Q2 was weak on the margin front with input cost pressures visible. The one bright spot has been the inventory build-up for the festive season in the ECD business, as evident in the increased capital use. We expect some price action in H2 to offset rising costs. Festive season expected to be good should get reflected in Q3 earnings. We believe in Havells structural story and maintain Buy with a TP of ` 680 valuing stock at 40xFY20E. Q2 weak on the margin front on input cost pressure Havells revenue at `21,910mn at 23% YoY growth, was ahead of our estimate by 11%. It was driven by switchgear, cable and ECD segment...