Distribution expansion, significantly higher ad spends, new launches and price cuts have been the key drivers of growth for PGHH. Although valuations of 55.4x FY21E EPS appear expensive and imply limited near-term upside, two factors make PGHH an attractive long-term core holding: (1) the huge category growth potential in feminine hygiene and prospects of market share expansion given its considerable moats and (2) potentially huge margin support from premiumization in feminine hygiene over the longer term. Further, its focus on distribution expansion, category development in schools to boost awareness/growth, rising ad spends after a lull in preceding years, healthy pipeline of new products, entry into newer consumption categories through launches at low price points, and willingness to take price cuts whenever required bode well from the long-term perspective. However, any price caps on feminine hygiene products by the government could emerge as a key risk.