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Havells India Limited HAVELLS NIFTY_MIDNSEINFRA

Industrials · Electrical Equipment & Parts · India
https://www.havells.com

Havells India Limited, a fast-moving electrical and electronic durables company, manufactures, trades in, and sells various consumer electrical and electronic products in India and internationally. The company operates through six segments: Switchgears, Cables, Lighting and Fixtures, Electrical Consumer Durables, Lloyd Consumer, and Others. It offers switches; switchgears, such as circuit breakers, energy savers, human safety equipment, distribution boards, surge protection devices, and control and monitoring devices, as well as magnetic contractor, thermal overload relays, switchgear, circuit breakers, and starters; lighting products; and home appliances, including air conditioners, LED televisions, washing machines, refrigerators, air coolers and purifiers, appliances, personal grooming products, water heaters and purifiers, and geysers. The company also provides flexible, power, control, and fire survival cables; fans comprising ceiling, table, pedestal, wall, ceiling mounting, personal, and domestic exhaust fans; centrifugal, mono block, submersible, borewell and sewage submersible, pressure, and shallow well jet pumps; dishwashers; air circulators; and heavy-duty exhaust fans. In addition, it offers crane duty, smoke, brake, inverter duty, and energy motors; solar rooftop on grid, solar off grid, and solar on grid inverter solutions; power solutions, including power capacitors, IOT enabled IPFC relays, HD harmonic detuned reactors, IOT enabled APFC panels, and high PIV thyristor switches; and smart home automation solutions that connects lights, curtains, air conditioners, and other devices to control them through smart phone, tablet or wall panel, as well as smart modular switches and accessories. The company offers its products under the Havells, Lloyd, Havells Crabtree, REO, and Havells Studio brands. Havells India Limited was founded in 1958 and is based in Noida, India.

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₹1,176.80
-23.50% 1Y

Market & Price

Market Cap
₹73,815.59 Cr
Current Price
₹1,176.80
High / Low (52W)
₹1,601.89 / ₹1,174.74
Beta
0.28

Valuation

Stock P/E
43.67
Industry PE
27.78
Forward P/E
34.60
PEG Ratio
0.20
Book Value
₹150.74
Price to Book
7.81
P/S
3.28
EV/EBITDA
33.85
Dividend Yield
1.02%

Profitability & Returns

ROCE
22.11%
ROE
18.97%
ROA
7.79%
Profit Margin
7.50%
Op Margin
9.38%
EPS (Latest Qtr)
₹11.52
EPS (TTM)
₹26.95

Balance Sheet & Liquidity

Debt/Equity
2.80
Quick Ratio
0.69
Current Ratio
1.71
Debt
₹265.20 Cr
Total Assets
₹14,746.25 Cr
Current Assets
₹7,825.23 Cr
Working Capital
₹3,240.51 Cr

Ownership

Promoter Holding
63.53%
Chg in Prom Hold
-
FII / Inst Holding
24.07%
Chg in FII Hold
-0.00%

Financial Snapshot

Enterprise Value
₹71,752.17 Cr
Total Revenue (TTM)
₹22,527.77 Cr
EBITDA
₹2,119.41 Cr
Free Cash Flow
₹-70.84 Cr
Operating Cash Flow
₹1,571.99 Cr
Shares Outstanding
₹62.73 Cr
Gross Margin
32.58%
Payout Ratio
37.12%

Growth (CAGR)

Revenue 5Y
9.87%
Profit 5Y
16.41%
Revenue (YoY)
2.50%
Earnings (YoY)
39.60%

PROS

  • Healthy ROCE of 22.1%.
  • Profit CAGR of 16.4% over 5 years.

CONS

  • Trading 26.5% below its 52-week high.
  • In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Industrials).

#NameCMP ₹P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 HAVELLS Havells India Limited NIFTY_MIDNSEINFRA 1,176.80 43.67 ₹73,815.59 Cr 1.02% 22.11% 18.97% 9.87% 16.41%
2 LT Larsen & Toubro Limited NIFTY50NSEAIINFRA 4,076.50 34.84 ₹5.61 L Cr 0.93% 14.55% 16.95% 16.09% 15.38%
3 ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA 1,804.60 30.96 ₹4.16 L Cr 0.42% 11.02% 15.59% 22.93% 34.11%
4 HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU 4,303.80 31.55 ₹2.88 L Cr 1.16% 13.80% 23.98% 7.87% 16.08%
5 POWERINDIA Hitachi Energy India Limited NIFTY_MIDNSEINFRA 38,445.00 172.41 ₹1.71 L Cr 0.02% 24.92% 21.04% 22.24% 119.12%
6 INDIGO InterGlobe Aviation Limited NSEINFRA 4,405.00 - ₹1.70 L Cr 0.24% 15.53% - 44.12% 72.60%
7 CUMMINSIND Cummins India Limited NSEINFRA 5,881.00 68.97 ₹1.63 L Cr 1.12% 34.95% 29.45% 16.07% 24.35%
8 CGPOWER CG Power and Industrial Solutions Limited NSEINFRA 917.45 118.99 ₹1.44 L Cr 0.14% 19.35% 19.56% 21.67% 7.81%
9 POLYCAB Polycab India Limited NIFTY_MIDNSEAIINFRA 9,477.50 53.48 ₹1.43 L Cr 0.37% 30.44% 24.58% 26.57% 28.11%
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Quarterly Results

Figures in INR.

