We value V-Guard based on a 35x P/E (32x earlier) on Sep-19EPS, and arrive at a TP of Rs 240. We maintain BUY. V-Guard reported strong net revenue growth of 17% at Rs 5.6bn in 2QFY18. Like-to-like revenue growth was at 21%, while our expectation was ~14%. EBITDA and APAT grew by a stellar 30% and 25% respectively.