European sanctions on Russian crude
New European sanctions package may make Russian oil cheaper, but management is evaluating the text and impact on feedstock costs and export destinations.
RELIANCE / Q1-FY26 / risks
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Material risks this quarter
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Consumer electronics demand slowdown
Early onset of monsoon rains impacted AC sales and consumer electronics revenue growth, which was lower than expected.
Natural decline in KG-D6 gas production
Upstream production saw a natural decline, partially offset by planned shutdowns; management expects incremental production only by second half of 2028.
Retail streamlining costs still impacting margins
Costs from store closures in Q3 and Q4 of last year continued to impact Q1 margins, though largely behind now.