MarketFriction

Havells India Ltd

NSE HAVELLS · BSE 517354 · Consumer Electronics
₹1,040.00 +2.36%
NSE close2026-10-01
52 week range1,015.10 - 1,520.00
Market cap₹65,474 Cr.
P/E39.3
Nifty 200Nifty 500Nifty Midcap 50Nifty Midcap 100Midcap 150Nifty Consumer Durables No price band Delivery 54.0%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales3,9004,4145,4425,8064,5394,8896,5445,4554,7795,5886,7056,518
Expenses3,5273,9814,8075,2344,1644,4625,7874,9404,3415,0725,9766,052
Operating Profit373433635572375426757516438516729466
OPM %10%10%12%10%8%9%12%9%9%9%11%7%
Other Income525676779364696991931054
Interest91018910915999107
Depreciation8188939295104110106106109112121
Profit before tax335391599549363377701470415408918392
Tax %26%26%25%26%26%26%26%26%23%26%21%26%
Net Profit249288447408268278517348318300723290
EPS in Rs3.974.597.136.514.284.448.265.555.094.8011.534.63
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales7,5946,1308,11610,0739,44010,45713,93816,91118,59021,77822,52823,591
Expenses6,7985,3157,0838,8858,3738,86812,16315,29016,70919,60320,28621,440
Operating Profit7968151,0331,1891,0671,5891,7751,6211,8812,1752,2412,150
OPM %10%13%13%12%11%15%13%10%10%10%10%9%
Other Income9494297124106187159178249288479464
Interest911325165190675584727935
Depreciation134121140149218249261296338400432447
Profit before tax1,5207239651,1479041,4381,6071,4471,7071,9902,2102,132
Tax %14%32%31%31%19%27%26%26%26%26%24%
Net Profit1,3004946617887351,0441,1961,0721,2711,4701,6891,631
EPS in Rs20.827.9110.6012.5911.7516.6819.1017.1120.2823.4826.9526.05
Dividend Payout %29%44%4%36%34%39%39%44%44%43%37%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth11%17%10%10%
Compounded Profit Growth12%11%16%18%
Stock Price CAGR10%-5%-9%-31%
Return on Equity19%19%19%19%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital626262636363636363636363
Reserves1,7562,9653,2143,6674,1354,2495,1145,9406,5637,3848,2619,393
Borrowings4241342081159472521616223303319265
Other Liabilities2,5461,2251,6832,7632,8562,6903,1553,9044,3094,6835,1675,026
Total Liabilities4,7884,3875,1686,6087,1487,0738,85210,52311,15712,43313,80914,746
Fixed Assets1,5411,2241,3002,8192,9043,3503,2903,4343,6213,9884,6525,343
CWIP38201224233869057166299118443
Investments01891620003064262012011888
Other Assets3,2092,9543,6943,7654,0123,6385,1666,6067,1708,1269,0288,072
Total Assets4,7884,3875,1686,6087,1487,0738,85210,52311,15712,43313,80914,746
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity9635137671,1005018276601,7285651,9531,5231,572
Cash from Investing Activity-485-121-220-946185-548-763-75931-1,618-305-895
Cash from Financing Activity-754-621-98-409-318-716190-547-907-534-677-693
Net Cash Flow-277-229450-255368-43787421-311-199541-17
Free Cash Flow793299529-48924675071,475-211,191769156
CFO/OP153%87%119%130%63%100%59%121%59%125%93%93%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days27111415159202021232113
Inventory Days1037099124115121153119119102104110
Days Payable7942661259492939585817872
Cash Conversion Cycle513946143639794455444751
Working Capital Days-6-3-8-17-0120725111214
ROCE %27%28%25%27%29%22%30%27%22%24%25%25%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters59.43%59.43%59.43%59.41%59.41%59.41%59.41%59.38%59.38%59.38%59.38%59.35%
FIIs24.19%23.96%24.83%25.33%24.76%23.46%22.31%21.59%19.28%17.96%16.93%15.91%
DIIs9.38%10.00%9.77%9.42%10.10%11.43%12.63%13.18%15.35%16.53%17.50%18.04%
Government0.10%0.11%0.11%0.13%0.13%0.13%0.13%0.17%0.17%0.17%0.23%0.23%
Public6.90%6.49%5.85%5.66%5.58%5.57%5.52%5.62%5.81%5.95%5.96%6.47%
Others0.00%0.00%0.00%0.04%0.00%0.00%0.00%0.04%0.00%0.00%0.00%0.00%
No. of Shareholders2,24,2082,31,5402,24,4282,14,7132,13,7452,37,3252,46,9102,59,3152,66,8722,76,1282,74,5203,03,644

