Given the various promising perspectives in AGIS' journey, we liken it to the Giant Kelp -one of the fastest growing organisms in the world and found in the waters of the Americas, South Africa, New Zealand and Southern Australia. The company's market cap has already grown ~25x over the last decade. However,we continue believing in AGIS' structural growth story with a clear focus and strong execution in a niche market. Thus, we see further upside potential led by its planned expansions. Over FY17-20, we expect AGIS to witness LPG throughput CAGR of 51%, much higher than India's estimated LPG import CAGR of 22%. Gas division EBITDA is expected to grow at 41% CAGR over FY17-20.