Havells India Ltd

Q1 FY27Consumer Durables

Havells India Q1 FY27 earnings call: Revenue & Margins

Q1 FY27 earnings call: what management guided on revenue, margins and order book.

Price₹1,096

Market cap₹71.1K Cr

P/E42.7

Updated23 Sept 2026

Read4 min read

What the Q1 FY27 call signalled

1 of 3 strong

RevenueModerate growth

MarginMargins steady

CapexCapex planned

The short version

Management is confident about overall growth at Havells, including volume growth going forward (Page 17). Management is confident about overall growth, including volume growth alongside price increases (Page 17).

From Havells India Ltd's Q1 FY27 earnings-call transcript · updated 23 Sept 2026.

Revenue & Sales Performance

Moderate growth

Management is confident about overall growth at Havells, including volume growth going forward (Page 17).
Double-digit volume growth is expected in most full quarters, except possibly the non-seasonal second and third quarters (Page 8).
For air conditioners (Lloyd), volume growth is anticipated to be in single digits with higher value growth due to calibrated price hikes (Page 5).
Renewables business shows excellent growth and is expected to become a larger segment, with a very positive outlook (Pages 7, 11).
Cables and wires volumes have been largely flat recently due to raw material volatility and channel inventory management but are expected to grow with capacity expansions (Pages 7, 15).

2 more points management made on revenue & sales performance

Profitability & Margins

Management is confident about overall growth, including volume growth alongside price increases (Page 17).
They anticipate normalization and improvement in margins over the year despite initial margin impact due to increased advertising spends and raw material costs (Pages 10, 16).
Contribution margins are expected to stabilize, with disciplined pricing and controlled spending (Pages 9, 13).
Longer-term belief in maintaining advertising spend at around 2.5% to 3% of revenue to support brand building and growth (Page 6).
Capex focused on capacity expansion, especially in cables and wires, supporting future growth (Page 10).

2 more points management made on profitability & margins

See what Havells India Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Capex planned

FY27 capex guidance is approximately INR 1,400 crores.
Around INR 800 crores of capex will be allocated to the cables and wires business.
About INR 200 crores will be invested in a new R&D center.
Remaining capex will be divided among other business segments.
Strategic investment in Goldi is part of the renewables business supply chain assurance.
Havells is focusing on building capacity and supply chain for renewables, including battery energy storage solutions (BESS) and EV chargers.

2 more points management made on capital expenditure plans

Top-ranked in Consumer Durables

Ranked on what management guided this quarter

5x potential

1Nanta Tech₹190 Cr

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2Visdem Technosys₹96 Cr

Rev 1Mar 1

3₹2.5K Cr

Rev 1Mar 2

4₹1.7K Cr

Rev 1Mar 3

5₹1.7K Cr

Rev 1Mar 3

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

The transcript from Havells India Limited's call on July 17, 2026 does not specifically mention any current or planned fundraising through debt or equity. Key points related to financial strategy include: - There is no explicit discussion or disclosure of fresh debt or equity raising in the provided excerpts. - The company discussed capex plans of about INR 1,400 crores (INR 14 billion) for FY27, indicating investment plans but not specifying funding sources. - Focus is on managing raw material price volatility, calibrated price hikes, and controlled advertising & promotion spends.

- Management stresses long-term brand building and capacity expansions, especially in cables and renewables, likely funded through internal accruals or existing financial resources. - No direct mention of raising capital via equity or additional debt issuance in this quarter's call. Hence, based on available information, Havells has not announced any new fundraising through debt or equity at this time.

2 more points management made on fundraising & capital structure

See what Havells India Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The provided pages from the Havells India Limited document do not contain any information regarding the current or expected order book or pending orders. The discussion primarily revolves around topics such as growth confidence, capacity utilization, advertising spends, raw material price volatility, price hikes, margins, segment-wise performance, renewables strategy, and distribution changes. There is no mention or data related to order book status or pending orders in the text from pages 4 to 17. If you have any other specific sections or pages you'd like me to reference, please let me know!

Havells India Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹6.7K Cr, net profit ₹723 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Havells India Ltd's management said in earlier quarters

Others in Consumer Durables this season

Khadim India Ltd (Q1 FY27)
Revenue from Operations for Q1 FY27 stood at ₹778.4 Mn, down by -18.7% YoY (Page 17, 15). Key investor presentation takeaways from Khadim India Ltd's Q1 FY27 in
Duroply Industries Ltd (Q1 FY27)
Year-on-year (YoY) revenue growth: 6.49% (Q1 FY27 vs Q1 FY26) . Key investor presentation takeaways from Duroply Industries Ltd's Q1 FY27 investor presentation
Deepa Jewellers Ltd (Q1 FY27)
Q1-FY27 Revenue from Operations: INR 4,311 Mn, up 39.0% YoY from INR 3,101 Mn in Q1-FY26 (Page 13, 11) . Key investor presentation takeaways from Deepa Jeweller
Priority Jewels Ltd (Q1 FY27)
Revenue from Operations for 3 months ended June 30, 2026 (3M27): ₹1,250 million (page 18). Key investor presentation takeaways from Priority Jewels Ltd's Q1 FY2

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Frequently Asked Questions

What were Havells India Ltd Q1 FY27 results?

What is Havells India Ltd share price analysis?

Havells India Ltd currently shows a below-average growth signal. The stock trades at a P/E of 42.6 with a market cap of ₹71,065 Cr. Investors should review the full earnings analysis for detailed insights.

Is Havells India Ltd planning capital expenditure?

FY27 capex guidance is approximately INR 1,400 crores.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.