To accommodate the stellar Q1FY20 performance, we raise EPS estimates for FY20/21E from Rs 8.8/11.1 to Rs 11.1/11.7. We expect (1) Low LNG prices to boost industrial volumes; (2) The development of CGD ecosystem across Gujarat to push CNG volumes. We remain positive on the company as it generates OCF yield of almost 9.5% and RoE of >25% over FY21/22E. Valuations are contextually unreasonable at 15.4/14.6x FY21/22E EPS. Post the outstanding Q1FY20 performance, we maintain BUY on GGL. Our target is Rs 246/sh (20x Jun-21E EPS).