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HAVELLS - Havells India

📊 NSE: HAVELLS 🏢 Electric Equipment 📅 Last Updated: 12/13/2025 22:50

📢 Recent Corporate Announcements

Havells India Schedules Multiple Institutional Investor Meetings in February 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 05:32 PM

Havells India Limited has announced its participation in four major investor conferences and one-on-one meetings throughout February 2026. The schedule includes interactions organized by Goldman Sachs on February 6, Nuvama on February 10, Kotak on February 24, and IIFL on February 25. These meetings will take place physically in Mumbai and involve both group and one-on-one formats. While no unpublished price sensitive information will be shared, these interactions are key for institutional engagement and market sentiment.

Participation in 4 major institutional investor events scheduled between February 6 and February 25, 2026
Meetings organized by top-tier firms including Goldman Sachs, Nuvama, Kotak, and IIFL
All interactions are scheduled as physical meetings in Mumbai, involving both group and one-on-one formats
Company confirmed that no unpublished price sensitive information (UPSI) will be disclosed during these sessions

💡 Investors should monitor for any post-conference analyst notes that may provide insights into the company's growth outlook. No immediate action is required as this is a routine regulatory disclosure.

Havells India Schedules Four Institutional Investor Conferences in February 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 03 Feb 2026, 05:32 PM

Havells India Limited has announced its participation in four major institutional investor conferences throughout February 2026. The company will engage with analysts and investors through one-on-one and group meetings organized by Goldman Sachs, Nuvama, Kotak, and IIFL. These physical meetings are scheduled to take place in Mumbai between February 6 and February 25, 2026. While the company stated no unpublished price sensitive information will be shared, these events typically signal active institutional engagement.

Participation in 4 major investor conferences organized by Goldman Sachs, Nuvama, Kotak, and IIFL
Meetings scheduled across four dates: February 6, 10, 24, and 25, 2026
Format includes both one-on-one and group physical meetings in Mumbai starting as early as 9:00 AM
Company explicitly confirmed that no unpublished price sensitive information (UPSI) will be disclosed

💡 Investors should watch for any investor presentations or post-meet transcripts released on the exchanges for insights into management's outlook. No immediate portfolio action is required based on this routine scheduling update.

Havells Q3 FY26: Revenue Up 14%, EBITDA Grows 21% Led by 20% Volume Growth in Cables

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 22 Jan 2026, 05:44 PM

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.

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.

💡 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 India Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 19 Jan 2026, 09:00 PM

Havells India Limited has officially released the audio recording of its earnings conference call held on January 19, 2026. The call focused on the company's financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure provides transparency, allowing all investors to hear management's detailed commentary and responses to analyst queries. The recording is accessible via the company's website and the direct link provided in the regulatory filing.

Audio recording of the Q3 FY26 earnings call made available on January 19, 2026.
The call discussed financial results for the quarter and nine months ended December 31, 2025.
Management interaction with institutional investors and analysts is now public record.
Filing is in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should listen to the recording to understand management's outlook on demand trends and margin pressures in the consumer durables sector. Pay specific attention to commentary regarding raw material costs and the performance of the Lloyd segment.

Havells Q3 FY26: Revenue grows 14% to ₹5,573 Cr; EBITDA up 21% led by Cables segment

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 19 Jan 2026, 04:52 PM

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.

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.

💡 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

🟡 NEUTRAL ⭐ 8/10

DIVIDEND 📅 19 Jan 2026, 04:31 PM

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.

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.

💡 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

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 19 Jan 2026, 04:31 PM

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.

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.

💡 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.

Havells Q3 Revenue Up 14% to ₹5,573 Cr; Declares ₹4 Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 19 Jan 2026, 04:31 PM

Havells India reported a healthy 14.1% YoY growth in revenue to ₹5,573.44 crore for the quarter ended December 31, 2025. Net profit grew by 6.5% YoY to ₹301.36 crore, despite being weighed down by a ₹45.03 crore exceptional item related to new labour code liabilities. The company declared an interim dividend of ₹4.00 per share and successfully settled a trademark dispute with HPL Group for ₹129.60 crore. While the Cables segment showed robust growth, the Lloyd Consumer segment continues to report losses, though they have narrowed sequentially.

