in CNG volumes. Recent CNG price hike and low gas prices to support margin. We tweak our FY21/22 earnings estimate to factor in lower volumes as well as higher margins; (IGL's five year EBIDTA CAGR at ~18% with margins growing at 5% and volumes at 12% CAGR). IGL remains an enviable business model with high volume growth due to geographical expansion and addition of new buses and taxis. Also, shift to private vehicle ownership post Covid pandemic will subsequently drive CNG volumes. IGL remains a play on rising pollution concerns as ban on competing industrial fuel is a major positive....