Havells India Ltd Q4 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 4 Aug 2026 | Consumer Durables | Market Cap: ₹81.5K Cr
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.
Price
₹1,268
Market Cap
₹81.5K Cr
P/E Ratio
48.9
How does Havells India Ltd rank in Consumer Durables?
Compare Havells India Ltd against every Consumer Durables company this quarter on revenue, margins and earnings-call signals.
Havells India Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹6.7K Cr, net profit ₹723 Cr.
Full financials →📊 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.
- →Operating leverage anticipated to improve Havells’ margins to 13%-14.5% over time.
- →Consumer demand expected to pick up post budget measures and easing inflationary pressures.
📈 Profitability & Margins
- →Havells expects operating leverage to improve, aiming for normalized margin levels of 13%-14.5% for Havells ex-Lloyd in the next years.
- →Lloyd is viewed as a high growth investment engine; profitability improvements are expected but will be gradual due to continued investments in brand, distribution, and capex.
- →International business, currently 3-3.5% of total, is expected to see sizable growth over the next 2-3 years, especially in developed markets like the US and Europe.
- →Capex of around INR 2,000 crores is planned over the next two years, including new R&D facility support to growth.
- →Solar business investment (INR 600 crores) aims to multiply rooftop solar growth, indicating strong future revenue prospects in renewables.
- →Cable & wires demand remains strong; capacity expansion ongoing with expected contribution to revenue growth.
- →Switchgear segment margins targeted at 38%-40% contribution margin, with growth centered in residential segment.
🏗️ 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.
- →Investment in Lloyd includes ongoing capex and brand investments to drive growth and gain market share across all four product categories.
- →The solar business (~INR 400-450 crores currently) is expected to grow significantly with this strategic partnership.
💰 Fundraising & Capital Structure
- →No explicit mention of any current or future fundraising plans through debt or equity in the provided transcript.
- →The company discusses a significant capex plan of about INR 2,000 crores over the next two years, including investments in a new R&D center.
- →A strategic investment of INR 600 crores was made in a solar panel manufacturer to ensure supply certainty in their solar business.
- →Emphasis is on strategic investments rather than financial investments; no indication of fundraising via equity or debt was stated.
- →Focus remains on organic growth, brand building, and capacity expansion rather than on raising new external capital through debt or equity.
📋 Order Book & Pipeline
Key Metrics
Continue your research
What Havells India's management said in earlier quarters
Others in Consumer Durables this season
- Symphony (Q4 FY25)
ROCE on core capital employed, excluding Australia and Mexico, stood very high historically (583% EBITDA/Capital Employed as of Dec 2024), indicating improved…
- Stylam Industries Ltd (Q4 FY25)
New greenfield plant capacity (revenue potential INR150-200 crores for one press, total plant INR750-800 crores) to come online by September 2025, enabling…
- Kamdhenu Ventures Ltd (Q4 FY25)
Franchisee capacity planned to increase by 20% by end FY26, with 10-12% operational within the year (Page 10). Key concall takeaways from Kamdhenu Ventures…
- IFB Industries Ltd (Q4 FY25)
200+ crores savings, which could boost profitability and execution capabilities. Key concall takeaways from IFB Industries Ltd's Q4 FY25 earnings call — and…
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.
Keep Havells India Ltd on your radar — track it to get its next earnings analysis in your feed.
This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.