Our SOTP-based target for RIL is Rs 1,303/sh based on Sep-20 earnings (6.5x EV/e for standalone refining, 8x EV/e for petchem, Rs 30/sh for domestic E&P, 1x EV/invested capital for Shale, 20x EV/e for Retail and 10x EV/e for Telecom. Maintain BUY. 2QFY19 witnessed RIL proving its operational mettle yet again majorly owing to better petchem margins and volumes, despite weak GRMs and macros. Petchem EBIT/kg stood at Rs 21.5/kg up 34% YoY. This expansion of margins was owing to better product mix and use of US ethane/refinery off-gases as a feedstock.