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Nirmal Bang Report
We hosted Mithun K. Chittilappilly Managing Director and Sudarshan Kasturi Chief Financial Officer. They highlighted that despite festive season, demand has been soft across categories. Willingness among consumers to spend has been low and the inflationary pinch persists. While small kitchen appliances did well, its performance was lower than expected.
V-Guard Industries continued expansion of Non-Sunflame segments in Non-South markets, coupled with cross-leveraging of strong Southern distribution network for expanding the Sunflame segment bodes well for the overall business.
We maintain Accumulate with a target price of Rs 300, V-Guard Industries valuing it at 32 times September 2025E earning per share.
While near term risks prevail in terms of softer demand for kitchen appliances, lower-than-expected growth in electricals and higher-than-expected costs, consistent growth in electronics along with the conscious move to non-South markets is a positive.
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