Havells logo

Havells

HAVELLS NSE

Key Fundamentals

MidcapElectronicsConsumer Goods
Market Cap
₹69,120 Cr
Volatility
Low Risk
P/E Ratio
42.65
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
₹1,105.5

Tapetide Score

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

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 7.37 times its book value

Growth Rate

Revenue Growth
4.26% lower than 3Y
Net Income Growth
14.9% lower than 3Y
Cash Flow Change
3.22% higher than 3Y
ROE
1.19% lower than 3Y
ROCE
-1.78% lower than 3Y
EBITDA Margin (Avg.)
6.17% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Havells India Ltd is a nearly debt-free consumer goods company with a market cap of ₹69,120 Cr, trading at a PE of 42.9x and 7.4x book value. The company has delivered consistent 19% ROE over the last decade with 10% TTM sales growth and 18% TTM profit growth, though the stock has declined 29% over the past year.

Bull Case 8
  • Company is almost debt-free, giving it significant financial flexibility and low interest burden compared to leveraged peers in the consumer goods space
  • Consistent ROE of 19% maintained across 1-year, 3-year, 5-year, and 10-year periods, indicating durable capital efficiency and stable business fundamentals
  • TTM profit growth of 18% outpaces TTM sales growth of 10%, suggesting improving operating margins and better cost management
  • Healthy dividend payout ratio of 41.4% with a current dividend yield of 0.9%, reflecting shareholder-friendly capital allocation policy
  • Compounded sales CAGR of 17% over 5 years demonstrates strong medium-term revenue expansion across product segments
  • Compounded profit CAGR of 16% over 3 years shows accelerating earnings momentum relative to the 12% ten-year profit CAGR
  • 10-year stock CAGR of 11% indicates long-term wealth creation track record despite recent correction
  • 10-year sales CAGR of 11% paired with 12% profit CAGR shows the company has consistently grown profits slightly faster than revenues over the long term
Bear Case 8
  • Stock trades at 42.9x PE, a significant premium to broader market averages, leaving limited margin of safety if growth disappoints
  • Price-to-book ratio of 7.4x is elevated, indicating the market is pricing in substantial future growth that must be delivered to justify current levels
  • Stock has declined 29% over the past 1 year, reflecting significant negative price momentum and possible de-rating by the market
  • 3-year stock CAGR of -8% indicates sustained underperformance despite underlying earnings growth of 16% CAGR over the same period
  • 5-year stock CAGR of -5% shows the stock has destroyed value for medium-term holders even as sales grew at 17% CAGR over the same period
  • TTM sales growth has decelerated to 10% from the 5-year CAGR of 17%, suggesting a potential slowdown in topline momentum
  • Dividend yield of only 0.9% provides limited income cushion for investors during periods of price decline like the current one
  • At a market cap of ₹69,120 Cr with 10% sales growth, the valuation implies high expectations — any miss in quarterly earnings could trigger further de-rating from the 42.9x PE multiple

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Neutral 1
  • Two independent directors appointed Aug 31

    Havells India shareholders approved appointment of Ashish Dhawan and Shanti Ekambaram as independent directors via postal ballot, with both resolutions passing with requisite majority.

TL;DR: Limited news flow for Havells India in this period, with only a routine board governance update on independent director appointments. No material headwinds or positive catalysts emerged from the available articles. The outlook remains dependent on broader consumer demand trends and upcoming quarterly results for directional clarity.

Quarterly Results

Particulars 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

Particulars 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

Particulars 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

Particulars 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

Particulars 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%

Insights

Beta

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

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Shareholding Pattern

Others1.17%Govt.0.23%Promot.59.35%Public5.31%FIIs15.91%DIIs18.03%As ofJun 2026

Documents

Frequently Asked Questions about Havells

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 trades as HAVELLS on the NSE and under code 517354 on the BSE.
Which sector does Havells India Ltd belong to?
Havells India Ltd is classified under the Consumer Goods sector, in the Electronics industry.
What is the market capitalisation of Havells India Ltd?
Havells India Ltd has a market capitalisation of ₹69,120 Cr, which places it in the Large Cap band.
What is the PE ratio of Havells India Ltd?
Havells India Ltd trades at a PE ratio of 42.65, on earnings per share of ₹22.2, against a book value of ₹150.67 per share.
What is the 52-week high and low of Havells India Ltd?
Over the last 52 weeks Havells India Ltd has traded between ₹1,105.5 and ₹1,621.1.
Does Havells India Ltd pay dividends?
Havells India Ltd has a dividend yield of 0.90%.
What is the Return on Equity (ROE) of Havells India Ltd?
Havells India Ltd reported a return on equity of 17.84%. Its debt-to-equity ratio is 0.03.

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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