We like MGL since we do not foresee any significant regulatory adversity in its CGD business either through a change in gas allocation or capping returns. Its loyal customer base of CNG and commercial establishments (who together comprised 79% of Q3's sales mix), that are less price sensitive than industrial customers enable it to maintain per unit margins higher than peers. We see the risk/reward as favorable. Weaker operational metrics in terms of volume growth, feeble earnings growth and lower return ratios compel us to value MGL at 19x Dec-21E EPS vs 25/20x for IGL/GGL. MGLs Q3 EBITDA/PAT was above our estimates owing to better per unit margins. We maintain our BUY despite muted volume growth given its remarkable pricing power (hence, better spreads) and inexpensive valuations (15.6/15.3x FY21/22E PER) versus its peers (IGL 27.8/24.6x and GGL 24.5/21.3x). Our TP is Rs 1,475 (19x Dec-21 EPS) vs the consensus TP of Rs 1,165.