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Copper price volatility and channel destocking
View Risks →Havells India Limited — Q3 FY26
Havells India reported a 14% revenue growth and 21% EBITDA growth in Q3 FY26, driven by strong volume expansion in cables and wires, partly aided by commodity price inflation.
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Havells India reported a 14% revenue growth and 21% EBITDA growth in Q3 FY26, driven by strong volume expansion in cables and wires, partly aided by commodity price inflation. Consumer demand remained modest, though festive and winter products saw a pickup. Cooling products faced a challenging environment but channel inventory is normalizing. Management remains cautiously optimistic about a gradual demand recovery but flagged headwinds from commodity inflation, BE rating changes, and e-way bills. They are taking calibrated price hikes (5-10% expected in RAC) and focusing on operational efficiency. A one-time exceptional provision of ₹45 crore for new labor codes impacted profitability. Key risk: channel destocking if copper prices reverse sharply, potentially impacting near-term volumes.
हैवेल्स इंडिया ने तीसरी तिमाही में अपनी कमाई 14% और मुनाफा 21% बढ़ाया। इसकी मुख्य वजह तार और केबल की ज्यादा बिक्री रही, जिसमें कच्चे माल के दाम बढ़ने से भी मदद मिली। त्योहारी सीजन और सर्दियों के सामान की मांग अच्छी रही, लेकिन बाकी चीजों की बिक्री सामान्य रही। कूलिंग प्रोडक्ट्स की बिक्री मुश्किल में रही, लेकिन दुकानों पर बचा स्टॉक अब कम हो रहा है। कंपनी को उम्मीद है कि धीरे-धीरे मांग बढ़ेगी, लेकिन कच्चे माल के दाम और नए नियमों से चुनौती है। उन्होंने एयर कंडीशनर के दाम 5-10% बढ़ाने का फैसला किया है। नए श्रम कानूनों के लिए 45 करोड़ रुपये का एकमुश्त खर्च मुनाफे पर भारी पड़ा। अगर तांबे के दाम अचानक गिरे तो स्टॉक बिक्री पर असर पड़ सकता है।
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Cables & Wires Volume Growth
>20%
+20% YoY
Healthy double-digit volume growth in cables and wires, driven by infrastructure demand and channel stocking.
Cable Capacity Utilization
90-100%
flat
Cable capacity running near full utilization; wires at 65-70%, with ongoing capex to add capacity.
RAC Price Hike Required
5-10%
N/A
Industry needs 5-10% price increase to offset BE rating, copper, and INR depreciation; GST correction may offset consumer impact.
Capex Guidance for FY27
₹1,000 crore
N/A
Management guided ~₹1,000 crore capex next year, mainly for cables/wires and new R&D center.
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Management expects capex of around ₹1,000 crore next fiscal, primarily for cables/wires capacity expansion and a new R&D center.
Sharp copper price increases have led to channel inventory build-up; a sudden reversal could cause destocking and volume moderation.
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