Cables & Wires Volume Growth
6%
+6% YoY
Volume growth in cables and wires was 6% YoY, with industrial cables growing faster than domestic wires.
HAVELLSINDIA
Other
15 May 2026
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.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Other Segment Revenue Growth
48%
+48% YoY
Driven by solar business, benefiting from capacity additions and renewable tailwinds.
Price Hike Range (Lloyd)
8-15%
N/A
Price hikes taken in Lloyd to offset cost inflation from energy efficiency changes and raw materials.
Trade Receivables
₹782 Cr
-38% QoQ
Sharp decline from ₹1,254 Cr due to faster collections and year-end adjustments.
Management Guidance
Capex of ₹800 Cr in FY27 for cables and wires
Major capex planned for cables and wires capacity expansion, with phase two coming online during the year.
capexNew R&D center over next 2-2.5 years
Investment in a new R&D center to drive innovation and premium product launches.
expansionRevenue growth to outpace expense growth
Management expects operating leverage to improve, with revenue growth exceeding expense growth, except for A&P spend.
marginsKey Risks
Steep price increases may dampen demand
Sharp price hikes across categories could affect consumer offtake, especially if geopolitical tensions persist.
high · management_commentaryLloyd profitability remains weak
Lloyd segment is barely generating profitability despite ₹4,000 Cr capital deployed; recovery depends on brand building and capacity utilization.
high · analyst_questionSupply chain disruptions from global events
Raw material and production challenges due to gas supply and global disruptions have been navigated but remain a risk.
medium · management_commentaryNew entrant in wires market could pressure pricing
A large cement player entering housing wires may intensify competition and impact pricing.
medium · analyst_questionNotable 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.