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Havells India Ltd.
NSE: HAVELLSIndustrialsElectrical Equipment & Parts
- Last close
- ₹1,031.00
- Day change
- −₹42.00 (−3.91%)vs
- Market cap
- ₹67,250 crIndian rupees
- Research updated
- 2 reports
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About Havells India
Havells India Ltd. is a leading Indian manufacturer specializing in electrical and power distribution equipment. The company's core function is to produce a diverse portfolio of products, including industrial and domestic circuit protection devices, cables and wires, motors, fans, modular switches, home appliances, and lighting solutions. Havells India Ltd. caters primarily to residential, commercial, and industrial sectors, significantly impacting the electrical manufacturing industry. Headquartered in Noida, Uttar Pradesh, the company operates a strong distribution network with a solid presence in rural and urban markets across India. Additionally, Havells exports its products to several countries, positioning itself as a prominent player in the global electrical equipment market. Its commitment to quality and innovation has made it a recognizable and reliable brand among consumers and businesses alike, contributing to its robust market reputation.
- Sector
- Industrials
- Industry
- Electrical Equipment & Parts
- Listing
- NSE: HAVELLS
- Chief executive
- Mr. Anil Rai Gupta
- Employees
- 7,598
- Headquarters
- Noida, India
- ISIN
- INE176B01034
- Website
- havells.com
Public research · Report of
Business model & financial foundation
Havells (NSE: HAVELLS), Electrical equipment & consumer electricals (switchgear, cables & wires, lighting, fans/appliances, room ACs): revenue of ₹22,528 crore in FY26 (+3.4% on FY25), an EBITDA margin of 9.8% and net profit of ₹1,691 crore.
- Revenue, FY26 (₹ crore)
- 22,528
- consolidated
- Revenue growth, FY26
- +3.4%
- on FY25
- EBITDA margin, FY26
- 9.8%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,691
- to owners
- Return on equity, FY26
- 19.0%
- on average equity
- Market capitalisation (₹ crore)
- 66,019
- at the close of 22 Oct 2026
Company profile
Havells is India's largest diversified consumer electrical company, selling switchgear, cables and wires, lighting, fans and small appliances (ECD), and Lloyd room ACs, refrigerators and washing machines, through a pan-India dealer network and own plants. Cables & wires is the largest segment by revenue (FY26 38.5%); switchgear carries the highest margins; Lloyd (acquired 2017) has been loss-making at segment level since FY26. A Renewables segment (solar panels, linked to an 8.74% Goldi Solar stake) was split out from Q1 FY27.
| Item | Value |
|---|---|
| Legal name | Havells India Limited |
| Exchange and ticker | NSE: HAVELLS; BSE: 517354 |
| ISIN | INE176B01034 |
| CIN | L31900DL1983PLC016304 |
| Sector | Consumer Durables |
| Industry | Electrical equipment & consumer electricals (switchgear, cables & wires, lighting, fans/appliances, room ACs) |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse & Co Chartered Accountants LLP (since 2021) |
| Market capitalisation | ₹66,019 crore (22 Oct 2026) |
| Shares outstanding | 62.72 crore shares (FY26) |
| Price | ₹1,072 (close, 22 Oct 2026) |
| 52-week range | ₹1,015 - ₹1,517 (to 22 Oct 2026) |
| Website | https://www.havells.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Havells International Inc., USA | 100% | Overseas holding/trading subsidiary |
| Havells Guangzhou International Ltd., China | 100% | Sourcing subsidiary |
| Havells HVAC LLC, USA | 80% | Step-down subsidiary of HII |
| Havells Lighting LLC, USA | 68.75% | Step-down subsidiary of HII |
| Kundan Solar (Pali) Pvt Ltd | 26% | Associate; 15MWac captive solar SPV |
Subsidiaries are immaterial (FY26 total revenue 73.05 cr, net loss 16.40 cr per auditor's other-matter paragraph, S7). Goldi Solar (8.74%, 600 cr) was an associate 27 Jun 2025-27 Mar 2026, now an FVTPL financial asset.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 59.38% | 59.38% | 59.35% | 59.35% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 17.97% | 16.94% | 15.91% | 14.47% |
| Domestic institutions | 16.70% | 17.73% | 18.26% | 19.87% |
| of which mutual funds | 6.77% | 6.87% | 7.86% | 9.46% |
| Retail | 5.95% | 5.96% | 6.47% | 6.31% |
| Other | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Havells sells electrical goods through a pan-India dealer and retailer network, mostly from its own plants. It reports six consolidated segments, seven from Q1 FY27, when Renewables was split out of Others. FY26 consolidated revenue was 22,527.8 cr:
- Cables & wires: 8,676.7 cr (38.5%). Prices are passed through from copper and aluminium.
- Lloyd consumer (room ACs, refrigerators, washing machines): 3,974.4 cr.
- ECD (fans, water heaters, small appliances): 3,876.2 cr.