Revenue from operations increased 14.1% YoY to ₹5,573.44 crore in Q3 FY26.
Cables segment revenue grew significantly by 32.7% YoY to ₹2,241.12 crore.
Interim dividend of ₹4.00 per equity share (400%) declared with a record date of January 23, 2026.
Exceptional item of ₹45.03 crore recognized due to incremental liability from New Labour Codes.
Lloyd Consumer segment reported a loss of ₹58.70 crore, improving from a ₹98.85 crore loss in the previous quarter.

💡 Investors should take comfort in the strong performance of the core Cables and Switchgear segments which are driving top-line growth. While Lloyd's profitability remains a monitorable, the overall steady margins and dividend payout make it a strong hold for long-term investors.

Havells India to Host Q3FY26 Earnings Conference Call on January 19, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 13 Jan 2026, 11:21 PM

Havells India Limited has scheduled its earnings conference call for Monday, January 19, 2026, at 5:45 PM IST. The management team, including the Chairman and Managing Director, will discuss the financial performance for the third quarter and the nine-month period ending December 31, 2025. This call is a standard procedure following the release of quarterly results to provide deeper insights into business operations. Investors and analysts can participate via the provided universal access numbers or the Diamond Pass registration link.

Earnings call scheduled for January 19, 2026, between 17:45 and 18:30 hrs IST.
Focus on financial results for Q3FY26 and the nine-month period ended December 31, 2025.
Top management including CMD Anil Rai Gupta and Group CFO Rajesh Kumar Gupta will lead the discussion.
Call coordinated by ICICI Securities with international toll-free access for HK, Singapore, UK, and USA.
Diamond Pass registration link provided for seamless entry into the conference call.

💡 Investors should review the Q3 results once published and attend the call to understand management's outlook on consumer demand and raw material pricing. Pay close attention to commentary regarding the performance of the Lloyd segment and overall margin sustainability.

Havells India Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jan 2026, 02:32 PM

Havells India Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, provided by RTA MUFG Intime India Private Limited, confirms that all dematerialization requests for the quarter ended December 31, 2025, were handled within the mandated timelines. It ensures that physical share certificates were properly mutilated and cancelled after being converted to electronic form. This filing is a standard administrative requirement and indicates no operational or financial changes.

Compliance confirmed for the quarter ended December 31, 2025.
RTA MUFG Intime India Private Limited verified the dematerialization process.
Securities comprised in certificates are listed on relevant stock exchanges.
Physical certificates were mutilated and cancelled after due verification within prescribed timelines.

💡 This is a routine administrative filing with no impact on company fundamentals. Investors should continue to monitor the company's upcoming quarterly financial results for performance cues.

Havells India Sets Jan 23, 2026, as Record Date for Interim Dividend

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 08 Jan 2026, 12:41 PM

Havells India Limited has officially announced January 23, 2026, as the record date to determine shareholder eligibility for a potential interim dividend. The company's Board of Directors is scheduled to meet on January 19, 2026, to consider and declare the dividend amount. This move is part of the company's regular corporate actions to reward shareholders. Investors must hold the shares in their demat accounts by the record date to be eligible for the payout.

Record date for interim dividend entitlement is fixed for January 23, 2026.
Board meeting to consider and declare the dividend is scheduled for January 19, 2026.
The announcement is made pursuant to Regulation 42 of SEBI (LODR) Regulations, 2015.
The specific dividend amount per share will be disclosed following the board meeting.

💡 Investors interested in the dividend should watch for the board meeting outcome on January 19 to know the specific payout amount. Ensure shares are purchased before the ex-dividend date to qualify for the entitlement.

Havells India Receives ₹1.11 Crore Income Tax Penalty for FY 2009-10

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 01 Jan 2026, 03:48 PM

Havells India Limited has received an order from the Income Tax Department imposing a penalty of ₹1,10,61,896. The penalty pertains to the Financial Year 2009-10 (Assessment Year 2010-11) under Section 271(1)(c) of the Income Tax Act. The company received the notification via email on December 31, 2025. Management has clarified that this order has no material impact on the company's financials or operations and they intend to appeal the decision.

Penalty of ₹1,10,61,896 imposed by the Deputy Commissioner of Income Tax, Delhi
Relates to legacy tax issues from FY 2009-10 (AY 2010-11)
Penalty levied under Section 271(1)(c) for alleged concealment of income or furnishing inaccurate particulars
Company to file an appeal before the Commissioner of Income Tax (Appeals)

💡 No action is required as the penalty amount is immaterial relative to the company's annual earnings. This is a routine legal dispute regarding a decade-old tax assessment.

