Over 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 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 reiterate our Buy, as Gulf's growth story is solid led by a focused management. We expect market-share gains to be driven by an expanding distribution network. Short-term weakness, if any should be an add-on opportunity. Our recent meeting with the management of Gulf Oil reinforces our view about the companys industry leading volume growth and superior execution. We expect Gulf to continue to deliver 3-4x industry volume growth and gain market share. Reiterate BUY; TP of Rs 1,052 @ 22x FY21E EPS.