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Nirmal Bang Report
Key Points
We hosted the management of V-Guard Industries Ltd. They highlighted the growth drivers for kitchen appliances segment and how Sunflame Enterprises Pvt. Ltd. would be a key beneficiary. Furthermore, product portfolio enhancement, increasing stock keeping unit across categories and shift towards in-house manufacturing would bring topline as well as bottomline growth in the medium to long term.
Continued expansion of non-Sunflame segments in Non-South markets, coupled with cross-leveraging of the strong Southern distribution network for expanding the Sunflame segment bodes well for the overall business.
We maintain 'Accumulate' with a revised target price of Rs 305, valuing it at 31.5 times June 2025E earning per share. Near term risks persist in terms of slower growth in Sunflame, lower-than-expected growth in electricals (pre-dominantly pumps and switches and switchgears) and higher-than-expected costs.
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