At CMP, DCAL is trading 9.1x FY19 EBITDA and 7.2x FY20E EBITDA, at ~25% discount to the sector average. Foresee 13% revenue CAGR and 36% earnings CAGR over FY1720E. Maintain BUY. One of the molecules from Dishman Carbogen Amcis (DCAL) pipeline, crenolanib (disclosed by us in our IC note Highly potent), has received fast track designation from the US FDA for the indication of relapsed or refractory (R/R) acute myeloid leukemia (AML). A drug program with Fast Track status is afforded greater access to the FDA for the purpose of expediting the drugs development, review, and potential approval.