Over the last decade, the lubricants industry has witnessed a huge transition from volume-to-value, yet, the Indian lubricants industry still remains one of the fastest growing amongst the world. The leadership position of Castrol India, robust back-up by the parent, strong fundamentals and consistent technological advancements keeps the company best placed to benefit from the opportunity in growth in Personal Mobility, Commercial Vehicles and Industrials segments. The company is expanding capacities and the Management is confident of stable and steady growth over the next few years. However, the unprecedented event of Covid-19 has brought the world to standstill and accordingly, we expect volumes to witness steep fall during the current year only to register a good bounce back in the next year. We had recently initiated coverage on Castrol India Ltd and would wait for some more visibility to revisit our estimates. For now, we are keeping our estimates unchanged. We expect company to deliver an EPS of Rs.9.1 in CY2022; assigning a target multiple of 17x, which is below its median P/E of last 1 year, 3 Years and 5 Years, we arrive at a target price of Rs.155 with an investment horizon of 18-24 months