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Informist, Monday, Oct. 19, 2026

 

By Priyanka Tanwer

 

NEW DELHI – Havells India Pvt. Ltd. is expected to report a net profit growth of less than one-fourth its revenue growth for the September quarter as its margin contracts due to cost pressure, according to brokerages tracking the company.

 

The company's standalone net profit for the September quarter is expected to be INR 3.17 billion, up 4.20% on year and up 11% from the June quarter, according to the average of estimates from 12 brokerages. The highest estimate for net profit is INR 3.65 billion from JM Financial Institutional Securities Pvt. Ltd. and the lowest is INR 2.85 billion from Nirmal Bang Equities Pvt. Ltd.

 

Havells' revenue for the September quarter is expected to rise 20% on year but fall 12% on quarter to INR 57.20 billion, according to the average of estimates. The revenue increase will be led by growth in cables and wires and the electrical consumer durables. The highest estimate for revenue is INR 61.51 billion from Nuvama Wealth Management Ltd. while the lowest is INR 54.96 billion from Nirmal Bang Equities Pvt. Ltd.

 

"We expect Havells' revenue to grow 19% on year, aided by a 28% on-year growth in W&C (wires and cables) and 10% on year in ECD (electrical consumer durables)," Nomura Equity Research said. The company's earnings will be supported by growth in the cables and wires business and price hikes in the switchgear business, according to brokerages. For the June quarter, the company had reported a net profit of INR 2.98 billion on revenues of INR 65.09 billion.

 

The company is expected to report earnings before interest, taxes, depreciation, and amortisation of INR 5 billion, up 15% from a year ago and 7.28% from the June quarter, as per the average of estimates from eight brokerages. The highest EBITDA estimate is INR 5.58 billion from Kotak Securities Ltd. while the lowest estimate is INR 4.32 billion from Nirmal Bang Equities Pvt. Ltd. Most analysts expect the company's EBITDA margin to contract, led by a large base in cables and wires and a modest delay in the pass-through of cost inflation in most segments. At least two brokerages estimate the EBITDA margin to be in the range of 8.4-8.9%. Havells will announce its September quarter results Thursday.

 

Shares of Havells India ended Monday at INR 1,099 on the National Stock Exchange, down almost 2%. The shares are down more than 7% since the company reported its June quarter results.

 

Of the 13 brokerage reports on Havells India available with Informist, 12 have a "buy" recommendation on the stock with an average target price of INR 1,446, indicating an upside of 31%. One brokerage has a "hold" rating on the stock with an average target price of INR 1,220.

 

Following are the September quarter earnings estimates for Havells India Pvt. Ltd. from nine brokerages in descending order of the estimate of net profit, in INR billion:

 

Brokerages	Net Sales	Net Profit	EBITDA
JM Financial Institutional Securities Pvt. Ltd.	55.09	3.65	4.91
YES Securities (India) Ltd.	58.47	3.59	5.52
Kotak Securities Ltd.	59.45	3.57	5.58
360 ONE Capital Market Pvt. Ltd.	55.67	3.50	NA
HDFC Securities Ltd.	60.81	3.43	5.35
Nuvama Wealth Management Ltd.	61.51	3.42	5.37
Motilal Oswal Financial Services Ltd.	57.26	3.30	5.03
Nomura Equity Research	57.00	3.28	5.24
Anand Rathi Share and Stock Brokers Ltd.	55.46	3.03	NA
Elara Securities (India) Pvt. Ltd.	55.29	3.03	4.83
Prabhudas Lilladher Pvt. Ltd.	55.49	2.99	4.66
Nirmal Bang Equities Pvt. Ltd.	54.96	2.85	4.32
Average	57.20	3.30	5.08

  

End

 

Edited by Biswadip Mitra

 

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