RIL Margins to Climb with Oil Prices, JM Financial Sees Benefits

• JM Financial predicts RIL's refining and petchem margins could rise due to increasing oil and LNG prices, despite recent share decline.
• Diesel refining margins (cracks) have surged, potentially boosting RIL's gross refining margin by $4-5 per barrel if sustained at $30.
• Every $1/barrel GRM increase could raise RIL's annual EBITDA by Rs 45 billion and add Rs 29/share to valuation.
• RIL's petrochemical segment benefits from rising crude prices due to limited dependence on crude-linked naphtha (25% of feedstock).
• JM Financial reiterates 'buy' rating with a target price of Rs 1,730, citing undervalued stock and future growth triggers like Jio IPO.