“Jio business has done extremely well. They have added 99 lakh subscribers in Q1 itself. Even the ARPU was around expected lines at ₹208. The retail business, of course, ₹6,380 crore EBITDA number, which I read, which means that in this year Reliance Retail can do ₹27,000-28,000 crore of EBITDA. And we know that the big retailers in this country are trading at 50 times EBITDA. So, Reliance retail value can be as high as ₹12-13 lakh crores. So, I think there is a huge value unlocking there, plus Jio also, of course, now looking at Bharti’s valuation, in fact, Jio can be valued at ₹12 lakh crores easily, where Reliance holds 66% stake. Refining and petchem, of course, there was a shutdown. If the shutdown would not have been there, I think the EBITDA number of oil-to-chemicals businesses would have been easily above ₹15,300 crores. So, I would say that it’s a ₹60,000 crore annual EBITDA business, and they have such an integrated business model that even when others in the world are suffering on refining and petchem businesses when the cycle is down, they easily can make ₹55,000-60,000 crore EBITDA. So, I would say that it’s the most resilient business, plus I would like to draw attention to one thing, that when people talk about Reliance results, people talk about high net debt and capex and all, I would just like to say that when a company makes ₹1,70,000-1,80,000 crore kind of EBITDA, the net debt number of ₹1,20,000 crore excluding spectrum liability is too low. If you see, Reliance EBITDA is ₹1,80,000 crores and net interest cost is below ₹12,000 crores. So, net interest cost is less than 5% of the EBITDA. So why people worry about net debt and capex and all, that I really don’t understand,” says Parag Thakkar, Senior Fund Manager, Fort Capital.