Reliance Industries shares fell more than 1% after Q4 profit declined 13% year on year, even as revenue grew. Still, most brokerages stayed constructive, pointing to potential recovery in O2C, stable momentum in retail and digital, and improving margins. They also flagged near-term challenges across energy and petrochemicals that could weigh on sentiment.
Reliance Industries’ Oil-to-Chemicals segment saw margin pressure in the March quarter as crude premiums jumped amid West Asia supply disruptions tied to Iran-war risks. Higher freight and insurance added to costs, offsetting otherwise strong global refining margins. O2C EBITDA fell 3.7% year-on-year, reflecting fuel-cost strain and policy interventions.
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