1415.0000 1.20 (0.08%)
NSE Sep 18, 2025 15:31 PM
Volume: 9.3M
 

1415.00
0.08%
HDFC Securities
We remain positive on Jio's wireless operations. Jio was already capitalizing a portion of its opex. The InvIT transaction raises additional concerns. Till now it was an interplay between PL (opex) and BS (capitalization of expenses). Now it will be off-balance sheet on InvITs. In our view, investors should look beyond the debt reduction and focus on incremental monetization options for the business tariff hikes and/or ancillary revenues. Jios 4QFY19 was marginally weak. To abate investors concerns of persistent capex, cash burn and rising debt, Jio/RIL finally re-engineered its BS with transfer of fiber and tower assets to SPVs majority owned by InvITs. This will lead to ~Rs 600bn de-leveraging for Jio. We value Jio at EV of Rs 2.9tn at 10x FY21E EV/EBITDA (Rs 490/sh of RIL).
Reliance Industries Ltd. is trading above its 200 day SMA of 1338.5
More from Reliance Industries Ltd.
Recommended