debt_has_risen\"><\/span><strong>The \u20b915,000 crore NCD authorization gives RIL flexibility to refinance and fund growth. Net leverage has fallen to 0.47x EBITDA, though gross debt has risen.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/div>\n\n\n<p>Reliance Industries Ltd (RIL) has secured board approval to borrow up to \u20b915,000 crore through debentures. The authorization, disclosed on October 30, 2026, arrived alongside the September-quarter results, which showed record earnings and an improved net leverage ratio.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/reliance-industries-board-approves-15000-crore-ncd-fundraise\/#The_%E2%82%B915000_crore_NCD_authorization_gives_RIL_flexibility_to_refinance_and_fund_growth_Net_leverage_has_fallen_to_047x_EBITDA_though_gross_debt_has_risen\" >The \u20b915,000 crore NCD authorization gives RIL flexibility to refinance and fund growth. Net leverage has fallen to 0.47x EBITDA, though gross debt has risen.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/reliance-industries-board-approves-15000-crore-ncd-fundraise\/#What_Reliance_Has_Approved\" >What Reliance Has Approved<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/reliance-industries-board-approves-15000-crore-ncd-fundraise\/#Q2_FY27_Record_Earnings_Behind_the_Move\" >Q2 FY27: Record Earnings Behind the Move<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/reliance-industries-board-approves-15000-crore-ncd-fundraise\/#Debt_Picture_Better_Ratios_Bigger_Borrowings\" >Debt Picture: Better Ratios, Bigger Borrowings<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/reliance-industries-board-approves-15000-crore-ncd-fundraise\/#A_Familiar_Playbook\" >A Familiar Playbook<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/reliance-industries-board-approves-15000-crore-ncd-fundraise\/#What_to_Watch_Next\" >What to Watch Next<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/reliance-industries-board-approves-15000-crore-ncd-fundraise\/#Disclaimer\" >Disclaimer<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Reliance_Has_Approved\"><\/span><strong>What Reliance Has Approved<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In an exchange filing, RIL said its board approved an enabling resolution for listed, secured or unsecured, redeemable non-convertible debentures worth up to \u20b915,000 crore. The NCDs can be issued in one or more tranches on a private placement basis. In practical terms:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Enabling, not final:<\/strong> The approval does not mean the full amount has already been raised.<\/li>\n\n\n\n<li><strong>No dilution:<\/strong> NCDs are pure debt and cannot be converted into shares.<\/li>\n\n\n\n<li><strong>Select investors:<\/strong> Private placements target institutions such as insurers and mutual funds, not retail buyers.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q2_FY27_Record_Earnings_Behind_the_Move\"><\/span><strong>Q2 FY27: Record Earnings Behind the Move<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>RIL reported record consolidated earnings for the quarter, supported by stronger refining and petrochemical performance.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Metric (Q2 FY27)<\/strong><\/td><td><strong>Figure<\/strong><\/td><td><strong>YoY change<\/strong><\/td><\/tr><tr><td>Gross revenue<\/td><td>\u20b9362,268 crore<\/td><td>+27.8%<\/td><\/tr><tr><td>EBITDA<\/td><td>\u20b962,409 crore<\/td><td>+23.9%<\/td><\/tr><tr><td>PAT (incl. associates &amp; JVs)<\/td><td>\u20b929,550 crore<\/td><td>+33.8%<\/td><\/tr><tr><td>PAT attributable to shareholders<\/td><td>\u20b925,548 crore<\/td><td>+40.6%<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p>Oil-to-chemicals EBITDA jumped 68%, while Reliance Retail\u2019s EBITDA fell 8.6%, so growth was uneven across businesses. Jio Platforms posted a profit of about \u20b98,389 crore, up 13.7%. The company also spent heavily, with quarterly capital expenditure of \u20b938,153 crore.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Debt_Picture_Better_Ratios_Bigger_Borrowings\"><\/span><strong>Debt Picture: Better Ratios, Bigger Borrowings<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The balance sheet tells two stories. Compared with a year earlier, net debt eased to \u20b91.17 lakh crore, and net debt to annualized EBITDA improved to 0.47x from 0.59x. Gross outstanding debt, however, rose to \u20b93.85 lakh crore from \u20b93.48 lakh crore. The gap between gross and net debt implies cash and equivalents of roughly \u20b92.7 lakh crore, which explains why leverage looks comfortable despite larger borrowings.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Latest Bond Update:<\/h3>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 has-dates wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/guide\/how-to-claim-bond-coupons-sent-to-a-closed-bank-account\/\" aria-label=\"How to Claim Bond Coupons Sent to a Closed Bank Account\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/11\/02165355\/Claim-Coupon-Bond-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"Claim Coupon Bond\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/11\/02165355\/Claim-Coupon-Bond-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/11\/02165355\/Claim-Coupon-Bond-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/11\/02165355\/Claim-Coupon-Bond-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/11\/02165355\/Claim-Coupon-Bond-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/11\/02165355\/Claim-Coupon-Bond.