Havells India Limited (HAVELLS) AI Stock Analysis

• Market Cap: ₹851.69B
• Dividend Yield: 0.7%
• Average Volume (3M): 27.08K
• Price to Earnings (P/E): 74.2
• Beta (1Y): 1.13
• 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): 4.60
• 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: ₹1,607.50
• Price Target Upside: 7.47% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 25
• Revenue Forecast (FY): ₹232.09B

• Rating: 66 Neutral
• Price Target: ₹1,438.00 ▼(-3.86% Downside)
• Action: Downgraded Date: 09/25/25
• Date: Action: Downgraded 09/25/25

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

Diversified product & channel mix

Havells' wide product portfolio across retail FMEG, cables, Lloyd air conditioners and B2B professional lighting plus multi-channel distribution reduces reliance on any single category. This structural diversification supports steadier revenues, cross-selling and resilience versus single-product peers over months to years.

Consistent revenue and margin improvement

Sustained revenue expansion with improving gross and net margins indicates scalable operations and effective cost controls. Structural margin gains suggest competitive pricing power and operating leverage that can persist, enabling reinvestment in products, distribution and R&D over the medium term.

Solid balance sheet and cash generation

A conservative leverage profile and recurring positive free cash flow provide financial flexibility for capex, working capital and strategic initiatives. This durable strength reduces refinancing risk, supports steadier investment cycles and underpins shareholder returns in varying market conditions.

Negative Factors

Free cash flow volatility

Intermittent FCF dips and swings in investing/financing flows indicate cash generation can be timing-sensitive, potentially from capex or working capital cycles. Persistent volatility would constrain predictable reinvestment, dividends or M&A and can complicate medium-term financial planning.

Moderate organic growth rates

Mid-single-digit revenue and EPS growth point to moderate organic expansion versus higher-growth sectors. Over a 2–6 month horizon this suggests limited acceleration potential absent product or market share inflection, which may constrain long-term upside from operating leverage.

Limited investor-facing guidance

Absence of recent earnings call details or formal guidance reduces transparency into management's near-term strategy and assumptions. That limited disclosure makes it harder for investors to assess execution risks, capital allocation choices and emerging structural initiatives over the medium term.

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 Fixtures, Electrical Consumer Durables, Lloyd Consumer, and Others. The company offers switches; switchgears, such as circuit breakers, energy savers, human safety equipment, distribution boards, surge protection devices, and control and monitoring devices, as well as magnetic contractor, thermal overload relays, and starters; lighting products; appliances, including cooking, food preparation, brewing, garment care, climate control appliances, and air purifiers; and power, control, fire survival cables. It also provides fans comprising ceiling, table, pedestal, wall, ceiling mounting, personal, and domestic exhaust fans; storage, instant, instantaneous gas, solar, linea online, heat, and auto immersion water heaters; centrifugal, mono block, submersible, and borewell submersible pumps; water purifiers; air conditioners; televisions; refrigerator; washing machines; dishwashers; air circulators; heavy duty exhaust fans; and air coolers. In addition, the company crane duty, smoke, brake, inverter duty, and energy efficient motors; reactive power solutions; personal grooming products; solar rooftop on grid, solar off grid, solar portables, and solar on grid inverter solutions; and power solutions, including power capacitors, IOT enabled IPFC relays, HD harmonic detuned reactors, IOT enabled APFC panels, high PIV thyristor switches, SVG and active harmonic filters, and hybrid panels. The company offers its products under the Havells, Lloyd, Crabtree, Standard, and REO brands. It also exports its products to approximately 60 countries. Havells India Limited was founded in 1958 and is based in Noida, India.

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, switches, switchgears, home electrical accessories, and small domestic appliances—sold through a wide network of dealers, distributors, and retailers, including modern trade and e-commerce channels; (2) cables and wires sold to households, electricians, contractors, and infrastructure-related buyers; (3) air conditioners and related consumer durables sold under the Lloyd brand through retail and online channels, with additional earnings from installation, service, and spare parts over the product lifecycle; and (4) B2B and project/institutional business, particularly in professional lighting and electrical solutions, where Havells supplies products for commercial buildings, industrial facilities, and infrastructure projects. Profitability is supported by a mix of in-house manufacturing and outsourced/assembled production (depending on product line), brand-led pricing, scale distribution, and after-sales service for select categories (notably room air conditioners).

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 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: 1495.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 1495.7 is above the 20-day moving average (MA) of 1388.12, above the 50-day MA of 1384.06, and above the 200-day MA of 1474.01, indicating a bearish trend. The MACD of -8.45 indicates Positive momentum. The RSI at 46.39 is Neutral, neither overbought nor oversold. The STOCH value of 51.21 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
RRKABEL	74 Outperform	₹164.70B	34.73	―	0.49%	17.36%	52.81%
CGPOWER	71 Outperform	₹1.15T	89.56	―	0.20%	25.63%	-26.61%
APARINDS	70 Outperform	₹401.60B	40.22	―	0.57%	21.16%	8.27%
POLYCAB	68 Neutral	₹1.16T	46.12	―	0.46%	22.25%	36.99%
KEI	67 Neutral	₹433.52B	45.38	―	0.09%	22.68%	20.52%
HAVELLS	66 Neutral	₹851.69B	74.21	―	0.70%	7.26%	3.66%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%

Havells India Limited Corporate Events

Havells to Engage Investors at J.P. Morgan India Forum in Singapore

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 unpublished price-sensitive information will be shared during these interactions, positioning the event as a standard investor relations exercise aimed at maintaining transparency and engagement with the financial community.

The scheduled participation underscores Havells’ ongoing efforts to interface with global capital market stakeholders and reinforce its visibility among institutional investors. Such forums typically help listed companies communicate their business outlook and strategic positioning within the industry, potentially influencing investor perception and supporting informed decision-making in the market.

Havells Publishes Interim Dividend Notice for FY 2025-26 in Newspapers

Havells India Limited has notified stock exchanges that it has published shareholder information on its interim dividend for FY 2025-26 in leading English and Hindi newspapers, complying with disclosure norms and ensuring wider investor communication. The move underscores the company’s focus on transparent dissemination of key shareholder-related information, particularly regarding dividend decisions, which are closely watched by investors for signals on cash flows, profitability and capital allocation, although the specific details of the interim dividend were not disclosed in the filing.

Havells Schedules Q3 FY26 Earnings Call for January 19

Havells India Limited has announced that its management team, including Chairman and Managing Director Anil Rai Gupta and senior executives, will host an earnings conference call on January 19, 2026, to discuss the company’s financial results for the third quarter and nine months ended December 31, 2025. The scheduled call, open to investors and analysts via universal and toll-free international access lines, underscores the company’s ongoing engagement with the capital markets and its commitment to providing detailed financial and strategic updates to stakeholders following the close of the reporting period.

Havells India Faces ₹1.1 Crore Tax Penalty, Plans to Appeal

Havells India Limited has disclosed that it received an email from the Income Tax Department on 31 December 2025, in which the Deputy Commissioner of Income Tax, Central Circle-17, Delhi, imposed a penalty of ₹1.10 crore (₹1,10,61,896) on the company for the financial year 2009-10 relating to assessment year 2010-11 under Section 271(1)(c) of the Income Tax Act, 1961. The company has stated that the penalty will not have a material impact on its financials, operations, or other activities, and it plans to challenge the order by filing an appeal before the Commissioner of Income Tax (Appeals), signalling that management views the matter as a routine tax dispute rather than a development affecting its core business performance.