V-Guard Industries Limited - VGUARD channel checks in key non-south and south markets for stabilizers (20% of FY16 revenue), fans (10% of revenue) and wires (32% of revenue) indicate that stabilizers and fans are seeing strong growth expecting stabilizers to grow ~24% and fans to grow 45% in FY17. Efficient inventory management, reduced discounts and promotion schemes, lower ad spends, and benign commodity prices could lead to a margin uptick in 1QFY17. They upgrade EBITDA estimates by 6% for FY17 and by 5% for FY18, translating into PAT upgrade of 8% for FY17 and 6% for FY18. Motilal Oswal expect revenue CAGR of 17% and PAT CAGR of 28% over FY16-18, with margins expanding 90bp to 10.5%. Maintain Neutral with a TP of INR1,570 (26x FY18E EPS).Trendlyne has 7 reports on VGUARD updated in the last year from 4 brokers with an average target of Rs 1229.5. Brokers have a rating for VGUARD with 2 price upgrades in past 6 months.