Expanding product portfolio, retail network, market share gains and revival in consumption spending will drive its future growth. However, in the near term its key segments like Switch gears & cables (50% of sales) are vulnerable to slowdown in construction sector. We lower our EBITDA margins estimates by 100bps & 30bps for FY19E & FY20E to factor in impact on margins. We expect earnings to grow by 25% CAGR over FY18-20E. Considering the near term impact on margins and premium valuation, we...