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ICICI Securities Report
Preference for safe products and stringent technical standards for manufacturing switch and switchgear have led to the organised sector dominating these two markets in India (unlike most sub-segments of the white goods and durables industry).
We believe organised players such as Havells India Ltd. and V-Guard Industries Ltd. will likely be net beneficiaries of further shift of share from the unorganised segment on the back of high inflation in commodity costs and supply chain disruptions.
The switch and switchgear market is expected to reach size of Rs 62 billion and Rs 286 billion respectively by FY23E.
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