Maintain BUY with a TP of Rs 415 (11x EV/EBITDA). DCALs FY18 annual report highlights its focus on cost optimization, improving business mix, commitment to reduce debt, strong hedging policies and reduced free cash flow due to higher capex in FY18. The revenue, EBITDA, and PAT largely remained flat in FY18 owing to fully utilized developmental capacity in Switzerland entity (~56% of revenues) and reduced supplies of old products like Eprosartan from India.