New Delhi, Oct. 1 -- Reliance Industries Limited (RIL) is expected to benefit from the recent surge in diesel cracks, seasonal demand, and depreciation of INR, according to a report by JP Morgan, which has maintained an Overweight (OW) rating on the stock with a September 2026 price target of Rs 1,695.

Diesel cracks have risen sharply over the past month--from around USD 16/bbl to approximately USD 20/bbl--driven by falling Russian diesel exports. JP Morgan estimates these exports have declined by about 200kbpd since early August, from 880kbd to 693kbd by the end of that month.

A diesel crack refers to the profit margin refiners earn by converting crude oil into diesel. It's the difference between the price of diesel and the price of cr...