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Havells India Limited — Q4 FY25
Havells India reported a decent Q4 FY25 with healthy revenue and profit growth, led by large appliances and cables.
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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.
हैवेल्स इंडिया ने वित्त वर्ष 2025 की चौथी तिमाही में अच्छा प्रदर्शन किया। बड़े उपकरणों और केबल की बिक्री बढ़ने से कंपनी की आय और मुनाफा बढ़ा। लेकिन महंगाई के कारण लोगों की खरीदारी कम रही और कच्चे माल की कीमतों में उतार-चढ़ाव जारी रहा। लॉयड ने अच्छी कमाई और मुनाफा दिखाया, पूरे साल का EBITDA 100 करोड़ रुपये रहा। केबल सेगमेंट में 20% बढ़ोतरी हुई, जिसमें आधा हिस्सा कीमत बढ़ने से आया। स्विचगियर का मुनाफा सामान्य स्तर पर आ गया। कंपनी ने गर्मी देर से आने के कारण कूलिंग उत्पादों की बिक्री कम होने की बात कही, लेकिन अगली तिमाही में सुधार की उम्मीद है। हैवेल्स ने सोलर कारोबार के लिए गोल्डी सोलर में 600 करोड़ रुपये निवेश किए। जोखिमों में कमजोर मांग और केबल में नई कंपनियों से कीमत दबाव शामिल है। कंपनी सावधानी से काम कर रही है और हैवेल्स (लॉयड को छोड़कर) का मुनाफा 13-14.5% तक लाने पर ध्यान दे रही है। लॉयड का मुनाफा अनिश्चित है। कंपनी दो साल में 2,000 करोड़ रुपये का निवेश करेगी, जिस
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Delayed summer impacting cooling product sales
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Lloyd Full-Year EBITDA
INR 100 crore
N/A
Lloyd achieved INR 100 crore EBITDA for the full year, driven by cost savings and scale benefits.
Cable & Wire Revenue Growth
20%
+20% YoY
Cables and wires segment grew 20% YoY, with half attributed to value growth from copper price pass-through.
Solar Business Revenue
INR 400-450 crore
N/A
The solar business (inverters, modules, DC switchgears) is currently INR 400-450 crore and expected to grow multifold.
International Business Share
13.5%
N/A
International business now contributes 13.5% of overall revenue, with focus on developed markets like US and Europe.
What Changed vs Last Quarter
NEW
Havells ex-Lloyd EBITDA margin target of 13-14.5%
Management expects Havells (excluding Lloyd) to return to normalized EBITDA margins of 13% to 14.5% driven by operating leverage.
NEW
Lloyd to continue investing for growth
Lloyd will maintain investments in brand, distribution, and product development, with no specific margin guidance due to ongoing investment phase.
UPDATED
INR 2,000 crore CapEx over next two years
Total capital expenditure of approximately INR 2,000 crore planned over the next two years, including a new R&D center.
DROPPED
Ex-Lloyd segment margins of 12-13% in FY26
Management guided for ex-Lloyd EBITDA margins of 12-13% in FY26, with normalization expected in the coming year.
DROPPED
Switchgear margins to normalize to 23-24%
Switchgear EBIT margins expected to recover to 23-24% from current 18% as plant relocation and mix issues resolve.
DROPPED
INR 480 crore CapEx for refrigerator plant
New refrigerator manufacturing facility in Ghiloth, Rajasthan with INR 480 crore investment to become a full-stack consumer durable player.
NEW RISK
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.
NEW RISK
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 RISK
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.
NEW RISK
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.
RISK GONE
Sustained consumer demand weakness
Consumer demand showed weakness around Diwali and recovery is uncertain; if weakness persists, revenue growth may be impacted.
RISK GONE
Competitive pricing pressure in lighting
LED pricing deflation continues across technologies including COB, pressuring margins despite volume growth.
RISK GONE
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.
🤫 Topics management stopped discussing
Mentioned in Q1 FY24, Q1 FY25, Q2 FY24, Q2 FY25, Q3 FY25, Q4 FY24
New refrigerator manufacturing facility in Ghiloth, Rajasthan with INR 480 crore investment to become a full-stack consumer durable player.
Mentioned in Q2 FY24, Q3 FY24, Q4 FY24
New cable capacity will be commissioned in June 2024, with benefits expected in the second half of FY25.
Mentioned in Q1 FY24, Q1 FY25, Q3 FY25
Management guided for ex-Lloyd EBITDA margins of 12-13% in FY26, with normalization expected in the coming year.
Mentioned in Q1 FY25, Q2 FY24, Q3 FY25
Consumer demand showed weakness around Diwali and recovery is uncertain; if weakness persists, revenue growth may be impacted.
Mentioned in Q2 FY25, Q3 FY25
Switchgear EBIT margins expected to recover to 23-24% from current 18% as plant relocation and mix issues resolve.
Fast read
Guidance and risk preview
Management expects Havells (excluding Lloyd) to return to normalized EBITDA margins of 13% to 14.5% driven by operating leverage.
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 re...
View Risks →