We like IGL given (1) Strong volume growth of ~11% CAGR over FY20-22E, (2) Portfolio of mature, semi-mature and new GAs and (3) Pricing power as evident in 3.9% CAGR growth in per unit EBITDA over FY17-9MFY20 to Rs 6.4. Superior operational metrics (~80% CNG+D-PNG volume), strong earnings growth and healthy return ratios compel to value IGL at 25x Dec-21E EPS vs 19/20x for MGL/GGL. We maintain BUY on IGL following a performance in-line with our PAT estimates in 3QFY20. Our target price is Rs 545/sh (25x Dec-21E standalone EPS and 23x Dec-21E MNGL and CUGL) versus the consensus TP of Rs 435.