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Dossier · HAVELLS INDIA LIMITED · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
HAVELLS INDIA LIMITED
NSE: HAVELLS · BSE: 517354
NSE: HAVELLS · BSE: 517354
Consumer Discretionary › Consumer Durables › Consumer Durables › Consumer Electronics
HAVELLS INDIA LIMITED
StateQ1 FY27 filed
Last close · 28 Oct 2026₹1,025.40
Market cap₹64.4k cr
TTM P/E · P/B · EV/EBITDA39.4 · 6.80 · 24.6
HAVELLS INDIA LIMITED is a Consumer Durables company listed on NSE. The annual-report business brief for this company has not been generated yet; the numbers below are as filed.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 13,938 | 16,911 | 18,590 | 21,778 | 22,528 |
| EBITDA (ex other income) | 1,760 | 1,599 | 1,843 | 2,131 | 2,155 |
| margin % | 12.6 | 9.5 | 9.9 | 9.8 | 9.6 |
| Owners' profit | 1,196 | 0 | 1,266 | 1,472 | 1,691 |
| EPS, as reported (₹) | 19.11 | 17.11 | 20.28 | 23.49 | 26.95 |
| ROE % · ROCE % | 19.9 · 24.1 | 16.2 · 20.2 | 17.1 · 21.5 | 17.6 · 22.5 | 17.8 · 21.8 |
| Debt / equity (x) | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 1,728 | 565 | 1,953 | 1,515 | 1,572 |
| Capex | (258) | (588) | (786) | (766) | (1,484) |
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · HAVELLS INDIA LIMITED · 29 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,539 | 4,889 | 6,544 | 5,455 | 4,779 | 5,588 | 6,705 | 6,518 |
| Profit before tax | 363 | 377 | 701 | 470 | 410 | 396 | 904 | 392 |
| Net profit | 268 | 278 | 517 | 348 | 318 | 300 | 723 | 290 |
| EPS (₹) | 4.28 | 4.43 | 8.26 | 5.55 | 5.09 | 4.80 | 11.52 | 4.63 |
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Switchgears | 2,586 | 11.5 |
| Cables | 8,677 | 38.5 |
| Lighting & Fixtures | 1,688 | 7.5 |
| Electrical Consumer Durables | 3,876 | 17.2 |
| Lloyd Consumer | 3,974 | 17.6 |
| Others | 1,727 | 7.7 |
| Total, before eliminations | 22,528 | 100.0 |
Source: the filed segment block, four quarters summed.
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DIXON TECHNO (INDIA) LTD | 69,349 | 33.0 | 12.87 | 26.8 | 30.5 | 31.7 | 49.9 | 6.4 |
| HAVELLS INDIA LIMITED ◆ | 64,354 | 39.4 | 6.80 | 24.0 | 17.8 | 21.5 | 16.6 | 8.0 |
| PG ELECTROPLAST LTD | 15,336 | 74.5 | 5.03 | 36.0 | 6.4 | 7.5 | 49.7 | 7.7 |
| IKIO TECHNOLOGIES LIMITED | 1,269 | 25.9 | 2.08 | 14.0 | 6.8 | 8.3 | — | 15.5 |
| CWD Limited | 589 | 13.8 | — | — | — | 13.8 | — | — |
| FOCUS LIGHTG & FIXTRS LTD | 350 | 60.5 | 2.39 | 19.2 | 3.5 | 4.8 | — | 14.9 |
| SONAM LIMITED | 285 | 31.6 | 3.98 | — | 10.2 | 12.9 | — | 8.1 |
| VETO SWITCHGEAR CABLE LTD | 236 | 8.6 | 0.82 | 6.5 | 8.5 | 11.2 | 16.4 | 11.2 |
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.4 | 31.6 | 8 of 11 | 30% |
| P/B | 6.8 | 2.4 | 9 of 11 | 20% |
| ROCE | 21.4 | 8.3 | 2 of 13 | 92% |
| ROE | 17.8 | 6.5 | 2 of 11 | 90% |
| Debt / Equity | 0.0 | 0.1 | 1 of 11 | 90% |
| EBITDA margin | 8.0 | 8.0 | 6 of 11 | 50% |
| Revenue growth | 19.5 | 33.3 | 9 of 13 | 33% |
| Profit growth | (16.6) | 32.9 | 9 of 11 | 20% |
| Market cap | 64354 | 261 | 2 of 14 | 92% |
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · HAVELLS INDIA LIMITED · 29 October 2026Page 3 of 3
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Havells President and business unit head Sameer Anjaria resigns | management changes | high | — | — |
| 27 Oct 2026 · President Samir Kirit Anjaria resigns effective 27 October 2026 | management changes | high | — | — |
| 26 Oct 2026 · Havells allots 61,135 shares to employees under ESPS 2022 | capital market events | low | — | — |
| 24 Oct 2026 · Havells employees complete exercise of 61,135 shares under purchase plan | capital market events | low | — | — |
| 24 Oct 2026 · Havells Q2 FY27 call: 35% revenue growth, 30% EBITDA growth | investor communications | medium | — | — |
| 23 Oct 2026 · Havells quarterly profit rises about 10% as income increases 33% | compliance | minimal | — | — |
| 22 Oct 2026 · Havells publishes Q2 FY27 earnings call recording | investor communications | low | — | — |
| 22 Oct 2026 · Q2 revenue rises 34.6%, but half-year profit and cash flow decline | results | high | — | — |
| 22 Oct 2026 · Q2 revenue rises 35%, but half-year profit slips and cash flow stays negative | results | high | — | — |
| 22 Oct 2026 · Q2 revenue rises 35%, but profit and cash flow lag | results | high | — | — |
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in