Havells India Ltd
Havells India Limited is a leading Fast Moving Electrical Goods (FMEG) Company and a major power distribution equipment manufacturer with a strong global presence. It enjoys enviable market dominance across a wide spectrum of products, including Industrial & Domestic Circuit Protection Devices, Cables & Wires, Motors, Fans, Modular Switches, Home Appliances, Air Conditioners, Electric Water Heaters, Power Capacitors, Luminaires for Domestic, Commercial and Industrial Applications. [1]
Strengths
- +Company is almost debt free.
- +Company has been maintaining a healthy dividend payout of 41.1%
Weaknesses
- −Stock is trading at 7.92 times its book value
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 59.41% | 59.41% | 59.41% | 59.41% | 59.38%▼0.0 | 59.38% | 59.38% | 59.38% |
| FIIs | 25.33% | 24.76%▼0.6 | 23.46%▼1.3 | 22.31%▼1.2 | 21.59%▼0.7 | 19.28%▼2.3 | 17.96%▼1.3 | 16.93%▼1.0 |
| DIIs | 9.42% | 10.1%▲0.7 | 11.43%▲1.3 | 12.63%▲1.2 | 13.18%▲0.5 | 15.35%▲2.2 | 16.53%▲1.2 | 17.5%▲1.0 |
| Public | 5.66% | 5.58%▼0.1 | 5.57%▼0.0 | 5.52%▼0.1 | 5.62%▲0.1 | 5.81%▲0.2 | 5.95%▲0.1 | 5.96%▲0.0 |
Financial Statements
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,401 | 5,434 | 5,798 | 4,533 | 4,882 | 6,532 | 5,438 | 4,767 | 5,573 | 6,688 |
| Expenses | 3,968 | 4,798 | 5,222 | 4,153 | 4,451 | 5,771 | 4,918 | 4,325 | 5,049 | 5,960 |
| Operating Profit | 433 | 637 | 576 | 380 | 432 | 761 | 520 | 442 | 524 | 728 |
| OPM % | 10% | 12% | 10% | 8% | 9% | 12% | 10% | 9% | 9% | 11% |
| Net Profit | 288 | 449 | 411 | 273 | 283 | 522 | 352 | 317 | 301 | 734 |
| EPS ₹ | 4.59 | 7.16 | 6.56 | 4.35 | 4.51 | 8.33 | 5.62 | 5.06 | 4.8 | 11.71 |
AI Insights
Mar 2026 revenue at ₹22,466Cr, up 3.3% YoY. OPM at 10%.
Borrowings at ₹265Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.
CWIP at ₹439Cr (8% of fixed assets). Moderate ongoing capital expenditure.
DIIs: 17.5% (+7.82pp change). FIIs: 16.93% (-6.86pp change). Promoters hold 59.38%.
ROCE declining from 29% (Mar 2015) to 25% (Mar 2026). Working capital days: 14.
PE 43x with 25.1% ROCE. Price is 689% above book value of ₹151. Dividend yield: 0.83%.
Recent Announcements
- Business Responsibility and Sustainability Reporting (BRSR) 2d - Havells issued FY26 annual report and AGM notice; AGM on 19 June 2026, final dividend Rs 6/share proposed.
- Reg. 34 (1) Annual Report. 2d
- Announcement under Regulation 30 (LODR)-Newspaper Publication 13 May - Newspaper Publication regarding Public Notice published BEFORE sending Notice of AGM and Annual Report.
- Intimation Of Record Date U/R 42 For The Purpose Of Final Dividend And The AGM Of The Company. 29 Apr
- AGM Of The Company On 19Th June 2026 29 Apr
- Financial Year 2026 from bse
- Financial Year 2025 from bse
- Financial Year 2024 from bse