Havells India Ltd
HAVELLSHavells India Ltd is cheap for a reason. The P/E sits at the 11th percentile of its own range, and the quarters are still getting worse.
The sharpest disagreement: annual EPS moved +14.8% against a −21.8% price move — the market has not yet caught up with the delivery.
The price is in a downtrend (80 weeks in) while the P/E sits at the 11th percentile of its own 10-year range. Underneath, the last four quarters read deteriorating — profit −16.7% year on year, and 114% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Havells India Ltd trades at ₹1,187, in a downtrend and 80 weeks into that stage. That is −9.9% against its own 200-day average. It sits at 8% of a 52-week range of ₹1,151 to ₹1,591. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (23 weeks and counting).
Today the stock is in a downtrend — week 80 of stage 4, confirmed. At ₹1,187 it trades −9.9% versus its 200-day average and sits at 8% of its 52-week range (₹1,151–₹1,591).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +308% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (23 weeks and counting; last ahead the week of 2026-03-20) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 11th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Havells India Ltd trades at 46.2× P/E, near the bottom of its own range — cheaper only 11% of the time. Its long-run median P/E is 63.8×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 46.2× is near the bottom of its own range — cheaper only 11% of the time, against a long-run median of 63.8× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +14.8% against a −21.8% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +2.0%/yr price move, ~+6.5%/yr came from earnings growth and ~−4.5 pp from the multiple (compressing); over 10y, of the +12.7%/yr price move, ~+11.3%/yr came from earnings growth and ~+1.4 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Havells India Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 22.6% and holding. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +3.4% | +10.0% | +16.6% | +11.5% |
| Profit | +14.9% | +16.4% | +10.1% | +2.7% |
| EPS | +14.8% | +16.4% | +10.1% | +2.6% |
| Share price | −21.8% | −2.5% | +2.0% | +12.7% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
56.4/100 — rank 3 of 13 in Consumer Electronics · 100% evidence confidence
Havells India Ltd scores 56.4 out of 100 against the 13 companies it is compared with in Consumer Electronics, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 23.2 + 17.9 + 7.8 + 7.5 = 56.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Havells India Ltd reported ₹6,518 Cr of revenue in the Jun 26 quarter, +19.5% year on year. That is the 4th straight quarter of year-on-year growth. Over 10 years it has compounded at 11.5% a year. The last full year, FY26, came in at ₹22,528 Cr. The last four reported quarters add to ₹23,590 Cr.
Havells India Ltd reported ₹6,518 Cr of revenue in the Jun 26 quarter, +19.5% year on year. That is the 4th straight quarter of year-on-year growth. Over 10 years it has compounded at 11.5% a year. The last full year, FY26, came in at ₹22,528 Cr. The last four reported quarters add to ₹23,590 Cr.
FY26 revenue came in at ₹22,528 Cr (+3.4% on the year), capping 10 years at 11.5% compound. The latest quarter (Jun 26) printed ₹6,518 Cr, +19.5% year on year — the 4th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +10.4% growth against the decade's 11.5% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +10.1% over the last 4 quarters against +9.8%/yr over the last 8 — stabilising; TTM profit +15.6% vs +8.2%/yr — accelerating.
→ Revenue grew — did margins hold as it scaled? Next: 7.0% this quarter (−2.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Havells India Ltd's operating margin is 7.0% in the Jun 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0% to 15.0%. The current quarter is running below every full year in that window.
Havells India Ltd's operating margin is 7.0% in the Jun 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0% to 15.0%. The current quarter is running below every full year in that window.
The latest quarter's operating margin is 7.0%, −2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0%–15.0%.
🚨 Why the margin moved: operating margin went −2.3 pp year on year while gross margin went −2.1 pp — the loss came mostly from the gross line: input costs and pricing.
→ Margins slipped — did that reach the bottom line? Next: profit −16.7% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Havells India Ltd earned ₹290 Cr of net profit in the Jun 26 quarter, −16.7% year on year. Full-year FY26 profit was ₹1,689 Cr. The 10-year compound rate is 2.7%. That is 4.4% of the quarter's revenue. The same quarter a year earlier earned ₹348 Cr.
Havells India Ltd earned ₹290 Cr of net profit in the Jun 26 quarter, −16.7% year on year. Full-year FY26 profit was ₹1,689 Cr. The 10-year compound rate is 2.7%. That is 4.4% of the quarter's revenue. The same quarter a year earlier earned ₹348 Cr.
Jun 26 profit was ₹290 Cr, −16.7% year on year. On the full year, FY26 printed ₹1,689 Cr (+14.9%), and the 10-year compound rate is 2.7%.
