The receipt of establishment inspection report (EIR), with unchanged status - voluntary action initiated (VAI) - for the Jadcherla formulations facility from the USFDA is a positive. It minimizes regulatory risk over the medium term. SLPA's ANDA pipeline remains robust. We expect 16% CAGR in sales to INR12b and 35% CAGR in PAT to INR2.7b over FY17-20. Our price target of INR749 implies 53% upside. We re-iterate Buy