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Havells Appoints Sandeep Sehgal as EVP - Sales for Lloyd Segment
Havells India Limited has appointed Mr. Sandeep Sehgal as Executive Vice President – Sales for its Lloyd division, effective August 4, 2026. Mr. Sehgal brings over 25 years of experience in sales and marketing, including a 10-year tenure at Panasonic and previous experience at LG Electronics. This leadership change is significant as Lloyd is a key growth driver for Havells, which reported a TTM revenue of ₹22,513 Cr and is currently focusing on premiumization and rural expansion.
Confidence: HIGH
What changedHavells has hired a new head of sales for its Lloyd brand, recruiting a veteran from competitor Panasonic.
Why it mattersLloyd is a critical but competitive segment for Havells; bringing in experienced leadership from major rivals like Panasonic and LG is intended to drive revenue growth and market presence.
Experience of Appointee: 25+ yearsTenure at Panasonic: 10 yearsTTM Revenue: ₹22,513 CrMarket Cap: ₹80,441 Cr
📅 Short termThe appointment is unlikely to impact the stock price in the immediate term as it is a functional leadership change.
📈 Long termIf successful, the new leadership could improve Lloyd's contribution to the overall revenue mix and help achieve the company's 10-13% growth target.
⚠ Risk flags
- Execution risk in a highly competitive consumer durables market
- High channel inventory levels noted in recent filings
Key Highlights
Appointment of Mr. Sandeep Sehgal as Executive Vice President – Sales Lloyd effective August 4, 2026
Mr. Sehgal brings over 25 years of experience in product strategy, sales, and channel management
Previous experience includes 10 years at Panasonic and prior roles at LG Electronics and CEAT Tyres
Lloyd segment is central to Havells' strategy to expand into 'white spaces' in the consumer durable market
👀 What to Watch
Monitor Lloyd's segment performance and market share gains in upcoming quarterly results to evaluate the effectiveness of the new sales leadership.
Havells Q1 FY27: Ad Spends Double YoY; Renewables Now a Separate Reporting Segment
Havells reported resilient revenue growth in Q1 FY27, though profitability was impacted by advertising spends more than doubling year-on-year as part of a front-loaded brand strategy. A significant structural change is the reporting of Renewables as a separate segment for the first time, reflecting its rapid scaling. Management noted that international switchgear sales, which typically contribute 15% to the segment, were temporarily hit by West Asia shipping disruptions but are expected to rebound in Q2. The company is also shifting its distribution strategy for Lloyd and ECD to be more 'sell-out' oriented to improve channel health and dealer ROCE.
Confidence: HIGH
What changedHavells has transitioned Renewables into a standalone reporting segment and shifted its distribution model to focus on secondary sales (sell-out) rather than primary channel loading.
Why it mattersThe separate reporting of Renewables highlights a new growth engine following the Rs 600 Cr Goldi Solar investment. The distribution shift aims to improve long-term channel loyalty and inventory management despite short-term volume optics.
Ad Spend Growth: More than doubled YoYInternational Switchgear Share: 15%BLDC Fan Portfolio Share: 40%In-house Manufacturing: 90%TTM Revenue: Rs 22,513 CrPromoter Holding: 59.38%
📅 Short termMargins may face pressure in the immediate term due to front-loaded ad spends and raw material volatility, though management expects a rebound in international volumes in Q2.
📈 Long termThe focus on premiumization (BLDC fans) and the scaling of the solar/renewables business are structural positives for long-term revenue diversification.
⚠ Risk flags
- Raw material price volatility (copper and aluminum)
- Shipping disruptions in West Asia impacting exports
- High competitive intensity in the Lloyd consumer durables segment
Key Highlights
Advertising and promotion spends more than doubled year-on-year in Q1 FY27.
Renewables reported as a separate business segment for the first time starting this quarter.
International business typically accounts for 15% of the Switchgear segment revenue.
BLDC fans now represent 40% of the total fan portfolio, driving premiumization.
Manufacturing remains 90% in-house across 16 locations to maintain quality and margins.
