Reliance to clock $20 bn in EBITDA by 2022-end, says Morgan Stanley

High refining margins, gas prices and telecom ARPUs key contributors; stock falls nearly 4 per cent on Monday

A refining golden age, tightening global gas markets and improving telecom subscriber quality would help Reliance Industries (RIL) clock earnings before interest, tax, depreciation and amortisation (Ebitda) of over $20 billion by the end of calendar year 2022, brokerage firm Morgan Stanley said on Monday.

The uptick in Ebitda could help the company improve its market capitalisation by $50 billion in the period, the brokerage said, adding that refinery margins for RIL could nearly double and sustain for the next half decade.

The forecast by the brokerage came even as the RIL stock declined nearly four per cent on Monday,