The government's priority allocation of domestic gas to CGD sector has enabled MGL to access cheaper gas for CNG, domestic business segments (~85% of sales mix). MGL's strong gas pipeline infrastructure and expanding operations in Mumbai, its adjoining areas and Raigad district will enable it to capture the benefits of the large and growing market given the low penetration. However, sales volume currently is at 42% of pre-Covid level. Given Mumbai is one of the more affected cities by spread of Covid19, we believe recovery in demand (mainly commercial PNG, CNG) will take time and sales growth will be seen only from Q3FY21E. The stock price has...