Havells India Ltd
Havells India Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Solar business: Significant growth expected over the next 2-3 years due to large investment in Goldi Solar and strategic supply benefits starting this quarter (Q2 FY26) and more prominently in 3rd and 4th quarters. Havells expects very good growth over the next 2-3 years, driven in part by the solar business following the investment in Goldi Solar (Page 14).
From Havells India Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- Solar business: Significant growth expected over the next 2-3 years due to large investment in Goldi Solar and strategic supply benefits starting this quarter (Q2 FY26) and more prominently in 3rd and 4th quarters.
- Premiumization: Increasing mix of premium products in fans, appliances, room heaters, and ACs driving revenue growth and improving margins in the medium to long term.
- Cables & wires: Continued strong volume and value growth; cables expanding capacity with new land acquisition; mid-double-digit growth in wires expected.
- Export/International business: Positive outlook, driven by cables, switchgear, and Lloyd (ACs); expecting more traction and growth.
- B2B segment: Robust demand expected to continue; improving B2C demand also seen.
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Profitability & Margins
See what Havells India Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- FY 25-26 capex is estimated at around INR 1,450 crores.
- FY 26-27 capex is currently estimated to be about INR 1,000 crores, with exact numbers to be finalized by March end.
- Capacity expansion is ongoing in the cables segment, including acquisition of 39 acres land adjacent to the existing manufacturing facility in Alwar, Rajasthan.
- Strategic investment in the solar business through Goldi Solar started recently, with significant benefits expected from Q3 and Q4 of the current fiscal year.
- Havells is also investing in new product categories like EV chargers and automation within renewable segments.
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Top-ranked in Consumer Durables
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
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Havells India Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹6.7K Cr, net profit ₹723 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Havells India Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY25 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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Frequently Asked Questions
What were Havells India Ltd Q2 FY26 results?
Solar business: Significant growth expected over the next 2-3 years due to large investment in Goldi Solar and strategic supply benefits starting this quarter (Q2 FY26) and more prominently in 3rd and 4th quarters. Havells expects very good growth over the next 2-3 years, driven in part by the solar business following the investment in Goldi Solar (Page 14).
What is Havells India Ltd share price analysis?
Havells India Ltd currently shows a neutral. The stock trades at a P/E of 42.2 with a market cap of ₹70,350 Cr. Investors should review the full earnings analysis for detailed insights.
Is Havells India Ltd planning capital expenditure?
FY 25-26 capex is estimated at around INR 1,450 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.