Over the last four years (FY15-19), Gulf's volume/revenue/EBITDA/PAT has grown by 17/19/21/20% vs. market leader Castrol's 3/6/4/4%. Gulf's superior growth is led by low base, increase in capacity (75 to 90mn KL p.a. in FY16 and 150mn KL in FY19), expansion in distribution reach by ~15% p.a. (~70k retailers vs. 150k for Castrol), and improving product and customer (B2C) mix. We advise investors to BUY, as Gulf's story is solid with focused management, market-share gains and strong franchisee. Short-term weakness, if any would be an add-on opportunity. Gulf Oil 4QFY19 was in-line. Gulf has registered 16% volumes CAGR over FY15-19 against industry average of 3-5%. We expect Gulf to continue to deliver 3-4x industry volume growth and gain market share. BUY with TP of Rs 1,052 @ 22x FY21E EPS.