Volumes are expected to boost in FY21/22E as (1) Benign LNG prices will ensure high LNG imports, in turn allowing full utilisation at Dahej on its expanded capacity, and (2) Completion of Kochi-Mangalore pipeline by March-20 will subsequently raise utilisation at Kochi. Core EBITDA margin of ~81% (revenue ex-RMC), in turn makes certain that OCF remains high Rs 86.94bn over FY21-22E. Also, in the absence of big capex plans, PLNG can generate FCF for over Rs 79.44bn. The FCF yield is ~6.9% and cash comprises 11.5% of market cap. Furthermore, rising competition from new LNG terminals is unlikely to have structural impact on pricing or volume growth of PLNG as (1) 76.4% of its total capacity is tied up with long term contract and (2) Being the lowest cost re-gasifier. It is searching for growth opportunities in overseas markets and after its stumble at Kochi, we believe PLNG will allocate capital more prudently in future. Stock is currently trading at 12.3x FY21E EPS and 7.1x FY21E EV/EBITDA. Given the rising return ratios and strengthening balance sheet, we ascribe a multiple of 17x Dec-21 EPS to arrive at a TP of Rs 397 (consensus Rs 327). We maintain BUY on PLNG though the 3Q volumes were below our est. Expected ramp-up at both terminals, predictable earnings from tied-up volumes and robust gas demand driven by low LNG prices keep our faith intact.