Thanks for sharing this Ketan.
That's a well written note and good to note that Reliance is not in competition. And my forecast too implies that the share of BEC to top line and bottom line is not more than c.30% in the long run (from the current c.40%), since the only upside for BEC is the FSI uptick whereas the IT park business will see new buildings. Hence this is more or less an annuity business.
Management's innovative use of BEC (new shows targeting youth and backward integration to kitchen) is a clear plus.
I really wish they turnaround their capgoods division since it has posted a loss despite healthy sales growth this quarter.
Another concern is how they will manage to raise internal accruals of Rs 1500 Cr, since that's the capex forecast for BEC upgrade and IT B4. Right now they have Rs 400 Cr as cash/equivalents. Looks like they will take a few years to manage the 1500 Cr spend, which puts pressure on project timelines. However, not taking debt is a positive IMO.