Havells India to Close Trading Window from January 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Dec 2025, 05:36 PM

Havells India Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the Q3 and nine-month financial results for the period ending December 31, 2025. The window will remain closed until 48 hours after the Board Meeting results are officially declared. This is a standard regulatory procedure for listed companies to prevent insider trading before earnings announcements.

Trading window closure commences on January 1, 2026, for all specified persons.
The closure is related to the financial results for the quarter and nine months ending December 31, 2025.
The window will reopen 48 hours after the conclusion of the Board Meeting for results approval.
Compliance is maintained under the SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory announcement with no impact on company fundamentals; investors should monitor for the upcoming Q3 earnings date announcement.

Havells Appoints Reshu Madan as President & SBU Head; Brings 30 Years of Experience

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 17 Dec 2025, 04:54 PM

Havells India Limited has appointed Mr. Reshu Madan as President and Strategic Business Unit (SBU) Head, effective December 17, 2025. Mr. Madan joins the senior management team with nearly 30 years of experience in leadership roles, including a previous stint as CEO at Sterlite Electric Limited. His expertise spans P&L management, market leadership in the EHV segment, and large-scale turnkey projects. This strategic hire is aimed at accelerating growth and driving transformation across the company's diverse business segments.

Appointment of Mr. Reshu Madan as President & SBU Head effective from December 17, 2025
Brings nearly 30 years of leadership experience in driving transformation and steering P&L
Former Whole Time Director & CEO at Sterlite Electric Limited with expertise in the EHV segment
Previous senior leadership roles at TBEA Energy, Sudhir Gensets, and Crompton Greaves
Educational background includes Mechanical Engineering and a PGDBM from IMT Ghaziabad

💡 Investors should view this as a positive step in strengthening the company's execution capabilities. Monitor the performance of the specific business units under his leadership in upcoming quarterly reports.

Havells Appoints Manjit Singh Sethi as President – Cables

🟡 NEUTRAL ⭐ 5/10

MANAGEMENT 📅 15 Dec 2025, 01:14 PM

Havells India Limited announced the appointment of Mr. Manjit Singh Sethi as President – Cables, effective December 15th, 2025. Mr. Sethi brings over 35 years of experience in the electrical industry. He previously held senior leadership roles at ABB India (now Hitachi Energy) and KEC International. Investors should monitor how this appointment impacts Havells' cable business and overall growth strategy.

Manjit Singh Sethi appointed as President – Cables on December 15th, 2025
Mr. Manjit brings over 35 years of experience in the electrical industry
He previously worked at ABB India (now Hitachi Energy) and KEC International

💡 Investors should monitor the performance of the cables segment under Mr. Sethi's leadership. Keep an eye on future announcements regarding strategic changes or growth initiatives related to the cable business.

View All HAVELLS Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Operating Income (TOI) grew 17% YoY in FY25 to INR 18,624 Cr. In H1FY26, Net Revenue was INR 10,204 Cr, a slight decline of 1.2% YoY. Segmentally, Wires saw mid-double-digit growth in H1FY26, while the Electrical Consumer Durables (ECD) segment experienced a 1.7% YoY degrowth due to lower demand for summer products. Lloyd has transitioned to positive profitability as of Q1FY25 after three years of losses.

Geographic Revenue Split

Havells operates across India with a presence in approximately 3,000 towns. While specific regional percentage splits are not disclosed, the company maintains a retail reach of 2.68 lakh outlets and 19,400 direct dealers, indicating a broad national footprint with increasing rural reach.

Profitability Margins

Operating margins moderated from 13.03% in FY22 to 9.78% in FY23 but recovered to 11.04% in Q1FY25. Net Profit for FY25 stood at INR 1,470 Cr with a Net Profit margin of 6.86%. H1FY26 Net Profit was INR 670 Cr, down 2.0% YoY from INR 684 Cr in H1FY25.

EBITDA Margin

EBITDA margin for Q2FY26 was 9.3%, up from 8.4% in Q2FY25. For H1FY26, EBITDA margin was 9.4% (INR 962 Cr) compared to 9.3% (INR 956 Cr) in H1FY25. Standalone Havells (excluding Lloyd) maintains higher EBITDA margins of 12-13%.

Capital Expenditure

The company spent INR 753 Cr on Capex in FY25. In H1FY26, Capex spend was INR 697 Cr, which includes the acquisition of a 39-acre land parcel in Alwar, Rajasthan, for cable capacity expansion and a strategic INR 600 Cr investment for a stake in Goldi Solar.

