StrengthTalking point
Profit outpacing revenue
Profit grew 14.9% while revenue grew 3.4%, so the company kept more of each rupee of revenue as profit.
Importance 62 / 95 · growth
Havells India Limited · Research view
Havells India Limited
NSE: HAVELLSBSE: 517354ISIN INE176B01034Face value ₹1standalone
₹1,041
+2.50% · 2026-10-01 · 52-wk ₹1,015–₹1,509
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
ContextTalking point
Stock has lagged the business
Over 5 years profit compounded at 10.1% a year while the stock fell 5.2% a year.
Importance 58 / 95 · business vs stock
StrengthTalking point
Book value compounding
Net worth compounded at 12.2% a year over 7 years (₹4,218 → ₹9,469).
Importance 53 / 95 · financial health
Section 03 · The company
Who is this company?
Classified by the exchange under Consumer Discretionary › Consumer Durables › Consumer Durables › Consumer Electronics.
- Market cap
- ₹65,277 cr
- FY2026 revenue
- ₹22,466 cr
- FY2026 net profit
- ₹1,705 cr
- Net worth
- ₹9,476 cr
- Total debt
- ₹0 crnet cash
- EPS (basic)
- ₹27.19
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 consumer electronics.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 14.9% while revenue grew 3.4%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +12.2%over 7 years
- Revenue growth
- +3.3%vs last year
- Net profit growth
- +14.5%vs last year
- Change in net profit since FY19
- +115%
Revenue compounded at 12.2% a year over 7 years (₹10,073 → ₹22,528).
Net profit grew 14.9% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Watch
Q1 FY27 net profit declined 16.6% while revenue grew 19.5% vs the same quarter last year — a gap of 36.1 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
Strength
Q1 FY27 revenue was ₹6,518 cr, up 19.5% from ₹5,455 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Concern
Q1 FY27 net profit was ₹290 cr, down 16.6% from ₹348 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 4,539 | — | 268 | — | 5.9% |
| Q3 FY25 | 4,889 | +10.8% | 278 | −3.5% | 5.7% |
| Q4 FY25 | 6,544 | +20.2% | 517 | +15.7% | 7.9% |
| Q1 FY26 | 5,455 | −6.0% | 348 | −14.7% | 6.4% |
| Q2 FY26 | 4,779 | +5.3% | 318 | +18.9% | 6.7% |
| Q3 FY26 | 5,588 | +14.3% | 300 | +7.9% | 5.4% |
| Q4 FY26 | 6,705 | +2.5% | 723 | +39.9% | 10.8% |
| Q1 FY27 | 6,518 | +19.5% | 290 | −16.6% | 4.4% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹23,591 crTTM
- EBITDA
- ₹2,630 crTTM
- EBIT
- ₹2,183 crTTM
- PBT
- ₹2,102 crTTM
- Net profit
- ₹1,631 crTTM
C. Corporate actions
22 May 2026DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
23 Jan 2026DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
23 May 2025DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
22 Jan 2025DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
31 May 2024DividendFinal Dividend - Rs. - 6.0000 — ₹6.00/share
1 Feb 2024DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
2 Jun 2023DividendFinal Dividend - Rs. - 4.5000 — ₹4.50/share
25 Jan 2023DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
14 Jun 2022DividendFinal Dividend - Rs. - 4.5000 — ₹4.50/share
27 Oct 2021DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
17 Jun 2021DividendFinal Dividend - Rs. - 3.5000 — ₹3.50/share
28 Jan 2021DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
16 Mar 2020DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
18 Jul 2019DividendDividend - Rs. - 4.5000 — ₹4.50/share
4 Jul 2018DividendDividend - Rs. - 4.0000 — ₹4.00/share
21 Jun 2017DividendFinal Dividend - Rs. - 3.5000 — ₹3.50/share
29 Jun 2016DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
10 Feb 2016DividendSpecial Dividend - Rs. - 3.0000 — ₹3.00/share
29 Jun 2015DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
26 Aug 2014Stock splitStock Split From Rs.5/- to Rs.1/- — 5:1
26 Jun 2014DividendFinal Dividend - Rs. - 10.0000 — ₹10.00/share
19 Mar 2014DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
20 Jun 2013DividendDividend - Rs. - 7.5000 — ₹7.50/share
4 Jul 2012DividendDividend - Rs. - 6.5000 — ₹6.50/share
22 Jul 2011DividendDividend - Rs. - 2.5000 — ₹2.50/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROE of 19.0% is below the consumer electronics median of 28.1%.