👀 What to Watch
Monitor the normalization of advertising expenses in H2 FY27 and the margin trajectory of the newly disclosed Renewables segment. Watch for volume recovery in the Switchgear segment as West Asia logistics issues ease.
19.7% Revenue Growth in Q1 FY27; PAT Declines 15.3% on Doubled Ad Spends
Havells reported a strong 19.7% YoY revenue growth to ₹6,510 Cr for Q1 FY27, led by a 27% surge in the Cables segment and a 236% jump in the newly formed Renewables segment. However, Net Profit declined 15.3% YoY to ₹298 Cr as EBITDA margins contracted from 9.6% to 7.3%. This margin pressure was primarily driven by a 100.8% increase in Advertising & Sales Promotion (A&P) expenses, which reached ₹286 Cr. The company has maintained its ₹1,400 Cr capex guidance for FY27, focusing on cable capacity and R&D.
Confidence: HIGH
What changedHavells reported its Q1 FY27 results showing robust top-line growth but a significant bottom-line miss due to aggressive brand-building investments and raw material inflation.
Why it mattersThe results indicate a strategic trade-off where the company is prioritizing market share and brand equity over short-term profitability, particularly in the Lloyd and Renewables segments.
Q1 FY27 Revenue: ₹6,510 CrQ1 FY27 PAT: ₹298 CrA&P Spend Growth: 100.8%Planned FY27 Capex: ₹1,400 CrCapex vs TTM Revenue: ~6.2%Lloyd EBIT Loss: ₹51 Cr
📅 Short termThe stock may face pressure in the short term due to the earnings miss and margin contraction, despite resilient revenue performance.
📈 Long termStructural growth remains supported by capacity expansion in Cables and the scale-up of the Renewables SBU, though Lloyd's path to profitability remains a key long-term monitorable.
⚠ Risk flags
- Significant margin compression due to high A&P spends
- Continued EBIT losses in the Lloyd segment
- Raw material price inflation impacting contribution margins
Key Highlights
Net Revenue grew 19.7% YoY to ₹6,510 Cr, while Net Profit fell 15.3% to ₹298 Cr.
Advertising & Sales Promotion (A&P) spends doubled to ₹286 Cr, representing 4.4% of revenue vs 2.6% YoY.
Cables segment revenue increased 27% YoY to ₹2,456 Cr, though segment margins dipped to 10.4% from 12.6%.
Renewables segment (Solar, EVSE, BESS) saw revenue jump 235.9% YoY to ₹314 Cr.
Lloyd segment reported a revenue growth of 15.7% but recorded an EBIT loss of ₹51 Cr.
👀 What to Watch
Monitor if the front-loaded advertising spend translates into market share gains in subsequent quarters and watch for margin recovery as A&P expenses are expected to normalize for the remainder of the year.
Havells Q1 Revenue Grows 19.7% to ₹6,510 Cr; Net Profit Declines 15.3% YoY
Havells India reported a strong 19.7% YoY growth in standalone revenue for Q1 FY27, reaching ₹6,509.97 Cr, led by a 27% surge in the Cables segment. However, standalone net profit fell 15.3% YoY to ₹298.43 Cr, impacted by a significant 33.5% increase in raw material costs which outpaced revenue growth. A key concern remains the Lloyd segment, where losses widened to ₹51.02 Cr from ₹19.71 Cr in the same quarter last year, despite a 15.7% increase in segment revenue.
Confidence: HIGH
What changedThe company reported its Q1 FY27 results and officially reclassified its reporting segments to include 'Renewables' (Solar, EVSE) as a standalone category.
Why it mattersThe results highlight a significant margin squeeze where raw material costs grew 33.5% YoY against 19.7% revenue growth, indicating limited immediate pricing power in a competitive market.
Q1 Revenue vs TTM Revenue: ~28.9%Raw Material Cost Growth (YoY): 33.5%Lloyd Segment Loss: ₹51.02 CrCables Segment Revenue: ₹2,455.62 CrRenewables Segment Revenue: ₹314.34 Cr
📅 Short termThe stock may face pressure in the short term due to the bottom-line miss and widening losses in the Lloyd consumer durable business.
