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 again gaining traction. 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. We remain NEUTRAL on the company. We will be tracking any revamp in strategy that may trigger our upgrade. Colgates 3Q performance remained weak as net revenue grew by mere 4% (est 4.5%) with 2.3% volume growth (est 3.5%). The co has underperformed most other FMCG cos over the last 12/18 quarters with revenue CAGR of 5/4%. Oral care category was under pressure in urban as well rural markets. EBITDA growth was flat/1.4% in 3Q/9MFY20. We cut EPS by ~3% in FY20/21/22 to factor slower than expected recovery. We value Colgate on 35x P/E on Dec-21 EPS, our TP is Rs 1,392. Maintain NEUTRAL.