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Revenue
₹4,779 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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Quarter read
What the record says.
Havells India reported a mixed Q2 FY26, with summer product weakness (ACs, fans, coolers) dragging performance and elevating channel inventory, which management expects to normalize by Q3 end. Cables maintained steady growth, supported by power cables and capacity expansion. Lighting saw LED price stabilization and early residential demand pickup. EBITDA margins for Havells standalone remained around 12-13%, with management confident of 150-200bps expansion over time through productivity and premiumization. Lloyd's contribution margins were impacted by consumer schemes to clear inventory, but improvement is expected from Q4. GST cuts on ACs, TVs, and solar are seen as sentiment boosters. Key risk: elevated channel inventory and working capital may persist longer than anticipated, pressuring cash flows and margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects elevated channel inventory for summer products (ACs, fans, coolers) to normalize by the end of Q3 FY26.
- Lloyd's contribution margins, impacted by consumer schemes, are expected to start improving in Q3 with real effects in Q4.
- Capital expenditure for FY26 is guided at INR 1,450 crore, primarily for capacity expansion in cables and other segments.
- Management reiterated confidence in expanding Havells standalone EBITDA margins by 150-200 basis points over time through productivity and premiumization.
Risks flagged
- High inventory levels for ACs, fans, and coolers could take longer to clear than expected, impacting primary sales and working capital.
- Analyst raised concern about LG's aggressive pricing in mass-premium segments, which could pressure Lloyd's market share and margins.
- Lower production due to inventory correction led to under-absorption, impacting contribution margins in ECD and Lloyd.
- Price increases from new BEE norms (Jan 2026) may offset GST benefits, potentially dampening consumer demand.
Key quotes
- We have been working closely with our channels to increase consumer uptake, and we believe that the channel inventories will normalize by the end of Q3.
- I think this particular quarter, there was a benefit because the prices were constantly increasing, and there were certain benefits on the inventory.
- The real play with Havells is kind of a branded premiumization. While competitive intensity keeps going up in every category, our focus has always been our strength, you know, innovation, distribution, and brand.
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