KMB's consistent outperformance across parameters (vs. peers) warrants premium multiples. The slight increase in delinquent loans is well within tolerable limits. There is scope for cyclical improvement in subsidiaries' performance. Management quality bolsters our constructive stance. However, the ongoing tussle with the regulator (on promoter shareholding) will remain an overhang on the stock, keeping it range bound in the near term. Consistent performance across parameters justifies our positive view on KMB. The minor slip in asset quality is excusable. Maintain BUY with an SOTP of Rs 1,481 (4.25x Mar-21E core ABV of Rs 272 + Rs 326 for subs).