Sharekhan has given Buy recommendation for V-Guard Industries with a target price of Rs. 300 in its research report issued on Sep 14, 2022

Sharekhan’s research report on V-Guard Industries

The company aims to scale up in-house manufacturing to 75% to enhance competitiveness and efficiency, which will lead to margin improvement. Manufacturing facilities for fans, inverters, and batteries are expected to come on board in the near future. Premiumisation of fans, digital UPS, and market share gain in batteries and inverters would aid revenue growth and margins. Improving working capital cycle and cash flows as well as negligible debt provide us further comfort. We expect Revenue/PAT CAGR of ~19%/~22% over FY2022-FY2024E EPS.


We retain our Buy rating on V-Guard Industries Limited (V-Guard) with a revised PT of Rs. 300, given its expansion into non-South markets, entry into new product categories, and volume-driven growth across verticals.

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