We have increased our earnings estimates over FY20/21E by 11/3% to factor in the higher yield assumptions. We are lowering valuation multiples to factor in the recent differences between promoters. Retain BUY, but quick resolution will help further rerating, given favourable competitive dynamics. Helped by lower competition in 1QFY20, INDIGOs yields increased sharply (+13.7/10.8% YoY/QoQ), driving revenue growth of 45/20%. Our estimates rise to bake higher efficiencies, with market share now ~50%. However, friction between promoters will weigh on investor confidence. Valuation multiples will remain constrained, meanwhile. Our revised TP is Rs 1,785 (6x FY21E EV/EBITDAR vs 8x earlier).