India · Delayed Price · Currency is INR Havells India Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY26 delivered moderate results with strong industrial and solar growth, but consumer categories lagged due to cost pressures and delayed summer demand. Margins held except for Lloyd, which saw lower revenues; significant price hikes and continued investments in brand and capacity were highlighted.
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Q3 FY26 delivered 14% revenue and 21% EBITDA growth year-on-year, driven by strong cables and wires performance and robust winter product demand. Management remains optimistic but cautious due to commodity inflation and regulatory headwinds, with continued CapEx and strategic solar investments.
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Q2 saw steady cables growth but weakness in summer products due to high inventory and shorter season, impacting margins. Solar and premium product segments are expected to drive H2 growth, with working capital and margins set to normalize as inventory clears.
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Q1 FY26 saw weak demand in cooling products due to a soft summer, but cables and wires posted strong growth with significant capacity investments. Management expects recovery and margin improvement ahead, with a focus on renewables and rural expansion.
Fiscal Year 2025
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Q4 FY25 delivered strong revenue and profit growth, led by cables and Lloyd, despite inflation and commodity volatility. Strategic investments in solar and refrigeration, robust CapEx plans, and a focus on brand and channel expansion position the business for continued growth.
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Healthy growth in cables, lighting, and appliances offset by margin pressures in switchgear and ECD due to product mix and plant relocation. Investments in capacity, brand, and new channels continue, with margins expected to normalize and growth to improve in coming quarters.
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Healthy growth across categories, with strong B2C and cables/wires performance, though margins were impacted by commodity volatility and higher ad spend. New capacity and CapEx expansion underway, with normalization of margins and lighting market recovery expected in FY 2026.
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Q1 FY2025 delivered robust growth in cooling products and ECD, with Lloyd achieving positive EBIT margins and ongoing investments in brand and capacity. Price hikes offset raw material inflation, while management remains cautious on the sustainability of consumer demand recovery.