Maintain BUY as (1) Gulf Oil is significantly outgrowing the industry leader Castrol (over FY16-19 Gulf's vols have risen 17% vs. 3% for the latter) and is expected to grow ahead of the industry over FY20-21 (2) New capacities, expanding distribution network and improving product/customer mix will help from hereon and (3) Diversification into the battery segment will drive growth in the medium term. Despite weak macros in 2QFY20, stable input costs and improving realizations (due to changing product mix) has helped Gulf Oil to deliver EBITDA margin of 18% (+90bps YoY, vs. our estimate of 17%). We expect the co to deliver 3x the industry growth as it expands into new segments and ramps up its distribution reach. Maintain BUY with a TP of Rs 1,145 (@22x Sep-21 EPS).