We value V-Guard at 35x P/E on Mar-20EPS, with TP of Rs 253. We maintain BUY. V-Guards 4QFY18 like-like revenues grew by healthy 13/15% in 4QFY18/FY18 despite weak summer (exp. 15%). Weak summer also impacted slower gross margin expansion (174bps vs. 272bps exp.) coupled with higher than expected one-time ad expense (Rs 350mn). Adjusted EBITDA/APAT grew by 28/39%.