Competition in almond-based hair oils is benign. Dabur’s Almond Hair Oil has failed to gain more than 4% market share. Also, Keo Karpin is not investing in pushing its brands. This has led to Bajaj Corp. gaining market share. The market-share ratio of Bajaj Corp. to Keo Karpin has risen from 4.34 to 4.44. We expect 13% earnings CAGR for the company in FY14-16. We value the stock at target price of `270, at PE of 18x FY16e earnings.