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HAVELLS - Havells India

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

📢 Recent Corporate Announcements

Havells India Sets May 24 as Record Date for Rs 6.00 Final Dividend

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 29 Apr 2026, 06:08 PM

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.

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

💡 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

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 26 Apr 2026, 08:37 PM

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.

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.

💡 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 India Vests 3.04 Lakh Shares to Employees Under Various Incentive Schemes

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Apr 2026, 07:38 PM

Havells India Limited has announced the vesting of 3,04,810 equity shares to eligible employees on April 23, 2026, as part of its long-term incentive strategy. The vesting occurs under three separate plans: the 2014 Incentive Plan (1,14,191 shares), the 2015 Stock Purchase Scheme (1,50,000 shares), and the 2016 Stock Purchase Scheme (40,619 shares). These shares are administered by the Havells Employees Welfare Trust following approval from the Nomination and Remuneration Committee. Employees have a 30-day exercise period from the date of vesting to purchase these securities.

Total of 3,04,810 equity shares of Re. 1/- each vested to eligible employees on April 23, 2026.
Vesting includes 1,50,000 shares under the 2015 Scheme and 1,14,191 shares under the 2014 Plan.
The 2016 Scheme vesting of 40,619 shares includes tranches from FY 2023-24, FY 2024-25, and FY 2025-26.
Eligible employees must exercise their options within a 30-day window from the vesting date.
The plans are administered through the Havells Employees Welfare Trust to manage employee compensation.

💡 This is a routine administrative disclosure regarding employee stock options and requires no immediate action from investors. The resulting equity dilution is minimal and part of standard talent retention practices.

Havells India Releases Audio Recording of Q4 and FY26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Apr 2026, 09:29 PM

Havells India Limited has submitted the audio recording of its earnings conference call for the fourth quarter and full financial year ended March 31, 2026. The call was held on April 22, 2026, following the release of the company's annual financial results. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations to ensure transparency for all stakeholders. Investors can access the recording through the provided link or the company's official website.

Earnings call for Q4 and FY26 conducted on April 22, 2026, at 4:15 PM IST.
Audio recording link made available to the public for transparency and compliance.
Disclosure follows Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Recording is hosted on the company's website under the Investor Relations section.

💡 Investors should listen to the recording to understand management's commentary on revenue growth, margin sustainability, and demand outlook for the upcoming fiscal year.

Havells Recommends ₹6 Final Dividend, Appoints Varun Berry to Board as Vivek Mehra Resigns

🟢 POSITIVE ⭐ 8/10

MANAGEMENT 📅 22 Apr 2026, 07:04 PM

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.

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.

💡 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 Recommends ₹6 Final Dividend; Appoints Varun Berry to Board

🟢 POSITIVE ⭐ 8/10

DIVIDEND 📅 22 Apr 2026, 02:34 PM

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.

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.

💡 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 Recommends Rs 6 Final Dividend; Appoints Varun Berry to Board

🟢 POSITIVE ⭐ 8/10

BOARD_MEETING 📅 22 Apr 2026, 02:34 PM

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.

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.

💡 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 India Schedules Q4FY26 Earnings Conference Call for April 22, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 16 Apr 2026, 04:46 PM

Havells India Limited has scheduled its earnings conference call for Wednesday, April 22, 2026, at 4:15 PM IST. The management will discuss the financial results for the fourth quarter and the full fiscal year ended March 31, 2026. The call will feature top leadership, including Chairman & Managing Director Anil Rai Gupta and Group CFO Rajesh Kumar Gupta. This is a routine regulatory intimation ahead of the company's annual financial disclosure.

Earnings call scheduled for April 22, 2026, from 16:15 to 17:00 hours IST.
Management to discuss Q4 and full-year FY26 financial performance.
Participation confirmed from CMD Anil Rai Gupta and Group CFO Rajesh Kumar Gupta.
Call facilitated by Kotak Institutional Equities with international dial-in options for US, UK, Singapore, and Hong Kong.

💡 Investors should track the call for management's outlook on the consumer durables sector and Lloyd's profitability. No immediate action is required as this is a routine meeting notification.

Havells India Submits Compliance Certificate Under SEBI Regulation 74(5) for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Apr 2026, 04:08 PM

Havells India Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the period ending March 31, 2026. The certificate, issued by MUFG Intime India Private Limited (the company's RTA), confirms that all share certificates received for dematerialization were processed within the prescribed timelines. It also verifies that physical certificates were mutilated and cancelled, and the name of the depositories was updated in the register of members. This is a standard administrative filing required for all listed entities to ensure the integrity of electronic shareholding records.

Compliance certificate issued for the quarter ended March 31, 2026.
RTA MUFG Intime India confirmed that dematerialized securities are listed on the stock exchanges.
Physical share certificates were mutilated and cancelled after due verification by the depository participant.
The filing confirms adherence to the timelines prescribed under SEBI (Depositories and Participants) Regulations, 2018.

💡 No action is required as this is a routine regulatory filing. Investors should focus on the company's upcoming financial results for fundamental performance indicators.

Havells India to Close Trading Window from April 1, 2026, for Q4 and FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Mar 2026, 05:50 PM

Havells India Limited has announced the closure of its trading window for designated persons starting April 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial results for the fourth quarter and full year ending March 31, 2026. The window will remain closed until 48 hours after the Board Meeting results are declared. This is a standard regulatory procedure and does not impact the company's business operations.

Trading window closure begins on April 1, 2026, for all designated persons
Closure is related to the consideration of Q4 and FY ended March 31, 2026, financial results
The window will reopen 48 hours after the official announcement of the financial results
Compliance filing as per SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 This is a routine regulatory filing with no immediate impact on stock value. Investors should monitor for the future announcement of the specific Board Meeting date to review Q4 performance.

Havells India Receives ₹2.02 Crore Customs Duty and Penalty Demand; Plans to Appeal

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 20 Mar 2026, 09:20 PM

Havells India Limited has received an order from the Commissioner of Customs, New Delhi, raising a total demand of ₹2.02 crore. The demand includes ₹1.01 crore in customs duty and an equivalent penalty of ₹1.01 crore for the period between May 2020 and July 2023. The dispute relates to the classification of certain imported goods. The company maintains that the demand is not legally sustainable and intends to file an appeal under the Customs Act.

Total demand of ₹2,02,36,992 raised by the Commissioner of Customs, ICD TKD -Import, New Delhi.
The demand consists of ₹1,01,18,496 in Customs Duty and a penalty of ₹1,01,18,496.
The order covers the import period from May 2020 to July 2023 regarding goods classification.
Havells states there is no material impact on financials or operations and will contest the order.

💡 This is a routine tax-related regulatory matter with a negligible financial impact relative to Havells' scale; no immediate action is required from investors.

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.

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.