At $200-billion market capitalisation, Reliance Industries isn't like FAANG

Last week, Reliance Industries (RIL) achieved the coveted milestone of crossing $200 billion in market capitalisation. There are less than 50 firms globally which are valued at more than $200 billion. 

Morgan Stanley analysed how the Mukesh Ambani-led firm stacked up against eight global firms when they crossed the $200-billion milestone. 

For instance, when video-streaming company Netflix crossed $200 billion in market cap in June, it had one-year forward revenues of $29 billion, against $83 billion for RIL ($41 billion excluding energy business). Its price-to-earnings (P/E) multiple was 52x compared to 28x for RIL (ex-energy). All other tech gaints Amazon, Tencent, and