'Sell' stays with a revised FV of Rs 210. The company may face headwinds to industrial volumes, particularly in Morbi region, from imminent slowdown in domestic demand as well as exports for ceramic products. We cut GSPL's standalone EPS estimates by ~10% to 12.8 in FY2021 and Rs 11.8 in FY 2022 factoring in modestly lower volumes and tariffs versus our earlier assumptions. Lower earnings estimates for FY2021-22 versus FY2020 reflect our expectation of 11% cut in pipeline tariffs due to alignment of lower tax rate by PNGRB in its calculation to ensure post-tax IRR remains unchanged at 12%, lower volumes in FY2021 impacted by lockdown and slowdown due to Covid-19 outbreak and gradual reduction in volume off-take by RIL during FY2021-22 as it substitutes LNG with ramp-up of petcoke gasification.