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ICICI Direct Report
Reliance Industries Ltd. is one of India's biggest conglomerates with a presence in oil refining and marketing and petrochemicals, oil and gas exploration, retail, digital services and media, etc, making it a well-diversified business entity.
While telecom/JioFiber and some minor receipts of the enterprise segment are captured in the Reliance Jio numbers, which we have estimated, there is also an increment value accretion from the ‘digital ecosystem' that will be captured at the Jio Platforms level.
Reliance Retail's aggressive store network expansion with consistent same store sales growth and improvement in operating profitability metrics has enabled it to demonstrate revenue and Ebitda compound annual growth rate of 50% and 58%, respectively, over FY16-21.
The oil-to-chemicals business would be separated into a subsidiary (approval of regulatory authorities is expected to be completed soon).
Stake sale to strategic global player will unlock value and enable RIL to invest in new energy verticals.
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