Reliance sees oil shock impact in Q4 earnings, analyst expects recovery ahead

Vivekanand Subbaraman of Ambit Capital says the near-term outlook for Reliance’s refining and oil-to-chemicals business remains challenging, as Indian refiners face sharply higher crude and input costs due to disruptions in Middle East supplies. However, he expects conditions to improve after the Iran war, with logistics normalizing and Middle East players likely shifting focus back to upstream operations.