Havells India Q2 FY27 results: net profit up 9.7% to ₹349.22 crore, revenue up 34.6%

How did Havells India perform in Q2 FY27?

Havells India reported consolidated revenue of ₹6,432 crore for Q2 FY27, up ₹1,653 crore or 34.6% from Q2 FY26 and down ₹86.20 crore or 1.3% from Q1 FY27. EBITDA was ₹573.33 crore, up ₹134.90 crore or 30.8% year on year and up ₹107.17 crore or 23.0% sequentially. The EBITDA margin was 8.9%, compared with 9.2% in Q2 FY26 and 7.2% in Q1 FY27.

Profit before tax was ₹472.62 crore, compared with ₹409.77 crore a year earlier and ₹392.29 crore in the previous quarter. Net profit was ₹349.22 crore, up from ₹318.28 crore a year earlier and ₹289.71 crore in Q1 FY27; basic EPS was ₹5.57, compared with ₹5.09 and ₹4.63. The company also reported standalone revenue of ₹6,416.62 crore and profit after tax of ₹352.83 crore.

What changed in Havells India's costs and profit?

Total expenses were ₹5,992 crore in Q2 FY27, up ₹1,536 crore or 34.5% from Q2 FY26. Cost of materials increased by ₹760.53 crore or 28.3% to ₹3,447 crore, employee cost rose by ₹75.12 crore or 15.7% to ₹553.89 crore, depreciation rose by ₹22.79 crore or 21.5% to ₹128.57 crore, and other expenses increased by ₹93.94 crore or 12.5% to ₹848.27 crore. Finance costs fell by ₹4.39 crore or 48.0% to ₹4.75 crore. There was no exceptional item.

Other income fell by ₹53.65 crore or 62.2% to ₹32.61 crore, while tax increased by ₹27.09 crore or 28.1% to ₹123.40 crore. The investor presentation said the Q2 FY26 other-income comparison included a one-time gain of Rs 45.27 crores from the sale of land and building at the Faridabad facility. Against Q1 FY27, total expenses fell by ₹188.08 crore or 3.0%, with lower cost of materials and other expenses partly offset by higher employee cost, depreciation and tax.

How did the first half of FY27 go?

For H1 FY27, consolidated revenue was ₹12,950.18 crore, up ₹2,715.5 crore or 26.5% from H1 FY26, while total income rose by ₹2,646.83 crore or 25.5% to ₹13,036.95 crore. Profit before tax fell by ₹14.61 crore or 1.7% to ₹864.91 crore, and net profit declined by ₹26.88 crore or 4.0% to ₹638.93 crore. Basic EPS was ₹10.20, down from ₹10.63 in H1 FY26.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹14,743.15 crore, compared with ₹14,746.25 crore at 31 March 2026, while total equity rose to ₹9,785.29 crore from ₹9,468.67 crore. The company reported no borrowings at both dates. Cash fell to ₹501.09 crore from ₹790.62 crore, inventories rose to ₹5,038.38 crore from ₹4,440.67 crore, trade receivables were ₹812.67 crore against ₹789.77 crore, and trade payables were ₹2,770.91 crore against ₹2,908.4 crore.

H1 FY27 operating cash flow was negative ₹162.3 crore, compared with negative ₹378.68 crore in H1 FY26. Investing cash flow was positive ₹267.61 crore against positive ₹575.07 crore, financing cash flow was negative ₹395.02 crore against negative ₹381.65 crore, and capital expenditure was ₹654.79 crore compared with ₹696.79 crore.

How has Havells India done over the last 8 quarters?

Revenue rose year on year in each of the last five quarters, according to the supplied trend data. It reached ₹6,705.2 crore in Q4 FY26 before easing to ₹6,518.19 crore in Q1 FY27 and ₹6,431.99 crore in Q2 FY27. The low point in the period was ₹4,779.33 crore in Q2 FY26, while the high was ₹6,705.2 crore in Q4 FY26.

