Let’s dive into the financial powerhouse that is Reliance Industries, unpacking its balance sheet from 2013 to September 2024 to gauge its financial health and leverage. Over this period, total assets have ballooned from 318,511 in 2013 to 968,452 by September 2024, reflecting a robust growth trajectory driven by hefty investments in fixed assets and a massive ramp-up in its investment portfolio—think telecom and retail expansions like Jio and beyond. Fixed assets have nearly tripled, climbing steadily to 316,010, showing Reliance’s commitment to building infrastructure, while investments have soared to 372,219, signaling a strategic shift toward diversified revenue streams. On the flip side, total liabilities have kept pace, rising from 318,511 to 968,452, but the composition tells a nuanced story—borrowings peaked at 298,599 in 2020 before easing to 202,606 by September 2024, suggesting smarter debt management as the company deleverages post-expansion. Equity has been a steady engine, with reserves growing from 176,791 to 517,551, bolstered by a jump in equity capital from 3,229 to 6,766, especially noticeable around 2018 when it doubled—likely tied to capital raises for big bets like Jio. Other liabilities have also swelled to 241,529, reflecting operational scale-up, but the debt-to-equity ratio has trended downward since 2020, hinting at a stronger balance sheet less reliant on borrowed funds. Asset management shines with a hefty chunk tied up in long-term growth drivers, though other assets have fluctuated, dropping then rebounding to 222,100, possibly due to working capital tweaks. For investors and traders, this paints a picture of a company that’s aggressively expanded, piled on debt at peak growth phases, and now seems to be stabilizing—offering a solid equity base with reduced leverage risk, though keep an eye on how those investments pay off in a competitive market.