Overview

Detailed Summary

Havells India Limited is an integrated electricals and consumer durables company manufacturing switchgears, cables, lighting, fans, household appliances and solar products, and owning brands such as Havells, Lloyd, Crabtree, REO and Standard across domestic, commercial and industrial markets.
FY26 delivered modest top-line growth (Net Revenue Rs 22,466 crore, +3.3% YoY) while PAT improved to Rs 1,705 crore (+14.5% YoY) aided by a Rs 283 crore fair value gain on the Goldi Solar investment; EBITDA margin held around 9.9% with segment mix effects and elevated other income.
Management is investing heavily in capacity and brand — FY26 capex rose to Rs 1,484 crore focused on cables and refrigerators, commissioning a new Lloyd refrigerator plant at Ghiloth and cable plants in Tumakuru, indicating a near-term step-up in manufacturing scale and capital deployment.
Renewables and industrial segments are clear growth engines: cables delivered strong double-digit growth and the 'Others' segment (driven by solar) expanded sharply; concurrently, Lloyd consumer revenues moderated due to delayed seasonality, and management is prioritising market share, pricing pass-through and R&D/brand investments.

Sector: Consumer Durables
Industry: Consumer Electronics
Market Cap: 74,557 Cr
Volatility: Moderate Risk
P/E Ratio: 44.1
Industry P/E: 50.6
PEG Ratio: 3.1
P/B Ratio: 7.9
52W High: 1,622.70
52W Low: 1,123.85

Sales CAGR

1Y: 3.44%
3Y: 10.02%
5Y: 16.59%
10Y: 14.61%

Profit CAGR

1Y: 14.90%
3Y: 16.63%
5Y: 10.41%
10Y: 13.65%

ROE

TTM: 17.88%
3Y: 17.55%
5Y: 17.69%
10Y: 17.79%

ROCE

TTM: 23.02%
3Y: 22.06%
5Y: 22.08%
10Y: 22.48%

Technicals

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Peers

Consumer Discretionary Consumer Durables Consumer Durables Consumer Electronics

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
DIXON		13368.15	81,736 Cr	56.81	17.48	0.07	30.76	38.12	8.58
HAVELLS		1186.85	74,482 Cr	44.06	7.88	0.84	17.88	23.02	11.46
PGEL		602.20	17,203 Cr	87.52	5.64	0.04	6.45	9.61	3.26
IKIO		214.25	1,656 Cr	43.77	2.75	0.00	6.28	9.11	5.42
ONIDA		40.00	1,483 Cr	-19.85	6.24	0.00	-25.66	-14.15	-14.27
CELLECOR		37.05	818 Cr	20.64	3.99	0.00	19.35	20.37	8.47
CWD		320.00	717 Cr	65.47	6.14	0.00	9.84	12.09	4.40
Median: 7 Co.	—	320.00	1,656 Cr	44.06	6.14	0.00	9.84	12.09	5.42

Financial Statements

Upcoming Result Date: Jul 16, 2026

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	4,414	5,442	5,806	4,539	4,889	6,544	5,455	4,779	5,588	6,705
Expenses	3,981	4,807	5,234	4,164	4,462	5,787	4,940	4,341	5,072	5,976
Operating Profit	433	635	572	375	427	757	516	438	516	729
OPM %	9.80	11.66	9.86	8.26	8.72	11.57	9.45	9.17	9.24	10.88
Other Income	56	76	77	93	64	69	69	91	9.06	310
Interest	10	18	8.55	10	9.39	15	9.36	9.14	8.93	9.87
Depreciation	88	93	92	95	104	110	106	106	109	112
Profit Before Tax	391	599	549	363	377	701	470	415	408	918
Tax %	26.31	25.46	25.77	26.29	26.34	26.24	26.02	23.23	26.39	21.17
Net Profit	288	447	408	268	278	517	348	318	300	723
EPS in Rs	4.59	7.12	6.48	4.28	4.43	8.25	5.54	5.08	4.79	11.52

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales	6,613	8,269	10,073	9,440	10,457	13,938	16,911	18,590	21,778	22,528
Expenses	5,338	7,103	8,889	8,412	8,886	12,178	15,312	16,747	19,647	20,328
Operating Profit	1,275	1,166	1,184	1,029	1,572	1,760	1,599	1,843	2,131	2,200
OPM %	19.29	14.10	11.76	10.90	15.03	12.63	9.46	9.91	9.78	9.76
Other Income	27	99	129	113	187	160	178	249	303	479
Interest	13	25	16	20	73	53	34	46	43	37
Depreciation	121	140	149	218	249	261	296	339	400	432
Profit Before Tax	711	977	1,147	904	1,438	1,607	1,447	1,707	1,990	2,210
Tax %	32.18	31.09	31.32	18.66	27.35	25.53	25.94	25.57	26.14	23.55
Net Profit	482	673	788	736	1,044	1,196	1,072	1,271	1,470	1,689
EPS in Rs	—	—	12.52	11.72	16.64	19.08	17.08	20.25	23.43	26.93
Dividend Payout %	44.25	37.74	35.74	34.04	38.97	39.27	43.83	44.38	42.59	37.12

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	62	63	63	63	63	63	63	63	63	63
Reserves	3,214	3,667	4,135	4,249	5,114	5,940	6,563	7,384	8,261	9,393
Borrowings	208	88	41	0.00	521	616	223	303	319	265
Other Liabilities	1,684	2,790	2,910	2,762	3,155	3,904	4,309	4,683	5,167	5,026
Total Liabilities	5,169	6,608	7,148	7,073	8,852	10,523	11,157	12,433	13,809	14,746
Fixed Assets	1,244	2,765	2,904	3,350	3,290	3,434	3,621	3,988	4,652	5,343
CWIP	12	24	233	86	90	57	166	299	118	443
Investments	218	54	0.00	0.00	306	426	201	20	11	888
Other Assets	3,696	3,765	4,012	3,638	5,166	6,606	7,170	8,126	9,028	8,072
Total Assets	5,169	6,608	7,148	7,073	8,852	10,523	11,157	12,433	13,809	14,746

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity	767	1,100	501	827	660	1,728	565	1,953	1,515	1,572
Cash from Investing Activity	-220	-945	188	-548	-763	-759	35	-1,614	-302	-893
Cash from Financing Activity	-98	-409	-318	-716	190	-547	-907	-534	-669	-693
Net Cash Flow	450	-254	372	-437	87	422	-307	-195	545	-14

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	59.43%	59.43%	59.43%	59.43%	59.41%	59.41%	59.41%	59.41%	59.38%	59.38%	59.38%	59.35%
FIIs	24.19%	23.96%	24.83%	25.34%	24.76%	23.46%	22.31%	21.59%	19.28%	17.97%	16.94%	15.91%
DIIs	9.49%	10.12%	9.88%	9.56%	10.24%	11.56%	12.76%	13.37%	15.53%	16.71%	17.73%	18.26%
Public	6.89%	6.49%	5.85%	5.67%	5.59%	5.57%	5.52%	5.63%	5.81%	5.95%	5.96%	6.48%
Total Shareholders	2,24,208	2,31,540	2,24,428	2,14,713	2,13,745	2,37,325	2,46,910	2,59,315	2,66,872	2,76,128	2,74,520	3,03,644

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Available on Pro Plan