GGAS is in a sweet spot post ban on competing liquid fuels in Morbi (India's ceramic hub which accounts for ~70% of GGAS industrial volumes). We increase our FY21-23E earnings by 12-17% to factor in strong volume uptick and margin expansion. GGAS reported strong Q3 earnings and we are positive given 1) higher than expected volumes and strong spreads from operating leverage and lower gas cost 2) low competitive intensity post ban on cheaper liquid fuels in FY20, thereby smoothening earnings volatility and...