V-Guard Industries Ltd (VGRD) is one of the leading players in the electrical consumer durables space. Major product segments include Stabilizers, Cables & Wires, UPS, Pumps and Electrical Appliances. In Q4FY25, revenue grew 15% YoY, exceeding estimates, driven by strong growth in Electronics (+26% YoY), Electricals (+15% YoY), and the Consumer division (+12% YoY). However, the Sunflames' business declined by 24% YoY. EBITDA grew by 12% YoY, while EBITDA margins declined by 22bps YoY to 9.3% despite a 120bps YoY improvement in gross margins, largely due to higher...