MGL did not win any new GAs in either of the recently concluded ninth or tenth rounds of CGD biddings. This factor may weigh on its long-term growth. We believe that the company will continue to enjoy pricing power and be able to maintain its per unit margin due to a loyal customer base of CNG and commercial customers (who together comprise ~80% of total sales mix) that are less price sensitive than industrial customers. Moreover, we do not foresee any significant regulatory adversity in its CGD business either through a change in gas allocation or capping returns. We maintain BUY on MGL after an in-line performance in 4QFY19. Our target is Rs 1,113/sh (19x Mar-21E standalone EPS).