Havells India Limited (HAVELLS) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 consolidated revenue was Rs 6,431.99 crore, up from Rs 4,779.33 crore; EBITDA growth was ~30%, supported by operating leverage.

• Steady consumer demand and a positive festive outlook supported confidence, while elevated commodity costs and macro uncertainty remained key variables.

Financial highlights

• Consolidated Q2 PAT was Rs 349.22 crore versus Rs 318.28 crore; PBT was Rs 472.62 crore versus Rs 414.59 crore YoY.

• H1 consolidated revenue was Rs 12,950.18 crore; PAT was Rs 638.93 crore versus Rs 665.81 crore and PBT was Rs 864.91 crore versus Rs 884.34 crore.

• PBT growth was moderated by a prior-year comparison that included a one-time gain in other income.

• Calibrated pricing actions addressed sharp raw-material cost increases; contribution margins softened YoY, mainly due to cables.

Outlook and guidance

• Festive-season demand and margin outlook was positive, though macro uncertainty persisted and commodity prices remained elevated.

• Further product-dependent price hikes of 5%-7% were expected in the current quarter; recent commodity abatement alone would not prompt price reductions.

• No FY27 revenue guidance was given; Lloyd is intended to reach profitability in the medium term, with no specific timeline.

• Contribution margins are expected to normalize over time, though sharp raw-material volatility can disrupt them temporarily.