We value Havells on 35x P/E on Jun-19EPS, hence our TP is Rs 536 (Rs 520 earlier). The stock has corrected by ~10% after our downgrade in May. With a 15% stock upside, we upgrade our rating to BUY. Havells 1QFY18 net revenue grew by 9% (ex- Lloyd consumer) to Rs 15.9bn vs. expectation of 5%. EBITDA and APAT (Ex-Lloyd) were down by 20% and 22% YoY. Havells registered healthy revenue growth, despite destocking pressure. The Cables & Wire business witnessed strong 19% growth on preponement of demand (14% expectation). Ex-Cable, revenue grew by 2% vs. flat expectation.