slowdown due to price hikes and 2) large base of LY. With sustained RM Acc=Accumulate/ UR=Under Review inflation (LME spot Copper/ Aluminum prices up by 4.6%/ 5.3%), inability to increase prices due to weakened demand and return of some discretionary Note: Target prices may not be consistent costs, we expect margins to remain under pressure. We expect EBITDA/PAT with ratings as Bajaj, Havells, and KEI have YoY growth of 4%/ 5% across our coverage universe. Also with threat of a 3rd...