GAIL India's (GAIL) Q2FY17 result was a mixed bag where revenue was above expectation while EBITDA and PAT were below expectation on the back of lower than expected profit from gas trading division. However, the company witnessed strong volume and operating profit growth across its segment which bolster our positive outlook on the company. Also, petchem division has already achieved 90% utilization in early Q3FY17 which led to upward revision in estimates. We are raising our TP to Rs528 from Rs440. Maintain BUY....