New Delhi, July 20 -- Reliance Industries Ltd's (RIL) net profit attributable to owners rose 16% year-on-year (y-o-y) in the April-June quarter (Q1FY27) to Rs.20,946 crore, adjusted for the gain from the sale of Asian Paints shares in the year-ago quarter.

The oil-to-chemicals (O2C) segment was the key driver of profit growth, helped by a sharp rise in gross refining margins (GRMs) and petrochemical spreads. Refining margins for petrol, diesel and jet fuel rose 2.6-4.4x on year as global refining output fell amid feedstock shortages linked to the conflict in West Asia.

O2C also cashed in on its inherent advantage of feedstock flexibility. Petrochemicals such as ethylene can be produced by processing ethane or from gas generated in refin...