DCAL is the only listed company in India that manufactures complex commercial APIs for innovators in small to large scale. For institutional investors, it is a structural, long-term story with a growing visibility on commercial pipeline, strong base of pre-clinical/phase I molecules (250+) and improving business fundamentals. Unlike generic pharma, this business is more sustainable and insulated from pricing pressure until patent expiry. Hence, DCAL merits a higher multiple as it is trading at 10.2/7.9x FY20/21E EPS, a ~60% discount to DIVI. The co has ended FY19 with 22/24/26% revenue/EBITDA/EPS growth and overshot its guidance by 10% on top-line. Going into FY20/21E, we expect top-line growth to be maintained at ~11% CAGR and earnings to grow at ~26% We maintain a BUY on DCAL following a strong beat on our 4QFY19 estimates. Our TP is unchanged at Rs 400/sh (15x FY21E EPS).