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Reliance Industries shares get a thumbs-up from JPMorgan ahead of Q4 results on two major factorsDespite the heightened uncertainties, JPMorgan cites two factors that should drive upgrades to Reliance Industries' financial year 2027 O2C Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) estimates.By Hormaz Fatakia   April 20, 2026, 11:11:40 AM IST (Published)2 Min ReadBrokerage firm JPMorgan has reiterated its bullish stance on shares of Reliance Industries Ltd. in its latest note on Monday, April 20. The Nifty 50 heavyweight will be reporting its results for the March quarter on Friday, April 24.

JPMorgan has maintained its "overweight" rating on the stock with a price target of ₹1,675, implying and upside potential of 22% from current levels.

Shares of Reliance Industries have given up their recent gains on uncertainties related to the near-term margins for the Oil-to-Chemicals business.

"Yet, even as supply chains normalize, both refining and petchem margins for Reliance should turn out higher than earlier assumed," JPMorgan's note said.

Despite the heightened uncertainties, JPMorgan cites two factors that should drive upgrades to Reliance Industries' financial year 2027 O2C Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) estimates. Those factors are higher crude oil prices due to the ongoing US-Iran war, and the subsequent impact on the currency, which has weakened against the US Dollar.

"These (Higher crude + weak rupee) can be large enough to compensate for any delays to the modeled increase in pricing at other businesses," JPMorgan's note said.

Additionally, Reliance Industries' relative valuations are comfortable and therefore, the brokerage remains "overweight" on the stock.

Reliance Industries is a near "consensus buy" among analysts who track the stock. Out of the 34 analysts that have coverage on Reliance Industries, 33 have a "buy" rating, while one has a "sell" rating.

Shares of Reliance Industries have recovered 1.5% from the lows of the day, thereby contributing to the Nifty recovery as well from its intraday lows. The stock currently trades 0.4% higher at ₹1,370.6. Shares have declined 3.1% over the last one month.Continue ReadingNote To ReadersDisclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.TagsReliance Industries RILReliance Industries share priceReliance Industries sharesshare market today