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Informist, Wednesday, Jul. 15, 2026

 

By Avishek Rakshit

 

KOLKATA – An uptick in demand for wires and cables and for consumer durables such as air conditioners is expected to help Havells India Ltd. post strong on-year revenue growth in the June quarter. 

 

Havells is expected to report an over 20% on-year jump in its June quarter revenue at over INR 65 billion, according to the average of estimates from seven brokerages. The company's net profit is seen rising almost 13% on year to nearly INR 4 billion, as per the estimates. However, sequentially, the net profit is seen declining 46% and revenue is likely to fall over 2%. Havells will detail its June quarter results on Jul. 17. 

 

The highest estimate for the company's June quarter net profit is INR 4.40 billion from JM Financial Institutional Securities Pvt. Ltd., and the lowest is at INR 3.32 billion from Elara Securities (India) Pvt Ltd. The highest estimate for revenue is over INR 67 billion from Kotak Securities Ltd., and the lowest is nearly INR 63 billion from JM Financial. 

 

Brokerages said the performance of companies operating in cooling products such as coolers, air conditioners, and fans remained healthy in the June quarter due to a favourable summer season and a low base from last year. This year, the summer season opened on a strong note as  mercury soared across the country. Last year, however, the summer was moderate due to unseasonal rains and an early monsoon, which led to a low base and unsold inventory with sales channels. The inventory was cleared in May. 

 

North India witnessed intermittent rainfall in the early part of the June quarter, and this led to an improvement in demand subsequently, HDFC Securities Ltd. said. South India experienced strong demand throughout the quarter. 

 

In the wires and cables segment, demand momentum remained healthy during the June quarter, with sales of cables outperforming wires, brokerages said. However, the West Asia war and the resulting logistics inflation and commodity volatility led to cost inflation for companies, including Havells, which undertook price hikes to pass on higher input costs. 

 

As a result, while Havells could see its top line grow from higher sales volume, price hikes will also contribute towards revenue growth in the June quarter. 

 

Nuvama Wealth Management Ltd. said Havells' revenue growth in the June quarter is expected to be led by cables and wires sales, followed by other products such as air conditioners sold under the Lloyd brand. Consumer electricals and appliances such as fans are also likely to see double-digit growth in the June quarter, Nuvama said. 

 

Kotak Securities, however, said although domestic sales are expected to fare well and price hikes will lead to Havells' top line growth, lower exports in the June quarter will have a negative bearing on the company's June quarter revenue. 

 

Havells is expected to report earnings before interest, tax, depreciation, and amortisation of INR 6.03 billion for the June quarter, according to the average of estimates from seven brokerages. The highest estimate for EBITDA is INR 6.48 billion from JM Financial, and the lowest estimate is INR 5.41 billion from Elara Securities.  

 

Brokerages will keep an eye on price hike announcements by the company, movement in raw material costs, and the performance of the consumer durables division in the summer season, when they announce their June quarter earnings. 

 

Wednesday, shares of Havells closed at INR 1,177.40, down 0.8% on the National Stock Exchange. The shares are down nearly 13% since the company announced its March quarter earnings in April.

 

Of the 13 research reports on the company available with Informist, 11 have a 'buy' recommendation on the stock at an average target price of INR 1,543 and two have a 'hold' recommendation at an average target price of INR 1,345.

 

The following are the Apr-Jun earnings estimates for Havells India from seven brokerages in descending order of the estimate of net profit in INR billion:

 

Brokerage	Net sales	Net profit	EBITDA
JM Financial Institutional Securities Pvt Ltd	62.72	4.40	6.48
YES Securities (India) Ltd	65.32	4.19	6.23
Motilal Oswal Financial Services Ltd	66.40	4.06	6.11
Kotak Securities Ltd	67.56	3.96	6.00
Nomura Equity Research	65.53	3.95	6.05
Nuvama Wealth Management Ltd	66.58	3.88	5.94
Elara Securities (India) Pvt Ltd	63.64	3.32	5.41
Average	65.40	3.97	6.03

 

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Himanshi Gupta

 

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