RIL's core refining business gains from upcoming IMO regulations. However, both refining and petchem face demand slack with impending capacity additions over CY19/20E. We expect a near term topping out from these businesses. While the Grocery and F&L businesses will continue to grow in the near term, CDIT's growth (36.4% of total sales) should cool off as Jio sub adds moderate. Monetisation of Jio's infrastructure is a positive trigger, but timing/pricing are crucial. Maintain NEUTRAL. We maintain NEUTRAL on RIL post an inline performance in 2QFY20. Our SOTP valuation is Rs 1,526/sh (7.5/9.0x EV/e for refining/petchem, 18.0x EV/e for Retail, 10x EV/e for Telecom business and Rs 116/sh for E&P; assets).