Dabur's honey retails at a 46% premium to Patanjali's and recently offered a 20% consumer promotion to prevent further share loss. We believe Dabur could face pricing issues in its Honey and Chyawanprash portfolios (i.e., 25% of domestic business profit), which could pose a problem if there is strong commodity price inflation going forward—we're not building this into our base-case estimates yet but highlight it as a potential downside risk. However, we believe the stock could remain resilient in the near term, given: Positive sentiment surrounding the stock and the market's expectations of management delivering in the herbal space with a position of 'science-backed Ayurveda'; a very low base, given the disruption in the fruit juice segment because of the India- Nepal border issue in the base quarters (Q2-Q3 FY16); good volume growth overall and reasonable pricing power, given a strong herbal platform and positioning across brands.