After posting a challenging 163 for eight, Kings XI bundled out a formidable Mumbai Indians for a paltry 87 runs in just 12.5 overs to notch up the stunning victory.
"It was a better performance, it was an all-round performance from us. We put up a respectable total though we finished a little bit short of what we had thought," Gilchrist said at the post-match press conference at the Punjab Cricket Association stadium.
"The beauty of this (T20) format is that anyone can beat anyone. The win is a tremendous boost for us, more than the fact that it keeps us alive in the tournament," he added.
Lauding his batsmen, the former Australian wicket-keeper said Kings XI had put up a solid batting effort today.
Gilchrist pointed out that it was Kings XI''s batting that had let the team down in the earlier matches of the tournament.
Gilchrist also had words of praise for Mumbai speedster Lasith Malinga, who is the highest wicket-taker in the tournament with 26 scalps.
"He (Malinga) has come of age. He is the most dangerous T20 bowler. He has a lethal yorker, slipping bouncer and a lot of variation in his bowling," he said.
The Kings XI captain was also of the view that the loss won''t affect Mumbai much.
Asked about Bollywood star and Kings XI co-owner Priety Zinta''s motivational speech to the teammates on Sunday after it''s loss to Pune Warriors, Gilchrist said, "She is a talented, articulate and intelligent lady. She has full belief in the team''s abilities and told us to focus away from the defeats we had suffered and give our best."
Meanwhile, Mumbai Indians all-rounder Kieron Pollard refused to buy the suggestions that overconfidence has let the team down today against bottom-ranked Kings XI.
"No, we were not over confident. We came here to win," he said, adding that it was just one of those days when they played "bad cricket".
"Sometimes, it happens and we got to learn from it," Pollard said.
Asked whether he is in favour of a window in ICC''s Future Tours Programme for the IPL, Pollard said, "It would be great for all the players."
Kings XI left-arm spinner Bhargav Bhatt, wh won the man-of-the-match for his impressive figures of four for 22, said he was not overawed by the might of Mumbai Indians'' batting line-up.
"Praveen Kumar took two key wickets, which helped me later on," he said.