Reliance's Oil-to-Chemicals profit margins largely unaffected by Russian crude: Jefferies

Jefferies reports Reliance Industries’ O2C profitability shows minimal dependence on Russian crude due to offsetting logistics costs. The company’s O2C profitability is tracking a strong 15 per cent year-on-year growth in the first half of 2026, supported by firm auto fuel margins and European diesel spreads. Reliance maintains compliance with Western sanctions and can adapt to potential Russian crude sanctions.