Any current/future capex/capital investment/strategic investment?

Major capex for FY27-28 will focus on cables and wires, with an INR 800 crore investment already underway this financial year. Significant investment is planned for a new R&D centre over the next 2 to 2.5 years. No major new capex planned for the Lloyd segment. Investments will be balanced across all segments in FY27, unlike FY26 where cables and wires saw most of the additions. Focus will also be on innovation, brand building, and distribution to strengthen market position. Capacity expansion includes new cable plants with phased additions expected by early next fiscal year. Investment in sol

Future growth expectations in sales/revenue/volumes?

FY27 revenue forecast is challenging due to uncertain macro environment and commodity price volatility. The company expects some volume growth in summer products, aided by a low base from the previous year. Cables and wires segment saw 6% volume growth and 14% value growth in FY26; price hikes averaged around 8%. Long-term volume growth is positive but difficult to predict precisely. Brand investments and innovation aim to drive premium product growth and better margins. No significant shift expected from B2C to B2B; B2C to remain ~70-75% of sales. Solar and renewable energy segments are seen

Future growth expectations in earnings/operating earnings/profits/EPS?

Havells aims for revenue growth in FY27 but finds forecasting challenging due to global uncertainties and inflationary pressures. Expectation to achieve operating leverage by having revenue growth outpace expense growth, excluding increased advertising and promotion spends. Medium-term outlook includes over 2 percentage points margin improvement through innovation, brand building, and operating efficiency. Investments in R&D, brand promotion, and capacity building across segments will continue to support long-term growth and profitability. Pricing actions (5-20% hikes in product ranges) aim to

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Havells India LtdQ1 FY26Consumer Durables

Havells India Ltd Q1 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,178P/E: 44.0Market Cap: ₹75.9K CrSector: Consumer Durables

Management growth scorecard

Revenue

Category 4

Margin

Category 1

Fundraise

N/A

Order

N/A

Capex

Yes

2 of 3 growth signals are positive.

Full analysis

Revenue guidance

Category 4

→FY27 revenue forecast is challenging due to uncertain macro environment and commodity price volatility.
→The company expects some volume growth in summer products, aided by a low base from the previous year.
→Cables and wires segment saw 6% volume growth and 14% value growth in FY26; price hikes averaged around 8%.
→Long-term volume growth is positive but difficult to predict precisely.
→Brand investments and innovation aim to drive premium product growth and better margins.
→No significant shift expected from B2C to B2B; B2C to remain ~70-75% of sales.
→Solar and renewable energy segments are seen as high-growth areas with continued capacity expansion.
→Focus on gaining market share, operating leverage, and balancing growth with profitability going forward.
→Management cautious on near-term demand due to inflation and geopolitical impacts but optimistic about medium-term growth.

Margin guidance

Category 1

→Havells aims for revenue growth in FY27 but finds forecasting challenging due to global uncertainties and inflationary pressures.
→Expectation to achieve operating leverage by having revenue growth outpace expense growth, excluding increased advertising and promotion spends.
→Medium-term outlook includes over 2 percentage points margin improvement through innovation, brand building, and operating efficiency.
→Investments in R&D, brand promotion, and capacity building across segments will continue to support long-term growth and profitability.
→Pricing actions (5-20% hikes in product ranges) aim to pass on raw material cost increases, balancing growth and market share retention.
→Solar and industrial cable segments expected to sustain strong growth, leveraging capacity expansions and market tailwinds.
→Focus on Lloyd's brand building and capacity utilization to improve margins gradually over 2–3 years.
→Management emphasizes long-term growth and profitability over short-term quarters amidst demand uncertainties.

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Fundraise plans

- There is no explicit mention of current or future fundraising plans through debt or equity in the transcript. - The company discusses significant capital expenditure (capex) plans, mainly focused on cables and wires capacity addition and a new R&D center over the next 2-2.5 years. - There is no reference to raising funds via equity or debt for these investments. - Cash flow management details, such as reduction in trade receivables, suggest internal funding rather than external fundraising. - Management emphasizes long-term investments in innovation, brand building, and capacity expansion, but does not indicate reliance on new debt or equity issuance. In summary, the transcript does not indicate any current or planned new fundraising through debt or equity.

Order book

The transcript provided from Havells India Limited's April 22, 2026 earnings call does not explicitly mention details about the current or expected order book or pending orders. The discussion primarily revolves around: - Volume and value growth in various segments (cables, wires, fans, ACs, Lloyd, solar). - Price increases due to raw material costs and inflation. - Market share status and brand positioning. - Supply chain challenges and capacity utilization. - Investments and expectations on margins and growth. No specific data or outlook is shared regarding order book size or pending orders during the call.

Capex plans

Yes

→Major capex for FY27-28 will focus on cables and wires, with an INR 800 crore investment already underway this financial year.
→Significant investment is planned for a new R&D centre over the next 2 to 2.5 years.
→No major new capex planned for the Lloyd segment.
→Investments will be balanced across all segments in FY27, unlike FY26 where cables and wires saw most of the additions.
→Focus will also be on innovation, brand building, and distribution to strengthen market position.
→Capacity expansion includes new cable plants with phased additions expected by early next fiscal year.
→Investment in solar through Goldi Solar will continue, expanding product ranges in the renewable energy space.

How does Havells India Ltd rank vs peers in Consumer Durables?

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1Havells India Ltd

Rev 4Mar 1

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