With refineries in Gujarat, private retailers will predominantly target adjoining markets and highways given limitation in setting up oil marketing infrastructure. Nayara Energy Limited (NEL; erstwhile Essar Oil) FY21 Annual Report throws interesting light on the fuel retailing Industry in India. With 6,059 retail outlets as on FY21 end, NEL is India's largest private fuel retailer with 6.1% market share. It's FY21 retail volumes were up 3% YoY vs 9%YoY industry degrowth due to pandemic and segment EBIDTA was at $410mn. Nayara plans to increase the retail store count to 7,600 over next three years. We believe,...