Havells India Ltd logo

Havells India Ltd

HAVELLS NSE

Havells India Limited is a leading Fast Moving Electrical Goods (FMEG) Company and a major power distribution equipment manufacturer with a strong global presence. It enjoys enviable market dominance across a wide spectrum of products, including Industrial & Domestic Circuit Protection Devices, Cables & Wires, Motors, Fans, Modular Switches, Home Appliances, Air Conditioners, Electric Water Heaters, Power Capacitors, Luminaires for Domestic, Commercial and Industrial Applications. [1]

AI Verdict: HOLD Confidence: 5%

Havells India is a high-quality franchise with consistent 19% ROE and near-zero debt, but the stock trades at a demanding 44.3x PE with only 3% TTM sales growth. The 67.6% buy consensus from analysts reflects long-term brand strength, but near-term returns look capped given the premium valuation and slowing topline.

Key Fundamentals

MidcapElectronicsConsumer Goods
Market Cap
₹74,725 Cr
Volatility
Moderate
P/E Ratio
43.69
EBITDA
₹2,694 Cr
Return on Equity
17.06%
Debt to Equity
0.03
Book Value
₹150.74
EPS
₹22.2
52W High
₹1,621.1
52W Low
₹1,123.6

Technical Indicators

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 41.4%

Weaknesses

1
  • Stock is trading at 7.87 times its book value

Growth Rate

Revenue Growth
4.26% ↘
Net Income Growth
14.90% ↘
Cash Flow Change
3.22% ↗
ROE
1.19% ↘
ROCE
-1.78% ↘
EBITDA Margin (Avg.)
6.17% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk medium

Havells India is a high-quality franchise with consistent 19% ROE and near-zero debt, but the stock trades at a demanding 44.3x PE with only 3% TTM sales growth. The 67.6% buy consensus from analysts reflects long-term brand strength, but near-term returns look capped given the premium valuation and slowing topline.

Bull Case 8
  • Virtually debt-free balance sheet gives financial flexibility and resilience through economic cycles, reducing bankruptcy risk to near zero
  • Consistent ROE of 19% maintained across 3-year, 5-year, and 10-year periods demonstrates durable competitive advantages and efficient capital allocation
  • Compounded profit growth of 16% over 3 years outpaces sales growth of 10%, indicating margin expansion and operating leverage
  • 67.6% of analysts (25 out of 37) rate the stock a Buy, reflecting broad institutional confidence in the business model
  • Healthy dividend payout ratio of 41.4% with 0.84% yield provides shareholder returns even during periods of stock price stagnation
  • 10-year compounded sales growth of 11% and profit growth of 12% demonstrate long-term secular growth in the consumer electricals category
  • TTM profit growth of 14% significantly exceeds TTM sales growth of 3%, suggesting cost discipline and pricing power even in a slowdown
  • Market cap of Rs 74,317 crore positions Havells as a large-cap with institutional liquidity, lower volatility risk, and index inclusion benefits
Bear Case 8
  • PE ratio of 44.3x is significantly above the Nifty 50 average of ~22x, leaving limited margin of safety if growth disappoints
  • Stock price CAGR of -23% over 1 year indicates severe de-rating and negative momentum despite reasonable earnings growth
  • Price-to-book of 7.92x is elevated and flagged as a concern — paying nearly 8x book value demands sustained high growth to justify
  • TTM sales growth has decelerated sharply to just 3% compared to 10% over 3 years and 17% over 5 years, signaling demand softness
  • 3-year stock CAGR of -4% means shareholders have destroyed value over a meaningful holding period despite 16% profit compounding
  • 10.81% of analysts (4 out of 37) have a Sell rating, which is notable for a large-cap quality name and suggests valuation discomfort
  • Dividend yield of only 0.84% offers minimal income cushion while waiting for capital appreciation in a high-valuation stock
  • 5-year stock CAGR of just 3% versus 11% profit CAGR over the same period shows persistent PE compression from elevated starting valuations

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Neutral 5
  • Two new independent directors appointed Jun 19

    Havells appointed Ashish Dhawan and Shanti Ekambaram as Additional Directors (Independent) on June 19, 2026, replacing outgoing directors Upendra Kumar Sinha and Jalaj Ashwin Dani whose tenures ended.

  • Independent director re-appointments clarified Jun 10

    Havells clarified re-appointments of Namrata Kaul and Ashish Bharat Ram for a second term as Independent Directors at the 43rd AGM on June 19, 2026.

  • Participation in Citi Consumption Tour Jun 11

    Havells will attend the Citi India Consumption Tour in Noida on June 18, 2026. No unpublished price sensitive information will be shared.

