OMCs have been in talks with CGDs to increase commissions to sell CNG at their ROs. We may see a hike in rentals for IGL soon. We build in EBITDA/scm of INR6.7/INR6.4 (unchanged) for FY22/FY23, factoring in a rise in rentals to OMCs as well as APM cost which the company may not be able to fully pass on to consumers. The stock trades at a ~69% premium to GUJGA, which has similar volume growth potential for a 1012% CAGR over the medium term, despite a much larger base. We value the company at 24x FY23E adj. EPS of INR18.6...