By Sufiyan Khan 
Reliance Infra Share Price Jumps 1,400% in 5 Years: What’s Fueling the Rally?
The Reliance Infra share price has seen an extraordinary rally, soaring over 1,400% in the last five years. Once considered a laggard in the infrastructure sector, Reliance Infrastructure has surprised investors with its sharp turnaround, outperforming the broader market and most of its peers. As of June 2025, Reliance Infra’s share price stands as a testament to the company’s strategic transformation and renewed investor interest.
In this article, we explore what’s driving the meteoric rise in the Reliance Infra share price, whether more upside is left, and what investors need to know going forward.
Reliance Infra Share Price: A Look at the Performance
The Reliance Infra share price was trading near ₹30 levels back in 2020. Fast forward to 2025, the stock is now hovering around ₹450 levels, representing a massive 1,400% gain. This multi-bagger performance has attracted both institutional and retail investors looking to tap into India’s infrastructure growth story.
The momentum began with the company’s successful debt restructuring and strategic business diversification. Since then, Reliance Infra has expanded into high-growth areas like defence manufacturing, smart cities, urban mobility, and renewable energy.
Reliance Infra Share Price Boosted by Defence Manufacturing Push
One of the most important growth drivers for the Reliance Infra share price is the company’s increasing focus on defence production through its subsidiary, Dassault Reliance Aerospace Limited (DRAL). DRAL, in collaboration with Dassault Aviation, began by manufacturing nose cones for Falcon jets. Over time, the facility has evolved to become a key player in India’s “Make in India” defence initiative.
With government-backed orders and strategic defence partnerships, DRAL’s contribution has significantly improved Reliance Infra’s revenue visibility. Investors view this shift into high-margin, future-ready sectors as a major positive catalyst for the Reliance Infra share price.
Debt Reduction and Financial Health Supporting Reliance Infra Share Price
Reliance Infrastructure once carried a heavy debt burden, which had weighed down its stock performance. However, over the last few years, the company has aggressively worked to reduce its debt through asset sales and equity infusion. It sold stakes in road projects, power businesses, and even its Mumbai metro operation to ease its balance sheet.
These efforts have substantially reduced debt levels, improved the debt-to-equity ratio, and restored investor confidence—key reasons behind the sustained rally in the Reliance Infra share price.
Strong Order Book and Government Spending Fuel Optimism
The Indian government’s increased spending on infrastructure, urban development, and smart cities is another factor pushing the Reliance Infra share price upward. Reliance Infra’s order book includes contracts in roads, highways, metro systems, and power distribution—sectors poised for expansion under the central government’s long-term development vision.
Additionally, its EPC (Engineering, Procurement & Construction) arm is bagging new projects in both public and private sectors, further reinforcing the bullish outlook on the Reliance Infra share price.
Reliance Infra Share Price Outlook for 2025 and Beyond
Many analysts believe that the Reliance Infra share price still has room to grow, although at a more moderate pace. The company’s expansion into renewables, defence, and digital infrastructure aligns well with future growth themes.
Key positives for the share price going forward include:
- Healthy order book across EPC and defence
- Low debt levels compared to peers
- Improved cash flows and earnings visibility
- Policy support for infrastructure, green energy, and defence manufacturing
However, any delays in project execution or adverse macroeconomic conditions could affect the pace of growth.
Should You Invest in Reliance Infra Now?
Given the phenomenal rise in the Reliance Infra share price, some investors are understandably cautious about entering at current levels. However, those with a long-term horizon and higher risk tolerance might still find value.
It’s important to note that infrastructure stocks often experience cyclical performance based on economic and political factors. Hence, it’s advisable to consult financial experts and analyze quarterly results before making a decision.
Reliance Infra Share Price vs. Peers
In comparison to other infrastructure players like L&T, IRB Infrastructure, and NCC, Reliance Infra has delivered superior returns in the recent five-year period. While L&T remains a diversified engineering giant, Reliance Infra’s aggressive positioning in high-growth segments has caught investor attention.
That said, Reliance Infra operates at a relatively smaller scale than L&T and still carries a certain degree of risk due to past financial instability. As a result, while the Reliance Infra share price has delivered exceptional gains, risk management remains key for investors.
Conclusion: What the 1,400% Rally Tells Us About Reliance Infra Share Price
The Reliance Infra share price rally of over 1,400% in five years is a remarkable turnaround story. From a debt-ridden firm to a diversified infrastructure and defence player, the company has re-established itself in India’s growth landscape.
While the past performance is exceptional, the real question now is: Can it sustain the momentum? With supportive government policies, an expanding order book, and a stronger balance sheet, the outlook remains optimistic—but with caution. Smart investors will keep a close watch on quarterly results, project wins, and macroeconomic trends that can impact the Reliance Infra share price in the months ahead.
Read more: GST Refund Update