We value Colgate based on P/E of 35x (earlier 34x) on Mar-20 EPS to arrive at a TP of 1,204. We upgrade our rating to BUY from NEUTRAL. We met the management of Colgate-Palmolive India (Colgate) to discuss (1) Recovery in the oral care market (2) Analysing Colgates market share losses in toothpaste and toothbrush (3) Colgates counter strategy to stabilize and regain market share (4) Health of the trade channels (5) Scope of entering new categories (pollination of global products)