Reliance Industries Limited reported a 12.4% year-on-year rise in oil-to-chemicals (O2C) revenue for the March quarter, driven by a sharp increase in crude oil prices, up about 12% YoY, and higher volumes in domestic fuel retail, even as margins faced some pressure amid a challenging global environment.
O2C segment revenue rose to ₹1.85 lakh crore in Q4, up from ₹1.62 lakh crore in the previous quarter and ₹1.65 lakh crore a year ago.
The combination of elevated input prices and stronger product placement, particularly through retail channels, supported the overall topline expansion during the quarter.
For the full year, the segment reported revenue of ₹6.62 lakh crore, up 5.7% year-on-year, while EBITDA rose 10.1% to ₹60,546 crore, with margins improving to 9.1%, supported by stronger transportation fuel cracks and efficient feedstock sourcing.
Commenting on the performance, Chairman and Managing Director Mukesh Ambani said the O2C business “navigated a complex global environment,” with disruptions from the West Asia conflict impacting supply chains. He added that the company ensured continued availability of critical fuels and materials in India during the period.
Downstream chemical margins remained under pressure due to excess supply and weak global demand, even as refining performance was supported by high utilisation and proactive yield management.
Reliance BP Mobility Ltd (Jio-bp) continued to expand its footprint, with a network of 2,199 fuel retail outlets, while recording strong growth in fuel sales volumes during the quarter.
Also read: RIL Q4 Results: Reliance Retail revenue tops ₹98,000 crore, climbs 11% YoY
The company also recommended a dividend of ₹6 per equity share for FY26.
In the oil and gas segment, performance remained muted, with revenue at ₹5,867 crore and EBITDA at ₹4,195 crore for the quarter, reflecting lower margins compared to the previous quarter and year-ago period.
