Havells India shares fell about 6% intraday Friday and reached a reported 52-week low, while quarterly results showed revenue growth of 34.6% and profit growth of 9.7%; Mint and Business Standard cited different lows.
Mint reported a low of ₹1,002.80, while Business Standard’s quote page listed ₹1,003.65. Havells’ board approved unaudited results on Oct. 22 for the quarter ended Sept. 30; the results received a limited review. Revenue from operations reached ₹6,431.99 crore, up from ₹4,779.33 crore, while profit for the period rose to ₹349.22 crore from ₹318.28 crore. Revenue growth outpaced profit growth.
Cable revenue, Havells’ largest segment by sales, climbed 47.9% to ₹2,998.90 crore. Its segment result was ₹304.26 crore, compared with ₹278.22 crore a year earlier. The implied margin, calculated from segment result and revenue, narrowed to about 10.1% from 13.7%. Havells’ results update linked sales growth to commodity-related price increases and a shift toward larger cables; the company also said aluminum-price movements weighed on margins.
Lloyd Consumer’s revenue increased 28.5% to ₹619.41 crore, but it recorded a ₹105.51 crore segment loss. That was close to the ₹105.97 crore loss a year earlier and wider than the ₹56.26 crore loss in Q1FY27. Motilal Oswal attributed pressure on Lloyd’s margins to raw-material inflation and seasonal under-absorption of costs. The brokerage also noted that Havells had not specified when Lloyd might become profitable.
Other businesses grew: switchgear revenue rose 31.3% to ₹781.74 crore, and renewables revenue increased 147.8% to ₹329.16 crore. Motilal Oswal estimated consolidated EBITDA at ₹573 crore, up 30.8%, with the margin down to 8.9% from 9.2%. The brokerage cut its EBITDA estimates by about 5% for FY27 and 8% for FY28, retained a Neutral rating and set a ₹1,060 target price. It cited margin pressure, higher Lloyd losses and competition in wires as risks.
Management indicated that product-specific price increases of 5% to 7% may be taken in Q3FY27. Havells’ FY27 capital-expenditure plan remained ₹1,400 crore, mainly for cable capacity and a new research and development center. Motilal Oswal identified the effect of pricing and cost pass-through on Q3 margins as a near-term indicator to watch.
