at Rs1,839(earlier Rs1,728) on 26x PE of FY22E and upgrade to Buy (earlier Accumulate) due to marginal change in earnings estimate. Strong performance by Domestic formulation and API segment in Q4FY20: Revenue grew 21% YoY to Rs10.0bn (PLe Rs8.8bn) with domestic formulations and API business reporting strong growth of 21% and 30% YoY.EBITDA growth was 10% YoY to Rs1.92bn (PLe Rs1.56bn) and EBITDA margin was 19.2%(PLe 17.7%) versus 21% in Q4FY19.During the quarter, IPCA incurred impairment and...