Havells India Ltd logo

Havells India Ltd

HAVELLS NSE

Key Fundamentals

MidcapElectronicsConsumer Goods
Market Cap
₹81,646 Cr
Volatility
Moderate
P/E Ratio
49.89
EBITDA
₹2,694 Cr
Return on Equity
17.84%
Debt to Equity
0.03
Book Value
₹150.67
EPS
₹22.2
52W High
₹1,621.1
52W Low
₹1,123.6

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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57 extracted metrics + investor summaries across FY12–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

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 8.62 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 5d ago
AI opinion · based on fundamentals
Risk medium

Havells India is a nearly debt-free consumer goods company with a market cap of ₹79,198 Cr, trading at a PE of 48.5x and P/B of 8.37x. The company has delivered consistent 19% ROE over the last decade with 10% TTM sales growth and 18% TTM profit growth, while maintaining a 41.4% dividend payout ratio.

Bull Case 7
  • Company is almost debt-free, providing significant financial flexibility and resilience during economic downturns
  • Consistent ROE of 19% maintained across 3-year, 5-year, and 10-year periods, indicating stable and efficient capital allocation
  • TTM profit growth of 18% outpaces TTM sales growth of 10%, suggesting margin expansion and improving operational efficiency
  • Compounded sales CAGR of 17% over 5 years demonstrates strong revenue momentum through multiple market cycles
  • Healthy dividend payout ratio of 41.4% with a yield of 0.79%, reflecting shareholder-friendly capital return policy
  • Compounded profit growth of 16% over 3 years indicates sustained earnings acceleration above the 10-year average of 12%
  • 10-year stock CAGR of 12% demonstrates long-term wealth creation track record alongside 10-year sales CAGR of 11%
Bear Case 8
  • PE ratio of 48.5x is significantly elevated, implying the market is pricing in aggressive future growth that may not materialize
  • Stock trading at 8.37x book value leaves limited margin of safety if growth slows or re-rating occurs
  • 1-year stock return of -14% indicates recent underperformance despite decent underlying earnings growth
  • 3-year and 5-year stock CAGR of 0% suggests the stock has delivered no capital appreciation over a medium-term horizon
  • TTM sales growth has decelerated to 10% from the 5-year CAGR of 17%, pointing to potential demand moderation
  • Dividend yield of only 0.79% provides minimal income cushion given the premium valuation of 48.5x earnings
  • 10-year profit CAGR of 12% contrasts with a PE of 48.5x, implying a PEG ratio well above 1x on historical growth rates
  • 5-year compounded profit growth of only 11% lags behind the current earnings multiple, suggesting the stock has run ahead of fundamentals

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

AI News Digest

Anthropic anthropic claude-opus-4.6 19h ago
Positives 1
  • New EVP Sales for Lloyd Aug 4

    Sandeep Sehgal appointed as EVP Sales for Lloyd brand effective August 4, 2026, bringing 25+ years of experience from Panasonic, LG Electronics, and CEAT Tyres to strengthen the consumer durables sales vertical.

Neutral 3
  • Analyst meet at Motilal conference Aug 11

    Havells will participate in the Motilal Oswal 22nd Annual Global Investor Conference on August 17, 2026, for group and one-on-one meetings with institutional investors.

  • ₹39.62 Cr block trade on NSE Aug 6

    A block trade of approximately 308,817 shares was executed at ₹1,282.90 per share on the NSE, totalling ₹39.62 crores, indicating institutional-level activity.

  • Two new independent directors proposed Jul 30

    Postal ballot underway to appoint Ashish Dhawan and Shanti Ekambaram as Independent Directors for a five-year term starting June 19, 2026, with e-voting open August 1–30.

TL;DR: Havells India shows no material headwinds in recent news flow. The key positive is a senior leadership hire to bolster Lloyd's sales push, signaling continued investment in the consumer durables segment. Governance actions like board refreshment and institutional block trades suggest steady institutional interest. The near-term outlook is stable, with the upcoming analyst meet on Aug 17 potentially providing fresh catalysts or guidance updates.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
4,834
3,900
4,414
5,442
5,806
4,539
4,889
6,544
5,455
4,779
5,588
6,705
6,518
Expenses
4,432
3,527
3,981
4,807
5,234
4,164
4,462
5,787
4,940
4,341
5,072
5,976
6,052
Operating Profit
402
373
433
635
572
375
426
757
516
438
516
729
466
OPM %
8%
10%
10%
12%
10%
8%
9%
12%
9%
9%
9%
11%
7%
Other Income
65
52
56
76
77
93
64
69
69
91
9
310
54
Interest
8
9
10
18
9
10
9
15
9
9
9
10
7
Depreciation
76
81
88
93
92
95
104
110
106
106
109
112
121
PBT
382
335
391
599
549
363
377
701
470
415
408
918
392
Tax %
25%
26%
26%
25%
26%
26%
26%
26%
26%
23%
26%
21%
26%
Net Profit
287
249
288
447
408
268
278
517
348
318
300
723
290
EPS in Rs
4.58
3.97
4.59
7.13
6.51
4.28
4.44
8.26
5.55
5.09
4.8
11.53
4.63
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
23,591
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
21,440
Operating Profit
755
796
815
1,033
1,189
1,067
1,589
1,775
1,621
1,881
2,175
2,241
2,150
OPM %
9%
10%
13%
13%
12%
11%
15%
13%
10%
10%
10%
10%
9%
Other Income
48
949
42
97
124
106
187
159
178
249
288
479
464
Interest
96
91
13
25
16
51
90
67
55
84
72
79
35
Depreciation
139
134
121
140
149
218
249
261
296
338
400
432
447
PBT
569
1,520
723
965
1,147
904
1,438
1,607
1,447
1,707
1,990
2,210
2,132
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
1,631
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
26.05
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 Jun 2026
Promoters 59.35%
DIIs 18.26%
FIIs 15.91%
Public 5.31%
Others 1.17%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
59.35%
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%
15.91%
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%
18.26%
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%
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%
5.31%
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%
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
3,03,644

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 Goods sector within the Electronics 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 ₹81645.77 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 49.89. 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 0.77%. 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 17.84%. 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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