Reliance Industries' (RIL) Q4FY19 EBITDA was in line at Rs 208bn (+13% YoY, 2% QoQ). Key highlights were higher GRMs at US$ 8.2/bbl (US$ 7.7 est.) and retail business EBITDA at Rs 19.2bn (+77% YoY). RJio's subscriber traction remains robust, while the transfer of ~Rs 1.3tn in assets to the InvIT has pared debt. We raise FY20E/FY21E earnings by 5.4%/13.2% to bake in stronger RJio & retail profitability and roll over to a new Mar'20 TP of Rs 1,510 (vs. Rs 1,300), but cut our rating from BUY to ADD post the recent run-up....