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Revenue
₹5,455 Cr
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EBITDA
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Quarter read
What the record says.
Havells India reported a challenging Q1 FY26 with weak summer demand and subdued consumer sentiment, leading to a sharp decline in cooling products (fans, coolers, ACs) against a strong base. However, infrastructure-driven demand boosted cables and wires, which saw ~20% volume growth and ~27% value growth, with contribution margins in the 14-15% range. Management described the quarter as transitory and expects recovery in H2, aided by festive season and inventory normalization. The company announced INR 340 crore additional CapEx for cable capacity and INR 600 crore investment in Goldi Solar to expand renewable portfolio. Key risks include elevated channel inventory that may take months to clear and potential margin pressure from competitive discounting in Lloyd's AC segment.
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Guidance to track
- Havells is doubling underground cable capacity from FY24 to FY27 with additional CapEx of INR 340 crore announced this quarter.
- Management expects solar business revenue to cross INR 1,000-1,500 crore in the next couple of years, up from ~INR 500 crore in FY25.
- Management aims to maintain switchgear contribution margins in the 38-40% range, with sequential improvement expected.
- Management expects cables and wires contribution margins to remain in the 14-15% range, with potential upside from operating leverage.
Risks flagged
- High inventory levels in ACs, fans, and coolers due to weak summer demand could take a few months to clear, pressuring near-term sales and pricing.
- Analyst raised concern about competitive discounts; management stated they avoid short-term discounting but inventory overhang may force price cuts.
- New BEE norms effective January 2026 could require liquidation of older inventory, potentially impacting margins in coming quarters.
- Tepid consumer demand in switchgear, lighting, and ECD (excluding cooling) persisted; recovery dependent on festive season and real estate pickup.
Key quotes
- Quarter one was a challenging quarter with unexpected weak summer and prolonged subdued consumer demand.
- We feel quarter one challenges are transitory and expect to drive revenue growth and margin improvement over the coming quarter.
- If you see from FY 2024 to FY 2027, we will be doubling our capacities in underground cables, which will be coming at different times.
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