Havells India’s margin recovery hinges on easing A&P spends, price hikes after weak Q1

Havells India posted 20% YoY revenue growth to ₹6,518 crore in Q1FY27, but Ebitda margin fell 230 bps to 7.2% as A&P spends doubled to ₹286 crore. Management expects A&P to normalize at 2.7-2.8% of revenue, with staggered price hikes of 7-8% (up to 20% in copper/aluminium-heavy categories) supporting margins. Motilal Oswal cut FY27/FY28 Ebitda estimates by 6%/8%, and the stock is down 16% YTD in 2026, trading at 43x FY27 earnings.