Havells India (HAVELLS) · mywealthgrid

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About

Havells India is a large-cap (₹81,774 Cr) electrical equipment and consumer durables manufacturer with a broad product span from wires to appliances. The company operates in the consumer discretionary sector, serving both electrical infrastructure and household appliances markets.

Founded: 1958
Face value: ₹1

Market cap

₹65,520 Cr

P/E

40.1×

P/B

6.9×

Dividend yield

1.5%

ROE

19%

ROCE

23.6%

Debt / equity

OPM

9.8%

EPS (TTM)

₹26.0

Book value

₹150.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE of 50.07 is extremely elevated, providing minimal margin for earnings disappointment or negative surprises. - Operating margin compressed sharply from 10.88% (Mar 2026) to 7.28% (Jun 2026); verify whether this is seasonal, temporary input-cost pressure, or structural demand or competitive weakness. - Negative one-year return of -13.16% despite positive ROE and consistent dividends suggests the market is repricing growth or raising risk concerns; verify what fundamentals or cycle factors are driving repricing. - Earnings volatility: net profit fell from ₹734 Cr (Mar 2026) to ₹298 Cr (Jun 2026) in one quarter; clarify whether March included one-time gains or Q2 represents a new run-rate.

Generated analysis · source review pending

Growth drivers

Zero debt (D/E 0) provides financial capacity for organic capex, acquisitions, or growth investments without balance-sheet stress. - ROE of 19.02% indicates capital-efficient operations; verify reinvestment rate and capex plans to assess how much retained earnings support organic growth. - Quarterly revenue reached ₹6,687 Cr (Mar 2026), the highest in the dataset; verify whether this reflects sustainable demand or seasonal strength and whether this level can be sustained. - Operating margin achieved 10.88% (Mar 2026); verify whether cost-structure improvements, product-mix shifts, or efficiency gains could restore margins from the current 7.28%.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,040.0-0.3%1Y

Quick read

rule-based

Pros

+Strong return on equity of 18.6% (3-yr avg)
+High return on capital employed of 23.3%
+Revenue CAGR of 16.6% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 60.6×
+Dividend payout of 61.7% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

47/100

Business quality: 67
Growth: 44
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 50 NIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	9,440	10,457	13,938	16,911	18,590	21,778	22,528
COGS	5,833	6,490	9,422	11,705	12,569	14,608	15,080
Gross profit	3,607	3,968	4,516	5,205	6,021	7,170	7,448
	2,578	2,396	2,756	3,606	4,179	5,039	5,219
	1,029	1,572	1,760	1,599	1,843	2,131	2,229
OPM %	10.9%	15%	12.6%	9.5%	9.9%	9.8%	9.9%
Depreciation	218	249	261	296	339	400	432
Interest	20	73	53	34	46	43	37
	113	187	160	178	249	303	449
Profit before tax	904	1,438	1,607	1,447	1,707	1,990	2,210
Tax	169	393	410	375	437	520	520
Tax %	18.7%	27.4%	25.5%	25.9%	25.6%	26.1%	23.6%
	735	1,044	1,196	1,072	1,271	1,470	1,689
PAT margin %	7.8%	10%	8.6%	6.3%	6.8%	6.8%	7.5%
EPS (₹)	11.8	16.7	19.1	17.1	20.3	23.5	27
EPS adjusted (₹)	11.8	16.7	19.1	17.1	20.2	23.5	27
	34%	39%	39.2%	43.8%	44.4%	42.6%	37.1%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	63	63	63	63	63	63	63	63	63
Reserves	3,667	4,155	4,249	5,114	5,940	6,563	7,384	8,261	9,393
Minority interest	8	—	—	—	—	—	—	17	13
	81	41	—	492	396	0	0	0	0
	2,790	2,914	2,762	3,184	4,125	4,532	4,986	5,468	5,278
Total equity & liabilities	6,608	7,172	7,073	8,852	10,523	11,157	12,433	13,809	14,746
	2,765	2,928	3,350	3,290	3,434	3,621	3,988	4,652	5,343
CWIP	24	232	83	86	57	163	297	116	439
Investments	—	—	—	306	426	201	20	11	0
	3,819	4,012	3,641	5,169	6,607	7,173	8,128	9,030	8,964
Total assets	6,608	7,172	7,073	8,852	10,523	11,157	12,433	13,809	14,746

