Accumulate Havells India; target of Rs 555: Geojit Research

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26 Aug, 2025 12:21

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Geojit Research's research report on Havells India

Overall revenue grew by 22% YoY, however revenue growth (excluding Lloyd) was modest at 4% YoY due to extension of GST overhang.  EBITDA margin (excluding Lloyd) improved by 180bps YoY to 15.8% due to inventory gain, price hikes & cost rationalisation. PAT grew by 20% YoY, (excluding Lloyd) grew by 9% YoY. Going forward, growth is expected normalise as GST impact fades. We maintain our positive view on HAVL given its strong presence across entire consumer electric space.

Outlook
We factor earnings to grow at robust 20% CAGR over FY17-19E.  Given strong earnings outlook, we value HAVL at P/E of 40x on FY19E with a target price of Rs.555 and we upgrade to Accumulate from Hold rating.
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