We value based on 36x P/E on Sep-20EPS with TP of Rs 693. Maintain BUY. Havells reported a mixed bag with strong revenue growth (23% YoY vs exp. of 16% YoY) but EBITDA margin pressure which was higher than expected (-247bps vs. exp. of flat). Core business growth of 28% was broad-based (excluding lighting) with ECD segment outperforming (42% YoY).