🚨 Why profit moved: revenue contributed +19.5% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit +12.4% vs revenue +10.4%. Profit and revenue are moving roughly in step.
→ Profit rose — but did the cash follow? Next: 114% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 114% of Havells India Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,572 Cr of operating cash against ₹1,689 Cr of profit. After ₹1,448 Cr of capital spending, ₹124 Cr was left as free cash.
FY26: operating cash of ₹1,572 Cr against reported profit of ₹1,689 Cr, leaving free cash of ₹124 Cr after ₹1,448 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 114% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 114%: the cash cycle tightened 28 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 2.7× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹3,169 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Havells India Ltd's cash conversion cycle runs 51 days in FY26, down from 79 days in FY21. Capital spending ran ₹3,169 Cr over the last 3 years. At FY26 sales of ₹22,528 Cr each day of that cycle holds about ₹61.7 Cr, so roughly ₹3,148 Cr sits inside the business at any moment.
FY26: debtors at 13 days, inventory at 110 days — roughly 3.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 51 days, tighter than FY21's 79.
The full loop: cash goes out to suppliers and production on day 0; stock waits 110 days to sell; customers pay about 13 days after that; and suppliers themselves are paid at 72 days — netting out to the 51-day cycle.
In money terms: at FY26 sales of ₹22,528 Cr, each day of the cycle holds about ₹61.7 Cr — so the 51-day loop keeps roughly ₹3,148 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹3,169 Cr over the last 3 fiscal years against ₹1,170 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹443 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 25% and the ROIC − WACC spread is +5.7 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Havells India Ltd earns a ROCE of 25% in FY26. That is up from a trough of 22% in FY20. Return on invested capital clears the cost of that capital by +5.7 percentage points, so growth here adds value rather than only size. The wiring behind it is 7.5% net margin on 1.53× asset turns.
FY26 ROCE is 25%, recovered from a FY20 trough of 22% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 7.5% net margin × 1.53× asset turns × 1.56× balance-sheet leverage ≈ 17.9% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 17.7% − 12.0% = a +5.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.03.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Havells India Ltd carries total debt of ₹265 Cr against shareholder equity of ₹9,469 Cr as of Jun 26, a debt-to-equity of 0.03 — effectively unlevered. On the annual view that ratio went from 0.10 in FY22 to 0.03 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Jun 26: total debt of ₹265 Cr against shareholder equity of ₹9,469 Cr — a debt-to-equity of 0.03. On the annual view, debt-to-equity went from 0.10 (FY22) to 0.03 (FY26). The returns on this page are earned, not borrowed.
→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 9.4 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Foreign institutions cut 9.4 points of Havells India Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 15.9% of the company. Domestic institutions moved +8.6 points over the same window, to 18.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −9.4 points over 8 quarters to 15.9%; Domestic institutions: +8.6 points over 8 quarters to 18.0%; Promoters: −0.1 points over 8 quarters to 59.4%.
Why the register moved: rotation — foreign institutions −9.4 points against domestic institutions +8.6 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Havells India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Havells India Ltd this page | 46.2× | ₹76,996 Cr | Consistent | |||
| LG Electronics India Ltd | 61.5× | ₹1L Cr | No read | |||
| Voltas Ltd | 112.0× | ₹43,918 Cr | Mixed | |||
| Blue Star Ltd | 60.2× | ₹33,663 Cr | Turning around | |||
| Crompton Greaves Consumer Electricals Ltd | 48.0× | ₹16,108 Cr | No read | |||
| Whirlpool of India Ltd | 31.2× | ₹9,788 Cr | Mixed | |||
| Eureka Forbes Ltd | 43.4× | ₹8,359 Cr | Mixed | |||
| Symphony Ltd | 240.0× | ₹4,648 Cr | No read | |||
| Orient Electric Ltd | 30.6× | ₹3,643 Cr | Improving | |||
| Bosch Home Comfort India Ltd | 278.0× | ₹3,624 Cr | No read | |||
| Wonder Electricals Ltd | 158.0× | ₹1,437 Cr | — | No read | ||
| Onida Electronics Ltd | — | ₹1,410 Cr | No read | |||
| MIRC Electronics Ltd | — | ₹1,394 Cr | No read |
Frequently asked questions
What is Havells India Ltd's share price today?
Havells India Ltd trades at ₹1,187, −21.8% over the past year. The company is valued at ₹76,996 Cr. The stock sits at 8% of its 52-week range of ₹1,151–₹1,591, −9.9% versus its 200-day average. On the tape, the price is in a downtrend, 80 weeks in. — as of 24 July 2026.
