Having fallen 18-20% over the trailing month on regulatory concerns related to three API/intermediate plants, the stock is now available at 14x FY20E EPS, a ~15% discount to its five-year historical average. We believe the concerns are misplaced as only 5-6 products (out of 100+ pending) are dependent on these plants. With high visibility on FY21E EPS of Rs 53.2 driven by the Sandoz acquisition, we see this as a good entry point for investors and expect at least ~15% upside in the near term as this acquisition materializes. Upgrade to BUY. We upgrade ARBP to BUY owing to attractive valuations after the recent fall in stock price. Our TP at Rs 800 is unchanged (15x FY21E EPS).