By: ICN Bureau
Last updated : June 20, 2026 11:30 am
Decades of investment in feedstock diversity, gasifier infrastructure, and operational discipline paid off when global systems came under strain
Reliance Industry’s Oil-to-Chemicals (O2C) business has delivered a sharp display of resilience in FY26, powering through one of the most turbulent global energy environments in recent years while still posting solid growth in both revenue and earnings.
The business reported revenue growth of 5.7% to Rs. 6,62,401 crore ($69.8 billion), while EBITDA rose 10.1% to Rs. 60,546 crore ($6.4 billion), underscoring its ability to hold firm even as global conditions turned sharply volatile.
“Every business aspires to one quality above all else: the ability to stay strong when the external environment turns volatile,” Chairman Mukesh Ambani noted, framing FY26 as a real-world test of that principle rather than a theoretical one.
The stress came into sharp focus in March 2026, when disruption in the Strait of Hormuz rattled global crude and product markets.
During that period, Reliance said it leaned on diversified sourcing and agile logistics to keep operations running, maintaining near-full refinery throughput in the fourth quarter. But the disruption came at a cost, with margins squeezed as physical barrels traded at premiums, freight rates surged, and insurance costs climbed.
Even as profitability faced pressure, the company significantly stepped-up support for domestic supply chains. “We increased LPG supply four-fold to help the nation tide over the import disruption,” Ambani said, pointing to its integrated refining system as a key stabiliser during the crisis.
According to the company, decades of investment in feedstock diversity, gasifier infrastructure, and operational discipline paid off when global systems came under strain.
On the expansion front, Reliance said major capital projects are advancing steadily. This includes a 3 million tonne PTA facility at Dahej, described as a move that will strengthen its position among the world’s most cost-competitive producers.
At Hazira, the company’s carbon fibre facility is being developed as one of the largest and most advanced globally, with applications spanning wind energy, hydrogen systems, advanced mobility, and defence technologies.
Meanwhile, its PVC and CPVC expansion—anchored by a 1.2 million-tonne PVC plant at Nagothane—is aimed at reducing India’s dependence on imported materials widely used across infrastructure and consumer sectors.
“These capacities will serve India’s growing demand across infrastructure and consumer goods, boost value-added exports, and capture the next leg of growth,” the Chairman told shareholders at the oil-to-retail conglomerate's annual general meeting.
Digitisation is also becoming central to operations. Reliance highlighted three in-house tools: an AI-driven feedstock optimisation system that selects the most efficient crude blends, a digital logistics platform that streamlines chartering and supply chain operations, and smart contract execution tools designed to improve transaction speed and accuracy.
These initiatives are laying the groundwork for what the company describes as a transition toward operating Jamnagar as the world’s first end-to-end autonomous refinery.
Beyond refining, its consumer energy arm Jio-bp posted strong momentum, with petrol and diesel volumes rising 29% year-on-year—well ahead of industry growth. The retail network expanded to nearly 2,200 outlets, with 400 more under construction.
The company also expanded EV charging infrastructure to 80 cities and 45 highways, while its CBG and CNG network grew to 177 sites, with volumes up 68% year-on-year, positioning Jio-bp as a leading fuel retail player in the country.
Looking ahead, Reliance described its O2C business as entering a structural evolution, shifting from fuel-centric output toward higher-value chemicals and materials. “Every barrel of crude we process will increasingly yield chemicals and high-value materials, not just fuels. More efficient. More export-driven. More valuable.”
It added a forward-looking note of confidence in the business’s role within the group’s broader strategy: “This business financed our past. It is financing our future. And its best chapter is still ahead.”