V-Guard Industries Ltd (VGIL) is one of the leading players in Electrical consumer durables space. Its major product segment includes Stabilizers, cables & wires, UPS, pumps and Electrical appliances. Q2FY19 revenue grew by modest 7% on account of abnormal rains in south region. PAT declined by 17% YoY. EBITDA margins fell by 360bps YoY to 8.3% on account of delay in pass through of commodity prices, lower sales & inventory loss. We expect margins to improve led by prices hikes and demand pick-up....