Havells India

HAVELLS · NSE · Large Cap

K
Data Room
Back to companies
Cables & Conductors·Listed·Directness 25/100

Havells India

Electricals and consumer goods with solar product range.

Cables & ConductorsRooftop Solar
Hold
Last price
₹1239.00
52W: ₹1,142 – ₹1,624
-23.7% from 52W high
Mkt Cap
₹77.70K Cr
P/E
45.1x
EV/EBITDA
35.4x
ROCE
24.9%
ROE
19.4%
Book Value
₹151.0
Promoter
59.4%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

C
Fundamental (30%)
72
Valuation (20%)
37
Technical (20%)
45
Solar exposure (10%)
25
Policy beneficiary (7.5%)
55
Project pipeline (5%)
50
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹1,142Current: ₹1,239₹1,624
P/E
45.1x
P/B
8.2x
Div Yield
0.81%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. Havells India: solar capex + rooftop wave + electrification all support double-digit cable demand growth.

Bull case

Bull case for Havells India: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for Havells India: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover

Solar exposure

Directness · policy linkage · BOM

Primary segmentCables & Conductors
Directness25/100
ALMM eligible—
PLI beneficiary—
Imported BOM—

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)45.1x—
Forward P/E——
EV/EBITDA35.4x—
EV/Sales3.5x—
P/B8.2x—
FCF Yield0.9%—

Project pipeline

0 tracked projects

No tracked projects.

Financials

Source: Screener.in (consolidated) · ticker HAVELLS · last updated 2026-05-11

Open on Screener.in
Market Cap
₹77.70K Cr
Price
₹1,239.00
Stock P/E
45.1x
Book Value
₹151.0
ROCE
24.9%
ROE
19.4%
Div Yield
0.81%
52W Range
₹1,142 – ₹1,624

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y3.4%
Sales 3Y CAGR10.0%
Sales 5Y CAGR12.8%
PAT 1Y14.9%
PAT 3Y CAGR16.4%
PAT 5Y CAGR9.0%
Profitability
OPM latest10.0%
PAT margin latest7.5%
PAT margin 3Y avg7.0%
ROE19.4%
ROCE24.9%
Asset turnover1.53x
Leverage & cash
D / E0.03x
Net Debt / EBITDA0.12x
Borrowings / Assets1.8%
CFO / EBITDA0.71x
CFO / PAT0.93x
FCF (TTM proxy)₹679 Cr
Valuation
P/E45.1x
EV/EBITDA35.4x
EV/Sales3.46x
P/B8.21x
FCF Yield0.87%
Div Yield0.81%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales13,93816,91118,59021,77822,528
Operating Profit1,7751,6211,8812,1752,200
OPM %13%10%10%10%10%
Net Profit1,1961,0721,2711,4701,689
EPS (₹)19.1017.1120.2823.4826.95

Quarterly results · last 4 quarters

₹ Crore.

MetricJun 2025Sep 2025Dec 2025Mar 2026
Sales5,4554,7795,5886,705
OPM %9%9%9%11%
Net Profit348318300723

Balance sheet · 5 years

₹ Crore.

ItemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital6363636363
Reserves5,9406,5637,3848,2619,393
Borrowings616223303319265
Fixed Assets—————
Total Assets10,52311,15712,43313,80914,746

Cash flow · 5 years

₹ Crore.

ActivityMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating1,7285651,9531,5151,572
Investing-75931-1,618-305-893
Financing-547-907-534-669-693
Net Cash Flow422-311-199541-14

Shareholding pattern

Latest disclosed

Promoters
59.38%
FII
16.93%
DII
17.50%
Public
5.96%
Government
0.23%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

No direct policy linkages tracked.