JPMorgan finds Reliance Industries share valuation comfortable but flags O2C as uncertain spot

JPMorgan maintains an Overweight rating on Reliance Industries. The brokerage sees comfortable relative valuation for RIL. Near-term outlook for oil-to-chemicals business remains uncertain. JPMorgan retains a price target of Rs 1,675 for March 2027. The firm expects improved refining and petrochemical margins in the medium term. Retail valuation upside also offers potential gains.