Initiate coverage with a BUY rating and a TP of Rs 405 (20x on Sep-19E EPS), implying ~35%+ upside. With strong visibility on commercial launches and future orders, Dishman Carbogen Amcis (DISH) will finally see its efforts culminating in sustainable growth starting FY18. Seeds that were sown six to seven years ago are now yielding results. Apart from Niraparib, there are three to four potential launches in FY18, which will not only accelerate growth, but also de-risk earnings from blockbuster products. Altogether, there are 25 candidates in Phase III, and we expect four to five products to be commercialised every year. This provides great comfort that momentum will be maintained even after FY20. In our estimates, we have built in only six commercial launches (five in FY18 and one in FY19) and 5 to 6% growth in the base business, leading to ~14% revenue CAGR, ~18% EBITDA CAGR and ~38% earnings CAGR over FY17-20E.