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Havells India Limited
(HAVELLS)
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Rating:69Neutral
Price Target:
₹1,249.00
▲(2.21% Upside)
Action:Reiterated
Date:08/04/26
The score is supported primarily by strong financial fundamentals (notably low leverage and improving margins) and positive technical momentum. It is held back by weaker latest-year cash conversion and a demanding valuation (high P/E with a low dividend yield).
Positive Factors
Very Low Leverage
Very low and improving leverage gives Havells substantial financial flexibility to fund operations, support expansion, and withstand cyclical demand without heavy financing pressure. The concurrent growth in equity and assets also indicates a strengthening capital base alongside business development.
Negative Factors
Weak Latest Cash Conversion
Weak conversion of reported earnings into cash is a material quality concern because it can restrict internally funded investment and reduce flexibility for shareholder returns or growth initiatives. The sharp latest-year free-cash-flow decline also warrants monitoring for persistence.
Read all positive and negative factors
Positive Factors
Negative Factors
Very Low Leverage
Very low and improving leverage gives Havells substantial financial flexibility to fund operations, support expansion, and withstand cyclical demand without heavy financing pressure. The concurrent growth in equity and assets also indicates a strengthening capital base alongside business development.
Read all positive factors
Havells India Limited (HAVELLS) vs. iShares MSCI India ETF (INDA)
Market Cap
₹703.56B
Dividend Yield0.9%
Average Volume (3M)121.46K
Price to Earnings (P/E)42.9
Beta (1Y)1.16
Revenue Growth10.10%
EPS Growth15.60%
CountryIN
Employees7,598
SectorGeneral
Sector StrengthN/A
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)26.04
Shares Outstanding627,561,650
10 Day Avg. Volume227,137
30 Day Avg. Volume121,464
Financial Highlights & Ratios
PEG Ratio2.99
Price to Book (P/B)7.87
Price to Sales (P/S)3.30
P/FCF Ratio849.79
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,220.00Price Target Upside-0.16% Downside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)27
Revenue Forecast (FY)₹260.71B
Havells India Limited Business Overview & Revenue Model
Company Description
Havells India Limited is a leading fast-moving electrical goods (FMEG) enterprise that manufactures, markets, and sells a wide spectrum of consumer electrical and electronic merchandise, both within India and across international markets. The comp...
How the Company Makes Money
Havells makes money primarily by manufacturing (and in some categories sourcing/assembling) branded electrical and consumer products and selling them through a multi-channel distribution network to end consumers, electricians/contractors, and inst...
Havells India Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
92
Very Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 235.91B | 225.28B | 216.00B | 184.73B | 168.06B | 138.35B |
| Gross Profit | 70.79B | 74.48B | 64.61B | 54.67B | 47.14B | 40.79B |
| EBITDA | 26.14B | 26.79B | 24.34B | 20.92B | 17.77B | 19.21B |
| Net Income | 16.33B | 16.91B | 14.72B | 12.71B | 10.72B | 11.96B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 147.46B | 138.09B | 124.48B | 111.57B | 105.23B |
| Cash, Cash Equivalents and Short-Term Investments | 23.42B | 23.72B | 33.58B | 30.36B | 20.49B | 26.99B |
| Total Debt | 0.00 | 2.65B | 3.19B | 3.03B | 2.23B | 6.16B |
| Total Liabilities | -94.69B | 52.78B | 54.68B | 49.84B | 45.32B | 45.20B |
| Stockholders Equity | 94.69B | 94.55B | 83.24B | 74.47B | 66.25B | 60.03B |
Cash Flow | ||||||
| Free Cash Flow | -10.75B | 875.40M | 7.49B | 13.10B | -228.60M | 14.70B |
| Operating Cash Flow | -3.79B | 15.72B | 15.15B | 20.96B | 5.65B | 17.28B |
| Investing Cash Flow | 5.75B | -8.93B | -3.02B | -17.65B | 350.40M | -7.59B |
| Financing Cash Flow | -3.82B | -6.93B | -6.69B | -5.26B | -9.07B | -5.47B |
Havells India Limited Technical Analysis
Negative
1222.00
Price Trends
1227.12
Negative
1214.17
Negative
1285.75
Negative
Market Momentum
-31.42
Positive
21.51
Positive
4.63
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HAVELLS, the sentiment is Negative. The current price of 1222 is below the 20-day moving average (MA) of 1225.85, below the 50-day MA of 1227.12, and below the 200-day MA of 1285.75, indicating a bearish trend. The MACD of -31.42 indicates Positive momentum. The RSI at 21.51 is Positive, neither overbought nor oversold. The STOCH value of 4.63 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:HAVELLS.
Havells India Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹206.86B | 27.12 | ― | 0.63% | 26.53% | 29.17% | |
70 Outperform | ₹273.71B | 45.36 | ― | 0.39% | 37.66% | 80.22% | |
69 Neutral | ₹703.56B | 42.86 | ― | 0.90% | 10.10% | 15.60% | |
69 Neutral | ₹143.05B | 39.42 | ― | 0.46% | 13.36% | 26.08% | |
59 Neutral | ₹286.22B | 155.38 | ― | 0.50% | 9.56% | -29.50% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹1.26T | 43.73 | ― | 0.56% | 32.39% | 29.13% |
* General Sector Average
IN:HAVELLS
Havells India Limited
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Havells India Limited Corporate Events
Havells India Discloses Proceedings and Voting Results of 43rd AGM
Jun 19, 2026
Havells India Limited held its 43rd Annual General Meeting on June 19, 2026, via video conferencing, with participation from promoters, public shareholders, and the full board, including independent and non-independent directors. The meeting cover...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.