Earnings Review
Havells Q4 PAT growth highest in 7 qtrs, sharply above view
This story was originally published at 16:27 IST on 22 April 2026
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--Havells Jan-Mar net profit INR 7.34 bln
--Havells Jan-Mar revenue INR 66.88 bln
--Havells Jan-Mar net profit INR 7.34 bln vs INR 5.22 bln year ago
--Analysts saw Havells Jan-Mar net profit at INR 4.61 bln
--Analysts saw Havells Jan-Mar revenue at INR 71.10 bln
--Havells Jan-Mar revenue INR 66.88 bln vs INR 65.32 bln year ago
--Havells to pay INR 6 per share final dividend
--Havells FY26 net profit INR 17.05 bln vs INR 14.89 bln year ago
--Havells FY26 revenue INR 224.66 bln vs INR 217.46 bln year ago
--Havells Jan-Mar cable ops sales INR 24.74 bln vs INR 21.69 bln year ago
--Havells Q4 electrical durables sales INR 9.76 bln vs INR 9.96 bln yr ago
--Havells Jan-Mar Lloyd consumer sales INR 15.14 bln vs INR 18.70 bln yr ago
--Havells Jan-Mar switchgear sales INR 7.36 bln vs INR 6.91 bln year ago
--Havells Q4 lighting, fixtures sales INR 4.38 bln vs INR 4.36 bln yr ago
--Havells Jan-Mar EBITDA INR 7.28 bln vs INR 7.61 bln year ago
--Havells Jan-Mar EBITDA margin 10.9% vs 11.6% year ago
--Havells:Modest Q4 as cooling pdts stocking impacted by slow start to summer
--Havells: Recorded fair value gain INR 2.83 bln from invest in Goldi Solar
--Havells: Industrial infrastructure demand remains strong
--Havells: Consumer pdts demand in Q4 hit amid higher costs
--Havells: Delayed summer with unseasonal showers hit fans, air coolers sales
--Havells: Switchgears margins hit in Q4 on lag in passing of cost
--Havells: See Switchgears margins normalising in coming qtrs
--Havells Jan-Mar inventory days at 71 vs 67 year ago
By Ashutosh Pati
MUMBAI – Havells India Ltd. Wednesday reported a robust growth in its bottom line for the March quarter, surpassing the Street's expectations by a wide margin. The company's revenue rose moderately but was sharply lower than expectations. Havells India's net profit registered the highest on-year growth in the last seven quarters while its revenue growth was the slowest in 23 quarters.
Havells, one of India's largest wires and cables manufacturers, reported a net profit of INR 7.34 billion for the March quarter, up around 41% on year and nearly 144% sequentially. This was significantly higher than analysts' expectation of INR 4.61 billion. Its revenue from operations grew just over 2% on year to INR 66.88 billion, and was lower than expectations of INR 71.10 billion. Sequentially, the company's revenue rose 20%.
The company's shares rose around 4% to INR 1,381.60 on the National Stock Exchange as of 1457 IST, following the March quarter results. Havells India had invested INR 6 billion in Goldi Solar Pvt. Ltd. in the June quarter, which has been measured at fair value and a gain of INR 2.83 billion was recognised in the March quarter, the company said.
The company's total expenses rose over 3% on year to INR 60.81 billion during the reporting quarter. Its employee benefit costs rose over 7% on year to INR 5.04 billion. The cost of materials consumed rose around 2% on year to INR 35.49 billion in the March quarter while purchase of traded goods rose 4.5% to INR 7.76 billion.
Havells India's earnings before interest, tax, depreciation, and amortisation fell over 4% on year to INR 7.28 billion. The company's EBITDA margin fell to 10.9% from 11.6% a year ago. In 2025-26 (Apr-Mar), the company's net profit rose around 15% to INR 17.05 billion while its revenue rose over 3% to INR 224.66 billion. The company will pay INR 6 per share as final dividend.
SEGMENT PERFORMANCE
On the segment wise performance, Havells' revenue from cables operations rose to INR 24.74 billion in the March quarter from INR 21.69 billion a year-ago, rising 14% on year. This segment accounts for around 37% of the company's total revenue. Its sales from the electrical consumer durables segment fell to INR 9.76 billion in the reporting quarter from INR 9.96 billion a year ago. Havells' revenue from the lighting and fixtures segment rose slightly to INR 4.38 billion from INR 4.36 billion a year ago.
The Lloyd consumer segment, which accounts for around 23% of total sales, recorded a revenue of INR 15.14 billion, lower than INR 18.70 billion a year ago. Switchgear sales for the March quarter were INR 7.36 billion, up from INR 6.91 billion.
Healthy performance in the cables segment was due to strong growth in power cables, while wires recorded a muted growth due to channel inventory normalisation and a higher base in the year ago period, the company said. Havells added that modest performance in Jan-Mar was due to an impact on the stocking of cooling products because of a milder start to the summer.
While industrial infrastructure demand remains strong, sentiment in the consumer categories were hurt due to higher costs stemming from global disruptions, it said. Delayed onset of summer along with unseasonal showers impact the company's revenues in fans and air coolers, it said. Margins of the switchgear segment was impacted due to a lag in the passing of cost, which is expected to normalise in the coming quarters. The company's inventory days rose to 71 in the March quarter from 67 a year ago.
Wednesday, shares of the company closed 1.5% higher at INR 1,348.70 on the National Stock Exchange. End
Edited by Akul Nishant Akhoury
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