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Havells India Q2 FY27 Share Price & Earnings Call Analysis

₹1,013.80-0.61% today
Market cap
₹63,636 Cr
P/E
38.21
ROE
19.03%
PEG
2.33
Price to sales
2.70
Debt to equity
0.03
52W high / low
₹1,506 / ₹1,008
Sales growth (5Y)
16.59%
EBITDA margin
9.11%
Net profit margin
7.50%
Promoter holding
59.35%
Sales (last year)
₹23,591 Cr

Havells India Limited is a leading Fast Moving Electrical Goods (FMEG) Company and a major power distribution equipment manufacturer with a strong global presence. It enjoys enviable market dominance across a wide spectrum of products, including Industrial & Domestic Circuit Protection Devices, Cables & Wires, Motors, Fans, Modular Switches, Home Appliances, Air Conditioners, Electric Water Heaters, Power Capacitors, Luminaires for Domestic, Commercial and Industrial Applications. [1]

Guidance scorecard · Q2 FY27 call

What Havells India Ltd's management guided
and where it ranks in Consumer Durables

#53of 88 in
Consumer Durables
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ2 FY27 call

10–20%
  • Cables and wires division expects close to double-digit volume growth, supported by ongoing capacity expansions especially in medium and high voltage segments.
  • Switchgear segment shows positive volume and value growth, close to double digits, driven by market share gains and improved pricing, with exports contributing about 15%.
  • Lloyd's revenue growth has been decent, especially after commissioning of its refrigerator factory, with a target to reduce dependence on RAC from 75% to 60% by growing non-RAC products.
  • Overall, management is confident of growth improvement driven by sweating existing assets, exploring new categories, and gaining market share despite competitive pressures.
Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

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

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • Havells India plans capex of about INR 14 billion for FY27, largely directed toward cables and wires segment, including an R&D center.
  • Recent cable capacity expansion focuses on medium voltage (MV) and high voltage (HV) segments, with enough capacity for low voltage (LV) cables already in place.
  • Expansion on MV and Extra High Voltage (EHV) cables is progressing on track and expected to be fully operational in the next 18 months.
  • Investments have been made in underground cable business in the last couple of years to support growth.

2 more points from Havells India Ltd's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

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

Full Q2 FY27 analysis

Order bookQ2 FY27 call

  • Residential switchgear segment sales are primarily B2C through channel network, not order backlog-based.
  • The underground cables business is experiencing healthy growth with new capacity coming on stream in 18 months.
  • There is strong demand and positive volume growth across categories including cables, switchgear, renewables, and Lloyd.

2 more points from Havells India Ltd's call on the order book

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Full Q2 FY27 analysis
Full Consumer Durables ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Consumer Durables
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Havells India Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Consumer Durables companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹166 Cr20.3
240%+Up 2%+₹100 Cr12.7
340%+Up 0–2%₹3,249 Cr17.4
440%+Up 0–2%₹2,081 Cr18.8
540%+Flat₹2,429 Cr41.1
640%+Flat₹2,163 Cr25.6

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Financials of Havells India Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Havells India Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +59.43%59.43%59.41%59.41%59.41%59.41%59.38%59.38%59.38%59.38%59.35%59.35%
FIIs +23.96%24.83%25.33%24.76%23.46%22.31%21.59%19.28%17.96%16.93%15.91%14.47%
DIIs +10.00%9.77%9.42%10.10%11.43%12.63%13.18%15.35%16.53%17.50%18.04%19.87%
Government +0.11%0.11%0.13%0.13%0.13%0.13%0.17%0.17%0.17%0.23%0.23%0.00%
Public +6.49%5.85%5.66%5.58%5.57%5.52%5.62%5.81%5.95%5.96%6.47%6.31%
Others +0.00%0.00%0.04%0.00%0.00%0.00%0.04%0.00%0.00%0.00%0.00%0.00%
No. of Shareholders2,31,5402,24,4282,14,7132,13,7452,37,3252,46,9102,59,3152,66,8722,76,1282,74,5203,03,6443,00,849

