Anand Rathi's research report on Havells India
Affected by an 18% y/y drop in Lloyd (and 2% in ECD), though offset by 12% y/y growth in cables & wires and 8% in switchgear, Havells’ Q2 was weak. ECD and Lloyd were hit by softer seasonal demand but would recover from Q3 as inventories normalise and festival demand booms. Strategic bets in renewables and consistent execution in C&W lend comfort to long-term growth assurance. With brighter consumer sentiment postGST cuts and sustained infrastructure spending, we expect a strong H2.
Outlook
We retain our Buy rating, with a lower TP of Rs1,720 (50x Sep’27e EPS).
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