Going forward, we expect growth in plastics segment to remain muted dueto automotive slowdown. On the whole, abrasives, ceramics and ‘newinitiatives’ are expected to grow at a CAGR of 9.5%, 16.5% and 16.5% over FY19-21E, due to traction from end user industries like construction, life sciences, oil & gas, etc. With a cash balance of Rs 234.1 crore and debt-free status, we believe GNL is a quality play. We value GNL at 33x FY21E earnings to arrive at a target price of Rs 635. We have a BUY rating on the stock.