- Switchgears: 2,585.7 cr. The highest-margin segment, at a 22.8% segment EBIT margin.
- Others plus Renewables: 1,726.9 cr.
- Lighting: 1,687.9 cr.
What Havells controls: the brand, distribution and manufacturing. What it does not control: copper and aluminium prices, the weather (which drives the summer AC and fan season), and housing and construction activity (which drives switchgear and wires). The four subsidiaries are immaterial: 73.05 cr of revenue in FY26.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Switchgears | 2,586 | 11.5% | 588.6 | 27.3% |
| Cables | 8,677 | 38.5% | 1,138 | 52.7% |
| Lighting & Fixtures | 1,688 | 7.5% | 243.8 | 11.3% |
| Electrical Consumer Durables | 3,876 | 17.2% | 342.8 | 15.9% |
| Lloyd Consumer | 3,974 | 17.6% | -214.4 | -9.9% |
| Others | 1,727 | 7.7% | 61.1 | 2.8% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Polycab India (POLYCAB) | Largest wires & cables player; Havells' largest segment (Cables ~39% of FY26 revenue) competes directly; also in FMEG |
| KEI Industries (KEI) | Wires & cables pure play, retail wires competitor |
| Crompton Greaves Consumer Electricals (CROMPTON) | Fans, pumps, lighting, appliances - ECD and lighting competitor |
| V-Guard Industries (VGUARD) | Consumer electricals: wires, stabilisers, fans, switchgear |
| Voltas (VOLTAS) | Room AC leader; competes with Lloyd |
| Blue Star (BLUESTARCO) | Room AC and cooling; Lloyd competitor |
| Bajaj Electricals (BAJAJELEC) | Fans, appliances, lighting |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 13,835 | 16,806 | 18,590 | 21,778 | 22,528 |
| Cost of revenue (vendor classification) * | 9,756 | 12,092 | 13,006 | 15,139 | 15,645 |
| Other operating costs (vendor classification) * | 1,347 | 1,865 | 2,086 | 2,519 | 2,570 |
| EBITDA (vendor classification) * | 1,934 | 1,795 | 2,099 | 2,475 | 2,478 |
| EBIT * | 1,660 | 1,481 | 1,753 | 2,034 | 2,247 |
| Finance costs | 53.4 | 33.6 | 45.7 | 43.2 | 37.3 |
| Profit before tax including associate share | 1,607 | 1,447 | 1,707 | 1,990 | 2,210 |
| Total income tax expense | 410.1 | 375.3 | 436.6 | 520.3 | 520.3 |
| Profit for period including non-controlling interest | 1,196 | 1,072 | 1,271 | 1,470 | 1,689 |
| Diluted earnings per share (₹) | 19.10 | 17.11 | 20.28 | 23.48 | 26.94 |
| Materials, traded goods and inventory change | 12,569 | 14,608 | 15,080 | ||
| Employee benefits expense | 1,548 | 1,870 | 1,984 | ||
| Other operating expenses including impairment | 2,630 | 3,169 | 3,265 | ||
| Operating EBITDA excluding other income | 1,843 | 2,131 | 2,200 | ||
| Other income | 249.0 | 303.3 | 494.4 | ||
| Depreciation and amortisation expense | 338.5 | 400.4 | 431.9 | ||
| Exceptional items (signed PBT impact) | 0.00 | 0.00 | -45.0 | ||
| Associate equity-accounted profit or loss (signed) | 0.00 | 0.00 | 29.8 | ||
| Profit attributable to owners of parent | 1,271 | 1,472 | 1,691 | ||
| Non-controlling interests' share of profit | -2.02 | -1.31 | |||
| Basic EPS (₹) | 23.49 | 26.95 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 6,003 | 6,625 | 7,447 | 8,324 | 9,455 |
| Borrowings (non-current and current) | 616.4 | 223.1 | 303.2 | 0.00 | 0.00 |
| Cash and cash equivalents | 775.8 | 465.2 | 266.1 | 807.3 | 790.6 |
| Trade receivables (current) | 1,258 | 789.8 | |||
| Inventories | 2,968 | 3,708 | 3,409 | 4,047 | 4,441 |
| Trade payables (current) | 2,411 | 2,707 | 2,782 | 3,047 | 2,908 |
| Property, plant and equipment | 3,252 | 3,813 | |||
| Capital work in progress | 116.5 | 439.5 | |||
| Total assets | 10,523 | 11,157 | 12,433 | 13,809 | 14,746 |
| Current and noncurrent lease liabilities | n.r. | n.r. | |||
| Current investments | n.r. | n.r. | |||
| Net debt (negative means net cash) | n.r. | n.r. | |||
