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Havells India

HAVELLS NSE
₹1,070.00 +18.60 (+1.77%)
P/E
41.07
View as Markdown
MCP
Close 4 Nov 2026 ₹1,070.00 −372.30 −25.8% 1Y
Start ₹1,442.30

Key Fundamentals

MidcapConsumer DurablesConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
24.90%
Debt to Equity
0.03
EPS (TTM)
₹26.05
Book Value
₹155.73
Market Cap
—
P/E (TTM)
41.07
P/B
6.87
ROE
19.00%
Dividend Yield
0.95%
EBITDA
₹2,694 Cr
52W High
₹1,514.70
52W Low
₹999.20
Day Range
₹1,041.00 – ₹1,071.00
Volume
9,10,020

Tapetide Score

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

Overall score

48 Average

Data confidence 100/100

Category scores

Quality
52
Average
Returns, margins, earnings quality 22% weight
Valuation
57
Good
Cheap vs sector & own history 24% weight
Growth
32
Poor
Sales & profit trajectory 9% weight
Financial Health
78
Strong
Solvency, leverage, coverage 9% weight
Momentum
15
Poor
Trend strength, vol-adjusted 12% weight
Ownership
51
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

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

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish865
OscillatorsBearish261
Moving AveragesStrong Bearish604

Key readings

RSI (14)
51.21
Neutral
MACD (12,26,9)
−17.52
Bullish
SMA (50)
1,103.97
Bearish
SMA (200)
1,224.99
Bearish

As of

Analyst Rating

Based on 35 analysts
BUY69%

24 of 35 analysts rate Buy, 8 Hold, 3 Sell.

As of

BUY
24
69%
HOLD
8
23%
SELL
3
9%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+11.49%
5Y+16.59%
3Y+10.03%
1Y+3.44%
TTM+10.09%

Net profit

Net profit growth by window
10Y+2.65%
5Y+10.10%
3Y+16.36%
1Y+14.90%
TTM+15.59%

Operating cash flow

Operating cash flow growth by window
10Y+11.85%
5Y+18.95%
3Y+40.65%
1Y+3.22%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−0.53 pp
5Y−5.25 pp
3Y+0.36 pp
1Y−0.04 pp
TTM−0.57 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹6,130 Cr
Mar 2018₹8,116 Cr
Mar 2019₹10,073 Cr
Mar 2020₹9,440 Cr
Mar 2021₹10,457 Cr
Mar 2022₹13,938 Cr
Mar 2023₹16,911 Cr
Mar 2024₹18,590 Cr
Mar 2025₹21,778 Cr
Mar 2026₹22,528 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹494 Cr
Mar 2018₹661 Cr
Mar 2019₹788 Cr
Mar 2020₹735 Cr
Mar 2021₹1,044 Cr
Mar 2022₹1,196 Cr
Mar 2023₹1,072 Cr
Mar 2024₹1,271 Cr
Mar 2025₹1,470 Cr
Mar 2026₹1,689 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹594 Cr −1.9% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk medium

Havells India Ltd trades at ₹1,051.4 as of 2026-11-03 with a market cap of ₹65,479.78 crore, a trailing PE of 40.36x, and a near-zero debt-to-equity ratio of 0.03. The stock sits close to its 52-week low of ₹999.2, having declined 31% over the past year, while the underlying business has delivered 18% TTM profit growth and a consistent 19% ROE over the last decade.

