We remain constructive on GAIL as the risk/reward is favorable. India will derive higher benefit from the low LNG prices as the domestic natural gas ecosystem (CGD network, RLNG terminals, pipelines, revamp of fertiliser plants) develops. New US liquefaction terminals will boost RLNG exports and also keep Henry Hub (HH) prices subdued, enabling GAIL to swap cargoes. Thus, US LNG is not a concern. Maintain BUY. We maintain BUY on GAIL following a performance in-line with our PAT estimates in 3QFY20. Our target price is Rs 190/sh (6.0x Dec-21E EV/e for the stable Gas and LPG transmission business, 5.0x EV/e for the volatile gas marketing business, 6.5x EV/e for the cyclical petchem and LPG/LHC business, Rs 42 for investments and Rs 11 for CWIP) versus the consensus TP of Rs 168.