We have not assumed an increase in working capital cycle due to the liquidity crunch faced by the distribution channel. Weak demand and tight liquidity could also lead to price disruption in an effort to liquidate existing inventory (especially for summer products). Although it is difficult to assess when the demand will be fully recovered, we believe that companies with dependence on seasonal products and B2B segments will take longer to recover. In our coverage universe, this could adversely affect Havells. We prefer Crompton and Dixon, and have Buy rating on both. We maintain Hold on Blue Star, V-Guard and Voltas, while the risk of delayed recovery and premium valuations lead...