Relaxo Footwears: Relaxo continues to recoup lost market share. Revenue grew 6.8% YoY to INR7.2bn in Q2 (HSIE: INR7.3bn). Volume/net realization grew 23.1%/-11.5% YoY. Strong volume growth was a function of (i) healthy growth of open footwear (on a low base) and (ii) regaining of lost market share, led by price correction in previous quarters. The margin expanded 392bps YoY to 12.8% (HSIE: 14.4%) as RM prices continued to normalize downwards (GM expanded 900bps YoY to 49.9%). The company expects to sustain at 14%+ EBITDAM levels. We've cut our FY25/26 EPS estimates by 9/5% respectively to account for higher A&P/channel incentives and maintain our SELL rating on the name with a DCF-based TP of INR710/sh, implying 48x Sep-25E P/E. Orient Electric: Orient Electric continues to disappoint both on the revenue and margin fronts. Revenue grew 11% YoY with ECD clocking 17% growth on a low base of -26% (two-year CAGR at -7%). Fans have seen a rating change impact in the last 12 months. ECD revenue in LTM for Orient was at INR 19bn (up +3.5%) vs. Crompton's at INR 50bn (up +6%) and Havells' at INR 33bn (down 2%). Fans clocked 25% growth and management looks for 20% growth in FY24. Delays in the festive season and slow pick-up in demand impacted other consumer products. Lighting clocked 1% growth as price erosion (tech-based) in B2C continued to drag while B2B sustained double-digit growth. GM expanded by 400bps YoY to 30.3% on a better mix and stable RM basket. EBITDA margin print continued to be uninspiring...