We reiterate BUY and expect Gulf Oil to outperform industry leader Castrol. However, we believe that the co's performance is now impacted by the slowing industry scenario and moderating growth rates (volumes have declined over Jun-Dec19). We trim down our earnings by ~6% over FY20-22E and reduce our target multiple to 20x (vs. 22x earlier) to factor in the above. Also, the recovery in factory fill volumes is likely to be delayed. Key risk: Faster than expected adoption of EVs. Gulf Oils 3QFY20 adj. volumes declined 2% YoY amidst the downturn in the auto industry. However, EBITDA margin surprised at 18.4% (+260bps YoY) owing to stable input costs. Maintain BUY with a revised TP of Rs 995 based on Dec-21 EPS.