Havells India Ltd.

•

havells.comBSE: 517354NSE: HAVELLS

Market Cap₹ 70,356 Cr.

Current Price

High / Low₹ 1,621 / 1,119

Stock P/E42.6

Book Value₹ 155

Price to Book7.90

Dividend Yield0.89 %

ROCE25.9 %

ROE19.2 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Cable and Wires: 38.6% • 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 25.9%
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 36.8%

CONS

A large part of profit comes from other income (25.3% of PBT)
Stock is trading at 7.9x its book value
Expensive relative to growth - PEG of 2.6
Rich enterprise valuation - EV/EBITDA of 26.0x

* 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	7393.30	52.44	156670.22	0.53	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	CGPOWER	927.00	116.83	146044.22	0.14	308.28	15.52	3280.81	13.99	27.94	12.11
3.	POWERINDIA	31580.00	122.36	140759.52	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
4.	SIEMENS	3947.50	42.92	140578.57	0.46	214.31	-49.38	4713.70	8.44	21.42	9.14
5.	GVT&D	4663.20	639.39	119399.62	0.21	362.99	24.65	1836.14	38.04	75.51	25.10
6.	ENRIN	3179.80	76.10	113239.20	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
7.	WAAREEENER	2567.50	19.35	73854.48	0.16	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17440.85	61.81	73028.91	0.34	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1121.10	43.08	70355.94	0.89	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	45.60	19.93	62680.10	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1197.05	155.76	28621.95	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	TDPOWERSYS	755.00	85.79	23590.49	0.14	862.93	72.33	6400.54	72.10	34.01	19.00

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	4,824	3,891	4,401	5,434	5,798	4,533	4,882	6,532	5,438	4,767	5,573	6,688	6,510
	4,421	3,518	3,968	4,798	5,222	4,153	4,451	5,771	4,918	4,325	5,049	5,960	6,163
Operating Profit	402	373	433	637	576	380	432	761	520	442	524	728	347
OPM %	8.34%	9.60%	9.83%	11.72%	9.94%	8.38%	8.84%	11.65%	9.56%	9.27%	9.40%	10.88%	5.33%
	65	52	56	76	77	93	64	69	69	86	-2	326	54
Interest	8	9	10	18	9	10	9	15	9	9	9	10	7
Depreciation	76	81	88	93	92	95	104	108	105	105	108	111	120
Profit before Tax	382	335	391	601	553	368	382	706	475	414	405	933	401
Tax %	24.83%	25.72%	26.32%	25.37%	25.60%	25.94%	26.00%	26.04%	25.75%	23.28%	25.56%	21.26%	25.58%
Net Profit	287	249	288	449	411	273	283	522	352	317	301	734	298
	4.59	3.97	4.59	7.16	6.56	4.35	4.51	8.33	5.62	5.06	4.80	11.70	4.76

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	6,135	8,139	10,068	9,429	10,428	13,889	16,868	18,550	21,746	22,466	23,538
	5,283	7,060	8,845	8,370	8,845	12,118	15,247	16,666	19,569	20,250	21,497
Operating Profit	853	1,078	1,223	1,059	1,583	1,771	1,621	1,884	2,177	2,215	2,040
OPM %	13.90%	13.25%	12.15%	11.23%	15.18%	12.75%	9.61%	10.15%	10.01%	9.86%	8.67%
	76	129	128	112	188	160	180	249	302	518	464
Interest	41	53	55	51	90	67	55	84	72	78	35
Depreciation	120	140	149	218	249	261	296	338	399	429	444
Profit before Tax	769	1,015	1,146	902	1,432	1,604	1,450	1,710	2,009	2,226	2,152
Tax %	29.89%	29.78%	31.30%	18.71%	27.38%	25.51%	25.88%	25.54%	25.89%	23.38%	23.26%
Net Profit	539	713	787	733	1,040	1,195	1,075	1,273	1,489	1,705	1,652
EPS	8.63	11.40	12.59	11.71	16.61	19.08	17.16	20.32	23.75	27.19	—
Dividend Payout %	40.58%	35.09%	35.75%	34.15%	39.14%	39.32%	43.71%	44.30%	42.11%	36.78%	—

COMPOUNDED SALES GROWTH

10 Years:: 15%
5 Years:: 17%
3 Years:: 10%

COMPOUNDED PROFIT GROWTH

10 Years:: 9%
5 Years:: 10%
3 Years:: 17%

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

Standalone Figures in Rs. Crores / View Consolidated

	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
	3,211	3,677	4,129	4,242	5,101	5,925	6,550	7,369	8,251	9,390
	203	131	116	153	598	581	198	258	253	218
Trade Payables	630	1,634	1,560	1,414	1,597	2,379	2,643	2,691	3,040	2,903
	854	1,037	1,258	1,176	1,738	1,903	2,025	2,394	2,611	2,600
Total Liabilities	4,960	6,541	7,126	7,048	9,097	10,852	11,478	12,774	14,218	15,173
	1,210	2,731	2,904	3,349	3,290	3,434	3,621	3,988	4,627	5,318
Capital Work in Progress	12	24	232	83	86	57	163	297	116	439
	389	42	2	2	308	428	201	41	74	956
	928	1,622	1,919	1,872	2,620	2,968	3,708	3,409	4,007	4,398
	0	0	0	0	0	0	0	1,157	1,254	782
Cash & Bank	1,938	1,526	1,288	1,107	1,625	2,536	1,862	3,015	3,353	2,351
	483	596	781	635	1,168	1,430	1,922	867	787	929
Total Assets	4,960	6,541	7,126	7,048	9,097	10,852	11,478	12,774	14,218	15,173

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	983	1,353	759	1,065	929	2,158	957	1,959	1,568	1,587
Cash from Investing	-227	-1,002	188	-548	-763	-759	39	-1,635	-330	-897
Cash from Financing	-72	-358	-318	-716	190	-547	-907	-534	-696	-690
	478	-252	383	-439	85	438	-303	-209	543	-1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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

Recent coverage and analyst commentary for HAVELLS

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Havells India Ltd.