Credit Rating & Borrowing

Havells maintains a 'Stable' credit rating from CARE Ratings. The company is virtually debt-free with a Debt-Equity ratio of 0.00 (excluding lease liabilities). Total debt of INR 319 Cr as of March 31, 2025, consists entirely of lease liabilities, resulting in a low gearing of 0.05x.

⚙️ Operational Drivers

Raw Materials

Raw materials account for 68-70% of total revenue. Key materials include copper and aluminum (for cables/wires), steel, and electronic components for LED lighting and Lloyd appliances.

Import Sources

Not specifically disclosed in the documents, though the company mentions strategic supply chain acquisitions like Goldi Solar to secure components.

Capacity Expansion

Manufacturing is 90% in-house across 16 locations. Current expansion includes a new 39-acre facility in Alwar for cables. The Goldi Solar investment is intended to scale business volumes and improve the supply chain for solar components starting H2FY26.

Raw Material Costs

Raw material costs represent approximately 68-70% of revenue. Margins are sensitive to sharp fluctuations in commodity prices, which led to a moderation in contribution margins for cables and switchgear in FY25.

Manufacturing Efficiency

The company focuses on in-house manufacturing (90% of sales) to maintain quality and margins. Capacity utilization metrics are not explicitly provided, but production was scaled down in Q1 due to high inventory levels.

Logistics & Distribution

Distribution network includes 19,400 direct dealers. Advertising and sales promotion expenditure, which supports this distribution, was INR 622 Cr in FY25 (2.86% of revenue).

📈 Strategic Growth

Expected Growth Rate

10-13%

Growth Strategy

Growth is driven by premiumization (40% of fans are now BLDC), expansion into 'white spaces' in the consumer durable market, and increasing the share of Lloyd in the revenue mix. The company is also expanding cable capacity via the Alwar land acquisition and entering the solar supply chain through Goldi Solar.

Products & Services

Cables, wires, switchgear, LED lighting, fans (including BLDC), air conditioners, refrigerators, washing machines (Lloyd), and solar components.

Brand Portfolio

Havells, Lloyd, Crabtree, Standard, Reo.

New Products/Services

Focus on BLDC fans (40% of fan portfolio) and mass-premium ranges in the Lloyd portfolio. Solar business scale-up is expected from H2FY26.

Market Expansion

Expansion into 3,000 towns with a focus on increasing rural reach and strengthening the 'Others' segment through solar component manufacturing.

Market Share & Ranking

Market leader in multiple segments including organized fans and domestic switchgear. Specific market share percentages are not disclosed but are described as 'strong' and 'increasing'.

Strategic Alliances

Acquired a strategic stake in Goldi Solar for INR 600 Cr to secure the supply chain for solar products.

🌍 External Factors

Industry Trends

The industry is shifting toward energy-efficient products (BLDC fans) and premiumization. The consumer durable sector is seeing increased competitive intensity, particularly with new listings like LG, but Havells is positioned to counter this through brand strength and in-house manufacturing.

Competitive Landscape

High competitive intensity across all categories. Key competitors include LG (in Lloyd's segment) and other organized players in the FMEG space.

Competitive Moat

Moat is built on a massive distribution network (2.68 lakh outlets), strong brand equity across multiple price points (Reo to Crabtree), and 90% in-house manufacturing which provides better quality control and cost management.

Macro Economic Sensitivity

Sensitive to residential demand and construction cycles. Revenue is impacted by government fiscal policies, such as the recent GST reduction which is expected to uplift demand.

Consumer Behavior

Shift toward premium, branded, and energy-efficient products. Residential demand is showing signs of pickup, which favors the lighting and cable segments.

Geopolitical Risks

Exposure to global commodity price volatility for copper and aluminum, which are essential for the cable and wire segments.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to GST regulations (recent reduction noted) and Bureau of Energy Efficiency (BEE) norms for appliances like fans and ACs.

Environmental Compliance

The company integrates ESG into its triple bottom line management (economic, social, and environmental). Specific compliance costs are not disclosed.

Taxation Policy Impact

Effective tax paid in FY25 was INR 505 Cr. H1FY26 tax provision was INR 219 Cr.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw material prices (68-70% of costs) and the ability to pass on these costs in a highly competitive market. Potential for margin dilution if premiumization does not offset R&D and marketing spends.