Havells India Limited (HAVELLS) AI Stock Analysis

• Market Cap: ₹986.97B
• Dividend Yield: 0.63%
• Average Volume (3M): 103.03K
• Price to Earnings (P/E): 70.3
• Beta (1Y): 1.16
• Revenue Growth: 9.53%
• EPS Growth: 1.43%
• Country: IN
• Employees: 7,153
• Sector: Consumer Defensive
• Sector Strength: 50
• Industry: Electrical Equipment & Parts
• EPS (TTM): 5.62
• Shares Outstanding: 627,206,400
• 10 Day Avg. Volume: 30,050
• 30 Day Avg. Volume: 103,028
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹1,750.64
• Price Target Upside: 11.75% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 11

• Rating: 74 Outperform
• Price Target: ₹1,762.00 ▲(12.48% Upside)

Havells India Limited demonstrates strong financial performance and positive technical indicators, contributing to a solid stock score. However, the high P/E ratio suggests potential overvaluation, which tempers the overall score.

Havells India Limited Business Overview & Revenue Model

Company Description

Havells India Limited is a leading electrical equipment company based in India, known for its wide-ranging product portfolio that includes industrial and domestic circuit protection devices, cables and wires, motors, fans, modular switches, home appliances, air conditioners, electric water heaters, power capacitors, and luminaires for domestic, commercial, and industrial applications. The company operates in various sectors such as consumer electricals, lighting, and electrical appliances, offering innovative and technologically advanced products to meet the growing demands of its customers.

How the Company Makes Money

Havells India Limited makes money primarily through the manufacturing and sale of electrical and power distribution equipment. Its key revenue streams include the sale of lighting fixtures, cables and wires, electrical consumer durables, and switchgear products. The company's robust distribution network, extensive product range, and continuous focus on innovation and quality are significant contributors to its earnings. Havells also benefits from strategic acquisitions and partnerships that enhance its product offerings and market reach. Additionally, the company invests in brand building and marketing initiatives to drive sales and expand its customer base.

Havells India Limited Financial Statement Overview

Summary

Havells India Limited shows strong financial performance with robust revenue growth, improved profit margins, and a solid balance sheet with low debt levels. Cash flow management is effective, despite some variability in free cash flow.

Income Statement

Havells India Limited has demonstrated robust revenue growth with a consistent increase each year, reaching a total revenue of ₹217.78 billion in 2025 from ₹138.35 billion in 2022. The gross profit margin has improved significantly, suggesting effective cost management. The net profit margin also shows healthy performance, with an increase from previous years. Strong EBIT and EBITDA margins reflect operational efficiency, making the income statement quite strong overall.

Balance Sheet

The company's balance sheet shows a strong equity base with an improving equity ratio, indicating reduced reliance on debt. The debt-to-equity ratio is low, which suggests a conservative financial leverage approach. Return on equity (ROE) has been commendable, reflecting the company's efficiency in generating profits from shareholders' equity. The stability in stockholders' equity and total assets signals a solid financial position.

Cash Flow

Havells India Limited has maintained a positive free cash flow, which supports its operations and potential for reinvestment. The operating cash flow to net income ratio suggests effective conversion of income into cash. While there was a dip in free cash flow in 2023, the company recovered in subsequent years, showcasing resilience. The cash flow statement indicates efficient cash management, although some fluctuations in investing and financing cash flow exist.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	217.78B	217.78B	185.77B	169.11B	138.35B	103.83B
Gross Profit	60.57B	71.70B	35.03B	47.14B	40.80B	35.97B
EBITDA	24.34B	24.34B	21.12B	17.88B	19.21B	17.61B
Net Income	14.72B	14.72B	12.71B	10.72B	11.96B	10.44B
Balance Sheet
Total Assets	138.09B	138.09B	124.33B	111.57B	105.23B	88.52B
Cash, Cash Equivalents and Short-Term Investments	33.58B	33.78B	30.23B	21.68B	26.99B	19.56B
Total Debt	3.19B	3.19B	3.03B	2.23B	6.16B	6.23B
Total Liabilities	54.68B	54.68B	49.86B	45.32B	45.20B	36.76B
Stockholders Equity	83.24B	83.24B	74.47B	66.25B	60.03B	51.76B
Cash Flow
Free Cash Flow	0.00	7.49B	13.10B	-228.60M	14.70B	4.08B
Operating Cash Flow	0.00	15.15B	20.96B	5.65B	17.28B	6.58B
Investing Cash Flow	0.00	-3.02B	-17.65B	350.40M	-7.59B	-7.63B
Financing Cash Flow	0.00	-6.69B	-5.26B	-9.07B	-5.47B	1.90B

Havells India Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1566.55
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HAVELLS, the sentiment is Positive. The current price of 1566.55 is above the 20-day moving average (MA) of 1525.56, above the 50-day MA of 1533.74, and above the 200-day MA of 1563.56, indicating a bullish trend. The MACD of 11.20 indicates Negative momentum. The RSI at 57.12 is Neutral, neither overbought nor oversold. The STOCH value of 77.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:HAVELLS.

Havells India Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
POLYCAB	77 Outperform	₹1.07T	48.09		0.48%	25.40%	24.25%
HAVELLS	74 Outperform	₹986.97B	70.28		0.63%	9.53%	1.43%
CGPOWER	72 Outperform	₹1.13T	112.73		0.18%	25.71%	-31.59%
KEI	70 Outperform	₹374.54B	49.98		0.10%	22.22%	17.25%
RRKABEL	66 Neutral	₹135.13B	39.97		0.75%	15.63%	16.30%
Sector *	63 Neutral	$20.41B	14.67	-2.93%	3.10%	2.04%	-6.12%
APARINDS	62 Neutral	₹313.28B	35.86		0.65%	19.93%	2.95%

Havells India Limited Corporate Events

Havells India Invests INR 600 Crores in Goldi Solar

Havells India Limited has announced a strategic investment of INR 600 Crores in Goldi Solar Private Limited, a solar module and inverter manufacturer based in Surat, Gujarat. This investment aims to secure a consistent supply of critical solar components and is part of Havells’ strategy to strengthen its position in the solar sector. The acquisition, which is not a related party transaction, will result in Havells acquiring an 8.9%-9.24% stake in Goldi, subject to the total fundraise. The transaction is expected to be completed by June 30, 2025, pending approval from the Competition Commission of India.

Havells India Invests in Goldi Solar to Boost Renewable Energy Growth

Havells India Limited has announced a strategic minority investment of INR 600 crore in Goldi Solar Private Limited as part of a larger fundraise by Goldi. This investment underscores Havells’ commitment to the rapidly growing renewable energy sector, particularly solar energy, which is expected to see significant growth in India. The move aligns with Havells’ strategy to partner with a large module manufacturer to capitalize on the multi-billion-dollar solar energy opportunity, leveraging government initiatives and favorable economics in the sector.