The company, yet again, reported drop in market share in toothpaste category in FY18 as volume share declined to 53.4% in FY18 from 55.1% in FY17 mainly due to intense competition, high dependence on wholesale channel and lower growth rate in Naturals segment. To counter competition in the Naturals space, the company launched Colgate Swarna Vedshakti (CSV) in the south (in October 2017) and after its success, the company now plans to roll it out nationally. It has also relaunched MaxFresh toothpaste to support volume growth. Further, the company is strenthening its direct reach given its high dependence on the wholesale channel. Although management guided volume growth of 45% which we believe is slightly on a lower side, we factor revenue CAGR of 11.8% over...