Valuing Reliance's different businesses

Refining margins depend to a large extent on the price of feedstock

Reliance Industries’ (RIL) diverse business streams have an interesting combination of exposures. The thrust into e-commerce is unsurprising. Given the rapid expansion of the revenue market share (RMS) for Reliance Jio to around 26 per cent, and a substantial physical retail footprint, RIL is in a unique position when it comes to offering a sort of hybrid online-offline retail model. 

It has 7,500-odd physical stores, with the backup of warehouses, private brands, etc. It has 280-million-plus telecom subscribers, all of whom are on data plans. It also has a sequence of e-commerce policy changes, which are probably in its favour vis-a-vis