How did the O2C business performing and what do you think will drive valuations for Reliance from here?

Of course, in terms of top line and cash flows, O2C is still king. It accounts for 60% of the top line and most of the cash flow accretion at the group, which his being used to bankroll new projects. O2C EBITDA margins at 10.3% are way below Jio and just tad better than the retail business. With crude at $88/bbl and robust GRM (gross refining margins) hovering in the double digits area, O2C may be losing clout in profitability, margins and valuations but still holds sway on cash flows.

The big story will be the shift to the green O2C side of the business and here is why it is important. Reliance committed billions of dollars to green O2C including solar energy, green hydrogen, EV ecosystem, batteries, emerging ideas etc. In last 25 years, Reliance was ahead of the curve in backward integration, petchem cycle, refining scale, retail and digital. Now the best trigger for valuation shifts in Reliance will come from its big bet on Green O2C. It is over to green energy to drive valuations for Reliance.