While we remain constructive of TRP's domestic business owing to a strong presence in specialty chronic therapies, the slowdown in the US will limit revenue growth to low double digits (~12%) over FY19-21E. With the WL on Dahej, pending approvals in the US will get delayed, thus leaving margin expansion in check (+30bps to 26.2%). The mainstay domestic business will enable yearly FCF of Rs 13bn+ and net debt to drop by ~Rs 20bn over FY19-21E, aiding ~30% EPS CAGR over the period. With the update on Indrad expected soon, we remain cautious on the stock and would suggest entering post a favourable outcome. We maintain NEUTRAL on TRP following an in-line quarter. The domestic business enabled healthy growth in revenue and profitability. Yet, the slowdown in the US will continue for 2-3 quarters. We cut our estimates by ~5% owing to the WL for Dahej and await an update on Indrad. At 24x FY21E EPS, we arrive at a TP of Rs 1,615.