recall and lineage over the years. Dabur has cut adspends to sustain margins (like other FMCG players) but that does not seem to be a sustainable trend given the pipeline of new launches in large categories. We expect near term volatility in margins although market share gains in core categories and new lunches around core infuse confidence. Dabur trades at 38.1xFY24 EPS after factoring in 18% EPS CAGR over FY22-24 with 24% ROE and 50% dividend payout. Retain accumulate with 12 month DCF based target price of Rs647 (unchanged). However, expect back ended returns given sectoral rotations,...