Maintain BUY with a TP of Rs 350 (15x Sep-20E EPS). Dishman (DCAL) saw an in-line quarter with revenue at Rs 4.5bn (+1/-7% YoY/QoQ) driven by growth in the domestic business and Vitamin D segment. Gross margin expanded 250/740bps YoY/QoQ to 84.6% led by favorable forex and improved business mix. As a result, EBITDA margin jumped to 28.7% (up 368bps QoQ). PAT was at Rs 440mn, down 9% YoY, dragged by higher taxes, which includes Rs 70mn related to tax paid on subsidiary dividend.