High penetration of oral care category curbing growth Over the years, CPIL has remained a market leader in the oral care category with 50% market share. However, the category has been saturated with ~88% penetration levels. Moreover, intense competition in the herbal space has taken away first mover opportunity in that space. Moreover, the company has not pursued aggressive expansion in the personal care category. This makes CPIL a large player only present in single saturated category and, hence, poses limited growth opportunity for the company. We...