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Cables	8,676.7	1,137.63	2,848.54	1,091.58	1,756.96	64.75
Lloyd Consumer	3,974.37	-214.42

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	38.2%	37.9%	32.4%	30.8%	32.4%	32.9%	33.1%
EBITDA margin %	10.9%	15%	12.6%	9.5%	9.9%	9.8%	9.8%
EBIT margin %	8.6%	12.7%	10.8%	7.7%	8.1%	7.9%	7.8%
PAT margin %	7.8%	10%	8.6%	6.3%	6.8%	6.8%	7.5%
Working capital
Receivable days	10	20	20	21	23	21	13
Inventory days	117	147	115	116	99	101	107
Payable days	88	90	92	82	78	76	70
NWC days	38	77	43	54	44	46	50
Leverage
Current ratio	1.49	1.92	1.82	1.84	1.84	1.86	1.71
Debt to EBITDA	—	0.31	0.22	0	0	0	0
Debt to equity	—	0.1	0.07	0	0	0	0
Interest coverage	46.9	20.8	31.1	44	38.4	47	60.6
Asset turnover	1.33	1.18	1.32	1.52	1.5	1.58	1.53
Return ratios
Return on assets %	10.4%	11.8%	11.4%	9.6%	10.2%	10.6%	11.5%
Return on capital employed %	19.5%	27.9%	25.6%	20.8%	22.7%	23.7%	23.6%
Return on equity %	17.1%	20.2%	19.9%	16.2%	17.1%	17.7%	17.9%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	59.43%	59.43%	59.43%	59.41%	59.41%	59.41%	59.41%	59.38%	59.38%	59.38%	59.38%	59.35%
	24.19%	23.96%	24.83%	25.33%	24.76%	23.46%	22.31%	21.59%	19.28%	17.97%	16.94%	15.91%
	9.49%	10.12%	9.88%	9.55%	10.24%	11.56%	12.76%	13.36%	15.35%	16.53%	17.5%	18.03%
	0%	0%	0%	0%	0%	0%	0%	0%	0.17%	0.17%	0.23%	0.23%
	6.89%	6.49%	5.86%	5.67%	5.59%	5.57%	5.52%	5.62%	5.82%	5.95%	5.95%	6.48%
No. of shareholders	—	—	—	—	—	—	—	—	2,66,872	2,76,128	2,74,520	3,03,644

Promoter holding down 0.08 percentage points since Sep 2023.

40 deals · 31 Aug 2021 – 25 Jan 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
25 Jan 2024	SOCIETE GENERALE	Block	BSE	Buy	3,11,790	₹1,305.60	₹40.71 Cr
25 Jan 2024	BNP PARIBAS ARBITRAGE	Block	BSE	Sell	3,11,790	₹1,305.60	₹40.71 Cr
25 Jan 2024	MARSHALLWACEINVESTMENTSTRATEGIESMARKETNEUTRALTOPSFUND	Block	BSE	Buy	1,00,904	₹1,305.60	₹13.17 Cr
25 Jan 2024	BNP PARIBAS ARBITRAGE	Block	BSE	Sell	1,00,904	₹1,305.60	₹13.17 Cr
26 Jun 2023	OPPENHEIMER EMERGING MARKETS INNOVATORS FUND	Block	BSE	Sell	1,56,738	₹1,284.95	₹20.14 Cr
26 Jun 2023	OPPENHEIMER DEVELOPING MARKET FUND	Block	BSE	Buy	1,56,738	₹1,284.95	₹20.14 Cr
23 Nov 2022	SOCIETE GENERALE	Block	BSE	Sell	2,57,747	₹1,240.50	₹31.97 Cr
23 Nov 2022	SOCIETE GENERALE	Block	BSE	Buy	2,57,747	₹1,240.50	₹31.97 Cr
14 Nov 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	NSE	Buy	3,77,586	₹1,236.45	₹46.69 Cr
14 Nov 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	NSE	Sell	3,77,586	₹1,236.45	₹46.69 Cr

