Excellent thought .. But one should focus on BIG picture ..
Indian Pop : 150 crores and Relaxo sells 19 crores of pairs of footwear ..
That is good penetration .. so what is problem with Relaxo .. It is cheap functional brand .. that sells @ Rs 160 ARPU ..
So issue is of brand APRU uplift .. It may get some one time growth because GST .. but that will be just for one year FY 27 .. Post that its problem persist .. ie will grow at 3- 7% in long run
Hence it should quote at PE of 10 -15 .. Yes PE of 10-15 .like it did pre 2009 ..
You cannot compare this franchisee with HUL of world which has negative working capital .. This company has decent trade receivables of and has cash conversions cycles > 100 days ..