Havells India Ltd
Havells India Q4 FY25 earnings call: Revenue & Margins
Q4 FY25 earnings call: what management guided on revenue, margins and order book.
The short version
Cable demand continues to remain strong with robust growth, supported by increased market share in Tier 2 and Tier 3 towns. Havells expects operating leverage to improve, aiming for normalized margin levels of 13%-14.5% for Havells ex-Lloyd in the next years.
From Havells India Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Cable demand continues to remain strong with robust growth, supported by increased market share in Tier 2 and Tier 3 towns.
- Switchgear segment expects contribution margins of 38%-40%, with muted industrial demand but gains in residential segments.
- Domestic wire business growth slightly muted due to price volatility and mix changes.
- Lloyd brand growth expected across all four product categories (AC and non-AC) with potential market share gains, especially in ACs still in low to mid-teens.
- Solar segment (INR 400 crores currently) poised for multi-fold growth, supported by recent INR 600 crores capex in manufacturing.
- Export business (~3-3.5% of total) targeting expansion in developed markets (US, Europe, Australia) with sizeable growth expected in 2-3 years.
- Overall, expected CAPEX of INR 2,000 crores over next 2 years to fuel growth including new R&D center.
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Profitability & Margins
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Capital Expenditure Plans
- Havells plans a total capex of about INR 2,000 crores over the next 2 years, including a new R&D center.
- Post-investment in Lloyd's refrigerator business, no significant capex is anticipated for Lloyd in the next couple of years.
- A strategic investment of INR 600 crores was made in a solar panel manufacturer (Goldi Solar) to ensure supply security and support growth plans in rooftop solar.
- This investment is strategic (make vs buy) rather than purely financial, essential to meet quality and volume demands amid supply constraints.
- Havells will continue investing in brand-building, product R&D, and distribution, especially in the cables and wires segment, anticipating further industry consolidation.
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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 →
- Q2 FY26 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 Q4 FY25 results?
Cable demand continues to remain strong with robust growth, supported by increased market share in Tier 2 and Tier 3 towns. Havells expects operating leverage to improve, aiming for normalized margin levels of 13%-14.5% for Havells ex-Lloyd in the next years.
What is Havells India Ltd share price analysis?
Havells India Ltd currently shows a neutral. The stock trades at a P/E of 48.9 with a market cap of ₹81,458 Cr. Investors should review the full earnings analysis for detailed insights.
Is Havells India Ltd planning capital expenditure?
Havells plans a total capex of about INR 2,000 crores over the next 2 years, including a new R&D center.
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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.