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 FY26 saw steady cable growth and margin pressure in summer products due to high inventory and weak demand, but normalization is expected by Q4. Solar and premium product segments are set for strong H2 growth, with CapEx and productivity initiatives supporting long-term margin expansion.
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Q1 FY26 saw weak demand in cooling products due to a soft summer, but cables and wires posted strong growth from infrastructure demand. Management expects recovery and margin improvement ahead, with significant investments in capacity and renewables, including a major solar sector push.
Fiscal Year 2025
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Q4 FY25 delivered strong revenue and profit growth, led by cables, wires, and Lloyd, despite inflation and commodity volatility. Strategic investments in solar and continued CapEx support future growth, while margins and market share gains remain a focus.
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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 margin normalization and growth expected in coming quarters.
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Healthy growth across categories driven by early festival demand and capacity expansion, with strong B2C momentum and robust volume growth in cables, wires, and lighting. Margins impacted by commodity volatility and higher ad spend, but normalization is expected in coming quarters.
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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.