Havells India Limited — Q4 FY26

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.