| Capital advances | n.r. | n.r. |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 1,523 | 1,572 | |||
| Free cash flow (vendor definition) * | 1,470 | -22.9 | 1,167 | 757.1 | 87.5 |
| Dividends paid | -407.3 | -470.3 | -470.1 | -626.8 | -627.1 |
| Purchase of PPE and intangibles | -252.8 | -585.5 | -762.3 | -766.0 | -1,484 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 62.63 | 62.65 | 62.66 | 62.69 | 62.72 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,539 | 4,889 | 6,544 | 5,455 | 4,779 | 5,588 | 6,705 | 6,518 |
| Cost of revenue (vendor classification) * | 3,007 | 3,205 | 4,439 | 3,631 | 3,744 | 4,597 | 4,478 | |
| Other operating costs (vendor classification) * | 692.2 | 787.7 | 863.8 | 805.5 | 829.9 | 872.3 | 1,041 | |
| EBITDA (vendor classification) * | 468.0 | 490.8 | 835.1 | 588.5 | 572.6 | 1,036 | 521.6 | |
| EBIT * | 373.3 | 386.7 | 716.1 | 479.1 | 416.6 | 927.5 | 399.8 | |
| Finance costs | 10.1 | 9.39 | 15.2 | 9.36 | 9.14 | 8.93 | 9.87 | 7.46 |
| Profit before tax including associate share | 363.3 | 377.3 | 700.9 | 469.8 | 414.6 | 407.6 | 917.6 | 392.3 |
| Total income tax expense | 95.5 | 99.4 | 183.9 | 122.2 | 96.3 | 107.6 | 194.2 | 102.6 |
| Profit for period including non-controlling interest | 267.8 | 278.0 | 517.0 | 347.5 | 318.3 | 300.1 | 723.4 | 289.7 |
| Diluted earnings per share (₹) | 4.28 | 4.43 | 8.25 | 5.54 | 5.08 | 4.79 | 11.52 | 4.62 |
| Materials, traded goods and inventory change | 3,007 | 3,205 | 4,439 | 3,631 | 3,108 | 3,744 | 4,597 | 4,478 |
| Employee benefits expense | 464.6 | 469.3 | 474.5 | 499.5 | 478.8 | 495.6 | 509.8 | 531.4 |
| Other operating expenses including impairment | 692.2 | 787.7 | 873.1 | 809.1 | 754.3 | 832.3 | 869.2 | 1,042 |
| Operating EBITDA excluding other income | 375.1 | 426.5 | 757.1 | 515.7 | 438.4 | 516.1 | 729.4 | 466.2 |
| Other income | 92.9 | 64.3 | 68.7 | 69.2 | 86.3 | 42.7 | 296.3 | 54.2 |
| Depreciation and amortisation expense | 94.6 | 104.1 | 109.7 | 105.7 | 105.8 | 108.6 | 111.8 | 120.6 |
| Exceptional items (signed PBT impact) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -45.0 | 0.00 | 0.00 |
| Associate equity-accounted profit or loss (signed) | 0.00 | 0.00 | 0.00 | 0.00 | 4.82 | 11.4 | 13.6 | 0.00 |
| Profit attributable to owners of parent | 268.2 | 278.3 | 517.8 | 347.7 | 319.0 | 300.8 | 723.1 | 290.4 |
| Non-controlling interests' share of profit | -0.83 | -0.19 | -0.72 | -0.73 | 0.33 | -0.67 | ||
| Basic EPS (₹) | 8.26 | 5.55 | 5.09 | 4.80 | 11.52 | 4.63 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 33.3% | 21.5% | 10.6% | 17.1% | 3.4% |
| EBITDA margin | 9.9% | 9.8% | 9.8% | ||
| Net margin | 6.8% | 6.8% | 7.5% | ||
| Return on equity | 18.1% | 18.7% | 19.0% | ||
| Return on capital employed | 26.7% | 22.0% | 24.0% | 25.3% | 25.3% |
| Return on assets | 10.8% | 11.2% | 11.8% | ||
| Borrowings less cash (₹ crore) | -159.4 | -242.1 | 37.1 | -807.3 | -790.6 |
| Borrowings less cash / EBITDA | 0.02x | -0.38x | -0.36x | ||
| Interest cover | 31.1x | 44.0x | 38.4x | 47.0x | 60.2x |
| Asset turnover | 1.43x | 1.55x | 1.58x | 1.66x | 1.58x |
| Receivable days | 21 | 13 | |||
| Inventory days (on revenue) | 78 | 81 | 67 | 68 | 72 |
| Payable days (on revenue) | 64 | 59 | 55 | 51 | 47 |
| Cash conversion | 1.03x | 0.93x | |||
| Capex intensity | 1.8% | 3.5% | 4.1% | 3.5% | 6.6% |
| Free cash flow (₹ crore) | 757.1 | 87.5 | |||
| Dividend payout | 37.0% | 42.6% | 37.1% | ||
| EPS, diluted (₹) | 19.10 | 17.11 | 20.28 | 23.48 | 26.94 |
| Book value per share (₹) | 95.85 | 105.8 | 118.8 | 132.8 | 150.8 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Havells India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Havells India
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 22 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.