📈 Long termLong-term prospects depend on the successful turnaround of Lloyd and the scaling of the new Renewables and Solar business, which showed healthy initial revenue.
⚠ Risk flags
- Widening losses in Lloyd segment
- Raw material cost inflation (33.5% YoY increase)
- High inventory buildup (₹511 Cr increase in Q1)
Key Highlights
Standalone revenue from operations increased 19.7% YoY to ₹6,509.97 Cr.
Net profit for the quarter declined 15.3% YoY to ₹298.43 Cr from ₹352.34 Cr.
Cables segment revenue grew 27% YoY to ₹2,455.62 Cr, contributing 37.7% of total sales.
Lloyd Consumer segment losses widened to ₹51.02 Cr compared to a loss of ₹19.71 Cr YoY.
Newly introduced 'Renewables' segment contributed ₹314.34 Cr to the top line.
👀 What to Watch
Investors should monitor the margin trajectory of the Lloyd segment and the company's ability to pass on rising raw material costs (copper/aluminum) in the Cables business.
Havells Appoints Ashish Parikh as President & SBU Head; Brings 25+ Years Experience
Havells India has appointed Mr. Ashish Parikh as President & SBU Head effective July 16, 2026. Mr. Parikh joins with over 25 years of experience in P&L management and business transformation, previously serving as EVP and COO (North & East) at Diageo India. This leadership addition is significant for a company with TTM revenue of ₹22,513 Cr, as it continues to focus on premiumization and rural expansion. His background in FMCG and consumer goods (Reckitt, PepsiCo, Marico) aligns with Havells' strategy to scale its consumer durable segments.
Confidence: HIGH
What changedHavells has added a new senior leader, Mr. Ashish Parikh, to its management team as President & SBU Head.
Why it mattersThe appointment of a leader with deep FMCG and consumer durable experience is vital for Havells as it manages high inventory levels (₹4,286 Cr) and seeks to improve margins through premiumization and innovation.
Experience: 25+ yearsTTM Revenue: ₹22,513 CrMarket Cap: ₹74,212 CrAppointment Date: 16th July, 2026
📅 Short termNo immediate impact on stock price is expected as this is a routine senior management appointment.
📈 Long termThe addition of experienced leadership from high-growth consumer sectors could strengthen Havells' execution in 'white space' expansion and premium product categories over the next 2-3 years.
Key Highlights
Appointment of Mr. Ashish Parikh as President & SBU Head effective July 16, 2026
Mr. Parikh brings over 25 years of extensive experience in P&L management and business transformation
Previously served as Executive Vice President and COO – North and East Regions at Diageo India
Professional background includes leadership roles at Reckitt, Marico, PepsiCo India, and ITC Agrotech
Havells currently operates with a TTM revenue of ₹22,513 Cr and a market cap of ₹74,212 Cr
👀 What to Watch
Investors should monitor for any strategic shifts in the specific Strategic Business Units (SBUs) under his leadership, particularly regarding margin expansion and go-to-market efficiency.
Havells Enters BESS Segment via Strategic Collaboration with Norway's Pixii AS
Havells India has signed a Memorandum of Understanding (MoU) with Norway-based Pixii AS to enter the Battery Energy Storage System (BESS) market. The collaboration targets the Residential and Commercial & Industrial (C&I) segments, which are projected to reach a market size of ‡10,000-12,000 Cr by FY30. The partnership will follow a phased roadmap, starting with pilot installations and moving toward local manufacturing in India. This move leverages Havells' existing manufacturing base (90% in-house) and distribution network to capture a market expected to grow at a CAGR of over 100% in the next three years.
Confidence: HIGH
What changedHavells has officially expanded its product portfolio into the energy storage segment through a strategic technology partnership with Pixii AS.
Why it mattersThis entry into BESS allows Havells to tap into the high-growth renewable energy infrastructure market, diversifying its revenue streams beyond traditional FMEG and consumer durables while utilizing its existing ‡22,513 Cr revenue scale and distribution reach.
