FY25 Net Revenue: ₹21,746 Cr — up +17.2% YoY from ₹18,550 Cr.
Q4FY25 Revenue: ₹6,532 Cr — up +20.2% YoY, led by Lloyd Consumer (+39.5%) and Cables (+21.2%).
Core segments like Switchgears (+6.7%), Lighting (+1.6%), and ECDs (+15.2%) maintained positive momentum.
📌 Insight: Lloyd segment turned around with full-year profitability; ECDs and Cables continue to scale with better product mix and capacity expansion.
⚙️ Commentary: Despite inflationary pressures, Havells maintained margin discipline aided by cost optimization and product premiumization.
ROE: 18.8%
ROCE: 25.9%
Current Ratio: 1.8
Inventory Days: 67
Debtor Days: 21
Net Working Capital: 37 days (stable YoY)
💡 Liquidity remains strong, ensuring operational flexibility.
📈 While valuations appear rich, the premium is attributed to the brand’s strong moats, execution history, and return ratios.
The electricals and consumer durables sector is witnessing a structural demand shift due to urbanization, premium housing, and lifestyle upgradation.
Lloyd’s turnaround and investment in Goldi Solar (₹600 Cr for 9.2% stake) signals Havells’ strategic pivot towards the green energy value chain.
🔸 Near-Term:
Seasonal headwinds may moderate ECD sales in Q1 FY26.
Margin outlook stable due to softening raw material costs.
🔸 Long-Term:
Industry tailwinds from real estate, infra push, and solar integration.
Sustained outperformance possible through brand, distribution, and energy solutions.
This analysis is for informational purposes only and does not constitute investment advice.