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Revenue
₹6,544 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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What the record says.
Havells India reported a decent Q4 FY25 with healthy revenue and profit growth, led by large appliances and cables. However, consumer sentiment remained subdued due to inflation, and commodity price volatility persisted. Lloyd delivered strong revenue growth and margin improvement, with full-year EBITDA reaching INR 100 crore. The cable segment saw 20% growth, half from value, with new Tumkur capacity contributing. Switchgear margins normalized to historical levels. Management highlighted a delayed summer impacting cooling product sales but expects improvement in Q1. The company invested INR 600 crore in Goldi Solar to secure supply for its solar business. Risks include continued consumer demand weakness and potential pricing pressure from new entrants in cables. Guidance remains cautious, with focus on consistent growth and margin recovery in Havells ex-Lloyd to 13-14.5% levels. Lloyd's profitability trajectory is uncertain due to ongoing investments. The company plans INR 2,000 crore CapEx over two years, including an R&D center.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects Havells (excluding Lloyd) to return to normalized EBITDA margins of 13% to 14.5% driven by operating leverage.
- Total capital expenditure of approximately INR 2,000 crore planned over the next two years, including a new R&D center.
- Lloyd will maintain investments in brand, distribution, and product development, with no specific margin guidance due to ongoing investment phase.
Risks flagged
- A delayed summer in Q4 FY25 led to muted growth in fans and air conditioners, with potential impact on Q1 FY26 primary sales if secondary demand remains weak.
- Continued volatility in copper and other raw material prices, driven by global uncertainties, poses an overhang on margins, especially in cables and wires.
- Two large groups have announced entry into cables and wires, potentially increasing competition and pressuring pricing or distribution margins.
- Management refrained from providing margin guidance for Lloyd, citing continued investments in brand, distribution, and new product categories like refrigerators.
Key quotes
- Lloyd has delivered a robust performance with strong revenue growth and margin improvement. The focus now remains on consistent revenue growth along with improving profitability.
- I think cables and wires, both as a business, have more potential to have more organized competition than regional or local competition. I think, going forward, this industry can go through a further consolidation towards branded products, branded play, high-quality products.
- Our growth plans would have been under serious challenge had we not made investment either through our own manufacturing or through investment with an existing manufacturer.
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