HAVELLS
Mid CapHavells India Limited
Consumer
Havells India Limited manufactures and markets a wide range of electrical goods including switchgears, cables, lighting, electrical consumer durables, and consumer appliances under the Lloyd brand. It operates across industrial, infrastructure, and consumer categories in India.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 47/100margin compression · Rev +2% YoY · PAT +40% YoY · +20% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6,705 Cr | +2.5% | +20.0% |
| EBITDA | ₹729 Cr | -3.7% | +41.3% |
| Operating margin | 11.0% | -100 bps | +200 bps |
| PAT | ₹723 Cr | +39.9% | +141.0% |
| PAT margin | 10.8% | +288 bps | +541 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 Net Revenue grew modestly by 2.4% YoY to Rs 6,688 crores, while EBITDA declined 4.4% YoY to Rs 728 crores. Net Profit surged 40.6% YoY to Rs 734 crores, significantly boosted by a Rs 283 crore fair value gain on a financial asset.
Core consumer segments (Lloyd, ECD) faced significant headwinds from delayed summer and strong base effects, impacting revenue and margins. While industrial segments (Cables, Switchgears) showed healthy growth, the overall modest revenue growth and EBITDA decline, excluding the one-off gain, indicate underlying pressure on profitability.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Cables Segment
Healthy performance in Cables with strong growth maintained in power cables, up 14.0% YoY in Q4 FY26 and 20.8% YoY in FY26.
Renewables Space
Accelerated growth in 'others' segment with strong scaleup in renewables, up 48.8% YoY in Q4 FY26 and 25.2% YoY in FY26.
Industrial Infra Demand
Industrial infra demand remains strong, supporting segments like Switchgears and Cables.
Higher Capex for Capacity
Higher capex of Rs 1,484 crores in FY26 (vs Rs 753 crores in FY25) towards capacity addition predominantly in Cables & Refrigerators.
Strong Industrial Infra Demand
Management states that industrial infra demand remains strong.
Rising Commodity Price Trend
Cables margin supported by rising commodity price trend in Q4 FY26.
Milder Summer Season
Modest Q4 performance as cooling products stocking impacted by milder start to summer season.
Cautious Trade Sentiments
Consumer categories experienced cautious trade sentiments amidst higher costs stemming from global disruptions.
Strong Base Effect for Lloyd
Lloyd revenues moderated largely due to a strong base in the corresponding period last year.
Delayed Summer Onset
Delayed summer onset with unseasonal showers impacted Electrical Consumer Durables revenues, particularly fans & air coolers.
Seasonal Demand Volatility
Performance of cooling products and ECD revenues is highly susceptible to weather patterns and seasonal changes.
Input Cost Pass-through Lag
Switchgears margins impacted due to lag in passing of cost, indicating sensitivity to commodity price fluctuations.
Consumer Sentiment Impact
Cautious trade sentiments in consumer categories can impact demand and pricing power.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential to understand the underlying business trends and seasonal impacts, especially for consumer durables. QoQ provides insight into sequential momentum and recovery from previous quarters.
Net Revenue Growth (Q4 FY26 YoY)
Net Revenue (NR) 6,688 crores in Q4 FY26 vs 6,532 crores in Q4 FY25, a 2.4% YoY increase.
EBITDA Margin (Q4 FY26)
EBITDA as a % of NR was 10.9% in Q4 FY26, down from 11.6% in Q4 FY25.
PAT Margin (Q4 FY26)
Net Profit as a % of NR was 11.0% in Q4 FY26, up from 8.0% in Q4 FY25, aided by fair value gain.
Contribution Margin (Q4 FY26)
Contribution as a % of NR was 19.9% in Q4 FY26, down from 20.1% in Q4 FY25.
Disciplined Spends
Maintained overall disciplined spends while advertising investments stepped up for higher visibility.
Switchgears Margin Normalization
Switchgears margins impacted due to lag in passing of cost; expected to normalize in coming quarters.
Lighting Contribution Margin Target
Lighting contribution margin long term average remains 30-32%.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Lloyd Consumer Revenue Growth | (19.0)% YoY in Q4 FY26 | Recovery in revenue growth and margin normalization in the coming quarters. |
| Electrical Consumer Durables Revenue Growth | (2.0)% YoY in Q4 FY26 | Improvement in demand post-summer season and stabilization of trade sentiments. |
| Switchgears Contribution Margin | 36.0% in Q4 FY26 | Normalization of margins as cost pass-through improves, as guided by management. |
| Cash & Cash Equivalent | Rs 2,351 crores at Mar'26 | Impact of continued high capex and investments on the company's cash position and liquidity. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -12.3% / mo · near 52W low
Technical chart
HAVELLSdaily · 6M-17.2%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 38.
- SMA20 falling (~6.8% over last month) — short-term momentum negative.
- RSI(14) at 38 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Quality contributes 13/20 to the score.
Main drags
- Valuation is weaker at 6/30; verify the latest quarterly trend.
- Growth is weaker at 9/25; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 99th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 59.4%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Consumer: 99th pctile, median 67 · Mid: 94th pctile, median 76
179 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 59.4%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.8%.
- ▸9 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 42.30
- P/B
- 7.55
- EV/EBITDA
- 26.86
- Market Cap
- 71526.00Cr
Profitability
- ROE
- 19.00%
- ROCE
- 24.90%
- ROA
- 11.45%
- Dividend Y
- 0.88%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 16.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 28.37×
- Altman Z
- 9.15
- Book Value
- 151.00
Cash Flow
- FCF Yield
- 1.77%
- FCF Positive Y
- 9/5
- OCF
- 1572.00 Cr
- EPS TTM
- 26.95
Shareholding
- Promoter Hold
- 59.38%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 3%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.