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/guide\/how-to-claim-bond-coupons-sent-to-a-closed-bank-account\/\">How to Claim Bond Coupons Sent to a Closed Bank Account<\/a><time datetime=\"2026-11-02T16:54:29+05:30\" class=\"wp-block-latest-posts__post-date\">November 2, 2026<\/time><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-updates\/pcg-partial-credit-guarantee-bonds-in-india\/\" aria-label=\"PCG Bonds in India: How Partial Credit Guarantees Protect Bond Investors\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/11\/02163635\/Reliance-Industries-NCD-1-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"pcg bond in india\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/11\/02163635\/Reliance-Industries-NCD-1-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/11\/02163635\/Reliance-Industries-NCD-1-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/11\/02163635\/Reliance-Industries-NCD-1-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/11\/02163635\/Reliance-Industries-NCD-1-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/11\/02163635\/Reliance-Industries-NCD-1.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-updates\/pcg-partial-credit-guarantee-bonds-in-india\/\">PCG Bonds in India: How Partial Credit Guarantees Protect Bond Investors<\/a><time datetime=\"2026-11-02T16:41:25+05:30\" class=\"wp-block-latest-posts__post-date\">November 2, 2026<\/time><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><a href=\"https:\/\/goldenpi.com\/blog\/bond-news\/reliance-industries-board-approves-15000-crore-ncd-fundraise\/\" aria-label=\"Reliance Industries Board Approves \u20b915,000 Crore NCD Fundraise\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/11\/02160610\/Reliance-Industries-NCD-1024x576.jpg\" class=\"attachment-large size-large wp-post-image\" alt=\"\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/11\/02160610\/Reliance-Industries-NCD-1024x576.jpg 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/11\/02160610\/Reliance-Industries-NCD-300x169.jpg 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/11\/02160610\/Reliance-Industries-NCD-768x432.jpg 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/11\/02160610\/Reliance-Industries-NCD-1536x864.jpg 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/11\/02160610\/Reliance-Industries-NCD.jpg 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/bond-news\/reliance-industries-board-approves-15000-crore-ncd-fundraise\/\">Reliance Industries Board Approves \u20b915,000 Crore NCD Fundraise<\/a><time datetime=\"2026-11-02T16:11:16+05:30\" class=\"wp-block-latest-posts__post-date\">November 2, 2026<\/time><\/li>\n<\/ul>\n\n\n<p>RIL already has about \u20b939,389 crore of NCDs outstanding, and it issued roughly \u20b912,000 crore of NCDs during the September quarter. The new approval fits that pattern of regular bond-market use. Reports describe it as liquidity headroom for future capital requirements.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"A_Familiar_Playbook\"><\/span><strong>A Familiar Playbook<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>RIL is among India\u2019s most active corporate bond issuers. In April 2020, its board approved raising \u20b925,000 crore through NCDs in tranches on a private placement basis. In November 2023, it raised \u20b920,000 crore through 10-year bonds at a 7.79% coupon, the largest bond issue by a non-financial Indian firm, after drawing bids of \u20b927,115 crore led by insurers.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_to_Watch_Next\"><\/span><strong>What to Watch Next<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The coupon on any tranche will show how the market prices RIL\u2019s credit against government securities. Market observers also suggest tracking the effect of new debt on interest expenses in coming quarters, alongside refining margins and competition in retail and digital.<\/p>\n\n\n\n<p>The approval gives RIL funding flexibility at a time of record profits and improving net leverage. The timing, size, and pricing of actual issuances will determine its real impact.<\/p>\n\n\n<div class=\"gpi-custom-widget-box\" style=\"border-left-color: #0066cc; background-color: #f0f7ff;\">\n<div class=\"gpi-custom-widget-title\" style=\"color: #0066cc;\">Ready to Invest?<\/div>\n<div class=\"gpi-custom-widget-content\">\n<p>Visit <a href=\"https:\/\/goldenpi.com\/\">GoldenPi<\/a> to explore current bond options. Compare yields, ratings, and tenures in one place and invest online with as little as \u20b930,000.<\/p>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Disclaimer\"><\/span>Disclaimer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fixed returns do not constitute guaranteed or assured returns. Investments in corporate debt securities and municipal debt securities\/securitized debt instruments are subject to credit risks, market risks, and default risks, including delay and\/or default in payment. Read all the offer-related documents carefully. This blog\/article should not be construed as financial advice or as an offer or recommendation to buy or sell any security or any products\/services of\/on GoldenPi or any product\/services of its third-party client(s). For a detailed calculation of YTM, visit our website.&nbsp;<a href=\"https:\/\/delivery.goldenpi.com\/XPRBSN?id=162365=ch0GCFVXBVBUH1QDUlZXUlgBVgNSUwJVWgQGDFJQAVsEUwRfBldSBFVUAglRBFJSAA0ZBgxfQFBbERxBFSNTV10FU1cTDBgFDg5OAFIKVVFQBlZTVwQBBgFSAg0aC0BMQRIMFkwBUwoIFVdDHBwCCw1QAAsTWBpSVwgebDYxdmt\/Xl9dHxMF&amp;fl=WRVCSRBfGUkETltfVwNLAxVbCQwNWhpYVkpFGwMOBRcEWQMNUEoHSQJaV1BQAQQHTAZXA1IcAAMOBBxWB1IMFQUEVQxXXAEFBVQEUkpTVlMCUFEHU1JVAwhUAFECAQZaVFEADVAAVQBXVFRUUw==\" target=\"_blank\" rel=\"noreferrer noopener\">T&amp;C\u2019s Apply<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udcdd Quick Summary: The \u20b915,000 crore NCD authorization gives RIL flexibility to refinance and fund growth. Net leverage has fallen to 0.47x&hellip;<\/p>\n","protected":false},"author":16,"featured_media":16906,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[25],"tags":[1063],"class_list":["post-16905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bond-news","tag-reliance-industries"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Reliance Industries Board Approves \u20b915,000 Crore NCD Fundraise<\/title>\n<meta name=\"description\" content=\"Reliance Industries approves a \u20b915,000 crore NCD fundraise. 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