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Free 5nance Account

Name

ABB

7393.30

52.44

156670.22

0.53

3623.00

930.02

35588.70

1110.31

30.18

12.56

CGPOWER

927.00

116.83

146044.22

0.14

308.28

15.52

3280.81

13.99

27.94

12.11

POWERINDIA

31580.00

122.36

140759.52

0.03

2941.50

2135.18

24936.90

1586.18

28.73

14.58

SIEMENS

3947.50

42.92

140578.57

0.46

214.31

-49.38

4713.70

8.44

21.42

9.14

GVT&D

4663.20

639.39

119399.62

0.21

362.99

24.65

1836.14

38.04

75.51

25.10

ENRIN

3179.80

76.10

113239.20

0.13

440.90

67.83

2485.60

39.28

40.19

23.56

WAAREEENER

2567.50

19.35

73854.48

0.16

891.87

15.39

7931.79

79.22

37.92

18.15

APARINDS

17440.85

61.81

73028.91

0.34

4674.50

1677.98

65910.60

1191.31

31.84

11.50

HAVELLS

1121.10

43.08

70355.94

0.89

289.71

-16.64

6518.19

19.48

25.74

7.15

SUZLON

45.60

19.93

62680.10

0.00

305.22

-5.89

3829.09

22.83

35.79

15.55

SCHNEIDER

1197.05

155.76

28621.95

0.00

12.44

-69.84

651.36

4.78

31.01

5.23

TDPOWERSYS

755.00

85.79

23590.49

0.14

862.93

72.33

6400.54

72.10

34.01

19.00

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

4,824

3,891

4,401

5,434

5,798

4,533

4,882

6,532

5,438

4,767

5,573

6,688

6,510

4,421

3,518

3,968

4,798

5,222

4,153

4,451

5,771

4,918

4,325

5,049

5,960

6,163

Operating Profit

402

373

433

637

576

380

432

761

520

442

524

728

347

OPM %

8.34%

9.60%

9.83%

11.72%

9.94%

8.38%

8.84%

11.65%

9.56%

9.27%

9.40%

10.88%

5.33%

-2

326

Interest

Depreciation

104

108

105

108

111

120

Profit before Tax

382

335

391

601

553

368

382

706

475

414

405

933

401

Tax %

24.83%

25.72%

26.32%

25.37%

25.60%

25.94%

26.00%

26.04%

25.75%

23.28%

25.56%

21.26%

25.58%

Net Profit

287

249

288

449

411

273

283

522

352

317

301

734

298

4.59

3.97

4.59

7.16

6.56

4.35

4.51

8.33

5.62

5.06

4.80

11.70

4.76

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

6,135

8,139

10,068

9,429

10,428

13,889

16,868

18,550

21,746

22,466

23,538

5,283

7,060

8,845

8,370

8,845

12,118

15,247

16,666

19,569

20,250

21,497

Operating Profit

853

1,078

1,223

1,059

1,583

1,771

1,621

1,884

2,177

2,215

2,040

OPM %

13.90%

13.25%

12.15%

11.23%

15.18%

12.75%

9.61%

10.15%

10.01%

9.86%

8.67%

129

128

112

188

160

180

249

302

518

464

Interest

Depreciation

120

140

149

218

249

261

296

338

399

429

444

Profit before Tax

769

1,015

1,146

902

1,432

1,604

1,450

1,710

2,009

2,226

2,152

Tax %

29.89%

29.78%

31.30%

18.71%

27.38%

25.51%

25.88%

25.54%

25.89%

23.38%

23.26%

Net Profit

539

713

787

733

1,040

1,195

1,075

1,273

1,489

1,705

1,652

EPS

8.63

11.40

12.59

11.71

16.61

19.08

17.16

20.32

23.75

27.19

—

Dividend Payout %

40.58%

35.09%

35.75%

34.15%

39.14%

39.32%

43.71%

44.30%

42.11%

36.78%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

3,211

3,677

4,129

4,242

5,101

5,925

6,550

7,369

8,251

9,390

203

131

116

153

598

581

198

258

253

218

Trade Payables

630

1,634

1,560

1,414

1,597

2,379

2,643

2,691

3,040

2,903

854

1,037

1,258

1,176

1,738

1,903

2,025

2,394

2,611

2,600

Total Liabilities

4,960

6,541

7,126

7,048

9,097

10,852

11,478

12,774

14,218

15,173

1,210

2,731

2,904

3,349

3,290

3,434

3,621

3,988

4,627

5,318

Capital Work in Progress

232

163

297

116

439

389

308

428

201

956

928

1,622

1,919

1,872

2,620

2,968

3,708

3,409

4,007

4,398

1,157

1,254

782

Cash & Bank

1,938

1,526

1,288

1,107

1,625

2,536

1,862

3,015

3,353

2,351

483

596

781

635

1,168

1,430

1,922

867

787

929

Total Assets

4,960

6,541

7,126

7,048

9,097

10,852

11,478

12,774

14,218

15,173

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

983

1,353

759

1,065

929

2,158

957

1,959

1,568

1,587

Cash from Investing

-227

-1,002

188

-548

-763

-759

-1,635

-330

-897

Cash from Financing

-72

-358

-318

-716

190

-547

-907

-534

-696

-690

478

-252

383

-439

438

-303

-209

543

-1

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

59.41

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

5.71

5.59

5.57

5.52

5.67

5.81

5.95

5.96

6.48

Havells India Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Havells India Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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