Reliance Q4 profit slips, O2C biz drags

India’s most valuable firm saw 13% dip in profit to ₹16,971 crore

- Nehal Chaliawala

Reliance Industries Ltd reported a 13% drop in its profit for the January-March period as the US Israel Iran war weighed on the company’s key oil-to-chemicals (O2C) segment, even as contributions from telecom and retail segments remained resilient.

The company’s oil refining business was plagued by higher crude prices and expensive shipping and insurance costs due to the war. Higher fuel cracks—the margins the company makes from refining crude into fuel—helped offset some impact of the high input costs.

Incomes from Reliance’s telecom and retail businesses offset the dip in the key O2C business to deliver a flatish operating income at a consolidated level.

In a press release on Friday, Mukesh Ambani, the chairman and managing director of Reliance Industries, said the company faced geopolitical disruptions, volatile energy prices and shifting global trade patterns through fiscal year 2026 (FY26).

“These headwinds weighed on businesses across the world,” Ambani said. “India held its economic growth course through all this, as did Reliance. The breadth of our portfolio and strong domestic orientation helped navigate volatility in the external environment.”

India’s most valuable company reported a consolidated profit of ₹16,971 crore in Q4, marginally above the consensus estimate of ₹16,944 crore of six analysts polled by