We believe BOOT is in the sweetest spot of the Indian pharma market (IPM), with leadership in women's hormones, hypothyroidism, niche gastro treatments, and neuro-ailments. Unlike other MNCs, BOOT has the freedom to launch new products/brands in existing therapies in India. Having a presence in growing therapies, BOOT is estimated to report ~13% revenue CAGR over FY19-21, while select price hikes will drive ~60bps margin expansion, resulting in ~18% earnings growth. With the ability to generate Rs ~3bn+ annual FCFs, super-rich ROICs and strong visibility on growth, we believe BOOT is the best play in the Indian pharma market. While we don't actively cover BOOT, a fair value of Rs 8,950 (30x FY21E EPS) is apparent to us. Abbott India (BOOT) is one of the strongest pharma MNCs with six Rs 1bn+ brands, 36 number one brands, and a substantial presence in both chronic and specialty segments. Historical financial performance has been robust with 16% organic rev CAGR, 25% EBITDA CAGR and 26% PAT CAGR over FY14-18. Adjusted for cash (~Rs 13bn, Sep-18), ROIC has been at 70% plus even as dividend payouts have been ~30%.