Elevated channel inventory may persist
High inventory levels for ACs, fans, and coolers could take longer to clear than expected, impacting primary sales and working capital.
HAVELLS / Q2-FY26 / risks
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Havells India · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Competitive intensity from new entrants
Analyst raised concern about LG's aggressive pricing in mass-premium segments, which could pressure Lloyd's market share and margins.
Under-absorption of manufacturing overheads
Lower production due to inventory correction led to under-absorption, impacting contribution margins in ECD and Lloyd.
GST reduction not fully passed on due to BEE norm changes
Price increases from new BEE norms (Jan 2026) may offset GST benefits, potentially dampening consumer demand.