Bull Case 6
  • Virtually debt-free balance sheet with a debt-to-equity ratio of just 0.03, providing significant financial flexibility and resilience across economic cycles.
  • TTM profit growth of 18% outpaces the 10-year compounded profit growth rate of 12%, indicating an acceleration in earnings momentum.
  • Consistently high return on equity of 19% maintained across 3-year, 5-year, and 10-year periods, reflecting durable capital efficiency and strong brand pricing power.
  • ROCE of 22.11% is well above cost of capital for most Indian consumer goods companies, signalling efficient deployment of total capital employed.
  • Healthy dividend payout of 41.4% with a current yield of 0.97%, offering steady shareholder returns while retaining enough earnings for growth.
  • Compounded sales growth of 17% over 5 years demonstrates strong top-line expansion, well above the 10-year compounded sales growth of 11%.
Bear Case 6
  • Trailing PE of 40.36x is elevated relative to broader market averages, implying the market is pricing in sustained high growth that may not materialise.
  • Stock price CAGR of -31% over 1 year and -10% over 3 years indicates significant sustained underperformance despite underlying profit growth.
  • TTM sales growth of 10% has decelerated from the 5-year compounded sales growth of 17%, suggesting a potential slowdown in revenue momentum.
  • 5-year stock CAGR of -6% means the stock has destroyed value for medium-term holders even as profits compounded at 11% over the same period, highlighting a valuation de-rating trend.
  • 10-year stock CAGR of just 9% lags the 10-year compounded profit growth of 12%, suggesting the market has gradually re-rated the stock downward on a PE basis over time.
  • Dividend yield of 0.97% remains below prevailing risk-free rates in India, making the income component relatively unattractive for yield-focused investors.

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

AI News Digest

9h ago

TL;DR: Havells India shows a stable footing with no material headwinds in recent weeks. Institutional interest is rising, evidenced by HDFC MF crossing the 5% stake mark, and the leadership bench is being strengthened with a seasoned hire. The brief Alwar plant disruption was resolved within a day, posing no lasting operational risk. The near-term trend appears steady, with institutional accumulation and management reinforcement pointing to a constructive outlook.

Positives 2
  • HDFC MF raises stake to 5% Oct 22

    HDFC Mutual Fund increased its Havells India holding to 5.012% of paid-up equity after acquiring 1,00,127 shares via open market on October 16, 2026. Crossing the 5% threshold signals institutional confidence.

  • Experienced EVP appointment Oct 12

    Havells appointed Yudhishter Shringi as EVP and SBU Head effective October 12, 2026, bringing 23+ years of sales, marketing, and P&L experience from leading FMCG firms.

Neutral 1
  • Alwar plant disruption resolved Nov 4

    Worker demands at Havells' Alwar plant caused a temporary disruption on November 3, 2026, but were resolved amicably with normal operations resuming on November 4, 2026.

Quarterly Results

₹ Cr
HAVELLS quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
6,432
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
5,859
Operating Profit
402
373
433
635
572
375
426
757
516
438
516
729
466
573
OPM %
8%
10%
10%
12%
10%
8%
9%
12%
9%
9%
9%
11%
7%
9%
Other Income
65
52
56
76
77
93
64
69
69
86.26
9
310
54
33
Interest
8
9
10
18
9
10
9
15
9
9
9
10
7
5
Depreciation
76
81
88
93
92
95
104
110
106
106
109
112
121
129
PBT
382
335
391
599
549
363
377
701
470
410
408
918
392
473
Tax %
25%
26%
26%
25%
26%
26%
26%
26%
26%
23%
26%
21%
26%
26%
Net Profit
287
249
288
447
408
268
278
517
348
318
300
723
290
349
EPS (₹)
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
—

Sep 2026: from the results filed on 22 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
HAVELLS profit and loss, annual, ₹ crore
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 (₹)
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%
—

Balance Sheet

₹ Cr
HAVELLS balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
HAVELLS cash flow, annual, ₹ crore
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

Ratios

HAVELLS financial ratios, annual
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

Log in to view Havells insights

68 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 59.35%
  • DIIs 19.86%
  • FIIs 14.47%
  • Public 5.06%
  • Others 1.26%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Havells India

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.
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 PE ratio of Havells India Ltd?
Havells India Ltd trades at a PE ratio of 41.07 as of 4 Nov 2026, on earnings per share of ₹26.05, against a book value of ₹155.73 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 ₹999.2 and ₹1,514.7 as of 4 Nov 2026.
Does Havells India Ltd pay dividends?
Havells India Ltd has a dividend yield of 0.95%.
What is the Return on Equity (ROE) of Havells India Ltd?
Havells India Ltd reported a return on equity of 19.00%. 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.

Website havells.com
CEO Mr. Anil Rai Gupta
Employees 7,532
Listed 21 Mar 2001
Face Value ₹1

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