Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 25 Sep - CARE reaffirmed Havells' AAA and A1+ ratings for Rs.2,027.5 crore facilities and Rs.500 crore CP.
Source: Bse
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).
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result17 Jul, 07:51 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
28Bearishfull bear SMA stack · SMA20 -8.4% / mo · MACD + · near 52W low · sector -4.6pp vs Nifty 500 (3M)
Stock trend: 26
Sector RS: 31
Sector 3M: -10.2% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HAVELLSD candles · FIT view-15.9%Latest close ₹1071.60 on 2026-10-21
Bar
-2.6%
RSI
44
MACD hist
10.23
52W pos
11%
2026-10-21O ₹1100.00H ₹1102.60L ₹1064.40C ₹1071.60Vol 4.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HAVELLSNifty Consumer DurablesNifty 500
- HAVELLS
- -12.0%
- Nifty 500
- -6.5%
- Nifty Consumer Durables
- -11.0%
- Vs Nifty 500
- -5.5 pp
Chart stats
21 Oct 2026- From 52W high
- -29.3%
- 52W range position
- 11%
- ATR (14)
- 2.7%
- Volume vs 20D
- 0.62x
- Avg traded value
- ₹79.6 Cr
- 20D price channel
- ₹1,015.1 - ₹1,138.7
₹1,516.6
₹1,015.1 - ₹1,516.6
₹28.5
Latest completed session
20-session average
32.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST44
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +19.5% · PAT -16.7% YoY
Technical
Bearish28
Price trend and sector-relative-strength timing.
Valuation
Legacy model-3.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence85
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -17% YoY · margin compression · Rev +19% YoY
Filed 17 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 42.00
- P/B
- 7.39
- EV/EBITDA
- 27.07
- Market Cap
- 70042.00Cr
Profitability
- ROE
- 19.00%
- ROCE
- 24.90%
- ROA
- 11.06%
- Dividend Y
- 0.90%
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
- 1.81%
- FCF Positive Y
- 9/5
- OCF
- 1572.00 Cr
- EPS TTM
- 26.05
Shareholding
- Promoter Hold
- 59.35%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 20%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 6,518-2.8% vs prev
Net Profit
₹ CrLatest: 290-59.9% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 44.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~9.2% over last month) — short-term momentum negative.
- RSI(14) at 44 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 29% off 52W high · 6% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
23
RS percentile
Stage 4 Downtrend
1M return
-2.9%
3M return
-12.0%
6M return
-15.0%
1Y return
-29.0%
RS 1D
0
RS 20D
+12
Sector rank
#8
Industry rank
#25
Stage evidence
- Price is 10.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.0%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
improving
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 74.13-1.92%
RS vs Nifty 50074
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 44 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth9/25
Quality15/20
Balance Sheet10/15
Cash Flow5/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
44
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
44/100 · legacy band WATCHLIST
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 -3.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 9/25; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
42.0
PB
7.4
EV/EBITDA
27.1
ROE
19.0%
ROCE
24.9%
FCF Yield
1.8%
Debt/Equity
0.0
MoS
-3.0%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
44
Previous: 44
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-3.0%
Previous: -5.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
45
45
45
45
45
45
44
44
44
44
44
44
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹297.5
-260.2% MoS
Growth-justified P/E
40.0
Growth-justified Value
₹1,040.96
-3.0% MoS
PEG
3.23
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
BLUESTARCO
Mid
Blue Star Limited
Consumer Durables
match 61
44
61.0
17.2%
-90%
WATCHLIST
VOLTAS
Mid
Voltas Limited
Consumer Durables
match 59
22
73.7
6.1%
-1461%
OVERVALUED
AMBER
Small
Amber Enterprises India Limited
Consumer Durables
match 56
23
112.0
6.0%
-619%
OVERVALUED
PGEL
Small
PG Electroplast Limited
Consumer Durables
match 51
30
70.8
6.7%
-112%
OVERVALUED
CROMPTON
Small
Crompton Greaves Consumer Electricals Limited
Consumer Durables
match 51
31
28.5
10.6%
-685%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-07-18T06:11:12.184Z
Management commentary snapshot
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.
Current business mix
Revenue by Segment (Q1 FY27)
Latest issuer-disclosed distribution across 7 reported categories.
Switchgears9.3%
Cables37.7%
Lighting & Fixtures6.0%
Electrical Cons. Durables17.1%
Renewables4.8%
Others2.6%
Lloyd Consumer22.4%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
85Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
174 docs text-extracted · 64 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
98th percentile
overall median 67 · Consumer: 99th pctile, median 66 · Mid: 93rd pctile, median 76
Evidence depth
Financial-only
174 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
87
strong · quarterly consistency
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.
Continue researching Havells India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 24 Sep
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 1 Sep - CARE Analytics assigned Havells India the highest corporate governance rating, CG 1, valid for one year.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Aug - Newspaper Publication after despatch of Notice of Postal Ballot seeking approval of the Members for appointment of Shri Ashish Dhawan and Ms Shanti Ekambaram as …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 9 Jul - Havells signed an MoU with Pixii AS to develop BESS for India, including pilots and local manufacturing.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.