Havells India Limited (IN:HAVELLS)
:HAVELLS
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Havells India Limited
(HAVELLS)
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Rating:66Neutral
Price Target:
₹1,459.00
▲(11.73% Upside)
Action:Reiterated
Date:04/23/26
The score is primarily supported by strong financial strength (very low debt and improving margins), but is held back by weaker 2026 cash conversion and an expensive valuation (high P/E with low yield). Technicals add modest support, though longer-term trend signals remain mixed.
Positive Factors
Very low financial leverage
Extremely low debt-to-equity (~0.03) materially reduces financial risk and interest burden, preserving flexibility for capex, product investment, and cyclical shocks. This durable balance-sheet strength supports long-term stability and strategic optionality.
Negative Factors
Weak cash conversion
Operating cash flow covering only ~34% of earnings signals earnings quality issues and working-capital strain. Over time, weak conversion constrains free cash for reinvestment, dividends or deleveraging and raises sensitivity to inventory and receivable cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low financial leverage
Extremely low debt-to-equity (~0.03) materially reduces financial risk and interest burden, preserving flexibility for capex, product investment, and cyclical shocks. This durable balance-sheet strength supports long-term stability and strategic optionality.
Read all positive factors
Havells India Limited (HAVELLS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹758.76B
Dividend Yield0.7%
Average Volume (3M)27.08K
Price to Earnings (P/E)25.7
Beta (1Y)1.10
Revenue Growth3.44%
EPS Growth14.78%
CountryIN
Employees7,153
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)23.34
Shares Outstanding627,256,840
10 Day Avg. Volume42,883
30 Day Avg. Volume27,084
Financial Highlights & Ratios
PEG Ratio2.99
Price to Book (P/B)7.87
Price to Sales (P/S)3.30
P/FCF Ratio849.79
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,360.00Price Target Upside4.15% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)29.02
Revenue Forecast (FY)₹261.13B
Havells India Limited Business Overview & Revenue Model
Company Description
Havells India Limited, a fast-moving electrical goods company, manufactures, trades, and sells various consumer electrical and electronic products in India and internationally. It operates through six segments: Switchgears, Cables, Lighting and Fi...
How the Company Makes Money
Havells primarily makes money by selling electrical and consumer products across multiple categories under its brands (including Havells and Lloyd). Revenue is generated mainly from (1) consumer-focused retail sales—such as fans, lighting, switche...
Havells India Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 214.89B | 225.28B | 216.00B | 184.73B | 168.06B | 138.35B |
| Gross Profit | 59.90B | 74.48B | 64.61B | 54.67B | 47.14B | 40.79B |
| EBITDA | 24.31B | 26.79B | 24.34B | 20.92B | 17.77B | 19.21B |
| Net Income | 14.63B | 16.91B | 14.72B | 12.71B | 10.72B | 11.96B |
Balance Sheet | ||||||
| Total Assets | 136.47B | 147.46B | 138.09B | 124.33B | 111.57B | 105.23B |
| Cash, Cash Equivalents and Short-Term Investments | 14.62B | 23.72B | 33.58B | 30.23B | 20.49B | 26.99B |
| Total Debt | 2.86B | 2.65B | 3.19B | 3.03B | 2.23B | 6.16B |
| Total Liabilities | 49.60B | 52.78B | 54.68B | 49.86B | 45.32B | 45.20B |
| Stockholders Equity | 86.71B | 94.55B | 83.24B | 74.47B | 66.25B | 60.03B |
Cash Flow | ||||||
| Free Cash Flow | -10.75B | 875.40M | 7.49B | 13.10B | -228.60M | 14.70B |
| Operating Cash Flow | -3.79B | 15.72B | 15.15B | 20.96B | 5.65B | 17.28B |
| Investing Cash Flow | 5.75B | -8.93B | -3.02B | -17.65B | 350.40M | -7.59B |
| Financing Cash Flow | -3.82B | -6.93B | -6.69B | -5.26B | -9.07B | -5.47B |
Havells India Limited Technical Analysis
Negative
1305.85
Price Trends
1254.08
Negative
1317.17
Negative
1399.32
Negative
Market Momentum
-19.37
Positive
41.84
Neutral
34.65
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 1305.85 is above the 20-day moving average (MA) of 1224.87, above the 50-day MA of 1254.08, and below the 200-day MA of 1399.32, indicating a bearish trend. The MACD of -19.37 indicates Positive momentum. The RSI at 41.84 is Neutral, neither overbought nor oversold. The STOCH value of 34.65 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
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ₹516.46B | 40.22 | ― | 0.57% | 20.66% | 19.41% | |
73 Outperform | ₹1.36T | 84.85 | ― | 0.20% | 25.32% | 20.92% | |
72 Outperform | ₹500.75B | 42.02 | ― | 0.09% | 20.83% | 27.47% | |
68 Neutral | ₹219.67B | 21.77 | ― | 0.49% | 27.62% | 57.80% | |
66 Neutral | ₹758.76B | 25.74 | ― | 0.70% | 3.44% | 14.78% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | ₹1.38T | 38.55 | ― | 0.46% | 29.08% | 32.16% |
* Industrials Sector Average
IN:HAVELLS
Havells India Limited
1,200.40
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-22.81%
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Havells India Limited Corporate Events
Havells India Boosts Board Strength, Confirms Clean Results and Higher Payouts
Apr 22, 2026
Havells India has strengthened its board and governance framework with the appointment of Varun Berry as a non-executive independent director and the re-appointment of independent directors Namrata Kaul and Ashish Bharatram, as well as non-indepen...
Havells India posts FY26 earnings call audio for investor access
Apr 22, 2026
Havells India Limited has notified the stock exchanges that the audio recording of its earnings call discussing financial results for the fourth quarter and full year ended 31 March 2026 is now available. The recording can be accessed via a link o...
Havells Faces Rs 2.02 Crore Customs Demand, Plans to Appeal
Mar 20, 2026
Havells India Limited has disclosed that the Commissioner of Customs, ICD TKD-Import, New Delhi, has issued an order covering the period from May 2020 to July 2023, raising a demand of Rs 2.02 crore that includes customs duty of about Rs 1.01 cror...
Havells to Engage Investors at J.P. Morgan India Forum in Singapore
Mar 3, 2026
Havells India Limited has announced that it will participate in the J.P. Morgan India Forum on 9 March 2026 in Singapore, engaging in both group and one-on-one meetings with analysts and institutional investors. The company has clarified that no u...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.