Reliance Industries Limited reported a 3.7% year-on-year decline in its Oil-to-Chemicals (O2C) EBITDA for the March quarter, primarily due to rising crude premiums and increased freight and insurance costs. Segment revenue, however, increased by 12.4% to ₹1.85 lakh crore (approximately $22.3 billion USD), driven by a 12% rise in crude oil prices and higher domestic fuel retail volumes. Chairman Mukesh D. Ambani highlighted that the ongoing conflict in West Asia has caused significant disruptions in global supply chains, impacting operational efficiency. Despite robust refining margins, particularly in middle distillates, Reliance faced challenges in margin realization due to elevated input costs and policy changes. To mitigate supply shocks, the company adjusted operations by diverting feedstock to enhance LPG output and prioritized domestic energy supply, which affected overall profitability. For the full fiscal year, the O2C segment reported a 10.1% increase in EBITDA to ₹60,546 crore (approximately $7.3 billion USD), although profitability was constrained by weak downstream chemical margins and ongoing geopolitical tensions.