Reliance Industries Ltd (RIL) reported a revenue of ₹184,944 crore for its Oil-to-Chemicals segment in the fourth quarter ending March 2026, marking a 12.4% increase year-on-year. However, the company faced significant margin pressures due to multiple challenges stemming from the ongoing Middle East conflict. Despite strong demand for transportation fuels, margins were negatively impacted by rising crude oil prices, elevated freight and insurance costs, and the reintroduction of the Special Additional Excise Duty (SAED) on diesel and aviation turbine fuel (ATF) exports. The company's Ebitda was reported at ₹14,520 crore. Additionally, RIL's oil and gas exploration revenue declined by 8.9% to ₹5,867 crore, attributed to lower gas price realizations and reduced gas volumes from the KGD6 field, which were redirected to priority sectors. The crisis has led to a historic cut in global oil supply by approximately 10.1 million barrels per day, significantly affecting transit through the Strait of Hormuz. In response, RIL has diversified its crude sourcing and optimized its operations to mitigate the impact of these challenges.