IGPL has proposed to set up a new plant through Brownfield expansion (PA4) and increase its capacity by 53,000(TPA), taking its total capacity to 2,28,250 TPA .PA4 expected to get commission in NSE Symbol Q4FY19. The company added 6,000TPA capacity (3.5% of total capacity) through debottlenecking during Q2FY18, we expect this will provide scope for volume growth in FY19. We modeled 6.3% volume growth in PAN with 6.9% realization growth which will leads to 13.6% overall PAN growth over FY17-20E. Further, we expect incremental revenue from MA and DEP in FY19/20 respectively which...