Colgate's market share has largely stabilized but we still don't see signs of gaining meaningful share anytime soon. As a category leader, Colgate needs to drive category growth at a time when natural's fad is moderating. Senior level management churn (Ram Raghavan - MD and Mukul Deoras India chairman) keeps us interested in the story. Ram began his career as a management trainee with Colgate India in 1997. His recent experience as the head of innovation center at Colgate-Palmolive LATAM is exactly what Colgate India needs i.e. product excitement and diversification. With limited upside, we remain NEUTRAL on the company. We will be tracking any revamp in strategy that may trigger our upgrade. Colgates 1Q performance was slightly below our estimates (revenue and APAT). The story remains sombre but senior level management churn instills new hope. We cut EPS by ~2% to factor slower than expected recovery in FY20. We roll forward to Jun-21 EPS and value the co. at 35x, arriving at a TP of Rs 1,281. Maintain NEUTRAL