Key highlights from Reliance Industries' (RIL) Q1FY21 results: (a) EBITDA below estimates at Rs 169bn (21% YoY), (b) cyclicals mixed GRM at US$ 6.3/bbl outperformed estimates while petchem EBITDA at Rs 44bn (50% YoY) fell short, (c) retail EBITDA underperformed at Rs 10.8bn (47% YoY) whereas RJio EBITDA was higher at Rs 78bn (+59% YoY) on better ARPU.