Buy Havells India; target of Rs 536: HDFC Securities

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26 Aug, 2025 12:21

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HDFC Securities' research report on Havells India

Havells’ 1QFY18 net revenue grew by 9% (ex- Lloyd consumer) to Rs 15.9bn vs. expectation of 5%. EBITDA and APAT (Ex-Lloyd) were down by 20% and 22% YoY. Havells registered healthy revenue growth, despite destocking pressure. The Cables & Wire business witnessed strong 19% growth on preponement of demand (14% expectation). Ex-Cable, revenue grew by 2% vs. flat expectation.

Outlook

Weak revenue growth (Ex-Cable 2%), unfavourable product mix and one-off cost on acquisition resulted in margin contraction. Contribution margin and EBITDA margin were down by 160bps and 370bps YoY respectively.

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