Target Market Size (FY30): ‡10,000-12,000 CrExpected CAGR (Next 3 Years): >100%TTM Revenue: ‡22,513 CrGoldi Solar Investment (Q1FY26): ‡600 Cr
📅 Short termThe announcement is likely to be viewed positively by the market as a strategic move into a future-ready segment, though immediate financial impact will be limited during the pilot phase.
📈 Long termIf successfully executed, BESS could become a significant growth engine for Havells, complementing its solar and industrial segments and potentially improving margins through high-tech, modular solutions.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk in a new technology-intensive segment
- High competitive intensity from established global and domestic battery players
- Dependency on the pace of India's clean energy transition and regulatory support
Key Highlights
Targeting a BESS market segment estimated to reach ‡10,000-12,000 Cr by FY30
BESS market for Residential and C&I segments expected to grow at >100% CAGR over the next 3 years
Phased roadmap includes pilot installations, co-development, and eventual local manufacturing in India
Strategic synergy with Havells' existing solar business scale-up planned for H2FY26
Collaboration combines Pixii's modular technology with Havells' 16-location manufacturing infrastructure
👀 What to Watch
Monitor the timeline for the completion of pilot installations and the commencement of local manufacturing, as these will be key milestones for revenue contribution. Investors should also track the integration of BESS with Havells' existing solar and industrial switchgear portfolios.
Havells 43rd AGM: Final Dividend of ₹6/Share Approved; Total FY26 Payout at ₹10
Havells India Limited concluded its 43rd AGM on June 19, 2026, where shareholders approved a final dividend of ₹6.00 per share, bringing the total dividend for FY25-26 to ₹10.00. Key resolutions passed include the re-appointment of Price Waterhouse & Co as Statutory Auditors for a second five-year term and the approval of the Havells Employees Stock Purchase Scheme 2026. The meeting also confirmed the re-appointment of several key directors, including Group CFO Rajesh Kumar Gupta and Independent Director T.V. Mohandas Pai, ensuring management continuity.
Key Highlights
Approved a final dividend of ₹6.00 per equity share (600% of face value), totaling ₹10.00 for the fiscal year.
Shareholders sanctioned the Havells Employees Stock Purchase Scheme 2026 to be implemented through a trust.
Re-appointed Price Waterhouse & Co Chartered Accountants LLP as Statutory Auditors for a second term of 5 consecutive years.
Confirmed the re-appointment of Rajesh Kumar Gupta (Whole-time Director & Group CFO) and other key board members.
All 16 resolutions, including the appointment of Varun Berry as an Independent Director, were passed with overwhelming majority.
👀 What to Watch
Investors should maintain their positions as the company demonstrates strong governance, management stability, and a consistent dividend payout policy. The approval of the new employee stock scheme is a positive indicator for long-term talent retention.
Havells Appoints Ashish Dhawan and Shanti Ekambaram as Independent Directors; 2 Directors Retire
Havells India has announced a significant board refresh effective June 19, 2026, following the completion of tenures for U.K. Sinha and Jalaj Dani. The company has appointed Ashish Dhawan, a renowned private equity investor and founder of ChrysCapital, and Shanti Ekambaram, a veteran banker from Kotak Mahindra Bank, as Additional Independent Directors. These appointments bring deep expertise in capital markets, financial services, and corporate governance to the board. The transition appears well-planned, replacing outgoing heavyweights with equally distinguished professionals.
Key Highlights
Shri U.K. Sinha and Shri Jalaj Dani ceased to be directors on June 19, 2026, after completing their second terms.
Ashish Dhawan, founder of ChrysCapital and Ashoka University, joins as an Additional Independent Director.
Shanti Ekambaram, former Deputy MD of Kotak Mahindra Bank with 39 years of experience, joins the board.
The appointments were approved by the Board on June 19, 2026, following recommendations from the Nomination and Remuneration Committee.
