On right track with revenue growth and margins expansion We maintain our Hold rating on IFB Industries with a revised TP of Rs790 (28x FY19E EPS). We believe that positives of the current quarter are captured in the stock price post the steep 25% rally in last one month. We increase our target multiple factoring re-rating in the consumer durable sector post the healthy revenue growth across players. Increasing distribution reach strategy of the management to drive volume growth has started to bear fruit with strong growth across categories. New product launches coupled with mix change and domestic manufacturing would drive margins...