Sustained consumer demand weakness
Consumer demand showed weakness around Diwali and recovery is uncertain; if weakness persists, revenue growth may be impacted.
HAVELLS / Q3-FY25 / 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
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Competitive pricing pressure in lighting
LED pricing deflation continues across technologies including COB, pressuring margins despite volume growth.
Switchgear margin recovery may be slower than expected
Switchgear margins have declined for three consecutive quarters; structural shift toward project business could limit margin recovery.