Metric Sep 2024Dec 2024Mar 2025Jun 2025Dec 2025Mar 2026
Revenue -4,888.98 Cr6,543.56 Cr5,455.35 Cr5,587.89 Cr6,705.20 Cr
Cost of Revenue -3,205.47 Cr4,438.93 Cr3,631.08 Cr3,743.89 Cr4,596.77 Cr
Gross Profit -1,683.51 Cr2,104.63 Cr1,824.27 Cr1,844.00 Cr2,108.43 Cr
Operating Expenses -1,361.11 Cr1,447.88 Cr1,410.74 Cr1,434.15 Cr1,493.90 Cr
Operating Income -322.40 Cr656.75 Cr413.53 Cr409.85 Cr614.53 Cr
EBITDA -490.83 Cr825.77 Cr584.85 Cr525.17 Cr1,039.26 Cr
Interest Expense -9.39 Cr15.22 Cr9.36 Cr8.93 Cr9.87 Cr
Pretax Income -377.34 Cr700.89 Cr469.75 Cr407.62 Cr917.61 Cr
Tax Provision -99.38 Cr183.89 Cr122.22 Cr107.57 Cr194.22 Cr
Net Income -278.30 Cr517.83 Cr347.72 Cr300.78 Cr723.06 Cr
Diluted EPS -4.438.255.544.7911.52

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2023Mar 2024Mar 2025Mar 2026
Revenue 16,805.72 Cr18,473.31 Cr21,600.08 Cr22,288.12 Cr
Cost of Revenue 12,092.10 Cr13,006.37 Cr15,139.46 Cr15,644.60 Cr
Gross Profit 4,713.62 Cr5,466.94 Cr6,460.62 Cr6,643.52 Cr
Operating Expenses 3,368.28 Cr3,897.65 Cr4,637.76 Cr4,782.41 Cr
Operating Income 1,345.34 Cr1,569.29 Cr1,822.86 Cr1,861.11 Cr
EBITDA 1,776.85 Cr2,091.58 Cr2,433.95 Cr2,678.62 Cr
Interest Expense 33.62 Cr45.71 Cr43.06 Cr37.13 Cr
Pretax Income 1,447.06 Cr1,707.37 Cr1,990.49 Cr2,209.57 Cr
Tax Provision 375.33 Cr436.61 Cr520.25 Cr520.32 Cr
Net Income 1,071.73 Cr1,270.76 Cr1,472.26 Cr1,690.56 Cr
Diluted EPS 17.1120.2823.4826.94

Compounded Sales Growth

5 Years:9.87%
1 Year:2.50%

Compounded Profit Growth

5 Years:16.41%
1 Year:39.60%

Stock Price Performance

1 Year:-23.50%
6 Months:-16.73%
3 Months:-16.29%
1 Month:-5.58%

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets -11,157.44 Cr12,432.69 Cr13,809.41 Cr14,746.25 Cr
Current Assets -7,066.06 Cr7,899.61 Cr8,870.51 Cr7,825.23 Cr
Cash & Equivalents -465.16 Cr265.57 Cr806.30 Cr788.62 Cr
Inventory -3,708.47 Cr3,408.63 Cr4,046.85 Cr4,440.67 Cr
Receivables -973.94 Cr1,164.95 Cr1,258.33 Cr850.76 Cr
Total Liabilities -4,531.99 Cr4,985.93 Cr5,468.44 Cr5,277.58 Cr
Current Liabilities -3,835.54 Cr4,283.08 Cr4,774.76 Cr4,584.72 Cr
Long Term Debt 272.57 Cr0---
Total Debt -223.10 Cr303.16 Cr318.54 Cr265.20 Cr
Total Equity -6,625.45 Cr7,446.76 Cr8,323.79 Cr9,455.47 Cr
Shares Outstanding -62.65 Cr62.67 Cr62.69 Cr62.73 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow -564.94 Cr1,952.89 Cr1,523.01 Cr1,571.99 Cr
Investing Cash Flow -35.04 Cr-1,613.86 Cr-301.58 Cr-892.92 Cr
Financing Cash Flow --906.93 Cr-533.55 Cr-676.58 Cr-693.48 Cr
Capital Expenditure --587.79 Cr-786.07 Cr-765.95 Cr-1,484.45 Cr
Free Cash Flow --22.85 Cr1,166.82 Cr757.06 Cr87.54 Cr
Net Change in Cash --306.95 Cr-194.52 Cr544.85 Cr-14.41 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % 28.0%29.6%29.9%29.8%
Operating Margin % 8.0%8.5%8.4%8.4%
Net Margin % 6.4%6.9%6.8%7.6%
ROE % 16.2%17.1%17.7%17.9%
ROCE % 18.4%19.3%20.2%18.3%

Shareholding Pattern

Insiders
63.53%
Institutions
24.07%
Public Float
65.98%

Analyst View

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