Havells India Limited (HAVELLS) Q4 25/26 earnings summary

Executive summary

• Q4 FY26 saw moderate overall performance, with strong industrial infrastructure momentum but weaker consumer categories due to global disruptions.

• Audited standalone and consolidated financial results for Q4 and FY ended March 31, 2026, were approved, with unmodified audit opinions issued by the statutory auditors.

• Increased advertising and brand investments were made while maintaining limited overall spend growth.

• Margins held steady except for Lloyd, which was impacted by lower revenues; cost pressures persist.

• The Board recommended a final dividend of Rs. 6 per share, in addition to an interim dividend of Rs. 4 per share for FY 2025-26.

Financial highlights

• Standalone revenue from operations for Q4 FY26 was Rs. 6,687.68 crore, up from Rs. 6,532.21 crore in Q4 FY25; full-year revenue was Rs. 22,465.56 crore, up from Rs. 21,745.81 crore year-over-year.

• Standalone net profit for Q4 FY26 was Rs. 736.05 crore, compared to Rs. 310.55 crore in Q4 FY25; full-year net profit was Rs. 1,714.17 crore, up from Rs. 1,466.48 crore.

• Cables and wires segment achieved 14% value growth and 6% volume growth year-on-year, driven by industrial cables; domestic wires saw slight degrowth.

• Lighting segment revenue remained flat, but margins spiked to 37% due to year-end releases; long-term margin expected at 30%-32%.

• Other segment (mainly solar) grew 48% with EBIT margin expansion, benefiting from capacity additions and industry tailwinds.

Outlook and guidance

• Management refrained from providing specific FY27 growth guidance due to market volatility and sharp price increases.

• The company continues to invest in strategic growth areas, including a Rs. 600 crore investment in Goldi Solar to accelerate renewable energy sector growth.

• Optimism remains for summer product demand recovery, especially given last year's low base.

• Focus will be on efficiency, market share retention, and continued brand investment.