V-Guard reported earnings CAGR of 8.6% over FY17-21 vs Havells (15.4%), Crompton (21.5%) and Polycab (39.2%). We model V-Guard’s earnings growth to be lower than peers ahead too due to (1) negligible growth in stabilizer business with improving quality and quantity of power supply pan India, (2) While V-Guard has forayed into high-growth consumer durables business, it generates lowest margin among all three segments, (3) Non-South region also offers highergrowth but lower margins and (4) V-Guard’s right-to-win in kitchen appliances also appears low