We believe that GGL will pass on partial benefit of falling RMC to industrial customers. This will ensure sustainability of volumes but will keep Gross Margins under pressure. The company will enjoy operating leverage led by increased volumes, which enable GGL to maintain per unit EBITDA (~Rs 4.3/scm over FY20-22) compared to Rs 4.96 in 1HFY20. We change our FY20/21/22E EPS estimates to factor in the 9M performance by -0.9/+0.4/1.2% to Rs 12.4/12.3/14.1 (vs the consensus of Rs 13.8/21.6/29.5). We downgrade GGL to Neutral despite an in-line EBITDA/PAT in 3QFY20, owing to 5.9% lower volumes than anticipated. Our TP is Rs 273, 20x Dec-21x EPS, versus the consensus TP of Rs 267.