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Case study · 2025

Adani vs Reliance: comparative ESG analysis

5–3Reliance over Adani, 2 even
Role

Solo

Year

2025

Type

Case study

Tools

ESG analysis, Benchmarking

The answer

For an ESG investor, Reliance is the lower-risk holding. Reliance should disclose Scope 3; Adani should make zero fatalities a board KPI.

Case files on GitHub ↗
Reliance leads on safety, women in the workforce and CSR
Women in workforceWomen in workforce, Adani Enterprises: 9.2%9.2%Women in workforce, Reliance Industries: 12.2%12.2%Voluntary attritionVoluntary attrition, Adani Enterprises: 8.4%8.4%Voluntary attrition, Reliance Industries: 10.1%10.1%Lost-time injury frequencyrate (FY23)Lost-time injury frequency rate (FY23), Adani Enterprises: 0.130.13Lost-time injury frequency rate (FY23), Reliance Industries: 0.10.1Fatalities (FY23)Fatalities (FY23), Adani Enterprises: 66Fatalities (FY23), Reliance Industries: 44CSR spend (FY23)CSR spend (FY23), Adani Enterprises: ₹175 crore₹175 croreCSR spend (FY23), Reliance Industries: ₹1,271 crore₹1,271 croreRenewable shareRenewable share, Adani Enterprises: 28%28%Renewable share, Reliance Industries: 1.4%1.4%

Adani EnterprisesReliance Industries

Each metric is on its own scale. Red marks the better result. Renewable share isn't like-for-like: Adani reports share of electricity, Reliance share of total energy.

Source: scorecard (table.csv); Adani = share of electricity; Reliance = share of total energy

5–3Reliance, 2 even
2035 vs 2050net-zero target
₹1,271 vs ₹175 CrCSR spend, FY23

01The problem

Which conglomerate is the stronger ESG performer against the IFC guidelines, and what should each fix first?

Solo project · Professional Communication & Ethics, Semester 6, 2025

02What I did

  • Compared both on Environmental, Social and Governance metrics from their FY23/FY24 disclosures.
  • Scored 10 like-for-like metrics and wrote the verdict.

03Results

The 10-metric scorecard: Reliance 5, Adani 3, even 2
MetricMeasureAdani EnterprisesReliance IndustriesEdgeYear
Emissions disclosurescopes reportedScope 1, 2 and 3Scope 1 and 2 onlyAdaniAdani FY24 / Reliance FY23
Net-zero targettarget year2050 (Scope 1 + 2)2035Relianceas disclosed
Renewable energyshare28% of electricity1.4% of total energyAdaniFY23/FY24
Waterpolicy / outcomeWater-positive target by 2030Zero liquid discharge achieved, 90%+ recycledRelianceFY23/FY24
Women in workforce% of employees9.2%12.2%RelianceFY23/FY24
Women on boardseats1 of 62 of 13EvenFY23/FY24
Voluntary attrition% per year8.4%10.1%AdaniFY23/FY24
SafetyLTIFR and fatalitiesLTIFR 0.13, 6 fatalitiesLTIFR 0.1, 4 fatalitiesRelianceFY23
CSR spend₹ crore1751271RelianceFY23
Governance and assurancestructureBoard ESG committees, BRSR, third-party assuranceBoard ESG committee, BRSR, independent assuranceEvenFY23/FY24

Source: Adani ESG Factbook; Reliance BRSR; Adani ESG Factbook; Reliance Integrated Annual Report

Absolute emissions are not scored: Reliance's Scope 1+2 total is about 34× Adani Enterprises', which reflects size, not performance.

04Files

Case files on GitHub ↗
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