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Deep-DiveNSE · RELIANCE

Jio's ARPU inflection and the retail listing overhang

AccumulateReliance IndustriesJuly 14, 202622 min read

A sum-of-the-parts that treats the O2C cash engine, Jio's tariff cycle, and the retail IPO optionality as three separately clocked assets — not one conglomerate discount.

The full note — including the model, comparables, and risk section — is available to Research and Desk+ subscribers. See plans.