👀 What to Watch
Investors should view these high-profile appointments as a sign of strong corporate governance and strategic depth. No immediate action is required, but the high caliber of the board remains a long-term positive for the company's reputation.
Havells Appoints Ashish Dhawan and Shanti Ekambaram as Independent Directors
Havells India has announced a significant board refresh with the appointment of Ashish Dhawan and Shanti Ekambaram as Independent Directors effective June 19, 2026. This move coincides with the departure of U.K. Sinha and Jalaj Dani after completing their ten-year tenures. Ashish Dhawan brings deep private equity expertise as the founder of ChrysCapital, while Shanti Ekambaram offers 39 years of financial services experience from Kotak Mahindra Bank. These high-caliber appointments are expected to enhance the board's strategic oversight and corporate governance standards.
Key Highlights
Ashish Dhawan, founder of ChrysCapital and Ashoka University, joins the board as an Independent Director.
Shanti Ekambaram, former Deputy MD of Kotak Mahindra Bank with 39 years of experience, appointed to the board.
Outgoing directors U.K. Sinha and Jalaj Dani completed their second terms on June 19, 2026.
New directors bring expertise in private equity, capital markets, digital banking, and institutional building.
👀 What to Watch
This is a positive development for corporate governance; investors should remain confident in the company's ability to attract top-tier leadership.
Havells India Sets May 24 as Record Date for Rs 6.00 Final Dividend
Havells India Limited has fixed May 24, 2026, as the record date for its final dividend of Rs 6.00 per equity share for the financial year 2025-26. The dividend is subject to shareholder approval at the upcoming 43rd Annual General Meeting scheduled for June 19, 2026. Shareholders whose names appear in the register of members by the end of business hours on the record date will be eligible for the payout. The company's books will remain closed from May 25 to May 29, 2026, for this purpose.
Key Highlights
Final dividend recommended at Rs 6.00 per equity share of Re 1/- face value
Record date for dividend eligibility fixed as May 24, 2026
Book closure period set from May 25, 2026, to May 29, 2026
43rd Annual General Meeting (AGM) to be held on June 19, 2026
👀 What to Watch
Investors interested in the dividend should ensure they purchase or hold the stock before the ex-dividend date to be eligible for the Rs 6.00 per share payout.
Havells Q4 FY26: Modest Growth Amid Cooling Season Delay; Solar Investment Gains ₹283 Cr
Havells India reported a modest performance for Q4 FY26, primarily due to a delayed summer season impacting cooling products and cautious consumer sentiment. The company recorded a significant fair valuation gain of ₹283 crore from its ₹600 crore investment in Goldi Solar, which bolstered other income. While industrial and infrastructure segments showed strong momentum, the Lloyd segment faced margin pressure due to lower revenues. Management has initiated calibrated price hikes to mitigate rising raw material costs caused by global geopolitical disruptions.
Key Highlights
Cables and Wires segment revenue grew 14% YoY, supported by a 6% overall volume growth driven by industrial demand.
Recognized a ₹283 crore fair valuation gain on the ₹600 crore investment in Goldi Solar during the quarter.
Lighting segment margins reached an elevated 37% due to year-end adjustments, though management expects a normalized range of 30-32%.
Commissioned a new refrigerator manufacturing plant at Ghiloth to transition Lloyd into a full-stack home appliances player.
Industrial and infrastructure-linked categories remained strong, offsetting the flat performance in domestic consumer wires.
👀 What to Watch
Investors should monitor the recovery in Lloyd's profitability as summer demand picks up and track the impact of price hikes on volume growth. The scale-up of the solar business and industrial cable demand remain key positive catalysts to watch.
Havells Appoints Varun Berry as Director, Recommends ₹6 Final Dividend for FY26
Havells India has appointed Varun Berry, the former MD & CEO of Britannia Industries, as an Independent Director for a five-year term starting April 22, 2026. The board also recommended a final dividend of ₹6 per share (600%), which, combined with the ₹4 interim dividend, brings the total FY26 payout to ₹10 per share. Additionally, the company re-appointed high-profile directors including T V Mohandas Pai and Ashish Bharatram for second five-year terms. These moves signal a focus on strong corporate governance and leadership stability.