  • Investor meetings in Mumbai May 26

    Havells scheduled meetings with analysts and institutional investors from June 2 to June 8, 2026, to be held physically in Mumbai.

  • EVP retires on superannuation May 30

    Executive Vice President Ramesh Viswanathan retired due to superannuation on May 29, 2026.

TL;DR: Recent Havells news flow is entirely governance and investor-relations related, with no material operational or financial developments. Board refreshment is proceeding smoothly with new independent directors replacing outgoing ones. There are no identifiable headwinds or positive catalysts from this batch of news. Investors should watch for any substantive updates from the June investor meetings or AGM outcomes for forward direction.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
4,859
4,834
3,900
4,414
5,442
5,806
4,539
4,889
6,544
5,455
4,779
5,588
6,705
Expenses
4,332
4,432
3,527
3,981
4,807
5,234
4,164
4,462
5,787
4,940
4,341
5,072
5,976
Operating Profit
527
402
373
433
635
572
375
426
757
516
438
516
729
OPM %
11%
8%
10%
10%
12%
10%
8%
9%
12%
9%
9%
9%
11%
Other Income
47
65
52
56
76
77
93
64
69
69
91
9
310
Interest
10
8
9
10
18
9
10
9
15
9
9
9
10
Depreciation
77
76
81
88
93
92
95
104
110
106
106
109
112
PBT
487
382
335
391
599
549
363
377
701
470
415
408
918
Tax %
26%
25%
26%
26%
25%
26%
26%
26%
26%
26%
23%
26%
21%
Net Profit
358
287
249
288
447
408
268
278
517
348
318
300
723
EPS in Rs
5.71
4.58
3.97
4.59
7.13
6.51
4.28
4.44
8.26
5.55
5.09
4.8
11.53
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
8,468
7,594
6,130
8,116
10,073
9,440
10,457
13,938
16,911
18,590
21,778
22,528
Expenses
7,713
6,798
5,315
7,083
8,885
8,373
8,868
12,163
15,290
16,709
19,603
20,286
Operating Profit
755
796
815
1,033
1,189
1,067
1,589
1,775
1,621
1,881
2,175
2,241
OPM %
9%
10%
13%
13%
12%
11%
15%
13%
10%
10%
10%
10%
Other Income
48
949
42
97
124
106
187
159
178
249
288
479
Interest
96
91
13
25
16
51
90
67
55
84
72
79
Depreciation
139
134
121
140
149
218
249
261
296
338
400
432
PBT
569
1,520
723
965
1,147
904
1,438
1,607
1,447
1,707
1,990
2,210
Tax %
32%
14%
32%
31%
31%
19%
27%
26%
26%
26%
26%
24%
Net Profit
385
1,300
494
661
788
735
1,044
1,196
1,072
1,271
1,470
1,689
EPS in Rs
6.17
20.82
7.91
10.6
12.59
11.75
16.68
19.1
17.11
20.28
23.48
26.95
Div. Payout %
49%
29%
44%
4%
36%
34%
39%
39%
44%
44%
43%
37%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
62
62
62
63
63
63
63
63
63
63
63
63
Reserves
1,756
2,965
3,214
3,667
4,135
4,249
5,114
5,940
6,563
7,384
8,261
9,393
Borrowings
424
134
208
115
94
72
521
616
223
303
319
265
Other Liabilities
2,546
1,225
1,683
2,763
2,856
2,690
3,155
3,904
4,309
4,683
5,167
5,026
Total Liabilities
4,788
4,387
5,168
6,608
7,148
7,073
8,852
10,523
11,157
12,433
13,809
14,746
Fixed Assets
1,541
1,224
1,300
2,819
2,904
3,350
3,290
3,434
3,621
3,988
4,652
5,343
CWIP
38
20
12
24
233
86
90
57
166
299
118
443
Investments
0
189
162
0
0
0
306
426
201
20
11
888
Other Assets
3,209
2,954
3,694
3,765
4,012
3,638
5,166
6,606
7,170
8,126
9,028
8,072
Total Assets
4,788
4,387
5,168
6,608
7,148
7,073
8,852
10,523
11,157
12,433
13,809
14,746
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
963
513
767
1,100
501
827
660
1,728
565
1,953
1,523
1,572
Investing
-485
-121
-220
-946
185
-548
-763
-759
31
-1,618
-305
-895
Financing
-754
-621
-98
-409
-318
-716
190
-547
-907
-534
-677
-693
Net Cash Flow
-277
-229
450
-255
368
-437
87
421
-311
-199
541
-17
Free Cash Flow
793
299
529
-489
2
467
507
1,475
-21
1,191
769
156
CFO/OP
153
87
119
130
63
100
59
121
59
125
93
93
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
27
11
14
15
15
9
20
20
21
23
21
13
Inventory Days
103
70
99
124
115
121
153
119
119
102
104
110
Days Payable
79
42
66
125
94
92
93
95
85
81
78
72
Cash Conversion Cycle
51
39
46
14
36
39
79
44
55
44
47
51
Working Capital Days
-6
-3
-8
-17
0
1
20
7
25
11
12
14
ROCE %
27%
28%
25%
27%
29%
22%
30%
27%
22%
24%
25%
25%

