Buy Havells, India; target of Rs 2117: Anand Rathi

Anand Rathi's research report on Havells, India

Improved demand drove Havells’ revenue to grow 16% y/y, but margins dragged the Q2 performance. Supported by festival season offtake, we remain optimistic regarding H2 and expect margins to recover. Upbeat consumer sentiments are expected to drive ECD performance with B2B demand improving, driven by government spending.

Outlook

We maintain a Buy with a revised TP of Rs2,117 (54x FY27e EPS).

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