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Havells India Ltd.

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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 LARGEMID250NIFTYLARGEMIDCAP250NIFTY MIDCAP 100NIFTY MIDCAP 150NIFTYMIDCAP150
S.No.Name
1.ABB7269.1051.56154038.320.543623.00930.0235588.701110.3130.1812.56
2.CGPOWER910.00114.69143365.960.14308.2815.523280.8113.9927.9412.11
3.SIEMENS3960.9043.07141055.770.45214.31-49.384713.708.4421.429.14
4.POWERINDIA31415.40121.72140025.860.032941.502135.1824936.901586.1828.7314.58
5.GVT&D4545.00623.18116373.150.22362.9924.651836.1438.0475.5125.10
6.ENRIN3178.7576.08113201.810.13440.9067.832485.6039.2840.1923.56
7.WAAREEENER2627.5019.8075580.390.15891.8715.397931.7979.2237.9218.15
8.APARINDS17496.1562.0173260.470.344674.501677.9865910.601191.3131.8411.50
9.HAVELLS1114.8042.8469960.570.90289.71-16.646518.1919.4825.747.15
10.SUZLON44.1619.3160700.730.00305.22-5.893829.0922.8335.7915.55
11.SCHNEIDER1227.70159.7529354.800.0012.44-69.84651.364.7831.015.23
12.TDPOWERSYS804.8591.4525148.090.13862.9372.336400.5472.1034.0119.00
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
4,8343,9004,4145,4425,8064,5394,8896,5445,4554,7795,5886,7056,518
4,4323,5273,9814,8075,2344,1644,4625,7874,9404,3415,0725,9766,180
Operating Profit402373433635572375426757516438516729338
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%
65525676779364696986-229654
Interest891018910915999107
Depreciation768188939295104110106106109112121
Profit before Tax382335391599549363377701470410396904392
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 Profit0000408268278517348318300723290
4.583.974.597.136.494.284.438.265.555.094.8011.524.63

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
6,1568,14610,0739,44010,45713,93816,91118,59021,77822,52823,591
5,3097,0748,8508,3808,86812,16515,29016,70919,61820,32521,568
Operating Profit8471,0721,2231,0601,5891,7741,6211,8812,1602,2022,022
OPM %13.76%13.16%12.14%11.23%15.20%12.73%9.58%10.12%9.92%9.78%8.57%
3199129113187160178249303488434
Interest4254555190675584727935
Depreciation121140149218249261296338400432447
Profit before Tax7119771,1479041,4381,6071,4471,7071,9902,2102,102
Tax %32.18%31.09%31.32%18.66%27.35%25.53%25.94%25.57%26.14%23.55%23.82%
Net Profit4826737887361,0441,1961,0721,2711,4701,6891,602
EPS7.9110.5712.6011.7616.6819.1017.1120.2823.4826.95—
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

Corporate actions

2026

May 22

₹ 6

Rs.6.0000 per share(600%)Final Dividend

2026

Jan 23

₹ 4

Interim Dividend

2025

May 23

₹ 6

Rs.6.0000 per share(600%)Final Dividend

2025

Jan 22

₹ 4

Interim Dividend

2024

May 31

₹ 6

Rs.6.0000 per share(600%)Final Dividend

2024

Feb 1

₹ 3

Interim Dividend

2023

Jun 2

₹ 4.50

Rs.4.5000 per share(450%)Final Dividend

2023

Jan 25

₹ 3

Interim Dividend

2022

Jun 14

₹ 4.50

Rs.4.5000 per share(450%)Final Dividend

2021

Oct 27

₹ 3

Interim Dividend

2021

Jun 17

₹ 3.50

Rs.3.5000 per share(350%)Final Dividend

2021

Jan 28

₹ 3

Interim Dividend

2018

Jul 4

₹ 4

Rs.4.0000 per share(400%)Dividend

2017

Jun 21

₹ 3.50

Rs.3.5000 per share(350%)Dividend

2016

Jun 29

₹ 3

Rs.3.0000 per share(300%)Final Dividend

2016

Feb 10

₹ 3

Special Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital62636363636363636363
Minority Interest980000001713
3,2143,6674,1354,2485,1135,9406,5607,3788,2449,369
213139116153598581198258264227
Trade Payables6331,6401,5601,4141,5972,3802,6432,6923,0472,908
1,0361,0921,2751,1951,7581,9062,0272,3972,6182,616
Total Liabilities5,1686,6087,1487,0739,12910,87011,49212,78714,25315,196
1,2442,7652,9043,3503,2903,4343,6213,9884,6525,343
Capital Work in Progress1224232838657163297116439
1620003064262012011888
9451,6331,9191,8722,6202,9683,7093,4094,0474,441
00000001,1651,258790
Cash & Bank1,9741,5621,3111,1331,6532,5481,8703,0383,3782,364
8306247826371,1731,4381,928870790931
Total Assets5,1686,6087,1487,0739,12910,87011,49212,78714,25315,196

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
9721,3457491,0679332,1439571,9531,5231,572
Cash from Investing-216-944188-548-763-75935-1,614-302-893
Cash from Financing-98-409-318-716190-547-907-534-677-693
454-253372-43787422-307-195545-14

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
59.4159.4159.4159.4159.3859.3859.3859.3859.35
25.3324.7623.4622.3121.5919.2817.9616.9315.91
9.4210.1011.4312.6313.1815.3516.5317.5018.04
Government0.000.000.000.000.000.000.000.000.00
5.715.595.575.525.675.815.955.966.48

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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