Strong financials: With the improved product mix, capacity utilization, commercial manufacturing of some APIs for a high-margin products and financial cost savings to help improve the EBITDA margins going forward. We expect Dishman's revenues/EBITDA/Net Profit to grow at a CAGR of 15%/18.7%/36.4% respectively over FY17-20E on the back of better utilization of capacities, increased revenues from high-margin HIPO APIs and Vit-D analogues. Valuation: We initiate coverage on Dishman with a BUY and a target price of Rs412,...