Net profit peaked at ₹723.39 crore in Q4 FY26, fell to ₹289.71 crore in Q1 FY27 and recovered to ₹349.22 crore in Q2 FY27. The EBITDA margin reached 11.6% in Q4 FY25, fell to 7.2% in Q1 FY27 and rose to 8.9% in Q2 FY27; the Q4 FY26 margin was 10.9%.

Which businesses drove the quarter?

Cables was the largest reported segment, with revenue of ₹2,998.9 crore, up 47.9% from ₹2,028.23 crore a year earlier, and EBIT of ₹304.26 crore, up from ₹278.22 crore; its EBIT margin was 10.1%. Switchgears reported revenue of ₹781.74 crore, up 31.3%, and EBIT of ₹198.46 crore, up from ₹132.81 crore, with a 25.4% margin.

Electrical Consumer Durables reported revenue of ₹1,072.11 crore, up 27.4%, and EBIT of ₹66.95 crore, up from ₹47.46 crore. Lloyd Consumer reported revenue of ₹619.41 crore, up 28.5%, and an EBIT loss of ₹105.51 crore, compared with an EBIT loss of ₹105.97 crore; its EBIT margin was -17.0%. Renewables reported revenue of ₹329.16 crore and EBIT of ₹27.25 crore, while no year-ago comparison was provided.

Lighting & Fixtures reported revenue of ₹459.5 crore, up 7.3%, and EBIT of ₹45.53 crore, down from ₹54.57 crore, with a 9.9% margin. Others reported revenue of ₹171.17 crore, down 57.5%, and EBIT of ₹10.2 crore, compared with ₹11.73 crore; the EBIT margin was 6.0%.

What else did the company announce?

Havells India filed limited-reviewed, unaudited standalone and consolidated results for the second quarter and half year ended 30 September 2026 with the BSE on 22 October 2026. The results had been approved by the board at a meeting held on 22 October 2026, and Price Waterhouse & Co Chartered Accountants LLP said nothing had come to its attention indicating a material misstatement. The company also filed an investor presentation on the results.

HDFC Asset Management Company Limited disclosed on 21 October 2026 that HDFC Mutual Fund schemes collectively held 5.012% of Havells India’s paid-up equity share capital as of 16 October 2026. The filing said the holding had increased from 4.996% after the open-market acquisition of 100,127 shares, or 0.016%. The same-day filings did not announce a dividend, fund raise or appointment.

What did Havells India's management say?

Management said all categories grew in Q2 FY27 and that calibrated pricing actions helped offset raw-material inflation. It said contribution margins were softer year on year, primarily because lower aluminium prices affected cables, while the H1 cables contribution margin was about 15% and broadly in line with the long-term average. Management also said Lloyd’s margins remained subdued because of raw-material inflation and seasonal under-absorption.

Management retained the FY27 capital-expenditure estimate of about INR14 billion for cables, wires and the R&D centre. It said product-specific price increases of 5%-7% were planned for Q3 FY27, and that the underground-cable expansion was expected to be fully on stream within 18 months. Lloyd was targeted to become profitable in the medium term, but no timeline or FY27 revenue guidance was given.

Management identified raw-material inflation, aluminium-price volatility, Lloyd’s off-season under-absorption, new organised wires entrants, macroeconomic uncertainty and elevated commodity prices as risks. Chairman and Managing Director Anil Rai Gupta said it was too early to determine peak volumes for renewables and that the company would continue trying to turn it into a healthy-margin business.

How did Havells India shares react?

Havells India closed the first session that could trade on the filing 0.1% above its previous close. From the price when the filing appeared, the stock was down 1.5% after five minutes, 2.6% after 15 minutes and 0.9% after 30 minutes. By the next day’s close, it was 3.8% below the pre-results close, and by the fifth session it was 5.0% below that level.

The Consumer Electronics industry median moved 2.4% lower on the reaction day, 4.3% lower by the next close and 0.7% lower by the fifth close. Havells India therefore exceeded the industry median by 2.5 percentage points on the reaction day, 0.5 percentage points by the next close and trailed it by 4.3 percentage points by the fifth close. Earlier reaction-day moves included 2.0% on 17 July 2026, 6.3% lower on 19 January 2026 and 8.0% lower on 17 October 2024.