Havells India

Havells India reported a moderate Q4 FY26 with mixed performance across segments. Cables and wires saw 14% value growthCurrent 14% value growth. Reported change: +14% YoY. but only 6% volume growthCurrent 6% volume growth. Reported change: +6% YoY., impacted by destocking in domestic wires and a high base. Consumer categories like fans and ACs faced volume degrowth due to a delayed summer and price hikes. Lloyd remained under pressure with lower revenues, though a new refrigerator plant was commissioned. The solar business (via Goldi Solar) drove strong growth in the 'other' segment, with a 48% revenue increaseCurrent 48% revenue increase. Reported change: +48% YoY.. Management highlighted calibrated price actions of 5%-20%Current 5%-20%. Reported change: N/A. across categories to offset raw material inflation, but warned that steep price increases could dampen consumer offtake. No specific FY27 guidance was given, citing global uncertainty. Key risks include sustained inflation impacting demand and competitive pressures in cables and wires from new entrants.