Consumer stocks have seen sustained re-rating since 2009, resulting in most stocks trading at life time high PE with life time high profit margins. We note that FY21 growth was driven by market share gains on the back of superior supply chain and distribution at expense of unorganized players. Although we believe that structural drivers led by strong rural demand outlook and gains from digitization and supply chain automation are positive, further rerating looks a daunting task. We remain structurally positive on HUL, Britannia, JUBI, TTAN and APNT, however return expectations need to be moderate. We rate D'Mart, NEST and KNPL as top picks in consumption...