We value V-Guard based on a P/E of 32x Sep-19EPS, and arrive at a TP of Rs 214. We maintain BUY. We arranged a road-show with the management of V-Guard. Our confidence in the companys long-term business trajectory was further strengthened, despite the short-term hiccups caused by GST. The company is confident of achieving 15% revenue growth in FY18, despite revenue being flat in 1QFY18. Healthy underlying growth with restocking should register high double-digit figures in the coming quarters. Management is also confident of maintaining 10% EBITDA margin in FY18 (1QFY18 margin was at 5.8%, -574bps YoY).