Reliance Industries Limited (RIGD) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

to meet you all after a very short break. You know, many of you have been actually secretly enjoying this one and a half hours concise format where, you know, you could half write the report, you could half listen, you could half read, all in the comforts of your home. Clearly, this is a change of scene, but we are pretty delighted to welcome you here and, you know, really for the opportunity to present and interact. And broadly, the format remains the same. I'll do the financials and each of the businesses. Maybe I'll do the O2C2. We have the new addition is on Geostar, where... Kevin will present on Geostar. That's, as you know, a big acquisition, completely changes, revolutionizes the entertainment and sports industry. So we thought it would be a good opportunity there. And also have a few slides on our progress on new energy, which I will cover subsequently. But with this, let me start with the overall numbers. But before that, just the overall macroeconomic... Okay, yeah, okay. So this is all about the context being significant volatility, tariff related. We saw geopolitical conflicts continuing. You all know there were significant pressures on the margins overall on the back of both China capacity, weak demand. I think the clear standout is when you look at the overall numbers, The fact that ours has been a more domestic focus, if I start with each of the businesses, obviously with O2C, we saw strong demand growth. You have seen it in gasoline, you have seen it in ATF, you have also seen it in polymer, polyester. Oil and gas demand has been good. Retail has been actually in some ways mixed. First half was slow. Also, if you recall, we had three full quarters of significant streamlining and rationalization that we did. And beginning last quarter, and more import...