We reiterate our HOLD rating on the stock with a revised target price of Rs 1,272 based on 37x FY21E adj. EPS. Market share stabilizes, and margin beats estimates Despite moderate demand in the rural area, COLPAL revenue grew 4.1% YoY to Rs. 1,076cr in Q1FY20. The increase in revenue was driven by higher domestic sales (6%), led by 4% YoY toothpaste volume growth; however, the company missed consensus estimate by 1.5%. EBITDA grew 8.3% YoY to Rs. 315cr (beating consensus by 2.9%). EBITDA margin was up 120bps YoY to 29.3%, as a result of lower cost of purchases....