Havells India Limited (HAVELLS)
Mid CapConsumer stocks · Mid cap · NSE
Havells India Limited is a fast-moving electrical goods (FMEG) company manufacturing a wide range of products including switchgears, cables, lighting, electrical consumer durables (fans, appliances, water heaters, air coolers, water purifiers, personal grooming), renewables (solar, solar pumps, EVSE), and Lloyd consumer products (ACs, refrigerators, washing machines, TVs).
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -17% YoY · margin compression · Rev +19% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6,518 Cr | +19.5% | -2.8% |
| EBITDA | ₹466 Cr | -9.7% | -36.1% |
| Operating margin | 7.0% | -200 bps | -400 bps |
| PAT | ₹290 Cr | -16.7% | -59.9% |
| PAT margin | 4.5% | -193 bps | -633 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1 FY27 revenue grew 19.7% YoY to Rs 6,510 crores, driven by strong Cables and Renewables. However, EBITDA declined 8.8% YoY to Rs 474 crores, and PAT fell 15.3% YoY to Rs 298 crores, primarily due to a doubling of A&P spends.
Strong revenue growth across most segments, notably Cables and Renewables, indicates resilient demand. However, significant front-loading of A&P spends led to material profitability compression. Management expects A&P to normalize and margins to improve with recent price hikes.
Revenue by Segment (Q1 FY27)
Latest issuer-disclosed distribution across 7 reported categories.
Cables Segment
Cables continue to deliver strong growth, with revenue up 27.0% YoY to Rs 2,456 crores in Q1 FY27.
Renewables Segment
Renewables segment revenue grew robustly by 235.9% YoY to Rs 314 crores, leveraging sector tailwinds.
Electrical Consumer Durables (ECD)
ECD saw 12.0% YoY growth across categories as consumer demand held well despite price hikes.
Lloyd Consumer
Lloyd Consumer revenue grew 15.7% YoY to Rs 1,460 crores, maintaining disciplined pricing.
Cables Capacity Expansion
Capex for the full year expected to be Rs 1,400 crores, primarily towards capacity addition in Cables.
New R&D Center
Capex for the full year includes investment in a new R&D center.
Renewables Sector Tailwinds
The Renewables industry is experiencing strong tailwinds, which Havells is well-placed to capture.
Resilient Demand
Strong Q1 revenue growth as demand was resilient despite inflationary pressures & West-Asia war related uncertainties.
Elevated Advertising & Sales Promotion
Doubling of A&P spends led to compression in profitability despite strong revenue growth.
Raw Material Inflation
Calibrated and staggered price hikes were undertaken across categories to offset raw material inflation.
West Asia Situation
In Switchgears, exports were disrupted by West Asia situation, though domestic demand was stable.
Delayed Summer Onset
Q1 experienced decent summer although delayed onset restricted full benefit for cooling products.
Raw Material Price Volatility
Calibrated and staggered price hikes were undertaken across categories to offset raw material inflation, indicating ongoing cost pressure.
Geopolitical Disruptions
Switchgears exports were disrupted by the West Asia situation, highlighting vulnerability to international events.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company operates in a consumer durables and electrical goods sector, which often experiences seasonal demand patterns. Comparing year-over-year provides a clearer picture of underlying business performance, mitigating quarterly fluctuations.
Net Revenue Growth (YoY)
Net Revenue (NR) increased by 19.7% to Rs 6,510 crores in Q1 FY27 from Rs 5,438 crores in Q1 FY26.
EBITDA Growth (YoY)
EBITDA declined by 8.8% to Rs 474 crores in Q1 FY27 from Rs 520 crores in Q1 FY26.
EBITDA Margin
EBITDA as a % of NR was 7.3% in Q1 FY27, down from 9.6% in Q1 FY26 and 10.9% in Q4 FY26.
Advertising & Sales Promotion (% of NR)
A&P spends doubled YoY to 4.4% of NR in Q1 FY27 from 2.6% in Q1 FY26, impacting profitability.
A&P Spend Normalization
Brand-building efforts were frontloaded in Q1 and would normalise for the rest of the year.
Positive Margin Outlook
With recent price hikes & normalising A&P spends, margin outlook remains positive.
Renewables Segment Contribution
Renewables business is in scale-up stage; steady state contribution expected to be in range of 10-12%.
Full Year Capex
Capex for the full year expected to be Rs 1,400 crores, primarily for Cables capacity and new R&D center.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 7.3% in Q1 FY27 | Improvement in subsequent quarters as A&P spends normalize and price hikes take effect. |
| Renewables Contribution Margin | 8.3% in Q1 FY27 | Ramp-up towards management's expected steady-state range of 10-12%. |
| Cables Segment Growth | 27.0% YoY in Q1 FY27 | Sustained strong growth and utilization of new capacity additions. |
| Inventory Levels | Rs 5,016 crores (78 days) in Q1 FY27 | Efficiency in inventory management, especially in Cables, to avoid working capital strain. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
43NeutralSMA20 +1.9% / mo · RSI oversold · MACD − · near 52W low
Technical chart
HAVELLSdaily · 1Y · AUTO-14.7%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 28. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~1.9% over last month) — short-term momentum positive.
- RSI(14) at 28 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 7.9% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.0%.
Valuation & score drivers
U-Score 45 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 45 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 15/20 to the score.
- Balance sheet contributes 10/15 to the score.
Main drags
- Fair-value margin of safety is negative at -5.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 9/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 99th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 59.4%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Consumer: 99th pctile, median 66 · Mid: 95th pctile, median 76
163 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 59.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.8%.
- ▸9 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 43.50
- P/B
- 7.64
- EV/EBITDA
- 27.99
- Market Cap
- 72421.00Cr
Profitability
- ROE
- 19.00%
- ROCE
- 24.90%
- ROA
- 11.06%
- Dividend Y
- 0.87%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 16.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 61.43×
- Altman Z
- 9.20
- Book Value
- 151.00
Cash Flow
- FCF Yield
- 1.75%
- FCF Positive Y
- 9/5
- OCF
- 1572.00 Cr
- EPS TTM
- 26.05
Shareholding
- Promoter Hold
- 59.35%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 6%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.