GAIL India is a Government of India undertaking. The company processes and distributed natural gas and liquified petroleum. Q4FY20 standalone revenue declined 5.4% YoY to Rs. 17,755cr, impacted by weaker pricing and nationwide lockdown. EBITDA rose 47.0% YoY to Rs. 2,475cr, along with expansion of EBITDA margin by 497bps YoY to 13.9%. EBITDA growth was majorly driven by lower operating costs. Reported PAT grew 168.9% YoY to Rs. 3,018cr, further helped by deferred tax reversal of Rs. 1,588cr. We expect commodity price and economy revival post lockdown to pick up along with the withdrawal of claim by DoT. Given current upside potential, we upgrade our rating to BUY on the stock with a revised target price of Rs. 119 based on SOTP valuation.