We expect Dabur to deliver revenue/EBITDA/APAT of 14/18/20% CAGR over FY18-FY21E. We value Dabur at 38x P/E on Sep-20EPS to arrive at a TP of Rs 467 (Rs 484 earlier). Maintain BUY. Daburs performance was weaker in terms of volume growth and margins vs. our and streets expectations. Domestic volumes grew by 8% (7% in 2QFY18) vs. exp. of 10%. Higher promotional spend and muted price hike led to 8.6% domestic revenue growth (14% exp.). Gross margin pressure attributed due to delay in price hike, higher promotional spend & rising commodity inflation (trend prevalent across the sector). EBITDA/APAT grew by 7/4% (exp. of 18/13%).