RIL Q3 Results: O2C biz posts 8.4% revenue growth on higher fuel realisations

Reliance Industries reported a healthy operational performance in its oil-to-chemicals (O2C) business for the December quarter, with revenue rising 8.4% year-on-year to ₹1.62 lakh crore, supported by higher

fuel realisations and stable operations.

O2C EBITDA rose to ₹16,507 crore from ₹15,008 crore in the previous quarter and ₹14,402 crore a year ago, aided by stronger transportation fuel cracks. Margins improved to 10.2%, compared with 9.4% in the September quarter and 9.6% last year.

The company said it maximised refinery utilisation to capture higher margins, supported by agile crude sourcing that helped sustain throughput despite procurement challenges.

Record gasifier output, a calibrated liquid fuel mix and optimised grid power sourcing lowered fuel costs during the quarter. Reliance also optimised aromatics production amid weak chemical margins, prioritising higher-value transportation fuels.

Freight costs were reduced through cargo aggregation, backhaul efficiencies and service-mix flexibility, while the partial resumption of the Red Sea route provided additional operational support.

Fuel retailing arm Reliance BP Mobility Limited, operating under the Jio-bp brand, maintained its growth momentum during the quarter. The network expanded to 2,125 outlets, compared with 1,865 a year ago.

Quarterly diesel sales grew 24.7% year-on-year and petrol sales rose 20.8%, sharply outpacing industry volume growth. Under the Jio-bp Pulse brand, the company now operates over 6,815 live electric vehicle charging points across 980 sites.

Commenting on the performance, Chairman and Managing Director Mukesh Ambani said FY26 reflected consistent financial delivery and operational resilience across businesses, with robust growth in O2C business led by higher fuel margins and favourable demand-supply dynamics. He added that upstream EBITDA was impacted by lower volumes and prices.

Shares of Reliance Industries ended marginally higher at ₹1,461 on the NSE ahead of the earnings announcement.