Havells India Ltd.

•

havells.comBSE: 517354NSE: HAVELLS

Market Cap₹ 69,961 Cr.

Current Price

High / Low₹ 1,621 / 1,096

Stock P/E42.8

Book Value₹ 155

Price to Book7.92

Dividend Yield0.90 %

ROCE25.7 %

ROE19.0 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Cable and Wires: 38.5% • Lloyd Consumer: 17.6% • Electrical Consumable Durables: 17.2%

AI Sector View

AI GENERATED

Consumer Durables

Buy

Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.

Confidence

76%

View full sector analysis →

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 25.8%
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 16.6% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.14x)
Company has been maintaining a healthy dividend payout of 37.1%

CONS

Stock is trading at 7.9x its book value
Expensive relative to growth - PEG of 2.6
Rich enterprise valuation - EV/EBITDA of 26.4x

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Consumer DurablesCapital GoodsElectric Equipment

Part ofNIFTY LARGEMID250 NIFTYLARGEMIDCAP250 NIFTY MIDCAP 100 NIFTY MIDCAP 150 NIFTYMIDCAP150

S.No.	Name
1.	ABB	7269.10	51.56	154038.32	0.54	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	CGPOWER	910.00	114.69	143365.96	0.14	308.28	15.52	3280.81	13.99	27.94	12.11
3.	SIEMENS	3960.90	43.07	141055.77	0.45	214.31	-49.38	4713.70	8.44	21.42	9.14
4.	POWERINDIA	31415.40	121.72	140025.86	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
5.	GVT&D	4545.00	623.18	116373.15	0.22	362.99	24.65	1836.14	38.04	75.51	25.10
6.	ENRIN	3178.75	76.08	113201.81	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
7.	WAAREEENER	2627.50	19.80	75580.39	0.15	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17496.15	62.01	73260.47	0.34	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1114.80	42.84	69960.57	0.90	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	44.16	19.31	60700.73	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1227.70	159.75	29354.80	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	TDPOWERSYS	804.85	91.45	25148.09	0.13	862.93	72.33	6400.54	72.10	34.01	19.00

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	4,834	3,900	4,414	5,442	5,806	4,539	4,889	6,544	5,455	4,779	5,588	6,705	6,518
	4,432	3,527	3,981	4,807	5,234	4,164	4,462	5,787	4,940	4,341	5,072	5,976	6,180
Operating Profit	402	373	433	635	572	375	426	757	516	438	516	729	338
OPM %	8.32%	9.57%	9.80%	11.66%	9.86%	8.26%	8.72%	11.57%	9.45%	9.17%	9.24%	10.88%	5.19%
	65	52	56	76	77	93	64	69	69	86	-2	296	54
Interest	8	9	10	18	9	10	9	15	9	9	9	10	7
Depreciation	76	81	88	93	92	95	104	110	106	106	109	112	121
Profit before Tax	382	335	391	599	549	363	377	701	470	410	396	904	392
Tax %	24.86%	25.72%	26.31%	25.46%	25.77%	26.29%	26.34%	26.24%	26.02%	23.50%	27.15%	21.48%	26.15%
Net Profit	0	0	0	0	408	268	278	517	348	318	300	723	290
	4.58	3.97	4.59	7.13	6.49	4.28	4.43	8.26	5.55	5.09	4.80	11.52	4.63

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	6,156	8,146	10,073	9,440	10,457	13,938	16,911	18,590	21,778	22,528	23,591
	5,309	7,074	8,850	8,380	8,868	12,165	15,290	16,709	19,618	20,325	21,568
Operating Profit	847	1,072	1,223	1,060	1,589	1,774	1,621	1,881	2,160	2,202	2,022
OPM %	13.76%	13.16%	12.14%	11.23%	15.20%	12.73%	9.58%	10.12%	9.92%	9.78%	8.57%
	31	99	129	113	187	160	178	249	303	488	434
Interest	42	54	55	51	90	67	55	84	72	79	35
Depreciation	121	140	149	218	249	261	296	338	400	432	447
Profit before Tax	711	977	1,147	904	1,438	1,607	1,447	1,707	1,990	2,210	2,102
Tax %	32.18%	31.09%	31.32%	18.66%	27.35%	25.53%	25.94%	25.57%	26.14%	23.55%	23.82%
Net Profit	482	673	788	736	1,044	1,196	1,072	1,271	1,470	1,689	1,602
EPS	7.91	10.57	12.60	11.76	16.68	19.10	17.11	20.28	23.48	26.95	—
Dividend Payout %	44.23%	37.75%	35.74%	34.04%	38.96%	39.26%	43.84%	44.39%	42.58%	37.11%	—

