Havells India Ltd
Havells India Limited is a leading Fast Moving Electrical Goods (FMEG) Company and a major power distribution equipment manufacturer with a strong global presence.
It enjoys enviable market dominance across a wide spectrum of products, including Industrial & Domestic Circuit Protection Devices, Cables & Wires, Motors, Fans, Modular Switches, Home Appliances, Air Conditioners, Electric Water Heaters, Power Capacitors, Luminaires for Domestic, Commercial and Industrial Applications. [1]
- Market Cap ₹ 1,00,373 Cr.
- Current Price ₹ 1,601
- High / Low ₹ 2,106 / 1,360
- Stock P/E 67.4
- Book Value ₹ 133
- Dividend Yield 0.62 %
- ROCE 25.0 %
- ROE 18.9 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 43.4%
- Company's working capital requirements have reduced from 17.2 days to 12.8 days
Cons
- Stock is trading at 12.0 times its book value
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Consumer Durables Industry: Electric Equipment
Part of BSE 500 BSE Consumer Durables BSE 100 BSE 200 BSE Dollex 200
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
4,661 | 5,171 | 5,359 | 6,110 | 8,139 | 10,068 | 9,429 | 10,428 | 13,889 | 16,868 | 18,550 | 21,746 | |
3,990 | 4,445 | 4,574 | 5,284 | 7,087 | 8,840 | 8,364 | 8,845 | 12,116 | 15,244 | 16,666 | 19,597 | |
Operating Profit | 671 | 726 | 786 | 826 | 1,051 | 1,227 | 1,066 | 1,583 | 1,772 | 1,624 | 1,884 | 2,149 |
OPM % | 14% | 14% | 15% | 14% | 13% | 12% | 11% | 15% | 13% | 10% | 10% | 10% |
38 | 51 | 270 | 75 | 127 | 123 | 105 | 188 | 159 | 177 | 249 | 302 | |
Interest | 51 | 43 | 42 | 12 | 24 | 55 | 51 | 90 | 67 | 55 | 84 | 43 |
Depreciation | 64 | 88 | 105 | 120 | 140 | 149 | 218 | 249 | 261 | 296 | 338 | 399 |
Profit before tax | 595 | 646 | 909 | 769 | 1,015 | 1,146 | 902 | 1,432 | 1,604 | 1,450 | 1,710 | 2,009 |
Tax % | 20% | 28% | 22% | 30% | 30% | 31% | 19% | 27% | 26% | 26% | 26% | 26% |
479 | 465 | 712 | 539 | 713 | 787 | 733 | 1,040 | 1,195 | 1,075 | 1,273 | 1,489 | |
EPS in Rs | 7.67 | 7.45 | 11.40 | 8.63 | 11.40 | 12.59 | 11.71 | 16.61 | 19.08 | 17.16 | 20.32 | 23.75 |
Dividend Payout % | 39% | 40% | 53% | 41% | 35% | 36% | 34% | 39% | 39% | 44% | 44% | 42% |
Compounded Sales Growth | |
---|---|
10 Years: | 15% |
5 Years: | 18% |
3 Years: | 16% |
TTM: | 17% |
Compounded Profit Growth | |
---|---|
10 Years: | 12% |
5 Years: | 15% |
3 Years: | 8% |
TTM: | 18% |
Stock Price CAGR | |
---|---|
10 Years: | 19% |
5 Years: | 23% |
3 Years: | 7% |
1 Year: | -4% |
Return on Equity | |
---|---|
10 Years: | 19% |
5 Years: | 19% |
3 Years: | 18% |
Last Year: | 19% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 62 | 62 | 62 | 62 | 63 | 63 | 63 | 63 | 63 | 63 | 63 | 63 |
Reserves | 2,067 | 2,313 | 2,891 | 3,211 | 3,677 | 4,130 | 4,242 | 5,102 | 5,926 | 6,552 | 7,376 | 8,268 |
196 | 83 | 44 | 198 | 108 | 94 | 162 | 623 | 616 | 223 | 303 | 319 | |
1,073 | 1,190 | 1,091 | 1,488 | 2,694 | 2,839 | 2,581 | 3,033 | 3,900 | 4,306 | 4,678 | 5,125 | |
Total Liabilities | 3,398 | 3,649 | 4,089 | 4,960 | 6,541 | 7,126 | 7,048 | 8,820 | 10,505 | 11,143 | 12,420 | 13,775 |
906 | 985 | 1,188 | 1,266 | 2,785 | 2,904 | 3,349 | 3,290 | 3,434 | 3,621 | 3,988 | 4,629 | |
CWIP | 28 | 22 | 20 | 12 | 24 | 233 | 86 | 90 | 57 | 166 | 299 | 116 |
Investments | 883 | 1,012 | 463 | 389 | 42 | 2 | 2 | 308 | 428 | 201 | 41 | 74 |
1,582 | 1,630 | 2,418 | 3,293 | 3,690 | 3,988 | 3,611 | 5,132 | 6,587 | 7,155 | 8,092 | 8,956 | |
Total Assets | 3,398 | 3,649 | 4,089 | 4,960 | 6,541 | 7,126 | 7,048 | 8,820 | 10,505 | 11,143 | 12,420 | 13,775 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
653 | 600 | 525 | 778 | 1,108 | 513 | 825 | 658 | 1,745 | 565 | 1,959 | 1,561 | |
-383 | -608 | -77 | -227 | -1,003 | 185 | -548 | -763 | -760 | 35 | -1,639 | -330 | |
-115 | -269 | -498 | -72 | -358 | -318 | -716 | 190 | -547 | -907 | -534 | -688 | |
Net Cash Flow | 154 | -276 | -50 | 478 | -254 | 380 | -439 | 84 | 437 | -307 | -214 | 543 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 11 | 9 | 11 | 14 | 15 | 15 | 9 | 20 | 20 | 21 | 23 | 21 |
Inventory Days | 90 | 79 | 90 | 97 | 123 | 115 | 121 | 153 | 119 | 120 | 102 | 100 |
Days Payable | 59 | 45 | 50 | 66 | 124 | 94 | 91 | 93 | 96 | 85 | 81 | 76 |
Cash Conversion Cycle | 41 | 43 | 51 | 45 | 14 | 36 | 39 | 79 | 44 | 55 | 44 | 45 |
Working Capital Days | -11 | -21 | 1 | -6 | -16 | 0 | 3 | 25 | 11 | 26 | 12 | 13 |
ROCE % | 30% | 29% | 27% | 26% | 28% | 30% | 22% | 29% | 27% | 22% | 24% | 25% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Change in Management
10h - EVP Rakesh Moza resigns from Havells, effective April 30, 2025, with smooth transition commitment.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
25 Apr - Havells Q4 FY25 earnings call: revenue growth, INR600 Cr solar investment, INR2000 Cr capex guidance, Lloyd and cables update.
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Update
24 Apr - Re-appointment of Shri Siddhartha Pandit as Wholetime Director for 3 years from 29 May 2025.
- AGM Of The Company On 17Th June 2025 24 Apr
- Intimation Of Record Date U/R 42 For The Purpose Of AGM And Final Dividend Of The Company 24 Apr
Annual reports
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Financial Year 2024
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Concalls
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Product Segments
The company offers 20 products categories across 20,000+ active SKUs, under the following segments: [1]
1) Cables (32% in H1 FY25 vs 33% in FY22): [2] [3] The company offers flexible and power cables including multicore round cable, flat submersible cable, LAN cable, CCTV, speaker cable, etc. [4]