Gillette India Ltd.

“Gillette India is a genuinely exceptional FMCG business — dominant brand, cartridge lock-in, 60-80% ROIC, zero debt, and a long structural runway in an underpenetrated Indian market — but minority shareholders are structurally subordinate to P&G via persistent royalty extraction, rotating unaligned management, and delisting optionality that favors the parent. At 48x P/E and ~50x FCF, the stock prices in a decade of near-perfect execution with no margin of safety; base-case returns of 7-9% CAGR are insufficient compensation for governance risk. This belongs on a watchlist, not a portfolio at current prices.”