Key Highlights
Varun Berry (ex-Britannia CEO) appointed as Independent Director for a 5-year term
Recommended final dividend of ₹6 per share, totaling ₹10 for the full financial year
Re-appointment of T V Mohandas Pai and Ashish Bharatram to the board for 5 years
Price Waterhouse & Co re-appointed as Statutory Auditors for a second 5-year term
Vivek Mehra resigned as Independent Director and CSR & ESG Committee Chairman
👀 What to Watch
The addition of a seasoned FMCG veteran like Varun Berry to the board is a significant positive for strategic oversight. Investors should maintain a positive outlook given the leadership stability and healthy dividend yield.
Havells Recommends ₹6 Final Dividend, Appoints Varun Berry to Board as Vivek Mehra Resigns
Havells India has announced a final dividend of ₹6 per share (600%) for FY26, bringing the total dividend for the year to ₹10 per share. The company underwent a significant board reshuffle, including the resignation of Independent Director Vivek Mehra and the high-profile appointment of Varun Berry, former Britannia CEO, as an Independent Director. Several key directors, including TV Mohandas Pai and Ashish Bharatram, were re-appointed for five-year terms, ensuring leadership continuity. Additionally, Price Waterhouse & Co was re-appointed as statutory auditors for a second five-year term.
Key Highlights
Recommended a final dividend of ₹6 per share (600%), totaling ₹10 for FY26 including interim dividend.
Appointed Varun Berry, former Britannia MD & CEO with 40 years of experience, as an Independent Director.
Shri Vivek Mehra resigned as Independent Director and Chairman of the CSR & ESG Committee effective April 22, 2026.
Re-appointed TV Mohandas Pai and Ashish Bharatram to the board for 5-year terms.
Price Waterhouse & Co re-appointed as Statutory Auditors for a second term of 5 years until 2031.
👀 What to Watch
The induction of high-caliber leadership like Varun Berry is a strong positive for long-term strategy and governance. Investors should remain invested as the company maintains stable leadership and a healthy dividend payout ratio.
Havells Q4 FY26: PAT Jumps 41% to ₹734 Cr Aided by Fair Value Gains; Revenue Up 2.4%
Havells India reported a modest 2.4% YoY revenue growth to ₹6,688 crore for Q4 FY26, while Net Profit surged 40.6% to ₹734 crore. The sharp profit increase was primarily driven by a ₹283 crore unrealized fair value gain on its investment in Goldi Solar, rather than core operations. The Cables segment performed strongly with 14% growth, but the Lloyd division saw a 19% revenue decline due to a delayed summer and a high base. The company doubled its annual capex to ₹1,484 crore, signaling aggressive capacity expansion in Cables and Refrigerators.
Key Highlights
Net Profit rose 40.6% YoY to ₹734 crore, including a ₹283 crore fair value gain on financial assets.
Cables segment revenue grew 14% YoY to ₹2,474 crore, supported by strong industrial and infra demand.
Lloyd Consumer revenue declined 19% YoY to ₹1,514 crore, resulting in a segment EBIT loss of ₹26 crore.
EBITDA margin contracted to 10.9% from 11.6% YoY due to higher advertising spends and Lloyd's underperformance.
Full-year FY26 capex stood at ₹1,484 crore compared to ₹753 crore in the previous year.
👀 What to Watch
Investors should look past the headline PAT growth as it is inflated by one-time fair value gains. Focus on the recovery of the Lloyd and ECD segments in the upcoming quarters and the execution of the newly added capacities.
Havells Recommends Rs 6 Final Dividend; Appoints Varun Berry to Board
Havells India has recommended a final dividend of Rs 6 per share for FY26, bringing the total annual dividend to Rs 10 per share. The company has significantly strengthened its board by appointing Varun Berry, the former MD & CEO of Britannia, as an Independent Director. High-profile directors including T V Mohandas Pai and Ashish Bharatram have been re-appointed for five-year terms, ensuring leadership stability. Additionally, Price Waterhouse & Co has been re-appointed as statutory auditors for a second five-year term.
