We value the stock at a P/E of 39x on FY21E EPS and maintain Hold rating with a revised target price of Rs 390. Healthy volume growth in domestic & international business Sales grew by 9% YoY in Q4FY19 to Rs1,609cr backed by underlying domestic volume growth of 8% and value growth of 7%. Domestic volume growth was driven by Saffola segment which reported robust volume growth of 18% led by sustained marketing initiatives. Parachute rigid grew by 6% in volume terms with continued market share gain while Value added hair oils (VAHO)...