1–10 of 40

1 / 4

Mr. Anil Rai GuptaExecutive Director-Chairperson related to Promoter-CEO-MD
Mr. Surjit Kumar GuptaNon-Executive - Non Independent Director
Mr. Ameet Kumar GuptaExecutive Director
Mr. Rajesh Kumar GuptaExecutive Director
Mr. T V Mohandas PaiNon-Executive - Non Independent Director
Mr. Puneet BhatiaNon-Executive - Non Independent Director
Mr. Siddhartha PanditExecutive Director
Mr. Subhash Sheoratan MundraNon-Executive - Independent Director
Mr. Bontha Prasada RaoNon-Executive - Independent Director
Mrs. Namrata KaulNon-Executive - Independent Director
Mr. Ashish Bharat RamNon-Executive - Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹1,016.0 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹1,022.7	-31.9	-3%	₹1,022.7	20,530	+358	2,807	500
23 Nov 2026	₹1,021.8	-30.6	-2.9%	₹1,021.8	1,524	+325	455	500
29 Dec 2026	₹1,024.2	-34.6	-3.3%	₹1,024.2	43	+43	45	500

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 16 fund houses

Held by these funds

2.92%

of the company's equity

All mutual funds

7.86%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

95 schemes · 16 fund houses

		Shares
Large Cap Fund	ICICI Prudential Mutual Fund	27.73 L	345.03	0.43%	0.44%	-0
Aggressive Hybrid FundNEW	SBI Mutual Fund	22.22 L	276.49	0.31%	0.353%	—
Franklin India Flexi Cap Fund ( Formerly known as Franklin India Equity Fund) ^NEW	Franklin Templeton Mutual Fund	16.2 L	201.59	1.04%	0.257%	—
Large & Mid Cap Fund	DSP Mutual Fund	15.85 L	197.14	1.07%	0.252%	-0
Franklin India Mid Cap Fund (Formerly known as Franklin India Prima Fund) ^	Franklin Templeton Mutual Fund	15.58 L	193.82	1.48%	0.247%	+1 L
Franklin India Focused Equity FundNEW	Franklin Templeton Mutual Fund	12.91 L	160.62	1.4%	0.205%	—
Small Cap Fund	Axis Mutual Fund	6.36 L	79.08	0.25%	0.101%	-0
Bharat Consumption Fund	ICICI Prudential Mutual Fund	6.21 L	77.22	2.38%	0.099%	-0

1–8 of 95

1 / 12

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

22 announcementsExport CSV

1 Oct 2026, 5:03 pmCompany Update

Intimation Of Grant And Vesting Under ESPS 2022

General PDF

Loading announcements…

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	38.2%	37.9%	32.4%	30.8%	32.4%	32.9%	33.1%
EBITDA margin %	10.9%	15%	12.6%	9.5%	9.9%	9.8%	9.8%
EBIT margin %	8.6%	12.7%	10.8%	7.7%	8.1%	7.9%	7.8%
PAT margin %	7.8%	10%	8.6%	6.3%	6.8%	6.8%	7.5%
Working capital
Receivable days	10	20	20	21	23	21	13
Inventory days	117	147	115	116	99	101	107
Payable days	88	90	92	82	78	76	70
NWC days	38	77	43	54	44	46	50
Leverage
Current ratio	1.49	1.92	1.82	1.84	1.84	1.86	1.71
Debt to EBITDA	—	0.31	0.22	0	0	0	0
Debt to equity	—	0.1	0.07	0	0	0	0
Interest coverage	46.9	20.8	31.1	44	38.4	47	60.6
Asset turnover	1.33	1.18	1.32	1.52	1.5	1.58	1.53
Return ratios
Return on assets %	10.4%	11.8%	11.4%	9.6%	10.2%	10.6%	11.5%
Return on capital employed %	19.5%	27.9%	25.6%	20.8%	22.7%	23.7%	23.6%
Return on equity %	17.1%	20.2%	19.9%	16.2%	17.1%	17.7%	17.9%

34

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	880	₹0.0	0	0	0
0	0	0	₹0.0	900	₹0.0	0	0	0
0	0	0	₹0.0	920	₹0.0	0	0	0
0	0	0	₹0.0	930	₹0.0	0	0	0
0	0	0	₹0.0	940	₹0.0	0	0	0
0	0	0	₹0.0	950	₹0.0	0	0	0
0	0	0	₹0.0	960	₹0.0	0	0	0
0	0	0	₹0.0	970	₹0.0	0	0	0

