Jewellery:Our coverage universe is expected to be washout as the sudden spike in gold prices June-end onwards have kept consumers at bay. Revenue/EBITDA/EBITDA margins are expected to be flat YoY as the lower-margin gold-exchange scheme is pushed to salvage volumes. Channel checks suggest most of the big-box jewellery retailers have clocked flattish-to-single digit declines in revenue for 2Q. That said, key monitor-able would be the off-take in the upcoming festive season and assessing how big the lag could be before consumers adjust to the new price. This will be the second quarter of Un-Titan-like performance and investors would be keen to understand for how long the pain could last. Thangamayil could be hurt even more given the heavy base of 2QFY19. FMCG: Our FMCG coverage universe is expected to deliver 7/9% YoY revenue/EBITDA growth in 2QFY20 (vs. 13/14% in 2QFY19 and 7/10% in 1QFY20). Rural stress has aggravated and is now growing slower than urban (vs. 1.2-1.3x in FY19). Weak consumer sentiments has led to downtrading in few categories. Consumer Appliances: Our coverage universe is expected to post 9/16% revenue/EBITDA growth (18/1% in 2QFY19). Appliances is expected to deliver a better quarter vs. FMCG. Outperformance is driven by low channel inventory of cooling products owing to a harsh summer. However, we expect growth to moderate in categories ex-cooling products. We expect margins to expand led by favorable base, soft commodity inflation and price hikes.