Moneycontrol PRO
Upcoming Event:Super25 3.0- India’s Largest Online Stock Traders Conference brought to you by Moneycontrol Pro & Espresso
you are here: HomeNewsBusiness

Hold Havells India target of Rs 1126: Prabhudas Lilladher

Prabhudas Lilladher recommended hold rating on Havells India with a target price of Rs 1126 in its research report dated January 21, 2021.

January 28, 2021 / 07:04 AM IST
  • bselive
  • nselive
Todays L/H

Prabhudas Lilladher's research report on Havells India

HAVL’s has indicated robust outlook led by 1) improvement in consumer sentiment 2) benefits of increased distribution reach in smaller towns/ rural India and 3) market share gains from unorganized players despite some trade up stocking ahead of price increases. Lloyd remains on track to recovery benefitting from 1) in-house manufacturing in RAC 2) change in industry dynamics post import prohibitions 3) network expansion and 4) one stop offering with launch of refrigerators. We estimate gross margin pressure due to commodity inflation, however lower ad spends, higher value growth and benefits of cost savings and low base will enable strong growth for next 2 quarters.


We estimate margins to expand by 360bps to 14.5% over FY20-23 which will enable 24.8% PAT CAGR. We assign a target price of Rs1,126 based on DCF (implied PE of 49.5xFY23 EPS) and assign Hold rating (Under Review Earlier).

For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes

Broker Research
first published: Jan 28, 2021 07:04 am
ISO 27001 - BSI Assurance Mark