HAVELLS
Havells India Limited Q2 FY27: Strong Business Performance with 34.6% Yoy Net Revenue Growth
Havells India Limited (NSE: HAVELLS) reported strong Q2 FY27 results with 34.6% YoY net revenue growth, driven by robust demand across segments.
Havells India Limited (NSE: HAVELLS) showcased a robust performance in Q2 FY27, reporting a 34.6% year-over-year net revenue growth to Rs 6,417 crores. The company’s strong business performance was driven by steady consumption demand despite high inflation. The contribution margin, however, softened YoY mainly due to the cables segment, where a fall in aluminum prices during Q2 impacted margins. Nevertheless, healthy EBITDA growth was observed as operating leverage offset softer contribution margins.
Segment-wise Analysis
Switchgears saw a significant growth of 31.3% YoY, supported by a domestic demand pickup and recovery in exports. Cables segment led with a 47.9% YoY growth, driven by commodity-linked price increases and a mix towards higher-sized cables. Lighting & Fixtures and Electrical Cons. Durables also witnessed positive growth of 7.0% and 10.7% respectively. The Renewables segment continued to scale faster with a phenomenal 147.8% YoY growth. Revenue in Lloyd Consumer also grew healthily through a mix of volume and price hikes.
Financial Highlights
EBITDA for Q2 FY27 stood at Rs 576 crores, marking a 30.5% YoY growth. The PAT for the quarter was Rs 353 crores, up 11.1% YoY. Despite a relatively moderated PBT growth due to the last year base including a one-time gain, the company’s financial health remains strong. The company’s focus on calibrated price hikes and cost management has helped maintain profitability amidst inflationary pressures.
As Havells India Limited continues to scale its operations and innovate across segments, investors can expect sustained growth and improved financial performance in the coming quarters.
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of Havells India Limited
Havells India Limited belongs to the Industrials › Electrical Equipment & Parts sector. Here’s a quick read on where the business and the stock stand today.
Havells trades in the lower quarter of its 52-week range. Thin margins at 6.9% leave limited room for error — any demand softness or cost spike hits the bottom line hard. The PEG of 2.65 is on the high side. However, it is acceptable for a quality compounder with a strong moat. The stock gains 2.9% in the last month, recovering from the three-month slide. However, it is too early to call this a confirmed reversal. Revenue grows at 9.9% and profits at 16.4% CAGR, with D/E of 0.04. Meanwhile, the stock dips 5.6% in three months without any fundamental deterioration. Consequently, the stock quietly becomes cheaper relative to earnings power. For long-term investors, that is a feature. Check Fundamentals of Havells India Limited.
HAVELLS
Havells India Limited Q1 FY27: Revenue Growth Despite Inflationary Pressures
Havells India Limited reports Q1 FY27 results with 20% YoY revenue growth, despite inflationary pressures and West-Asia uncertainties.
Havells India Limited (NSE: HAVELLS) announced its unaudited financial results for Q1 FY27, ending June 30, 2026. The company reported a 20% year-on-year revenue growth, reaching Rs 6,510 crores, driven by resilient demand despite inflationary pressures and uncertainties related to the West-Asia situation.
Revenue and Profitability
The net revenue for Q1 FY27 stood at Rs 6,510 crores, up from Rs 5,438 crores in the same period last year. The company’s contribution margin was 18.3%, slightly lower than the 19.7% reported in Q4 FY26. Despite higher advertising and promotional expenses, Havells managed to maintain a strong profit before tax (PBT) of Rs 401 crores, down 15.5% year-on-year.
Segment Performance
The Cables segment delivered the strongest growth at 27.0% year-on-year, followed by the Electrical Consumer Durables segment with 12.0% growth. The Renewables segment saw remarkable expansion, with revenue jumping 235.9% year-on-year, driven by strong industry tailwinds.
Financial Position
Havells’ balance sheet remains robust with total assets of Rs 14,815 crores. The company’s cash and cash equivalents stood at Rs 291 crores as of June 30, 2026. The net cash flow from operating activities was negative at Rs 186 crores due to capital expenditures and investments.
As Havells continues to calibrate and stagger price hikes to offset raw material inflation, the company remains optimistic about sustaining its growth trajectory in the upcoming quarters.
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of Havells India Limited
Havells India Limited belongs to the Industrials › Electrical Equipment & Parts sector. Here’s a quick read on where the business and the stock stand today.
Havells falls 10.4% over three months and has not found a floor yet. Thin margins at 7.5% leave limited room for error — any demand softness or cost spike hits the bottom line hard. The PEG of 2.67 is on the high side. However, it is acceptable for a quality compounder with a strong moat. Sellers drive 1.5x the volume of buyers. Furthermore, they controlled 16 of recent sessions versus 14 for buyers — a clear distribution signal. Revenue grows at 9.9% and profits at 16.4% CAGR — a genuinely strong business. Nevertheless, the stock drops 10.4% in three months. The market sells the stock, not the story. Watch whether that changes at the next earnings. Check Fundamentals of Havells India Limited.
HAVELLS
Havells India Limited (havells) Enters Battery Energy Storage Segment Through Strategic Collaboration with Pixii as
Havells India Limited (HAVELLS) enters battery energy storage segment via strategic collaboration with Pixii AS, aiming to support India’s clean energy trans.
Havells India Limited (HAVELLS) announced a strategic collaboration with Pixii AS, a Norway-based energy storage technology company, to develop and introduce advanced Battery Energy Storage Systems (BESS) for the Indian market. This move strengthens Havells’ position in India’s evolving energy transition landscape by bringing advanced, modular battery energy storage technology to customers across small scale, commercial and industrial segments.
Strategic Collaboration
The collaboration aims to combine Havells’ strong manufacturing base, extensive sales and distribution network, and deep understanding of the Indian market with Pixii’s globally proven energy storage technology. The Memorandum of Understanding (MoU) was signed in the presence of H.E. Ms. May-Elin Stener, Ambassador of Norway to India, along with senior representatives from the Embassy of Norway, Havells India, and Pixii.
Market Expansion
India’s Battery Energy Storage System market for Residential, C&I segments is expected to reach ~10- 12k INR Cr. by FY30, growing at >100% CAGR during the next three years. This collaboration will introduce globally proven technology, drive local innovation and contribute to building a sustainable and future-ready energy ecosystem in India.
As India accelerates its transition towards a cleaner energy future, this collaboration brings together global innovation to India, aiming to deliver advanced energy storage solutions that address the evolving needs of Indian homes and businesses.
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of Havells India Limited
Havells India Limited belongs to the Industrials › Electrical Equipment & Parts sector. Here’s a quick read on where the business and the stock stand today.
Havells trades in the lower quarter of its 52-week range. Thin margins at 7.5% leave limited room for error — any demand softness or cost spike hits the bottom line hard. The PEG of 2.63 is on the high side. However, it is acceptable for a quality compounder with a strong moat. The stock gains 5.9% in the last month, recovering from the three-month slide. However, it is too early to call this a confirmed reversal. Revenue grows at 9.9% and profits at 16.4%. The business is in good shape. Moreover, a stock that does not move despite strong fundamentals often offers better value than one already priced for perfection. Check Fundamentals of Havells India Limited.
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