Reliance Q1 results: O2C segment revenues surge 30% YoY; Oil & Gas EBITDA slides 0.4% on higher energy prices

NSE filings showed that RIL’s revenue from the Oil to Chemical (O2C) business recorded a 30% jump to ₹2,01,803 crore in the first quarter of the current fiscal year, compared year-on-year (YoY) with ₹1,54,804 crore in the same period a year ago.

The consolidated statements also showed that RIL’s O2C EBITDA (earnings before interest, tax, depreciation and amortisation) advanced 17% YoY to ₹17,010 crore in the April to June quarter, from ₹14,511 crore in the same quarter of the previous year.

Reliance’s surge in revenues from the O2C business was supported by the strong refining margins of the company and the sharp increase in crude oil prices in the global market in the June quarter.

RIL also said that the gains were partially offset by lower production meant for sale in the period under review. On the margins front, Reliance’s O2C business EBITDA margins contracted 100 basis points to 8.4% in Q1 FY27, from 9.4% a year ago.

How did Oil & Gas business perform in Q1 results?

Reliance Industries’ consolidated statements also showed that the company’s Oil & Gas business recorded a 3% rise in revenues to ₹6,298 crore in the April to June quarter, from ₹6,103 crore in the same period a year earlier.

In contrast, the data further showed that RIL’s Oil & Gas segment operational-level EBITDA (earnings before interest, tax, depreciation and amortisation) witnessed a marginal drop of 0.46% to ₹4,973 crore in Q1 earnings, from ₹4,996 crore in the same period a year ago.

“Earnings were impacted by costlier feedstock sourcing and lower production due to planned turnaround,” the company said in an official statement.

The reports also showed that the average cost of crude oil, the global benchmark Brent, rose by 54% YoY to a rate of around $104.5 per barrel (bbl) in the first quarter of the financial year ending 2026-27.

In the futures market, Brent crude oil futures data showed that energy prices have risen 35% in the last six months and over 14% in the last five days to above $86/bbl as of Friday’s trading session.

RIL Q1 earnings snapshot

Reliance Industries, the oil-to-telecom conglomerate, recorded an overall 22% decline in net profits to ₹20,946 crore in the April to June quarter results for the fiscal year ending 2026-27, compared with ₹26,994 crore in the same period a year ago.

Although the revenue from core operations advanced 25% to ₹3.11 lakh crore in the first quarter, largely due to the company’s strong business performance in the O2C segment, the drop in other income dragged down the profits.

While RIL’s operational-level EBITDA advanced 11% to ₹47,517 crore from ₹42,905 crore, the company’s EBITDA margins shrank by 20 basis points to 15.24% from 17.25% a year earlier.

How did Reliance shares perform?

RIL shares closed 2.3% higher at ₹1,327.20 ahead of the earnings release after the trading session on Friday, July 17, compared to ₹1,296 at the previous stock market close, according to the exchange data.

Reliance Industries shares have delivered 26% returns to investors in the last five years, but have lost 5% of their value in the last three years, and have dropped 10% in the past one year period, according to NSE data.

On a year-to-date basis, the company’s stock has lost 15% and has had near-flat returns in the last one-month period. Reliance shares were trading 1.6% higher over the last five market sessions on the stock exchange.

RIL shares surged to their 52-week high of ₹1,611.80 on January 5, 2026, while the 52-week low was at ₹1,253.20 on June 11, 2026. Reliance is India’s largest listed company with a market capitalisation (m-cap) of over ₹17,98 lakh crore as of the trading close on July 17, 2026.