Financials of Havells India Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +3,9004,4145,4425,8064,5394,8896,5445,4554,7795,5886,7056,5186,432
Expenses +3,5273,9814,8075,2344,1644,4625,7874,9404,3415,0725,9766,0525,859
Operating Profit373433635572375426757516438516729466573
OPM %10%10%12%10%8%9%12%9%9%9%11%7%9%
Other Income +52567677936469699193105433
Interest910189109159991075
Depreciation8188939295104110106106109112121129
Profit before tax335391599549363377701470415408918392473
Tax %26%26%25%26%26%26%26%26%23%26%21%26%26%
Net Profit +249288447408268278517348318300723290349
EPS in Rs3.974.597.136.514.284.448.265.555.094.8011.534.635.57

Financials of Havells India Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +8,4687,5946,1308,11610,0739,44010,45713,93816,91118,59021,77822,52825,243
Expenses +7,7136,7985,3157,0838,8858,3738,86812,16315,29016,70919,60320,28622,958
Operating Profit7557968151,0331,1891,0671,5891,7751,6211,8812,1752,2412,285
OPM %9%10%13%13%12%11%15%13%10%10%10%10%9%
Other Income +489494297124106187159178249288479406
Interest96911325165190675584727931
Depreciation139134121140149218249261296338400432470
Profit before tax5691,5207239651,1479041,4381,6071,4471,7071,9902,2102,190
Tax %32%14%32%31%31%19%27%26%26%26%26%24%
Net Profit +3851,3004946617887351,0441,1961,0721,2711,4701,6891,662
EPS in Rs6.1720.827.9110.6012.5911.7516.6819.1017.1120.2823.4826.9526.53
Dividend Payout %49%29%44%4%36%34%39%39%44%44%43%37%

Financials of Havells India Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital62626263636363636363636363
Reserves1,7562,9653,2143,6674,1354,2495,1145,9406,5637,3848,2619,3939,710
Borrowings +4241342081159472521616223303319265239
Other Liabilities +2,5461,2251,6832,7632,8562,6903,1553,9044,3094,6835,1675,0264,732
Total Liabilities4,7884,3875,1686,6087,1487,0738,85210,52311,15712,43313,80914,74614,743
Fixed Assets +1,5411,2241,3002,8192,9043,3503,2903,4343,6213,9884,6525,3435,741
CWIP38201224233869057166299118443501
Investments01891620003064262012011888888
Other Assets +3,2092,9543,6943,7654,0123,6385,1666,6067,1708,1269,0288,0727,613
Total Assets4,7884,3875,1686,6087,1487,0738,85210,52311,15712,43313,80914,74614,743

Financials of Havells India Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +9635137671,1005018276601,7285651,9531,5231,572
Cash from Investing Activity +-485-121-220-946185-548-763-75931-1,618-305-895
Cash from Financing Activity +-754-621-98-409-318-716190-547-907-534-677-693
Net Cash Flow-277-229450-255368-43787421-311-199541-17
Free Cash Flow793299529-48924675071,475-211,191769156
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit153%87%119%130%63%100%59%121%59%125%93%93%

Financials of Havells India Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days27111415159202021232113
Inventory Days1037099124115121153119119102104110
Days Payable7942661259492939585817872
Cash Conversion Cycle513946143639794455444751
Working Capital Days-6-3-8-17-0120725111214
ROCE %27%28%25%27%29%22%30%27%22%24%25%25%

Guidance history

How Havells India Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%FlatPlanned——
Q1 FY27 call →10–20%FlatPlanned——
Q4 FY26 call →0–10%Up 2%+Planned——
Q3 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

11out of 100

Momentum score · price trend

11 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−32.7%21%
Last 6 months−18.3%24%
Last 3 months−19.6%23%

The price is 50.5% below its all-time high of ₹2,048.1 (20 Sept 2024). Stocks more than 20% below their peak have their score halved, so 23 became 11.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Havells India Ltd: 0.4 × 21 + 0.4 × 24 + 0.2 × 23 = 23, halved to 11 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Havells India Ltd's management said in earlier quarters

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