Delayed summer impacting cooling product sales
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.
HAVELLS / Q4-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
medium
Commodity price volatility and margin pressure
Continued volatility in copper and other raw material prices, driven by global uncertainties, poses an overhang on margins, especially in cables and wires.
New entrants in cables and wires could intensify competition
Two large groups have announced entry into cables and wires, potentially increasing competition and pressuring pricing or distribution margins.
Lloyd profitability trajectory uncertain due to ongoing investments
Management refrained from providing margin guidance for Lloyd, citing continued investments in brand, distribution, and new product categories like refrigerators.