1QFY17 saw RIL yet again proving its operational mettle despite weak global GRMs and macros. It achieved its highest ever quarterly PAT of Rs 75bn (+19% YoY), led by strong GRM of US$ 11.5/bbl and robust polymer margins.Petroleum product demand persists, driven by low crude prices. However, we see limited room for a further rise in margins.A sequential decline is likely. HDFC Securities think RIL will nevertheless manage to earn industry beating margins courtesy its superior RM sourcing and increasingly efficient operations.They maintain SOTP based target of Rs 1,155/sh, based on FY18E. Maintain BUY.Trendlyne has 10 reports on RELIANCE updated in the last year from 4 brokers with an average target of Rs 1141. Brokers have a rating for RELIANCE with 2 price upgrades in past 6 months and 3 price upgrades,1 upgrades and 1 downgrades in past 1 Year.