Key Highlights
Recommended a final dividend of Rs 6 per share (600%), totaling Rs 10 for FY26 including the interim dividend.
Appointed Varun Berry, former Vice Chairman & MD of Britannia Industries, as an Independent Director for 5 years.
Re-appointed T V Mohandas Pai and Puneet Bhatia as Non-Independent Directors for another 5-year term.
Re-appointed Price Waterhouse & Co Chartered Accountants LLP as Statutory Auditors for a second term of 5 years.
Vivek Mehra stepped down as Independent Director and Chairman of the CSR & ESG Committee effective April 22, 2026.
👀 What to Watch
The addition of high-caliber leadership like Varun Berry and the re-appointment of seasoned directors signal strong corporate governance. Investors should remain positive on the stock given the consistent dividend payout and stable leadership structure.
Havells Recommends ₹6 Final Dividend; Appoints Varun Berry to Board
Havells India has recommended a final dividend of ₹6 per equity share for FY 2025-26, bringing the total dividend for the year to ₹10 per share including the interim payout. The company also announced a significant board refresh, notably appointing Varun Berry (former Britannia CEO) as an Independent Director for a five-year term. Additionally, high-profile directors including T V Mohandas Pai and Ashish Bharatram have been re-appointed for another five years. These announcements, alongside unmodified audit reports, reflect strong corporate governance and consistent shareholder returns.
Key Highlights
Recommended a final dividend of ₹6 per equity share (600% of face value) for FY 2025-26.
Total dividend for the financial year reaches ₹10 per share, including the ₹4 interim dividend.
Appointed Varun Berry, former MD & CEO of Britannia, as an Independent Director for 5 years.
Re-appointed Price Waterhouse & Co as Statutory Auditors for a second term of 5 years.
Re-appointed T V Mohandas Pai and Ashish Bharatram to the Board for 5-year terms.
👀 What to Watch
Investors should welcome the consistent dividend payout and the strengthening of the board with seasoned industry veterans. The stock remains a solid hold for those seeking a mix of governance stability and capital distribution.
Havells Q3 FY26: Revenue Up 14%, EBITDA Grows 21% Led by 20% Volume Growth in Cables
Havells India reported a strong Q3 FY26 performance with revenue growing 14% and EBITDA increasing 21% Y-o-Y, driven by operating leverage and robust demand in the cables and wires segment. The cables business saw volume growth exceeding 20%, though the company recorded an exceptional loss of INR 45 crores due to new labor code provisions. Management is implementing price hikes of 5-10% in the cooling segment to offset commodity inflation and BEE rating transitions. Capex remains aggressive with INR 1,200 crores spent in 9 months and another INR 1,000 crores planned for the next fiscal year.
Key Highlights
Revenue grew 14% Y-o-Y while EBITDA increased by 21% Y-o-Y, reflecting improved operating efficiency.
Cables and wires segment delivered healthy double-digit volume growth of over 20%.
Exceptional item of INR 45 crores recognized for additional provisioning pursuant to new labor codes.
Management expects 5-10% price increases in the Lloyd/AC segment to counter BEE changes and INR depreciation.
Planned capex of approximately INR 1,000 crores for the coming year, focusing on a new R&D center and cable capacity expansion.
👀 What to Watch
Investors should focus on the company's ability to maintain margins through calibrated price hikes amidst commodity inflation. The strong volume growth in the cables segment indicates robust infrastructure demand, supporting a positive long-term outlook.
Havells Q3 FY26: Revenue grows 14% to ₹5,573 Cr; EBITDA up 21% led by Cables segment
Havells reported a robust 14.2% YoY revenue growth in Q3 FY26, reaching ₹5,573 crore, primarily driven by a 33% surge in the Cables and Wires segment. EBITDA margins improved to 9.4% from 8.8% last year, reflecting strong operating leverage despite modest overall consumption trends. Net profit growth was restricted to 6.6% at ₹301 crore due to a ₹45 crore exceptional charge related to new labour code obligations. While core segments like Switchgears and Cables performed well, the Lloyd segment remains a drag with a 6.5% revenue decline and continued operating losses.
