Reliance Industries Limited’s Oil-to-Chemicals (O2C) segment reported mixed results for the quarter ended June 30, 2025 (Q1 FY26), as revenue declined marginally while profitability improved.
According to the company’s media release, the O2C business posted revenue of ₹1,54,804 crore, down 1.5% YoY from ₹1,57,133 crore in the same quarter last year. The decline was attributed to lower crude oil prices, reduced volumes due to a planned maintenance shutdown, and lower exports, which fell 17.1% YoY to ₹59,245 crore. Domestic sales, however, were supported by increased placement of transportation fuels through the Jio-bp network.
Despite the revenue drop, segment EBITDA grew 10.8% YoY to ₹14,511 crore, aided by improved margins on domestic fuel retail, stronger transportation fuel cracks, and better performance in polypropylene (PP) and polyvinyl chloride (PVC). EBITDA margins improved by 110 basis points to 9.4%, up from 8.3% a year ago.
On the operational front, total throughput fell 3.5% YoY to 19.1 MMT, while production meant for sale declined 2.3% YoY to 17.3 MMT due to the planned turnaround at some facilities.
Reliance also highlighted strong growth in its fuel retailing business through Jio-bp, with significant increases in MS (+38.6%) and HSD (+34.2%) volumes.
The company attributed the improvement in profitability to favorable market conditions in transportation fuels and efficient operations despite the planned shutdown and subdued polyester chain margins.
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