What drove the 17% YoY EBITDA growth in Reliance's oil-to-chemicals (O2C) business for Q1 FY2025?

The 17% year-over-year rise in O2C EBITDA to ₹170.1 billion ($1.7 billion) was driven by sharp increases in transportation fuel cracks and downstream margins, crude basket diversification, efficient product placement in deficit markets, and favorable ethane cracking economics.

Why did O2C sales surge 30.4% YoY, and what partially offset this growth?

O2C sales soared 30.4% YoY to ₹2 trillion primarily due to a 54.1% jump in crude oil prices; however, gains were partially offset by lower production volumes resulting from planned maintenance turnarounds.

Reliance’s Refining and Petchem EBITDA Posts Higher Growth, Sales Rise

Jul 20, 2026

Reliance Industries reported a 17% year-over-year increase in O2C EBITDA to $1.7 billion, driven by strong downstream margins and rising crude prices. Sales surged 30.4%, supported by favorable cracking economics despite maintenance-related volume dips.

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Reliance’s Refining and Petchem EBITDA Posts Higher Growth, Sales Rise

Reliance’s Refining and Petchem EBITDA Posts Higher Growth, Sales Rise

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