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Revenue
₹5,588 Cr
verified against source
Revenue YoY
14%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Havells India reported a healthy Q3 FY26 with revenue growing 14% YoY and EBITDA up 21% YoY, driven by strong volume growth in cables and wires (over 20% volume growth) and winter product demand. However, consumption trends remain modest, and the cooling products segment faced challenges, though channel inventory is normalizing. Management remains cautiously optimistic about gradual demand recovery but highlighted headwinds from commodity inflation, BEE norm changes, and e-waste costs. They are taking calibrated price hikes (5-10% for RAC) and focusing on operational efficiency. Key risks include potential volume moderation from channel destocking if copper prices correct sharply and margin pressure from raw material inflation. The company guided for continued CapEx of ~INR 1,000 crore next year, primarily for cables and a new R&D center.
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Guidance to track
- Management guided for CapEx in the range of INR 1,000 crore next year, primarily for cables and wires and a new R&D center.
- Management indicated a 5-10% price increase for room ACs in the current quarter to offset cost pressures.
- Management expects channel inventory for cooling products to normalize by March 2026 as the summer season begins.
Risks flagged
- Sharp copper price movements could lead to channel destocking and volume moderation in wires and cables.
- Rising commodity costs may compress margins if price hikes are not fully passed through, especially in ECD and fans.
- A weak summer season could lead to lower-than-expected sales of RACs and fans, impacting Lloyd's performance.
- US tariffs have reduced demand for cable exports, which were a growth driver last year.
Key quotes
- We delivered a healthy overall performance in the third quarter, which was primarily led by an accelerated growth in our cables business, driven by volume expansion and commodity price inflation.
- We are in the process of taking calibrated price hikes and enhancing operational efficiency.
- I think over a longer period of time, I don't think India demographics are such where we will continue to see tepid demand in these categories. We are quite hopeful of the future.
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