We foresee EPS CAGR of 30% over FY18-21E. We value V-Guard at 35x P/E on Jun-20EPS, with TP of Rs 246 (Rs 240 earlier). We maintain BUY. V-Guards revenues grew by healthy 19% (exp. 16%) despite an erratic summer impacting its summer portfolio. Non-South market (44% mix) continued to blossom with 30% growth, while South grew by 12%. EBITDA/PAT grew by 42/48% (exp. 41/45%).