We expect sales, EBITDA, PAT to grow at a CAGR of -0.7%, 3.5%, -2.8%, respectively, over FY20P-22E. We like GIL for its domestic-oriented, debtfree, capital efficient business model (double digit return ratios) and a track record of strong CFO and FCF generation (present CFO yield ~10%). GIL’s 2-W slant is an added positive in present times, although reduction on OEM reliance would substantially bolster structural strength. Post the recent sharp price correction, we believe GIL offers an attractive risk-reward play. Thus, we upgrade the stock to BUY, valuing it at | 85 i.e. 15x FY22E EPS.