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Revenue
₹6,705 Cr
verified against source
Revenue YoY
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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 Q4 FY26 with 14% revenue growth in cables and wires, driven by 6% volume growth and price hikes, while the ECD segment (fans, coolers) saw degrowth due to a high base and delayed summer. The Lloyd business remained under pressure with lower revenues and margins, though management expects improvement as summer demand picks up. The solar business in the 'other' segment grew 48%, benefiting from capacity additions and tailwinds. Margins in lighting and switchgear were impacted by cost inflation and lagged pricing, but management expects normalization. Guidance is cautious: no specific revenue or margin targets given, but focus remains on market share retention and long-term brand investments. Key risk: steep price increases across categories could dampen consumer demand, especially if the geopolitical situation worsens.
Colored figures show movement against the previous available record.
Guidance to track
- Major capex planned for cables and wires capacity expansion, with phase two coming online during the year.
- Investment in a new R&D center to drive innovation and premium product launches.
- Management expects operating leverage to improve, with revenue growth exceeding expense growth, except for A&P spend.
Risks flagged
- Sharp price hikes across categories could affect consumer offtake, especially if geopolitical tensions persist.
- Lloyd segment is barely generating profitability despite ₹4,000 Cr capital deployed; recovery depends on brand building and capacity utilization.
- Raw material and production challenges due to gas supply and global disruptions have been navigated but remain a risk.
- A large cement player entering housing wires may intensify competition and impact pricing.
Key quotes
- I have not seen this kind of a price escalation in the recent past in the recent memory.
- Our focus will also be to retain or gain market share. So we'll just play a balancing game here.
- The biggest thing about any consumer oriented brand builders... it requires long-term investment in brand building.
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