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Revenue
₹4,889 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Havells India reported a mixed Q3 FY25. Consumer, industrial, and infrastructure segments performed well, but commodity fluctuations impacted domestic wire growth, leading to moderate overall revenue. The Tumkur cable plant drove strong cable revenue growth. Switchgear margins declined due to a mix shift toward project business and plant relocation under-absorption, expected to normalize. Lighting delivered steady growth with 13-14% volume growth and margin improvement. ECD margins were pressured by higher small domestic appliance mix and channel investments. Management guided for ex-Lloyd segment margins of 12-13% in FY26 and expects normalization in switchgear margins to 23-24%. A INR 480 crore CapEx for a refrigerator plant was announced. Risks include sustained consumer demand weakness and competitive pricing pressure in lighting.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for ex-Lloyd EBITDA margins of 12-13% in FY26, with normalization expected in the coming year.
- Switchgear EBIT margins expected to recover to 23-24% from current 18% as plant relocation and mix issues resolve.
- New refrigerator manufacturing facility in Ghiloth, Rajasthan with INR 480 crore investment to become a full-stack consumer durable player.
- Total CapEx of INR 1,000 crore planned for FY25 and FY26, with 3/4th allocated to cables and refrigerator plant.
Risks flagged
- Consumer demand showed weakness around Diwali and recovery is uncertain; if weakness persists, revenue growth may be impacted.
- LED pricing deflation continues across technologies including COB, pressuring margins despite volume growth.
- Switchgear margins have declined for three consecutive quarters; structural shift toward project business could limit margin recovery.
Key quotes
- I think 28% is also abnormal, and 18% is also abnormal. I think 24%-25% is a decent number to expect.
- The fact that we are setting up factories before even scaling up these businesses, we have a strong confidence in the Indian consumer appliances market.
- We are investing in multiple channels... we have to be part of being an eminent brand. We have to be part of every channel.
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