Refining gains, clean energy push lift Reliance outlook despite retail drag

Reliance Industries' energy division performance offset retail and Jio BP weakness in the June quarter. Elevated product cracks are expected to benefit refining margins due to global fuel supply disruptions. The company aims for peak refinery utilization through diversified crude sourcing and integrated oil-to-chemicals operations. Its upstream business is entering a new investment cycle to sustain production levels. Clean energy segment capacity reached one gigawatt, with battery manufacturing on schedule.