Gujarat State Petronet (GUJS) reported Q4FY19 earnings of Rs 1.5bn (2.6% YoY), significantly below our estimate due to higher costs (EBITDA margins at ~75% vs. 82% estimated). Volumes too underperformed at 32.4mmscmd (5% YoY). We cut FY20/FY21 earnings estimates by 13%/ 16%, assuming lower margins and volumes. Our Mar'20 DCF-based TP stands revised to Rs 185 (from Rs 210), and we downgrade the stock to ADD (from BUY) as near-term concerns on margins and volumes weigh heavy....