MGL did not win any new GAs in ninth or tenth rounds of CGD biddings. This factor may weigh on its long-term growth. Its loyal customer base of CNG and commercial establishments (who together comprise 81% of total sales mix), that are less price sensitive than industrial customers enable it to maintain per unit margins higher than peers. Moreover, we do not foresee any significant regulatory adversity in its CGD business either through a change in gas allocation or capping returns. We maintain BUY on MGL despite muted volume growth owing to its remarkable pricing power (hence, better spreads) and inexpensive valuations (14.5/13.7x FY21/22E PER) versus its peers (IGL 25.3/22.6x and GGL 16.2/14.2x). Our TP is Rs 1,355/sh (19x Sep-21E EPS).