RR's near term growth visibility remains high esp. in grocery and F&L as 1. it seems past its rummaging through formats phase and 2. the addressable market is massive. However, CDIT growth (biggest segment) should cool off as JIO phone sales moderate. We build in revenue/EBITDA/PAT CAGR of 21/26/30% over FY19-22E and assign an SOTP-based fair value of Rs. 2tn (EV), implying 18x Sept-21 EV/EBITDA (Rs. 300/sh) on RIL share count. Reliance Retail continues to outpace peers, albeit pace of growth has come off. Gross revenue grew 27% YoY; Core retail (Grocery/F&L;/CDIT) grew ~35% YoY in 2Q as all key segments performed well. While the network blitz-scaling continues, more impressive is that SSSG remains healthy across its core (5-14%). Leverage manageable, but inching up (1x in FY19 from Zero-debt in FY17). Historically, capital intensity has remained high (Internal accruals funded only 50% of capital needs over FY14-19; That said, post two years of near-exponential growth, the scale achieved might just be enough to cover capital needs through internal accruals going forward. Expect RR to be FCFE positive by FY21E.