Q3 Results impact: Havells India shares drop 7% as profit misses estimates; Aarti Surfactants, Tips Music jump up to 20%

Q3 Results impact

• Havells India shares fell over 7% after Q3 results missed some estimates
• Aarti Surfactants shares surged 20% on 358% YoY profit growth in Q3
• Tips Music shares rose 3% after Q3 net profit jumped 37% YoY

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The shares of Havells India declined in trade sharply on January 20 after the company’s results for the October-December quarter of FY26 missed estimates on some fronts. Aarti Surfactants and Tips Music shares meanwhile surged.

The three companies had released their results on January 19.

Havells India Q3 Results:

Havells India shares declined more than 7 percent to close at Rs 1,344.90 apiece. This comes a day after the company reported a standalone net profit of Rs 301.36 crore for Q3 FY26, marking a nearly 7 percent year-on-year (YoY) rise from Rs 282.81 crore in Q3 FY25 but a 5 percent QoQ decline from Rs 317.48 crore in Q2 FY26.

The firm’s revenue from operations meanwhile rose more than 14 percent YoY to Rs 5,573.44 crore during the quarter under review.

Along with the Q3 results, Havells India announced an interim dividend of Rs 4 per equity share. The record date to determine the eligibility of the shareholders set to receive the payment has been set on January 23. The dividend will then be paid to the eligible shareholders on or before February 17.

Brokerages on Havells:

Motilal Oswal reiterated its 'Neutral' rating on the stock with a target price of Rs 1,590 apiece. This implies an upside potential of nearly 10 percent from the stock’s previous closing price of Rs 1447.1 apiece.

The domestic brokerage said that the company’s Q3 results came in below its estimates, as margins remained under pressure across the C&W, Lloyd, and cable segments. “Going forward, the inventory situation of RAC, the implementation of price hikes due to new BEE norms, RM cost inflation, and growth in the C&W segment amid copper price fluctuations will be the key monitorables,” it added.

JM Financial said that the firm’s adjusted PAT was a “shade below expectations”, while EBITDA was in-line and revenue was above estimate. “Our FY26E EPS estimate goes up by 3%, primarily on the back of an increase in revenue from C&W, while our FY27/28E EPS estimate is largely unchanged. We maintain BUY with a PT of INR 1,750 (unchanged), valuing Havells at 50x Dec’27E EPS,” the brokerage said.

Nomura kept a ‘Buy’ call on the stock, with a target price of Rs 1,798 per share. This implies an upside potential of more than 24 percent from the stock’s previous closing price of Rs 1,447.1 apiece. The international brokerage said that the firm’s Q3 earnings beat

Jefferies kept a ‘Hold’ call on the stock, with a target price of Rs 1,555 per share. This implies an upside potential of nearly 7.5 percent over the stock’s previous closing price. The international brokerage said that the firm’s strong cables and wires growth offset weakness in Lloyd & Lighting.

Rising copper and aluminium prices may require calibrated price hikes, it added.

Aarti Surfactants Q3 Results:

Aarti Surfactants shares jumped 20 percent to hit the upper circuit at Rs 459.10 apiece on Tuesday. This comes after the firm’s net profit grew 358 percent YoY to Rs 3.66 crore in Q3 FY26, from Rs 79.75 lakh in Q3 FY25.

The firm’s revenue from operations meanwhile grew around 28 percent YoY to Rs 207.79 crore during the quarter under review.

Tips Music Q3 Results:

Tips Music shares rose more than 3 percent to close at Rs 536.10 apiece after the company. This came after the company’s net profit rose nearly 37 percent YoY to Rs 58.66 crore in Q3 FY26, from Rs 44.23 crore in Q3 FY25.

The firm’s revenue from operations meanwhile rose over 21 percent YoY to Rs 94.29 crore during the quarter under review.