Havells This fall Outcomes Highlights
The corporate on Tuesday introduced its Q4FY25 outcomes, whereby it reported a 16.4% YoY leap in its internet revenue at Rs 522 crore.
That is up from Rs 449 crore reported within the corresponding quarter of the earlier monetary 12 months.
The corporate’s internet income for the quarter stood at Rs 6,532 crore, up 20.2% YoY from Rs 5,434 crore in the identical quarter final 12 months, highlighting strong demand throughout its product classes. Sequentially, income additionally improved considerably from Rs 4,883 crore in Q3 FY25.
EBITDA (Earnings Earlier than Curiosity, Tax, Depreciation and Amortization) got here in at Rs 761 crore, displaying a 19.5% YoY progress over Rs 637 crore reported in This fall FY24. The corporate maintained an EBITDA margin of 11.6%, broadly secure in comparison with the 11.7% margin within the year-ago quarter.
Havells India additionally posted a Whole Complete Revenue of Rs 504 crore, representing a 12.7% YoY rise from Rs 447 crore in This fall FY24, regardless of a lack of Rs 18 crore in different complete revenue.
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Segmental Efficiency:
- Lloyd Shopper enterprise led the expansion chart with income surging 39.5% YoY to Rs 1,870 crore, reflecting strong demand within the cooling merchandise phase.
- The Cables division posted a robust 21.2% YoY progress, clocking Rs 2,169 crore in income.
- Switchgears and Electrical Shopper Durables registered income of Rs 691 crore (up 6.2% YoY) and Rs 996 crore (up 9.4% YoY), respectively.
- Income from Lighting and Fixtures remained flat at Rs 436 crore (up simply 0.5%), whereas the ‘Others’ phase grew 19.4% YoY to Rs 370 crore.
The corporate’s sub-total income from core Havells companies stood at Rs 4,662 crore (up 13.9% YoY), whereas Lloyd’s shopper enterprise contributed considerably to the general progress.
The shares of Havells India closed 1% greater at Rs 1,664.75 on the BSE on Tuesday.
What do brokerages say?
Nuvama
Brokerage agency Nuvama has maintained a bullish stance on Havells India, assigning a purchase score with a goal value of Rs 1,890 following the corporate’s robust all-round beat in its This fall FY25 earnings.
Whereas the brokerage acknowledged a tender total demand surroundings — barring industrial cables — it flagged rising considerations within the residential air-conditioner (RAC) phase, significantly within the southern area, the place secondary gross sales remained weak throughout March and April 2025. Nonetheless, Nuvama raised its FY26–27 earnings estimates by 4–5%, citing expectations of margin enchancment within the Switchgears and Lloyd companies.
Equirus Capital
Equirus Capital has reiterated a optimistic stance on Havells India, sustaining a Lengthy score with a revised goal value of Rs 1,967 for June 2026, barely decrease than its earlier estimate of Rs 2,057 for March 2026.
The brokerage famous that Havells exited FY25 on a robust footing, with This fall income rising 20% YoY to Rs 6,530 crore, propelled by a 40% YoY surge in Lloyd Shopper and a robust rebound within the cables and wires (C&W) phase.
Nonetheless, Equirus highlighted that whereas core income grew 14% YoY, ex-C&W progress was extra modest at 8%, weighed down by inflationary pressures and tepid secondary demand for summer-focused merchandise.
Regardless of a stable This fall efficiency from C&W and Lloyd, B2C demand remained muted on account of continued price pressures. The brokerage additionally flagged administration’s warning on summer time product gross sales in April, which might introduce uncertainties heading into Q1 FY26E.
(Disclaimer: Suggestions, ideas, views and opinions given by the specialists are their very own. These don’t characterize the views of The Financial Occasions)
