September, 2021, GDL stands to gain in the medium to long term from enhanced delivery times, greater modal shift from road to rail and faster turnaround times We remain positive on the stock and maintain our BUY recommendation Target Price and Valuation: We value the stock at | 340 i.e. 26x P/E on FY23E EPS Key triggers for future price performance: GDL has been actively lowering its net debt position, which reached a high of ~ | 740 crore in FY19 (due to buyback of Blackstone's entire stake in the rail segment for | 850 crore), at ~| 470 crore in...