Key Highlights
Net Revenue grew 14.2% YoY to ₹5,573 crore, with the Cables segment contributing ₹2,241 crore (up 32.8% YoY).
EBITDA increased by 21.4% YoY to ₹524 crore, with margins expanding 60 bps to 9.4% due to disciplined spending.
Lloyd Consumer segment reported a revenue decline of 6.5% YoY to ₹694 crore and a segment loss of ₹59 crore.
Recognized an exceptional item of ₹45.03 crore for employee benefit obligations under New Labour Codes.
Cash and cash equivalents stood at ₹1,873 crore as of Dec 31, 2025, after a ₹600 crore investment in Goldi Solar.
👀 What to Watch
Investors should take confidence in the strong volume growth and margin expansion in the core electrical segments. However, the continued underperformance and losses in the Lloyd segment warrant close monitoring for signs of a turnaround.
Havells Declares Rs 4 Interim Dividend; Q3 Revenue Rises 14% to Rs 5,573 Crore
Havells India has declared an interim dividend of Rs 4 per share (400% of face value) for FY26. The company reported a 14% YoY growth in standalone revenue to Rs 5,573.44 crore for Q3 FY26, primarily driven by a 33% surge in the Cables segment. However, net profit growth was restricted to Rs 301.36 crore due to a one-time exceptional charge of Rs 45.03 crore related to new labour code liabilities. While core segments like Switchgears and Cables performed well, the Lloyd Consumer division continued to report losses at the EBIT level.
Key Highlights
Declared interim dividend of Rs 4.00 per equity share with a record date of January 23, 2026.
Standalone Revenue from operations grew 14.1% YoY to Rs 5,573.44 crore in Q3 FY26.
Cables segment revenue increased significantly to Rs 2,241.12 crore from Rs 1,687.87 crore YoY.
Recognized an exceptional item of Rs 45.03 crore as incremental liability for the New Labour Codes.
Lloyd Consumer segment reported a segment loss of Rs 58.70 crore for the quarter.
Approved the 'Havells Employees Stock Purchase Scheme 2026' for future shareholder approval.
👀 What to Watch
Investors should focus on the strong volume growth in the Cables segment while keeping a close watch on the persistent margin pressure in the Lloyd division. The dividend provides a steady yield, but the impact of the new labour codes on long-term employee costs needs monitoring.
Havells Q3 PAT Up 6.6% to ₹301 Cr; Declares ₹4 Dividend & New ESPS Scheme
Havells India reported a steady 14.1% YoY revenue growth for Q3 FY26, reaching ₹5,573.44 crore, primarily driven by strong performance in the Cables segment. Net profit rose 6.6% to ₹301.36 crore, despite an exceptional hit of ₹45.03 crore related to new labour code obligations. The company declared an interim dividend of ₹4 per share and approved a new Employee Stock Purchase Scheme (ESPS 2026) to retain talent. While core segments like Cables and Switchgears showed robust growth, the Lloyd Consumer division continued to report segment-level losses.
Key Highlights
Revenue from operations grew 14.1% YoY to ₹5,573.44 crore in Q3 FY26.
Net Profit increased to ₹301.36 crore, accounting for a ₹45.03 crore exceptional charge for labour code reassessment.
Board declared an interim dividend of ₹4.00 per equity share (400%) with a record date of January 23, 2026.
Cables segment revenue surged 32.8% YoY to ₹2,241.12 crore, reflecting strong industrial and infrastructure demand.
Settled a trademark dispute with HPL Group for ₹129.60 crore, securing absolute rights to the 'HAVELLS' mark.
👀 What to Watch
Investors should take note of the strong volume growth in the Cables and Switchgears segments which are offsetting the continued losses in the Lloyd division. The stock remains a preferred pick for long-term exposure to India's electrification and housing themes, supported by a healthy dividend payout.
