HAVELLS

Havells India share price & financials

Price
₹1,187.3
Market cap
₹76.0k Cr
Sector
Consumer Durables
Calls analysed
7
Latest concall · Q1 FY27 · call held 17 Jul 2026

Havells India Limited Q1 FY27

What went well

  • Strong revenue growth in the first quarter, indicating resilient demand despite inflationary pressures and West Asia uncertainties (Anil Rai Gupta, page 3).
  • Consumer categories held well and absorbed price hikes, showing strength across categories (Anil Rai Gupta, page 3).
  • Renewables business continued rapid scaling with robust growth, leveraging sector tailwinds, now reported as a separate segment (Anil Rai Gupta, page 3).

What to watch

  • Inflationary pressures and uncertainties from the West Asia situation impacted the quarter (Anil Rai Gupta, page 3).
  • Delayed onset of summer restricted the full benefit for cooling products demand (Anil Rai Gupta, page 3).
Read the full call →

What Havells India Limited does

Havells India is a diversified fast-moving electrical goods (FMEG) manufacturer that sells under a multi-brand portfolio - Havells, Lloyd, Crabtree, Havells Studio, Standard and Reo. Its core business spans wires and cables, switchgears, lighting and fixtures, and electrical consumer durables (fans, air coolers, water heaters and appliances), sold through B2B/infrastructure channels for industrial cables and switchgear and B2C dealer/retail distribution for consumer categories. Separately, its Lloyd Consumer business manufactures and markets room air conditioners, refrigerators and other consumer durables. The company has also taken a strategic equity stake in Goldi Solar Pvt Ltd, a solar-module manufacturer, to build out a renewables/solar business.

Segments

  • Switchgears
  • Cables
  • Lighting & Fixtures
  • Electrical Consumer Durables (ECD)
  • Others
  • Lloyd Consumer
Number of brands
6
New Lloyd refrigerator manufacturing plant
Commissioned at Ghiloth
Solar manufacturing stake
Strategic equity stake in Goldi Solar Pvt Ltd, a solar-module manufacturer
New R&D centre
Under construction
Founded 1983Headquarters Noida, Uttar Pradesh, India Company website

Guidance record · Q1 FY27

what the last two calls moved 12 tracked 1 delivered 1 missed 10 open
  • Lloyd Contribution Margins missed said Q2 FY26 Promised: Improvement from Q3, real effect in Q4 Q1 FY27: The specific timeline for this promise (Q3/Q4 FY26) has passed. A new promise for Lloyd's margins returning to double-digits has been issued.
  • Havells Normalized Margin Levels at risk said Q4 FY25 Promised: 13-14.5% Q1 FY27: Profitability was impacted by front-loaded A&P spends and inflationary pressures. Management has a 'healthy outlook' on margins going forward but provided no specific numbers to confirm progress towards the 13-14.5% target.
  • Solar Business Revenue on track said Q1 FY26 Promised: ₹1,000-1,500 crores in the next couple of years Q1 FY27: Renewables (including solar) business reported 'robust growth' and is now a separate reporting segment, indicating continued strong performance and focus.

All 12 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 19.5%, net profit down 16.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue4,539 4,889 6,544 5,455 4,779 +5%5,588 +14%6,705 +2%6,518 +19%
EBITDA375 426 757 516 438 +17%516 +21%729 −4%466 −10%
Net profit268 278 517 348 318 +19%300 +8%723 +40%290 −17%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −29.5% 1Y

₹1.2k₹1.4k₹1.6kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Oct 2025Q3 FY26 — 19 Jan 2026Q4 FY26 — 22 Apr 2026Q1 FY27 — 17 Jul 2026

1Y: ₹1,575.4 on 10 Sept 2025 → ₹1,111. High ₹1,614.8 (16 Sept 2025), low ₹1,111 (11 Sept 2026).

How the price took the results

close before → close after

Q1 FY27
+1.4%
17 Jul
Q4 FY26
+1.5%
22 Apr
Q3 FY26
+1.5%
19 Jan
Q2 FY26
+1.1%
17 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 10.0% a year over 3 years, FY23 to FY26. Operating margin held at 9.8%.

Year endingFY23FY24FY25FY26
Revenue₹16.9k Cr₹18.6k Cr₹21.8k Cr₹22.5k Cr
Operating profit₹1.6k Cr₹1.8k Cr₹2.1k Cr₹2.2k Cr
Operating margin9.5%9.9%9.8%9.8%
Interest₹34 Cr₹45 Cr₹43 Cr₹37 Cr
Depreciation₹296 Cr₹338 Cr₹401 Cr₹433 Cr
Net profit₹1.1k Cr₹1.3k Cr₹1.5k Cr₹1.7k Cr
Net margin6.3%6.8%6.8%7.5%
ROCE22.0%24.0%25.0%25.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹63 Cr₹63 Cr₹63 Cr₹63 Cr₹63 Cr₹63 Cr
Reserves₹5.1k Cr₹5.9k Cr₹6.6k Cr₹7.4k Cr₹8.6k Cr₹9.4k Cr
Borrowings₹521 Cr₹616 Cr₹223 Cr₹303 Cr₹286 Cr₹265 Cr
Other liabilities₹3.2k Cr₹3.9k Cr₹4.3k Cr₹4.7k Cr₹4.7k Cr₹5.0k Cr
Total liabilities₹8.9k Cr₹10.5k Cr₹11.2k Cr₹12.4k Cr₹13.6k Cr₹14.7k Cr
Fixed assets₹3.3k Cr₹3.4k Cr₹3.6k Cr₹4.0k Cr₹4.7k Cr₹5.3k Cr
Capital work in progress₹90 Cr₹57 Cr₹166 Cr₹299 Cr₹475 Cr₹443 Cr
Investments₹306 Cr₹426 Cr₹201 Cr₹20 Cr₹616 Cr₹888 Cr
Other assets₹5.2k Cr₹6.6k Cr₹7.2k Cr₹8.1k Cr₹7.9k Cr₹8.1k Cr
Total assets₹8.9k Cr₹10.5k Cr₹11.2k Cr₹12.4k Cr₹13.6k Cr₹14.7k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −5.68 pp while DIIs added +4.86 pp. The shareholder count grew 17% to 3,03,644.

