We believe that GGL will pass on partial benefit of falling RMC to industrial customers. This will ensure not only sustainability of volumes but boost gas demand. This is particularly true for Morbi tile manufacturers (gas cost is ~20% of total tile RMC). Operating leverage led by increased volumes will allow GGL to maintain healthy per unit EBITDA (>Rs 4.3/scm over FY20-22). We remain positive on GGL as it will generate OCF yield of almost 9.7% and RoE of >22% over FY21/22E. Valuations are contextually low at 16.8/14.7x FY21/22E EPS. The sustainability of volume enables us to keep our faith intact on GGL. We maintain BUY with a target price of Rs 261/sh (20x Sep-21E EPS).