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Havells India Limited (HAVELLS) investor relations material
Havells India Limited Q1 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q1 faced challenges due to weak summer and subdued consumer demand, especially impacting cooling products, while cables and wires saw robust growth driven by infrastructure and industrial demand.
Strategic investment of INR600 crore in Goldi Solar aims to expand the renewable energy portfolio, leveraging solar module manufacturing capabilities and accelerating growth in the sector.
Unaudited standalone and consolidated financial results for Q1 ended June 30, 2025, were approved and limited reviewed by auditors, with no material misstatements noted.
Management views Q1 challenges as transitory, expecting revenue growth and margin improvement in upcoming quarters.
Financial highlights
Gross margin improved by 160 basis points year-over-year, attributed to product mix and operational efficiencies.
Standalone revenue from operations for Q1 FY26 was ₹5,437.81 crore, down from ₹5,798.11 crore in Q1 FY25; consolidated revenue was ₹5,455.35 crore, down from ₹5,806.21 crore.
Standalone profit before tax for Q1 FY26 was ₹474.56 crore, compared to ₹552.67 crore in Q1 FY25; consolidated profit was ₹347.53 crore, down from ₹407.51 crore.
EBIT margin for the cables and wires segment reached 12.6%, with aspirations to maintain 14–15% contribution margin.
Basic EPS (consolidated) for Q1 FY26 was ₹5.55, compared to ₹6.49 in Q1 FY25.
Outlook and guidance
Management expects inventory normalization and margin improvement over the next few quarters, with Q1 seen as a temporary setback.
Continued focus on expanding presence in the solar ecosystem and renewable sector through strategic investments.
Cables and wires capacity to double from FY24 to FY27, with ongoing investments in medium and high voltage segments.
Solar business revenue expected to grow from INR500 crore last year to INR1,000–1,500 crore in the next couple of years, with significant long-term potential.
Lighting segment expected to return to growth as LED price declines stabilize.
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