We visited Havells' switchgear and switches plant at Baddi, Himachal Pradesh. The unit manufactures the entire range of Havells, Crabtree, Standard and REO brands. High degree of automation, stringent quality checks, continuous process improvements and in-house sourcing of design, moulds and components are the key focus areas. Havells' world-class manufacturing plants and focus on design/aesthetics are key contributors to its market share gains and industry-leading margins. We retain BUY, with a target price of INR425 (33x FY18E EPS)....