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
1 Oct 2026, 5:03 pm	Company Update General	Intimation Of Grant And Vesting Under ESPS 2022	PDF
15 Sept 2026, 3:40 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
1 Sept 2026, 2:50 pm	Company Update Credit Rating	Announcement under Regulation 30 (LODR)-Credit Rating	PDF
31 Aug 2026, 3:47 pm	AGM/EGM Postal Ballot	Havells India Ltd - 517354 - Shareholder Meeting / Postal Ballot-Scrutinizer"s Report	PDF
31 Aug 2026, 3:43 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot	PDF
11 Aug 2026, 6:09 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
3 Aug 2026, 5:48 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
31 Jul 2026, 1:25 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Notice of Postal Ballot	PDF

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Titan CompanyTITANTITAN	₹4,01,897 Cr	₹4,13,275 Cr	₹92,417 Cr	₹9,415 Cr	9.5%	₹5,760 Cr	5.8%	45.4%	37.1%	127
Asian PaintsASIANPAINTASIANPAINT	₹2,31,072 Cr	₹2,33,365 Cr	₹37,187 Cr	₹7,240 Cr	18.8%	₹4,765 Cr	12.4%	26%	21.2%	80
Lg Electronics India LimitedLGEINDIALGEINDIA	₹1,16,876 Cr	₹1,16,876 Cr	₹25,575 Cr	₹2,593 Cr	9.8%	₹1,825 Cr	6.9%	31%	24.7%	30
Dixon TechnologiesDIXONDIXON	₹77,216 Cr	₹77,684 Cr	₹51,585 Cr	₹1,847 Cr	3.8%	₹1,877 Cr	3.4%	41.1%	37.4%	-7
Havells IndiaHAVELLSHAVELLS	₹65,520 Cr	₹65,520 Cr	₹23,591 Cr	₹2,150 Cr	9.8%	₹1,633 Cr	7.5%	23.6%	19%	50
Kalyan Jewellers India LimitedKALYANKJILKALYANKJIL	₹54,578 Cr	₹55,102 Cr	₹39,063 Cr	₹2,616 Cr	7%	₹1,435 Cr	3.8%	31.5%	24.3%	136
Berger Paints (I) LimitedBERGEPAINTBERGEPAINT	₹52,750 Cr	₹53,385 Cr	₹12,263 Cr	₹1,912 Cr	15.4%	₹1,217 Cr	9.5%	21.7%	17.2%	83
Voltas LimitedVOLTASVOLTAS	₹34,850 Cr	₹35,817 Cr	₹14,979 Cr	₹734 Cr	4.5%	₹449 Cr	2.6%	11.4%	5.8%	19
Blue Star LimitedBLUESTARCOBLUESTARCO	₹30,009 Cr	₹30,636 Cr	₹12,798 Cr	₹905 Cr	7.5%	₹509 Cr	4.3%	23.2%	16.2%	33
Amber Enterprises India LimitedAMBERAMBER	₹22,945 Cr	₹25,647 Cr	₹12,625 Cr	₹1,008 Cr	7.8%	₹96 Cr	1.9%	12.6%	5.3%	53
Metro Brands LimitedMETROBRANDMETROBRAND	₹22,721 Cr	₹22,721 Cr	₹2,311 Cr	₹719 Cr	30.3%	₹339 Cr	14.5%	21.4%	22.2%	188
Lalithaa Jewellery Mart LimitedLALITHAALALITHAA	₹21,708 Cr	₹23,312 Cr	₹25,024 Cr	₹1,674 Cr	6.7%	₹1,010 Cr	4%	54.3%	41.6%	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	513	778	1,100	501	827	660	1,728	565	1,953	1,515	1,572
	35	-227	-944	188	-548	-763	-759	35	-1,614	-302	-893
	-621	-72	-409	-318	-716	190	-547	-907	-534	-669	-693
Net cash flow	-73	478	-253	372	-437	87	422	-307	-195	545	-14
Free cash flow	296	—	—	—	466	410	1,470	-23	1,167	749	88
CFO / Operating profit %	—	—	—	—	80.4%	42%	98.2%	35.3%	106%	71.1%	71.5%

Havells India

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

Announcements

Announcements

3

Annual reports

Credit ratings

Investor Presentation and earnings call

28

1

1

34

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Cable · revenue

Havells India

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Futures3

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends28

Board meetings1

Stock splits1

Option chain34

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Cable · revenue

3

3

28

1

1

34