We reiterate BUY with a TP of Rs 160 (12x Dec-20E EPS). Coming off a three year capex cycle, Granules India (GRAN) is ripe for returns as the formulations business is seeing a substantial ramp up (+60% YoY in 9M) and the expanded API capacities are set to witness higher realizations post regulatory approvals (3 to 6 months). The company has already beaten our PAT estimates over the last two consecutive quarters and is likely to end the year with more than Rs 9 EPS.