What were Havells India Ltd's latest quarterly results?
Havells India Ltd reported revenue of ₹6,518 Cr and net profit of ₹290 Cr for the Jun 26 quarter. Revenue rose 19.5% and profit fell 16.7% year on year. Earnings per share were ₹4.63. The operating margin was 7.0%, 2.0 pp lower than a year earlier. — as of 24 July 2026.
What is Havells India Ltd's revenue?
Havells India Ltd reported revenue of ₹6,518 Cr in the Jun 26 quarter, +19.5% year on year. For the full FY26 fiscal year, revenue was ₹22,528 Cr (+3.4%). Over the last 10 years revenue compounded at 11.5% a year. — as of 24 July 2026.
What is Havells India Ltd's profit?
Havells India Ltd earned ₹290 Cr of net profit in the Jun 26 quarter, −16.7% year on year. Full-year FY26 profit was ₹1,689 Cr. The operating margin ran 7.0% in the latest quarter. — as of 24 July 2026.
What is Havells India Ltd's market cap?
Havells India Ltd's market capitalisation is ₹76,996 Cr at a share price of ₹1,187. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is Havells India Ltd's P/E ratio?
Havells India Ltd trades at a P/E of 46.2×, at the 11th percentile of its own 10-year range, against a long-run median of 63.8×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Havells India Ltd pay a dividend?
Yes — Havells India Ltd's dividend payout was 37% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is Havells India Ltd overvalued?
On its own history, Havells India Ltd looks cheap against its own history: its P/E of 46.2× has been cheaper only 11% of the time in 10 years (long-run median 63.8×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is Havells India Ltd growing?
Not right now — Havells India Ltd's latest numbers are shrinking: latest-quarter revenue +19.5% year on year, profit −16.7%, and the margin −2.0 pp at 7.0%. The 10-year compound rates are 11.5% (revenue) and 2.7% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.
How is Havells India Ltd performing?
Havells India Ltd is in a downtrend, 80 weeks in. Its latest quarter's revenue rose 19.5% and profit fell 16.7% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 23 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Havells India Ltd in?
Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 22.6% and holding. The read comes from the last 12 quarters of growth (revenue growth +10.1% latest, profit growth +15.6% latest, eps growth +15.6% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Havells India Ltd in an uptrend?
No — the price is in a downtrend (week 80 of stage 4), trading −9.9% versus its 200-day average and at 8% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is Havells India Ltd beating the market?
Not lately — on a trailing-13-week view Havells India Ltd is currently behind the NIFTY 500 (23 weeks and counting; last ahead the week of 2026-03-20), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +308% against the NIFTY 500's +274% — ahead of the index over the full window. — as of 24 July 2026.
Will Havells India Ltd's share price go up?
This page publishes no price forecast for Havells India Ltd. What it measures instead: the share price is ₹1,187, the price is in a downtrend 80 weeks in. Its P/E of 46.2× sits at the 11th percentile of its own 10-year range. — as of 24 July 2026.
Who owns Havells India Ltd?
Promoters hold 59.4% of Havells India Ltd, foreign institutions 15.9%, domestic institutions 18.0% and the public 6.5% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 9.4 points over 8 quarters. — as of 24 July 2026.
Does Havells India Ltd have too much debt?
No — Havells India Ltd's debt-to-equity is 0.03, and operating profit covers the interest bill 28×. FY26 borrowings were ₹265 Cr against equity of ₹9,456 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is Havells India Ltd's capex?
Havells India Ltd spent ₹3,169 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹1,448 Cr, with ₹443 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Havells India Ltd's cash flow?
Havells India Ltd generated ₹1,572 Cr of operating cash flow in FY26 and ₹124 Cr of free cash flow after ₹1,448 Cr of capital spending. Reported profit that year was ₹1,689 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Havells India Ltd's profit real cash?
Yes — over the last 3 fiscal years, 114% of Havells India Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹1,572 Cr against reported profit of ₹1,689 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Havells India Ltd in its business cycle?
Havells India Ltd's FY26 operating margin was 10.0%, against a 13-year band of 9.0%–15.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 7.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the Havells India Ltd story?
The sharpest disagreement: annual EPS moved +14.8% against a −21.8% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Havells India Ltd a stock worth studying right now?
This is not investment advice. The machine read: Havells India Ltd is cheap for a reason. The P/E sits at the 11th percentile of its own range, and the quarters are still getting worse. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.