Besides, MNGL was allotted geographical areas (GAs) of Nashik-DhuleValsad, Sindhudurg and Ramanagara districts of Maharashtra and Karnataka in the ninth round of CGD bidding. The company is on an aggressive growth path, and volumes are to more than double to 1.9mmscmd over FY20-24E (FY20 0.9mmscmd). We value MNGL at an EV of Rs53bn based on PER of 20x FY22E (v/s 23x for IGL given the relative size). We reiterate our positive stance on IGL given the strong traction in core operations in NCR region along with...