GMM's GL sales volume in FY17 was ~1400 vessels with capacity utilization of 75%. GMM is undertaken a debottlenecking exercise and aims to achieve 2,100 GL capacity volume in FY19. During Q4FY18 capacity utilization level was at 80% level given the strong order book (8 months), for full year FY18 GL volume stood at 1500 vessels (80% utilization), Management targeting to achieve 1800 vessels in by the end of FY19 (20% volume growth from FY18). The Company's GL business grew at 10% CAGR during FY14-17. We estimate the same growth to continue going forward on the back of >10% growth in end-user industries ( Pharma 10-12 %, Chemicals 12-14%; Most of the chemical players are in capacity expansion mode). Revenue contribution from pharmaceutical industry restricted to 30% during Q4FY18 compared to more than half of GL revenue due to the challenging environment in the sector and increased order from chemicals sector. Management expects in FY19, recovery in the pharmaceutical sector as capex cycle to get the better pace. Currently, The Company had 5 furnaces...