Reliance Industries (RIL), in its latest AGM laid out the blueprint for value creation over the next decade, with its emphasis on continuing its transition to a new-age digital conglomerate. With emphasis on growing its digital footprint by expanding Jio’s product and solutions bouquet, accelerating efforts to transition to new energy and specialty chemicals, and continuing to leverage the world-scale platform established by its retail segment, RIL sees a radically different future for itself over the next decade vs the last 40 years.

Better claims experience serves as a strong business moat for PB Fintech (PB). This, along with the merits of cumulative renewal business and developing a track record of fixed-cost salience, should help sustain high valuation multiples, while increasing monetisation of the channel through the complementary Feet on Street initiative should help earnings growth.