GDL remains a direct play on: i) rail freight progressively gaining share over road, accentuated by DFC, ii) cold chain logistics opportunity in India augmented by increased focus on pharma vertical, given its 40% controlling stake in Snowman Logistics. Net debt has reversed up in the quarter, up by Rs270mn QoQ to Rs4.5bn (reported). Net debt at ~ 13% of market cap, majority of the deleveraging benefit is behind us. Also, there is not much debt repayment scheduled for in FY22E. Even with higher EBITDA assumptions for Rail and CFS as well as higher attributed multiple for the rail business, our target price justifies an ADD, leading to the downgrade in recommendation.