Havells India Limited (HAVELLS) AI Stock Analysis

• Market Cap: ₹888.01B
• Dividend Yield: 0.71%
• Average Volume (3M): 27.08K
• Price to Earnings (P/E): 60.7
• Beta (1Y): 1.19
• Revenue Growth: 7.26%
• EPS Growth: 3.66%
• Country: IN
• Employees: 7,153
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Electrical Equipment & Parts
• EPS (TTM): 5.06
• Shares Outstanding: 627,256,840
• 10 Day Avg. Volume: 42,883
• 30 Day Avg. Volume: 27,084
• PEG Ratio: 4.04
• Price to Book (P/B): 11.30
• Price to Sales (P/S): 4.32
• P/FCF Ratio: 125.57
• 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: ₹1,475.00
• Price Target Upside: 4.19% Upside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: ₹1,669.00 ▲(17.89% Upside)

Havells India Limited has a strong financial foundation with solid revenue growth and profitability. However, technical indicators are mixed, and the stock appears overvalued based on its P/E ratio. The lack of earnings call data and corporate events limits additional insights.

Positive Factors

Revenue Growth

Consistent revenue growth indicates strong market demand and effective business strategies, enhancing long-term profitability and market position.

Balance Sheet Health

A strong balance sheet with low debt levels provides financial stability and flexibility for future investments and growth opportunities.

Cash Flow Management

Effective cash flow management ensures the company can sustain operations, invest in growth, and weather economic fluctuations, supporting long-term success.

Negative Factors

Free Cash Flow Variability

Variability in free cash flow can indicate potential challenges in cash generation, affecting the company's ability to consistently fund operations and growth.

High P/E Ratio

A high P/E ratio suggests potential overvaluation, which could limit stock price appreciation and attract scrutiny on earnings sustainability.

Dividend Yield

A low dividend yield may deter income-focused investors, potentially impacting the stock's attractiveness and limiting shareholder returns.

Havells India Limited Business Overview & Revenue Model

Company Description

Havells India Limited (HAVELLS) is a leading electrical equipment company based in India, primarily engaged in manufacturing and marketing a wide range of electrical products. Established in 1958, Havells operates in various sectors including electrical distribution and control equipment, home and kitchen appliances, lighting solutions, and wiring accessories. The company's core products encompass circuit breakers, switches, cables, fans, and water heaters, catering to both residential and industrial customers. Havells has established a strong brand presence in the Indian market and is known for its innovative products and extensive distribution network.

How the Company Makes Money

Havells generates revenue through multiple streams including the sale of electrical products, appliances, and lighting solutions. The company has a diversified portfolio that allows it to cater to a wide range of customers from individual consumers to large enterprises. Key revenue streams include sales from residential and commercial electrical equipment, which are bolstered by a robust supply chain and distribution network. Additionally, Havells benefits from strategic partnerships with retailers and distributors, enhancing its market reach. The company's emphasis on innovation and quality helps retain customer loyalty, contributing to steady revenue growth. Seasonal demand fluctuations, especially in regions with high construction activity, also significantly impact its earnings.

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. The company maintains a low debt-to-equity ratio and effective cash flow management, despite some fluctuations 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	214.27B	217.78B	185.77B	169.11B	138.35B	103.83B
Gross Profit	60.01B	41.22B	35.03B	47.14B	40.80B	35.97B
EBITDA	23.69B	24.48B	21.12B	17.88B	19.21B	17.61B
Net Income	14.12B	14.72B	12.71B	10.72B	11.96B	10.44B
Balance Sheet
Total Assets	0.00	138.09B	124.33B	111.57B	105.23B	88.52B
Cash, Cash Equivalents and Short-Term Investments	33.59B	33.58B	30.23B	20.49B	26.99B	19.56B
Total Debt	0.00	3.19B	3.03B	2.23B	6.16B	6.23B
Total Liabilities	-83.41B	54.68B	49.86B	45.32B	45.20B	36.76B
Stockholders Equity	83.41B	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: Negative
• Last Price: 1415.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• 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 Negative. The current price of 1415.7 is below the 20-day moving average (MA) of 1418.65, below the 50-day MA of 1451.99, and below the 200-day MA of 1514.85, indicating a bearish trend. The MACD of -14.52 indicates Negative momentum. The RSI at 45.67 is Neutral, neither overbought nor oversold. The STOCH value of 47.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:HAVELLS.

Havells India Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
APARINDS	74 Outperform	₹352.15B	37.48	―	0.58%	21.16%	8.27%
RRKABEL	74 Outperform	₹168.27B	41.67	―	0.50%	17.36%	52.81%
CGPOWER	72 Outperform	₹1.06T	96.89	―	0.19%	25.63%	-26.61%
POLYCAB	72 Outperform	₹1.12T	45.46	―	0.47%	22.25%	36.99%
HAVELLS	66 Neutral	₹888.01B	60.67	―	0.71%	7.26%	3.66%
KEI	63 Neutral	₹409.28B	51.36	―	0.09%	22.68%	20.52%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%

Havells India Limited Corporate Events

Havells India Resolves Trademark Dispute with HPL Group

Havells India Limited has reached a Settlement Agreement with the HPL Group, resolving all disputes and litigations concerning the ‘HAVELLS’ trademark. The agreement, mediated by the Delhi High Court, acknowledges Havells India’s exclusive rights to the trademark, with the HPL Group agreeing to change its corporate names and refrain from using or challenging the mark. As part of the settlement, Havells India will pay Rs. 129.60 crores to the HPL Group, potentially strengthening its brand integrity and market position.

Havells India Limited Appoints New Executive President – Finance

Havells India Limited has announced a change in its senior management with the appointment of Mr. Pankaj Mohan Arora as Executive President – Finance, effective from October 27, 2025. Mr. Arora brings extensive experience from his previous roles at Russell Reynolds Associates, KPMG, and Protiviti Consulting, which is expected to strengthen Havells’ financial leadership and strategic direction.

Havells India Releases Q2 FY26 Earnings Call Transcript

Havells India Limited has released the transcript of its earnings call discussing the financial results for the second quarter and half-year ended September 30, 2025. This announcement provides stakeholders with detailed insights into the company’s financial performance and strategic direction, potentially impacting its market positioning and investor confidence.

Havells India Limited Announces Q2 FY26 Financial Results

Havells India Limited has released an update on its unaudited financial results for the second quarter and half-year ending September 30, 2025. The announcement, made in compliance with SEBI regulations, provides stakeholders with insights into the company’s financial performance during this period. This update is crucial for investors and stakeholders as it reflects Havells’ operational efficiency and market positioning in the competitive electrical equipment industry.

Havells India Confirms Regulatory Compliance for Q3 2025

Havells India Limited has announced compliance with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ending September 30, 2025. The company confirmed that securities received for dematerialization were processed appropriately, ensuring they were listed on stock exchanges and recorded accurately, reflecting Havells’ commitment to regulatory adherence and operational transparency.