"Mumbai (Indians) now have five wins (from six games), but rest of the group is really packed in there and it is going to be very even competition," 39-year-old Gilchrist told PTI here on the sidelines of a promotional event.
He reckoned Sachin Tendulkar-led Mumbai are the favourites in the competition.
"They are the best team in the competition, no doubt about that. They have a star-studded line-up that includes some good Indian domestic talent," he said, adding KXIP were looking forward for a good show in the away and home game against them next month.
While Mumbai are on top of the points table, Rajasthan Royals are at second having won three out of their seven games. Kolkata Knight Riders are at third while KXIP are at fourth with three wins from five outings.
"Every game from here on is crucial ... it''s a tight competition," he said.
He, however, said that "while you''ve got to be desperate to win every game, reality is you don''t win every game. But that''s what (win each game) you strive for and we will try to do that".
KXIP lost their last match against Delhi Daredevils by 29 runs in Delhi.
After losing their first game to Pune Warriors, Gilchrist''s team had stunned defending champions Chennai Super Kings when they chased down 188 at Mohali. .