Reliance Q4 results: O2C segment revenue surges 12% YoY; Oil & Gas EBITDA slips 18% amid West Asia crisis

The NSE filings showed that the company’s revenue from the Oil to Chemical business witnessed a 12.3% jump to ₹1,84,944 crore in the fourth quarter of the financial year ended 2025-26, compared to ₹1,64,613 crore in the same period a year ago.

On an annual basis, RIL’s Oil to Chemical revenues recorded a 5.6% increase to over ₹6.62 lakh crore as of the fiscal year ended 2025-26, compared to ₹6.26 lakh crore in the previous financial year.

Reliance Industries’ consolidated statements also showed that even though the revenues rose YoY in the March quarter, the O2C EBITDA (earnings before interest tax depreciation amortisation) dropped 3.7% to ₹14,520 crore, compared to ₹15,080 crore in the same period a year earlier.

"Strong business momentum across O2C, Digital Services and Retail delivered double-digit revenue growth in each of these segments," the company said in its press release.

RIL's Oil & Gas segment snapshot

Reliance Industries’ consolidated statements also showed that the revenues from the Oil & Gas business tanked 8.8% to ₹5,867 crore in the March quarter, compared to ₹6,440 crore in the same period a year ago.

On an annual basis, the company’s Oil & Gas business segment’s revenues dropped 5.3% YoY to ₹23,861 crore in year ended FY2025-26, compared with ₹25,211 crore in FY2024-25.

RIL is an oil marketing company which deals in processing and refining crude oil and natural gas into petrochemical products.

With the supply chain disruption due to the conflict between the United States and Iran in West Asia, and the higher crude oil prices in the market, companies like Reliance, which imports most of its crude and raw materials, were impacted the most in the March quarter.

Reliance’s Oil & Gas segment EBITDA witnessed an 18% YoY fall to ₹4,195 crore in the March quarter, compared to ₹5,123 crore in the same quarter of the previous financial year, according to the exchange filing.

"Oil and Gas segment revenue decreased in-line with natural decline in KG D6 gas production," the company said in its filings.

Billionaire Mukesh Ambani-backed Reliance Industries’ overall net profit for the January-March quarter declined by 12.55% to ₹16,971 crore, compared year-on-year with ₹19,407 crore in the same quarter of the previous financial year.

Reliance share price

Reliance Industries shares closed 1.16% lower at ₹1,327.80 after Friday’s stock market session, compared to ₹1,343.40 at the previous market close, according to NSE data. The company announced its Q4 results after market operating hours on April 24.

Shares of the oil to telecom conglomerate have delivered more than 39% returns on their investment in the last five years and over 12% returns in the last three years. The company’s stock has gained 2.2% in the past one year, NSE data showed.

On a year-to-date basis, Reliance Industries shares have lost 15%, and are down 5.7% over the past one month. The company’s stock was trading 2.5% lower over the last five market sessions, as per the exchange data.

Reliance is the largest company listed on the Indian stock markets with a market capitalisation (M-Cap) of more than 18 lakh crore as of the closing on Friday, April 24, 2026.