Rising competition from new LNG terminals and capital allocation are unlikely to have structural impact on pricing or volume growth as Petronet remains India's lowest cost regassifier. With no major capex, PLNG can generate free cash flow of over Rs 51.55bn over FY20-21E. It is searching for growth in overseas markets and after its solid track record at Dahej, we believe PLNG will allocate capital more prudently in future. Stock is currently trading at 11.0x FY21E EPS and 5.2x FY21E EV/EBITDA. In our view, we see the risk/reward as favourable, given the rising return ratios and strengthening balance sheet. Despite an underwhelming Q4, we maintain BUY on Petronet LNG considering that margin dip is owing to high (1) Notional inventory losses (~Rs 850mn), (2) Opex (~Rs 600mn) consequential to forex losses. However, the predictable earnings visibility and a strong balance sheet keep our faith intact.