Colgate has attained the first step towards recovery i.e. stabilizing market share. Hereon, the co. needs to consolidate its position and return to market share gains. As a category leader, Colgate needs to drive category growth at a time when natural's fad is moderating. We believe the co. is taking the right steps (although at a modest pace) i.e. (a) Improving brand visibility (new TVC campaigns, in-store activations etc), (b) Re-launches of flagship products, (c) Regional based strategies (tastes and incomes), (d) Focus on low unit packs (drive sampling) and (e) Higher promotions (via multi-unit packs). We model partial recovery in volume growth and market share in FY20-21E. With limited upside, we remain NEUTRAL on the company. Colgates 4Q performance was slightly below our estimates (volumes and margins). Key positive is that market share has now begun to stabilize over 2HFY19. However, oral care category growth continues to trail FMCG sector. As a result, we dont expect the co. to deliver high-single digit to low double digit volume growth unless it begins to gain significant market share (low probability). We maintain NEUTRAL and value the co. at 35x on Mar-21 EPS, arriving at a TP of Rs 1,227.