COMPOUNDED SALES GROWTH

10 Years:: 11%
5 Years:: 17%
3 Years:: 10%

COMPOUNDED PROFIT GROWTH

10 Years:: 3%
5 Years:: 10%
3 Years:: 16%

STOCK PRICE CAGR

10 Years:: 11%
5 Years:: -5%
3 Years:: -8%
1 Year:: -29%

RETURN ON EQUITY

10 Years:: 19%
5 Years:: 19%
3 Years:: 19%
Last Year:: 19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	62	63	63	63	63	63	63	63	63	63
Minority Interest	9	8	0	0	0	0	0	0	17	13
	3,214	3,667	4,135	4,248	5,113	5,940	6,560	7,378	8,244	9,369
	213	139	116	153	598	581	198	258	264	227
Trade Payables	633	1,640	1,560	1,414	1,597	2,380	2,643	2,692	3,047	2,908
	1,036	1,092	1,275	1,195	1,758	1,906	2,027	2,397	2,618	2,616
Total Liabilities	5,168	6,608	7,148	7,073	9,129	10,870	11,492	12,787	14,253	15,196
	1,244	2,765	2,904	3,350	3,290	3,434	3,621	3,988	4,652	5,343
Capital Work in Progress	12	24	232	83	86	57	163	297	116	439
	162	0	0	0	306	426	201	20	11	888
	945	1,633	1,919	1,872	2,620	2,968	3,709	3,409	4,047	4,441
	0	0	0	0	0	0	0	1,165	1,258	790
Cash & Bank	1,974	1,562	1,311	1,133	1,653	2,548	1,870	3,038	3,378	2,364
	830	624	782	637	1,173	1,438	1,928	870	790	931
Total Assets	5,168	6,608	7,148	7,073	9,129	10,870	11,492	12,787	14,253	15,196

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	972	1,345	749	1,067	933	2,143	957	1,953	1,523	1,572
Cash from Investing	-216	-944	188	-548	-763	-759	35	-1,614	-302	-893
Cash from Financing	-98	-409	-318	-716	190	-547	-907	-534	-677	-693
	454	-253	372	-437	87	422	-307	-195	545	-14

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	59.41	59.41	59.41	59.41	59.38	59.38	59.38	59.38	59.35
	25.33	24.76	23.46	22.31	21.59	19.28	17.96	16.93	15.91
	9.42	10.10	11.43	12.63	13.18	15.35	16.53	17.50	18.04
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	5.71	5.59	5.57	5.52	5.67	5.81	5.95	5.96	6.48

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-01

Credit Rating- Revision

2026-09-01 - Havells India Limited has informed the Exchange about Credit Rating- Revision

2026-08-31

Shareholders meeting

2026-08-31 - Havells India Limited has submitted the Exchange a copy Srutinizers report of Postal Ballot. Further, the company has informed the Exchange regarding voting results.

2026-08-11

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-11 - Havells India Limited has informed the Exchange about Schedule of meet

2026-08-04

Change in Management

2026-08-04 - Havells India Limited has informed the Exchange about change in Management

2026-08-03

Copy of Newspaper Publication

2026-08-03 - Havells India Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-31

Shareholders meeting

2026-07-31 - Havells India Limited has informed the Exchange regarding Notice of Postal Ballot

2026-07-30

General Updates

2026-07-30 - Havells India Limited has informed the Exchange about General Updates

2026-07-24

Copy of Newspaper Publication

2026-07-24 - Havells India Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-21 - Havells India Limited has informed the Exchange about Transcript

News

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