The much awaited IMO regulations will boost the core refining business. However, both refining and petchem segments face demand slack, given the impending capacity additions in CY20. We expect both segments to peak out in the near term. Monetisation of Jio's infrastructure is a catalyst, but timing/pricing are crucial. We remain NEUTRAL on RIL, post an underwhelming 3QFY20. Reported EBITDA was 10% below our estimate at Rs 128.71bn. Weak margins across petchem products and higher operating expenses have adversely impacted this segment. Our SOTP valuation is Rs 1,562/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).