We envisage that RIL will be a beneficiary of IMO regulations. But (1) Reduction in heavy crude oil supply post US sanctions, (2) Global refining capacity adds over CY19/20 exceeding expected incremental demand, and (3) Slowdown in petchem demand as a result of the US-China spat will weigh on RIL's refining and petchem business. Our TP is at Rs 1,302/sh (7.5.0x EV/e for standalone refining, 9x EV/e for petchem, Rs 6.0/sh for domestic E&P, 2x EV/invested capital for Shale, 20x EV/e for Retail and 10x EV/e for Telecom). Maintain NEU. We maintain NEUTRAL on RIL after a lower than expected performance in 1QFY20. The EBITDA miss was led by weak GRM and petchem volumes.