Reliance Industries' Oil-to-Chemicals (O2C) profitability has minimal dependence on Russian crude (2 per cent of consolidated Ebitda) as discounts are largely negated by higher logistics and insurance costs, according to a report by Jefferies. Reliance Industries' Oil-to-Chemicals (O2C) profitability in the first half of 2026 is tracking a strong 15 per cent year-on-year growth, well ahead of the full-year forecast of 8 per cent, supported by strength in auto fuels, the report said.