Recovery is expected to be slow with potential EBITDA cut of ~60%/30% The ongoing lockdown should have limited impact on RJio as telecom companies are expected to see recharge upgrades given the increase in data consumption. We have cut GRM forecast from USD10/bbl earlier to USD8/bbl for FY21E. With valuation of INR450/share for Reliance Retail and INR500/share for RJio, the current price implies 2.5x FY22E EV/EBITDA for the core segment. If FY22E were to turn out similar to FY21E, the current price would imply 3.2x FY22E EV/EBITDA for the core segment. This could be due to additional ARPU increase or market share gains as RJio remains well placed to gain from the bleeding Given the fluid nature of the current circumstances, we have not cut our estimates for Reliance Retail, but have trimmed valuations to capture the potential revenue loss in the coming period and the risk of slow recovery.