Entering new GAs is a better bet for new entrants, rather than competing with incumbents, given (1) Assurance on APM gas allocation, and (2) Marketing and infrastructure exclusivity. Hence, we do not foresee material threat to business. IGL generates OCF yield of almost 5.5% and RoIC of >30% over FY20/21E. Valuations are contextually moderate at 22.0x FY21E EPS. Maintain BUY with a TP of Rs 384/sh. Investors have recently expressed concerns over looming competitive risks for Indian CGD players such as IGL, MGL, GGL and Adani Gas. We met the management of IGL to discuss PNGRBs concept paper (refer annexure) on network/compression tariffs chargeable by incumbents. While PNGRBs intent seems noble, there is lack of clarity on domestic gas allocation to new entrants entering established Geographical Areas (GAs). New entrants will thus focus more on bidding for upcoming GAs, instead of competing with incumbents in established GAs.