Reliance sees mixed Q1 in energy segments amid price volatility

Reliance Industries recorded a mixed financial performance in the first quarter of FY26. Its Oil-to-Chemicals (O2C) segment posted a 10.8 per cent year-on-year increase in EBITDA, supported by stronger fuel retail margins and higher transportation fuel cracks. However, segment revenue declined 1.5 per cent due to lower crude prices and planned shutdowns that reduced output.

The company’s domestic fuel supply through the Jio-bp network played a role in supporting margins in the O2C business. Chairman Mukesh Ambani stated in an interview with The Economic Times that Reliance is focused on meeting domestic demand and offering value-added solutions to drive growth.

Meanwhile, the Oil and Gas segment recorded a 1.2 per cent decline in revenue, attributed to reduced KGD6 gas output and weaker crude price realisations.  

The global energy markets remained volatile during the quarter, with crude prices fluctuating sharply. Mr. Ambani described the company’s performance as resilient and credited its ability to adjust strategy in response to changing market conditions. A slight fall in KGD6 production was partially offset by improved gas price realisations.