Havells Q4 Results Highlights
The company on Tuesday announced its Q4FY25 results, wherein it reported a 16.4% YoY jump in its net profit at Rs 522 crore.
This is up from Rs 449 crore reported in the corresponding quarter of the previous financial year.
The company’s net revenue for the quarter stood at Rs 6,532 crore, up 20.2% YoY from Rs 5,434 crore in the same quarter last year, highlighting robust demand across its product categories. Sequentially, revenue also improved significantly from Rs 4,883 crore in Q3 FY25.
EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) came in at Rs 761 crore, showing a 19.5% YoY growth over Rs 637 crore reported in Q4 FY24. The company maintained an EBITDA margin of 11.6%, broadly stable compared to the 11.7% margin in the year-ago quarter.
Havells India also posted a Total Comprehensive Income of Rs 504 crore, representing a 12.7% YoY rise from Rs 447 crore in Q4 FY24, despite a loss of Rs 18 crore in other comprehensive income.
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Segmental Performance:
- Lloyd Consumer business led the growth chart with revenue surging 39.5% YoY to Rs 1,870 crore, reflecting robust demand in the cooling products segment.
- The Cables division posted a strong 21.2% YoY growth, clocking Rs 2,169 crore in revenue.
- Switchgears and Electrical Consumer Durables registered revenue of Rs 691 crore (up 6.2% YoY) and Rs 996 crore (up 9.4% YoY), respectively.
- Revenue from Lighting and Fixtures remained flat at Rs 436 crore (up just 0.5%), while the ‘Others’ segment grew 19.4% YoY to Rs 370 crore.
The company’s sub-total revenue from core Havells businesses stood at Rs 4,662 crore (up 13.9% YoY), while Lloyd’s consumer business contributed significantly to the overall growth.
The shares of Havells India closed 1% higher at Rs 1,664.75 on the BSE on Tuesday.
What do brokerages say?
Nuvama
Brokerage firm Nuvama has maintained a bullish stance on Havells India, assigning a buy rating with a target price of Rs 1,890 following the company’s strong all-round beat in its Q4 FY25 earnings.
While the brokerage acknowledged a soft overall demand environment — barring industrial cables — it flagged emerging concerns in the residential air-conditioner (RAC) segment, particularly in the southern region, where secondary sales remained weak during March and April 2025. However, Nuvama raised its FY26–27 earnings estimates by 4–5%, citing expectations of margin improvement in the Switchgears and Lloyd businesses.
Equirus Capital
Equirus Capital has reiterated a positive stance on Havells India, maintaining a Long rating with a revised target price of Rs 1,967 for June 2026, slightly lower than its earlier estimate of Rs 2,057 for March 2026.
The brokerage noted that Havells exited FY25 on a strong footing, with Q4 revenue rising 20% YoY to Rs 6,530 crore, propelled by a 40% YoY surge in Lloyd Consumer and a strong rebound in the cables and wires (C&W) segment.
However, Equirus highlighted that while core revenue grew 14% YoY, ex-C&W growth was more modest at 8%, weighed down by inflationary pressures and tepid secondary demand for summer-focused products.
Despite a solid Q4 performance from C&W and Lloyd, B2C demand remained muted due to continued cost pressures. The brokerage also flagged management’s caution on summer product sales in April, which could introduce uncertainties heading into Q1 FY26E.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
