JP Morgan maintains an overweight rating on Reliance Industries Ltd (RIL) with a target price of Rs 1,695, citing attractive valuations and favorable sector trends. The brokerage highlighted a still-elevated holding company discount and Reliance Retail’s discount to DMart, along with improving refining margins, festive demand, and telecom tariff hikes as key growth drivers supporting a 27% EPS CAGR through FY26.
