At CMP, the stock is trading at 16.4/10.2x FY20/21E EPS, a ~30% discount to the sector-avg. We assign a fair value of Rs 650 (15x FY21E EPS). In light of environmental issues in China, the API market place is likely to present an enormous opportunity for established Indian API manufacturers. The global API market is close to US$ 160bn with China having a 30%+ market share, while India is at 8-10%. Solara is one of the leading API manufacturers in India having the capability to benefit from this opportunity due to a large API portfolio of 50+ molecules.