Motilal Oswal expects Reliance Industries to report gross refining margin (GRM) at $9.0 per barrel for the June 2020 quarter against $8.1 a barrel in Q1FY20 and $8.9 a barrel in Q4FY20. The GRM is the difference between the total value of the refined petroleum products coming out of an oil refinery (output) and the price of the raw material, (input) which is crude oil. The margins are calculated on a per-barrel basis. GRM is typically expressed in US dollars per barrel. Typically, gross margin does not account for other costs such as energy, chemicals/catalysts, labor, materials, or fixed costs.