Fundamentals

Market Cap₹ 65,474 Cr.
Current Price₹ 1,043
Stock P/E39.3
Book Value₹ 151
ROCE24.9 %
ROE19.0 %
Dividend Yield0.96 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)10%
Compounded Profit Growth (TTM)18%
Consolidated figures.
Valuation
Market capRs 65,235 Cr
Enterprise valueRs 63,136 Cr
P/E (TTM)39.94x
Price to book6.90x
Price to sales2.77x
EV / EBITDA24.15x
EV / EBIT29.13x
EV / sales2.68x
Price to cash flow41.50x
Earnings yield2.50%
Dividend yield0.96%
P/E, 3-year average61.33x
P/B, 3-year average10.72x
P/E, 5-year average62.76x
P/B, 5-year average11.09x
Profitability
Operating margin (excl. other income)9.95%
Operating margin (incl. other income)12.08%
EBITDA margin11.08%
Pre-tax margin9.04%
Net profit margin6.92%
Net margin, latest quarter4.45%
ROE19.02%
ROCE24.93%
ROA11.84%
ROE, 3-year average18.58%
ROCE, 3-year average24.88%
ROA, 3-year average11.28%
ROE, 5-year average18.83%
ROCE, 5-year average24.82%
ROA, 5-year average11.21%
ROIC (approx.)22.52%
Tax rate23.55%
Other income / net worth5.07%
Growth
Sales growth (latest year)3.44%
Profit growth (latest year)14.83%
Sales CAGR, 3 years10.03%
Sales CAGR, 5 years16.59%
Profit CAGR, 3 years16.41%
Profit CAGR, 5 years10.11%
Sales growth QoQ-2.79%
Profit growth QoQ-59.84%
Sales growth YoY (latest quarter)19.48%
Profit growth YoY (latest quarter)-16.49%
Per share
EPS (TTM)Rs 26.04
EPS (latest year)Rs 26.95
EPS (latest quarter)Rs 4.63
EPS, 3-year averageRs 23.57
EPS, 5-year averageRs 21.38
Book value per shareRs 150.74
Sales per shareRs 376.09
Cash flow per shareRs 25.06
Free cash flow per shareRs 2.49
Dividend per share (latest year)Rs 10.00
Dividend per share, 3-year averageRs 9.67
Dividend per share, 5-year averageRs 8.80
Dividends
Dividend payout37.11%
Dividend payout, 3-year average41.36%
Dividend payout, 5-year average41.43%
Efficiency
Asset turnover1.53x
Fixed asset turnover4.22x
Inventory turnover3.58x
Inventory days102 days
Debtor days13 days
Debtors turnover28.52x
Creditor days72 days
Cash conversion cycle51 days
Working capital days14 days
Leverage
Total debtRs 265 Cr
Cash and bankRs 2,364 Cr
Net debtRs -2,098 Cr
Debt to equity0.03x
Net debt / EBITDA-0.80x
Interest coverage61.23x
Current ratio (filing 2026-03-31)1.71x
Quick ratio (filing 2026-03-31)0.74x
Trade payables (filing 2026-03-31)Rs 2,908 Cr
Owners' fund to total sources64.12%
Debt to assets1.80%
Cash flow
Cash from Operating Activity (latest year)Rs 1,572 Cr
Cash from Investing Activity (latest year)Rs -895 Cr
Cash from Financing Activity (latest year)Rs -693 Cr
Net Cash Flow (latest year)Rs -17 Cr
Free cash flow (latest year)Rs 156 Cr
FCFE (approx.: FCF + change in debt)Rs 103 Cr
Cash from ops / profit, 5 years1.10x
Sales to cash flow14.33x
Statement figures
Net sales (TTM)Rs 23,591 Cr
Net sales (latest year)Rs 22,528 Cr
Sales (latest quarter)Rs 6,518 Cr
Operating profit excl. other income (latest year)Rs 2,241 Cr
Operating profit (latest quarter)Rs 466 Cr
Other income (TTM)Rs 464 Cr
EBITDA (TTM)Rs 2,614 Cr
PBDT (TTM)Rs 2,579 Cr
Profit before tax (TTM)Rs 2,132 Cr
Tax (latest year)Rs 520 Cr
Net profit (TTM)Rs 1,633 Cr
Net profit (latest year)Rs 1,691 Cr
Net profit (latest quarter)Rs 290 Cr
Depreciation (TTM)Rs 447 Cr
Depreciation (latest quarter)Rs 121 Cr
Interest (TTM)Rs 35 Cr
Cost of goods sold (latest year)Rs 15,904 Cr
Total expenditure (latest year)Rs 20,286 Cr
Total income (latest year)Rs 23,007 Cr
Share capitalRs 63 Cr
ReservesRs 9,393 Cr
Shareholders' fundsRs 9,455 Cr
Total assetsRs 14,746 Cr
Net blockRs 5,343 Cr
Capital work in progressRs 443 Cr
InvestmentsRs 888 Cr
ReceivablesRs 790 Cr
InventoryRs 4,441 Cr
Other liabilitiesRs 5,026 Cr
Shares outstanding (crore)62.73
Ownership
Promoter holding59.35% (-0.03 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 39.9 is at the 3th percentile of its own 9.4-year range (median 66.1, low 38.3, high 111.6).
P/B 6.90 is at the 1th percentile (median 11.88).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodHAVELLSNifty 50Difference
1 week-4.6%-2.8% -1.8 pts
1 month-14.9%-6.8% -8.2 pts
3 months-11.9%-7.6% -4.3 pts
6 months-12.6%+0.4% -13.1 pts
1 year-32.4%-9.9% -22.5 pts
2 years-50.1%-13.6% -36.5 pts
3 years-25.1%+14.2% -39.3 pts
5 years-23.5%+27.9% -51.4 pts
177 mutual fund schemes hold about ₹7,072 Cr. Over three months 134 bought more and 34 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Mid Cap Fund0.90%977 +100%
HDFC Focused Fund2.68%755 +34%
HDFC Flexi Cap Fund0.54%610 +14%
HDFC Large Cap Fund1.35%539 +19%
ICICI Pru Large Cap Fund0.43%345 +21%
SBI Aggressive Hybrid Fund0.31%276 +100%
UTI Flexi Cap Fund0.97%234 +15%
HDFC Aggressive Hybrid Fund1.00%224 +22%
Franklin India Flexi Cap Fund1.04%202 +100%
DSP Large & Mid Cap Fund1.07%197 +100%
Franklin India Mid Cap Fund1.49%194 +33%
HDFC Multi Cap Fund0.81%167 +19%
Franklin India Focused Equity Fund1.40%161 +100%
UTI Mid Cap Fund1.19%152 +41%
Aditya Birla SL Flexi Cap Fund0.48%141 +12%
HDFC ELSS-Tax Saver Fund0.83%133 +20%
HDFC Manufacturing Fund1.01%107 +17%
HDFC Retirement Fund-Equity Plan1.25%87 +19%
Axis Small Cap Fund0.25%79 +14%
ICICI Pru Bharat Consumption Fund2.38%77 +25%
Kotak Aggressive Hybrid Fund0.72%66 -1%
Tata Focused Fund3.57%63 +36%
Franklin India ELSS Tax Saver Fund0.99%62 +100%
DSP Flexi Cap Fund0.48%60 +19%
ICICI Pru Housing Opp Fund2.08%57 +19%

