The recent fall in the stock price from Rs 870 (Mar-19) to Rs 445 is largely led by unfavorable IFC loan settlement, USFDA issues and the concerns of ramp up in the specialty segment. Although IRR for IFC loan looks daunting at 20%+, it was 7-8% of total debt and raised at the time of distress in FY15. Meanwhile, the impact of FDA issues will be partly offset by the new block in Roorkee. With added capacities in CDMO and traction gained in radiopharma products, specialty business is driving both growth and profitability. At 6.6/5.6x FY21/22E EPS, along with 13-14% EPS CAGR, we remain positive on the stock's recovery. We maintain BUY on JUBILANT following an 8/12% beat on our EBITDA/PAT estimates for 1QFY20. Our TP is revised at Rs 845 (12x Jun-21E EPS) with a 5/10% cut to our FY20/21E EPS due to higher interest cost and tax rate.