Promoters
59.4%
FIIs
15.9%
DIIs
18.0%
Government
0.2%
Public
6.5%

Since Jun 2025

  • FIIs −5.68 pp
  • DIIs +4.86 pp
  • Public +0.85 pp

How it drifted, 12 quarters

Over this window DIIs went from 9.4% to 18.0% — +8.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 59.4%, FIIs 24.2%, DIIs 9.4%, Government 0.1%, Public 6.9%.Dec '23: Promoters 59.4%, FIIs 24.0%, DIIs 10.0%, Government 0.1%, Public 6.5%.Mar '24: Promoters 59.4%, FIIs 24.8%, DIIs 9.8%, Government 0.1%, Public 5.8%.Jun '24: Promoters 59.4%, FIIs 25.3%, DIIs 9.4%, Government 0.1%, Public 5.7%, Others 0.0%.Sep '24: Promoters 59.4%, FIIs 24.8%, DIIs 10.1%, Government 0.1%, Public 5.6%.Dec '24: Promoters 59.4%, FIIs 23.5%, DIIs 11.4%, Government 0.1%, Public 5.6%.Mar '25: Promoters 59.4%, FIIs 22.3%, DIIs 12.6%, Government 0.1%, Public 5.5%.Jun '25: Promoters 59.4%, FIIs 21.6%, DIIs 13.2%, Government 0.2%, Public 5.6%, Others 0.0%.Sep '25: Promoters 59.4%, FIIs 19.3%, DIIs 15.3%, Government 0.2%, Public 5.8%.Dec '25: Promoters 59.4%, FIIs 18.0%, DIIs 16.5%, Government 0.2%, Public 6.0%.Mar '26: Promoters 59.4%, FIIs 16.9%, DIIs 17.5%, Government 0.2%, Public 6.0%.Jun '26: Promoters 59.4%, FIIs 15.9%, DIIs 18.0%, Government 0.2%, Public 6.5%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Havells India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Qrg Investments And Holdings Limited 41.21%unchanged
Shri Anil Rai Gupta as Trustee of ARG Family Trust 12.34%unchanged
Life Insurance Corporation Of India Insurer7.65%unchanged
Shri Surjit Kumar Gupta as Trustee of SKG Family Trust 5.81%unchanged
Nalanda India Equity Fund Limited FPI fund4.11%unchanged
HDFC Mutual Fund - HDFC Focused Fund Mutual fund3.49%+0.16 pp
ICICI Prudential Large Cap Fund Mutual fund1.15%newly disclosed
Government Pension Fund Global Sovereign1.14%−0.25 pp
Shri Surjit Kumar Gupta 0.00%unchanged
Shri Ameet Kumar Gupta 0.00%unchanged
Smt Santosh Gupta 0.00%unchanged
Smt Shalini Gupta 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in HAVELLS

Filings to Aug 2026

2 new, 12 added, 7 trimmed, 2 sold out — net +14.14 L shares (+7.9%).

Held by funds
₹2.4k Cr
31 schemes
Biggest holder
HDFC Flexi Cap Fund
₹619 Cr · 0.6% of that fund
SchemeHoldingLast month
HDFC Flexi Cap Fund HDFC Mutual Fund₹619 Crheld
HDFC Large Cap Fund HDFC Mutual Fund₹546 Crheld
SBI Aggressive Hybrid Fund SBI Mutual Fund₹276 Crnew
HDFC Hybrid Equity Fund HDFC Mutual Fund₹227 Crheld
HDFC Multi Cap Fund HDFC Mutual Fund₹169 Crheld
HDFC ELSS Tax saver HDFC Mutual Fund₹135 Crheld
HDFC Manufacturing Fund HDFC Mutual Fund₹110 Crheld
HDFC Retirement Savings Fund - Equity Plan HDFC Mutual Fund₹88 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

12 added, 7 trimmed — net +14.14 L shares (+7.9%)

Funds are sitting on
-19%
vs est. average cost
Held by funds
₹2.4k Cr
31 schemes · ≈ 3.0% of the company
Biggest holder
HDFC Flexi Cap Fund
₹619 Cr · 0.6% of that fund
Longest holder
Nippon India ETF Nifty India Consumption
11y 5m · since Apr '15

Shares held by these funds +465%

Aug '23 1.79 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹1111, this stock must grow earnings at 32% every year for 7 years. Our analysis caps realistic growth at ~10%. At that growth it is worth ₹373 — downside of 66%.

Growth the price implies
31.8% a year
for 7 years, fading to 4%
It has actually compounded at
10.4% a year
net profit, FY23–FY26 · EPS 10.5%
The gap
0.2 pp
-66% downside if it only repeats history
Price today ₹1,111 Value at the reference growth ₹373.17

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Havells India Limited

Guides on how to read this kind of business and the numbers that matter.