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Informist, Friday, Jan. 16, 2026

By Adhithya Aji

MUMBAI - Havells India Ltd. is expected to report a double-digit growth in its net profit and revenue for the December quarter, led by strong demand in the cables and wires segment. The electrical consumer durables segment of the company likely saw subdued performance during the quarter and revenue from the Lloyd's brand is expected to decline, according to analysts. 

The company is expected to report a standalone net profit of INR 3.58 billion for the December quarter, up nearly 27% on year and almost 13% sequentially, according to the average of estimates from nine brokerages. This would be the company's highest on-year bottom-line growth in six quarters. The highest bottom line estimate is INR 4.49 billion by Nuvama Wealth Management Ltd. and the lowest is INR 3.19 billion by Prabhudas Lilladher Pvt. Ltd.

The company's revenue is estimated at INR 53.74 billion, up 10% on year and nearly 13% sequentially, according to the average of estimates. The top line estimates range from INR 54.96 billion by Nirmal Bang Equities Pvt. Ltd. to INR 52.31 billion by Nuvama.

The cables and wires segment, which accounted for nearly 43% of the company's revenue in the September quarter, is expected to drive the growth for the reporting quarter. In the trailing quarter, the segment registered revenues of INR 20.30 billion, up over 12% on year. Havells' top-line growth is also likely to be supported by a near-28% on-year revenue growth on a low base in the cables and wires segment, according to Kotak Securities Ltd. This growth was likely aided by higher copper and aluminium prices and capacity expansion in cables, the brokerage said.

The company is likely to report 27% on-year growth in wire and cable segment sales, driven by incremental volumes from its new cable facility at Tumkuru in Karnataka, which was commissioned in September 2024, Nirmal Bang said. Continued demand for power cables and channel stocking for wires is expected to drive a healthy volume growth in the segment, according to Yes Securities. However, sequentially, the segment's revenue may fall marginally in the absence of the benefit of lower inventory prices seen in the September quarter, Nuvama said.

Brokerages have a mixed view on the electrical consumer durables segment's revenues in the December quarter. This segment reported revenues of INR 8.41 billion in the September quarter, accounting for nearly 18% of Havells' total revenue. The revenue from this segment is expected to grow 5% on year due to steady traction in winter products and small domestic appliances, according to brokerages. This is expected to offset the subdued growth in sales of fans, Nirmal Bang said. However, Nuvama expects the segment's revenue to decline 1% on year due to weak consumer demand. Prabhudas Lilladher expects the revenue to be flat.

Lloyd's, the company's consumer durables business brand, is likely to see a revenue decline, according to brokerages. A fall in the sales of room air conditioners is expected to drag Lloyd's revenue down 7% on year, Kotak said. The brokerage expects the fall to be partly offset by higher sales of refrigerators, washing machines, and televisions.  Nuvama expects the brand's revenue to fall 10% on year, whereas some other brokerages peg the decline at 5%.

Revenue from the switchgears segment is expected to rise between 5% and 8% on year and that from lighting and fixtures between 2.5% to 7% on year.   

Havells India's earnings before interest, tax, depreciation, and amortisation are estimated at INR 5.12 billion for the reporting quarter, which is a nearly 19% higher on year, according to the average of estimates from nine brokerages. Motilal Oswal's estimate for EBITDA at INR 5.53 billion is the highest and Prabhudas Lilladher's estimate at INR 4.76 billion is the lowest. Nomura expects the EBITDA margin to remain flattish on a sequential basis at 9.4%.  In the September quarter, the company reported an EBITDA margin of 9.3%.

Kotak expects the company's EBIT, including other income, to grow 21% on year to INR 4.70 billion, led by the healthy performance of the wires and cables segment. The brokerage estimates the EBIT margin will expand by 240 basis points on year to 13.5%.

Shares of the company ended at INR 1,426.10 on the National Stock Exchange Friday, down 0.8%. The stock is down 4% since the announcement of the company's September quarter earnings on Oct. 17. The company will announce its December quarter results Monday.

Of the 11 brokerage reports on the company available with Informist, 10 have a ‘buy' recommendation on the stock with an average target price of INR 1,707 and one has a ‘hold' call. The average target price for buy recommendations is almost 20% above the current market price.       

The following are the Oct-Dec earnings estimates for Havells India from nine brokerages in descending order of the estimate of net profit in INR million:

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Edited by Saji George Titus

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