We reiterate BUY as (1) After significantly outgrowing the industry leader Castrol (over FY16-19 Gulf's vols have risen 17% vs. 3% for the latter), we expect Gulf to grow ahead of the industry over FY20-21. Growth will be driven by increased capacity (new capacity of 150mn KL p.a. in 19), expanding distribution network (~70k retailers vs. 150k for Castrol) and improving product/customer mix (2) Gulf is diversifying its portfolio by entering the battery segment which will drive growth in the medium term (3) The co enjoys robust return ratios with ROEs in excess of 30%. (4) Faster than expected adoption of EVs will be a key risk to our thesis. 1QFY20 operating performance was healthy as EBITDA margins expanded ~120/70bp YoY/QoQ to 17.7% driven by an improved product mix. We expect Gulf Oil to deliver 3-4x the industry growth as the co expands into new segments and ramps up its distribution reach. We have a TP of Rs 1,050 based on 22x FY21 EPS.