We expect a volume growth of 11% YoY over FY19-22E. The robustness of business enables the company to maintain stable per unit EBITDA spread >Rs 6.2/scm. The company will remain a net cash one as OCF of Rs 26.56bn suffices Rs 22-23bn capex over FY20-21. The company generates OCF yield of almost 5% and RoIC of ~30% over FY21/22E. Valuations are contextually moderate at 21.0x FY22E EPS. We maintain BUY on IGL following its stellar performance in 2QFY20. Our target price is Rs 480/sh (25x Sep-21E standalone EPS and 23x Sep-21E MNGL and CUGL).