Maintain BUY as Spice will benefit from the benign competitive environment in the near term. The airline is gaining market share post Jet Airways closure (+280bps YoY). However, we are lowering valuation multiples to factor in the grounding of the 737 MAX planes as the resolution of the same is expected to take longer than expected. Aided by lower competition in 1QFY20, Spiceadded 32 planes to its fleet (now at 107) and load factors remain elevated at 93%. Market share of the airline has risen to ~15% post the grounding of Jet. However, the 13 B737 MAX planes are grounded, on which the co is incurring expenses. Valuation multiples will remain constrained till this issue is resolved. Maintain BUY with a revised TP of Rs 170 (7x FY21E EV/EBITDAR, 8x earlier).