Rule ROE_BELOW_PEER_MEDIAN
- EBITDA margin now
- 12.2%
- 8-year range
- 10.6–16.8%
- ROE FY2026
- 19.2%
- ROCE FY2026
- 25.9%
EBITDA margin has ranged from 10.5% to 16.8% over 7 years and sits at 12.0% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Net worth compounded at 12.2% a year over 7 years (₹4,218 → ₹9,469).
Rule NET_WORTH_COMPOUNDING
Operating cash flowNet profit
- Total debt
- ₹0 crnet cash
- Operating cash flow ÷ net profit
- 0.93×FY2026
- Free cash flow
- ₹102 cr
- Current ratio
- 1.70×
Free cash flow has been positive in 5 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 consumer electronics (FY2026, consolidated).
Not enough peers in this set report the underlying metrics yet for a ranking.
Context
Trades at 6.89× book — 35% below the consumer electronics median of 10.61×.
Rule PB_BELOW_PEERS
- P / E
- 40.0×TTM to Jun 26
- P / B
- 6.9×latest book
- P / S
- 2.8×TTM sales
- Earnings yield
- 2.5%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 38.6× · P/S 2.8× · ROE 19.0%.
Section 09 · The stock
How has the stock performed?
Context
Over 5 years profit compounded at 10.1% a year while the stock fell 5.2% a year.
Rule STOCK_LAGGED_EARNINGS
- 1-year return
- −29.9%
- 3-year return
- −25.1%
- 5-year return
- −23.4%
- From 52-wk high
- −31.1%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹1,197
- vs 200-day avg
- Below₹1,267
- RSI (14)
- 27.2oversold
- MACD histogram
- -3.4
- From 52-wk high
- −31.1%
- From 52-wk low
- +2.5%
- 30-day volatility
- 22.9%ann.
- 6-month return
- −12.6%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- ConcernLess profitable than peersROE of 19.0% is below the consumer electronics median of 28.1%.ROE_BELOW_PEER_MEDIAN · conviction 49
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 10,058 | 9,429 | 10,428 | 13,889 | 16,868 | 18,550 | 21,746 | 22,466 |
| Total income | 10,185 | 9,541 | 10,616 | 14,049 | 17,045 | 18,799 | 22,048 | 22,989 |
| EBITDA | 1,320 | 1,139 | 1,753 | 1,918 | 1,780 | 2,094 | 2,451 | 2,737 |
| Profit before tax | 1,155 | 902 | 1,432 | 1,604 | 1,450 | 1,710 | 2,009 | 2,226 |
| Net profit | 792 | 733 | 1,040 | 1,195 | 1,075 | 1,273 | 1,489 | 1,705 |
| EPS (₹) | 12.7 | 11.7 | 16.6 | 19.1 | 17.2 | 20.3 | 23.8 | 27.2 |
| Net worth | 4,243 | 4,305 | 5,164 | 5,989 | 6,614 | 7,438 | 8,331 | 9,476 |
| Total debt | 41 | 0 | 394 | 396 | 0 | 0 | 0 | 0 |
| Operating cash flow | — | — | 658 | 1,744 | 565 | 1,959 | 1,561 | 1,587 |
| Free cash flow | — | — | 408 | 1,492 | −21 | 1,197 | 820 | 102 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | -6.2 | 10.6 | 33.2 | 21.5 | 10.0 | 17.2 | 3.3 |
| Profit growth YoY | — | -7.4 | 41.8 | 14.9 | -10.0 | 18.4 | 16.9 | 14.5 |
| Profitability | ||||||||
| EBITDA margin % | 13.1 | 12.1 | 16.8 | 13.8 | 10.6 | 11.3 | 11.3 | 12.2 |
| Net margin % | 7.8 | 7.7 | 9.8 | 8.5 | 6.3 | 6.8 | 6.8 | 7.4 |
| Return on equity % | 18.7 | 17.2 | 22.0 | 21.4 | 17.1 | 18.1 | 18.9 | 19.2 |
| Return on capital % | 27.3 | 21.5 | 30.5 | 27.8 | 22.8 | 25.0 | 26.0 | 25.9 |
| Leverage & cash | ||||||||
| Debt to equity | 0.01 | 0.00 | 0.08 | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash flow ÷ profit | — | — | 0.63 | 1.46 | 0.53 | 1.54 | 1.05 | 0.93 |
| Current ratio | 1.50 | 1.49 | 1.92 | 1.81 | 1.84 | 1.84 | 1.85 | 1.70 |