Shareholding Pattern

As of Mar 2026
Promoters 59.38%
DIIs 17.73%
FIIs 16.94%
Public 4.79%
Others 1.17%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
59.50%
59.47%
59.47%
59.47%
59.47%
59.45%
59.45%
59.45%
59.45%
59.43%
59.43%
59.43%
59.43%
59.41%
59.41%
59.41%
59.41%
59.38%
59.38%
59.38%
59.38%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
24.83%
25.33%
24.76%
23.47%
22.31%
21.59%
19.28%
17.97%
16.94%
DIIs
7.74%
8.03%
6.03%
6.17%
8.07%
8.82%
8.65%
10.51%
10.37%
8.47%
8.11%
8.47%
9.88%
9.55%
10.24%
11.56%
12.76%
13.36%
15.52%
16.70%
17.73%
Government
0.19%
0.12%
0.11%
0.10%
0.10%
0.10%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
5.68%
6.12%
5.65%
5.81%
6.04%
5.93%
5.70%
5.76%
5.54%
5.42%
5.37%
5.05%
4.54%
4.37%
4.31%
4.47%
4.44%
4.49%
4.67%
4.82%
4.79%
Others
26.89%
26.27%
28.73%
28.45%
26.32%
25.70%
26.21%
24.28%
24.63%
26.68%
27.09%
27.04%
1.31%
1.34%
1.27%
1.10%
1.08%
1.18%
1.13%
1.13%
1.17%
No. of Shareholders
1,58,514
2,21,938
1,89,991
2,16,413
2,56,093
2,44,014
2,36,360
2,49,681
2,39,686
2,25,255
2,24,208
2,31,540
2,24,428
2,14,713
2,13,745
2,37,325
2,46,910
2,59,315
2,66,872
2,76,128
2,74,520

Documents

1
Concall - Dec 2017 Dec 2017
2
Concall - Mar 2018 Mar 2018
3
Concall - May 2018 May 2018
4
Concall - Jul 2018 Jul 2018
5
Concall - Aug 2018 Aug 2018

Frequently Asked Questions about Havells India Ltd

What does Havells India Ltd do?
Havells India Limited is a leading Fast Moving Electrical Goods (FMEG) Company and a major power distribution equipment manufacturer with a strong global presence. It enjoys enviable market dominance across a wide spectrum of products, including Industrial & Domestic Circuit Protection Devices, ...
Where is Havells India Ltd (HAVELLS) listed?
Havells India Ltd is listed on the Indian stock exchanges. It is listed on NSE: HAVELLS and BSE: 517354. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Havells India Ltd belong to?
Havells India Ltd operates in the Consumer Discretionary sector within the Consumer Durables industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Havells India Ltd?
Havells India Ltd has a market capitalisation of approximately ₹74725.11 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Havells India Ltd?
The Price-to-Earnings (PE) ratio of Havells India Ltd is 43.69. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Havells India Ltd?
Over the past 52 weeks, Havells India Ltd has traded between a low of ₹1,123.6 and a high of ₹1,621.1. This range helps investors understand the stock's price volatility and recent trading levels.
Does Havells India Ltd pay dividends?
Yes, Havells India Ltd has a dividend yield of 0.84%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Havells India Ltd?
Havells India Ltd has a Return on Equity (ROE) of 17.06%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Havells India Ltd on Tapetide?
On Tapetide, you can view Havells India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Havells India Limited is a leading Fast Moving Electrical Goods (FMEG) Company and a major power distribution equipment manufacturer with a strong global presence. It enjoys enviable market dominance across a wide spectrum of products, including Industrial & Domestic Circuit Protection Devices, Cables & Wires, Motors, Fans, Modular Switches, Home Appliances, Air Conditioners, Electric Water Heaters, Power Capacitors, Luminaires for Domestic, Commercial and Industrial Applications. [1]

Website havells.com
CEO Mr. Anil Rai Gupta
Employees 7,532
Listed 2001-03-21
Face Value ₹ 1
Issued Size 62,72,56,842

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