Near-term outlook: Pent-up demand (most seasonal categories missed out massively in the last season), work-from-home (to support convenience driven categories), improving housing activities and resumption of Capex will sustain strong revenue traction in the coming quarters too. Leading companies are expected to pass on raw material inflation while restoring operational cost will be compensated by oplev. Thereby, EBITDA margin will remain healthy in the coming quarters albeit margin expansion is expected to be slower than the past two quarters. Earnings potential will sustain the rich valuation and seasonal channel filling will be the key monitorable for stock performance. In continuation to our take in our Appliance Thematic (Looking Beyond Near-term Disruption), wherein we talked about faster recovery of B-C categories, share gain by leading players, and multi-year growth opportunity drivers, our HSIE CD index clocked robust 11/26% revenue/EBIT growth in the past two quarters. We maintain our view that Appliance companies would grow through multiple drivers like penetration, housing demand, industrial Capex, convenience, and cheap finance. Leading players are present mainly in the urban markets with incremental distribution expansion around semi-urban and rural markets. A large untapped market is available to leading companies, which provides headroom for growth in the coming years. RAC, Kitchen Appliances, Ref and W/M will be driven by consumers convenience, rising electrification, aspirational demand, and expansion of distribution.