We may see some correction in the stock owing to lower than expected transmission tariff hike for the pipelines that transmit ~67% of total volumes. However, we maintain our faith given the increase in volumes from the upcoming RLNG terminals and the completion of the Kochi-Mangalore and JHBDPL pipelines. Our TP is Rs 412/sh (7.5x Mar-20E EV/e to the more stable Gas and LPG transmission businesses, 5.0x EV/e to the more volatile gas marketing business, 6.5x EV/e for the cyclical petchem and LPG/LHC businesses, Rs 75 for investments and Rs 23/sh for CWIP). Despite an underwhelming tariff revision for HVJ and HVJ upgradation pipelines, we maintain BUY on GAIL given (1) Its dominant position in Indias gas pipeline network, (2) The high share of volume in the upcoming eastern corridor gas pipeline, and (3) The clarity of earnings beyond FY22 from HVJ, which alone transmits ~27% of total transmission volumes.