Havells India Ltd.
Consumer Goods · NSE
52-week range
₹1,143 – ₹1,616
From 52w high
-22.3%
RSI (14)
47.0
vs SMA 50 / 200
↓ 50 · ↓ 200
Havells India (₹1,255.20) is a diversified electrical goods manufacturer within the NSE Consumer Goods sector, currently trading below both its 50-DMA (₹1,292.26) and 200-DMA (₹1,420.86) with a 20% decline over the past year. Q4 FY26 net profit rose 41% YoY to ₹734 crore and beat analyst estimates, with the cables segment outperforming, though the Lloyds consumer durables segment faced headwinds from a delayed summer onset. The stock carries a trailing PE of 46.4x against a forward PE of 36.8x, a debt-to-equity of 2.801 on a rising trend, and a quality score of 42 out of 100.
- ✓Q4 FY26 net profit grew 41% YoY to ₹734 crore and surpassed analyst estimates, with NDTV Profit and Moneycontrol reporting the result as a beat; revenue also rose marginally on a year-on-year basis.
- ✓5-year earnings CAGR of 39.6% significantly outpaces the 5-year revenue CAGR of 2.5%, suggesting material margin and operational efficiency improvement over the period.
- ✓ROE of 18.97% was above 15% in 4 of the tracked years, reflecting sustained return generation; dividends were approved alongside Q4 results, maintaining a 0.96% yield.
- ✓Among its 6-peer Consumer Goods cohort, HAVELLS carries the lowest trailing PE (46.4x vs. peers ranging up to 96.0x for DMART), and ranks 2nd on quality score (42 vs. sector peers), indicating relative valuation discipline within a premium-rated sector.
- ✗Stock has declined 20.03% over the past 12 months and sits 22.33% below its 52-week high, trading below both the 50-DMA (₹1,292.26) and 200-DMA (₹1,420.86) for an extended period.
- ✗Debt-to-equity of 2.801 is on a rising trend; free cash flow was positive in only 3 of the tracked years, pointing to an inconsistency in cash generation relative to reported earnings growth.
- ✗5-year revenue CAGR of 2.5% is significantly below the 39.6% earnings CAGR, raising questions about whether earnings growth reflects genuine operational expansion or is driven by margin recovery and one-off factors with limited durability.
- ✗The Lloyds consumer durables segment (reported by CNBC TV18) dragged on Q4 performance due to a delayed summer onset, highlighting seasonal demand concentration risk in a key growth vertical.
- ·Q4 FY26 results (April 22, 2026) showed net profit of ₹734 crore, up 41% YoY, beating analyst estimates; the cables business outperformed while Lloyds faced a delayed summer onset, per CNBC TV18 and NDTV Profit.
- ·A simplywall.st analysis published April 30, 2026 flagged potential issues underlying the headline earnings quality, suggesting reported profits may not fully reflect the underlying cash economics — the specific adjustments cited were not detailed in the headline.
- ·Mean analyst rating of 1.94 across 36 analysts (1–5 scale, lower = more constructive), with the stock trading near the lower end of a technical support zone (₹1,233–₹1,250) and resistance levels clustered between ₹1,405 and ₹1,442.
- ?Does the 39.6% five-year earnings CAGR reflect durable margin expansion in core electricals, or is it partly explained by recovery from a depressed base and mix shifts that may not repeat?
- ?How has the rising debt-to-equity trend (now 2.801) been deployed — toward capacity expansion in higher-margin segments or to fund working capital in lower-margin businesses like Lloyds consumer durables?
- ?Given that Lloyds dragged Q4 results due to delayed summer onset, how material is seasonal weather-dependent demand to total group revenue, and what is management's medium-term plan for the segment?
- ?What explains the 20% price decline over the past year against a backdrop of 41% profit growth — is this a sector-wide de-rating, a change in earnings quality perception, or a recalibration of longer-term growth expectations?
PE
46.4
Forward PE
36.8
ROE
+19.0%
Profit margin
+7.5%
D/E
2.80
Dividend yield
+1.0%
Quality score
42/100
ROE 5y above 15%
4/5 yrs
FCF 5y positive
3/5 yrs
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.Analysis generated 11 May 2026.