Red flags

F-score 5 of 8
lookRegulator order or action Regulator order or action 2026-03-20: Havells India Limited has informed the Exchange about Action(s) taken or orders passed
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2021-07-29RAJIV GOELEmployees/Designated Employesell2,250Rs 0.26 CrMarket Sale
2021-07-27RAJIV GOELEmployees/Designated Employesell7,500Rs 0.87 CrMarket Sale
2021-07-26GAURAV TAXALIEmployees/Designated Employesell4,500Rs 0.51 CrMarket Sale
2021-06-25MAHENDER VALLAKATIEmployees/Designated Employesell2,043Rs 0.20 CrMarket Sale
2021-06-23Havells Employees Welfare TrustOtherother290,061Rs 31.16 CrESOP
2021-02-25RAJIV GOELEmployees/Designated Employesell1,500Rs 0.17 CrMarket Sale
2021-02-17NAVEEN NANDAEmployees/Designated Employesell1,000Rs 0.12 CrMarket Sale
2021-02-09SUBRATA SENEmployees/Designated Employesell1,000Rs 0.11 CrMarket Sale
2021-02-02AMIT KUMAR GUPTAEmployees/Designated Employesell1,138Rs 0.13 CrMarket Sale
2021-01-28VIPUL AGGARWALEmployees/Designated Employesell1,000Rs 0.12 CrMarket Sale
2021-01-27MUKESH KUMAR SHARMAEmployees/Designated Employesell1,250Rs 0.14 CrMarket Sale
2020-11-19Pardeep Kumar GuptaEmployees/Designated Employesell2,131Rs 0.18 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹6,518 Cr +19.5% vs Jun 2025. Net profit ₹290 Cr -16.7%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-05-22Dividend - Rs 6 Per Share
2026-01-23Interim Dividend - Rs 4 Per Share
2025-05-23Annual General Meeting/Dividend - Rs 6 Per Share
2025-01-22Interim Dividend - Rs 4 Per Share
2024-05-31Annual General Meeting/Dividend - Rs 6 Per Share
2024-02-01Interim Dividend - Rs 3 Per Share
2023-06-02Annual General Meeting/Dividend - Rs 4.50 Per Share
2023-01-25Interim Dividend - Rs 3 Per Share
2022-06-14Annual General Meeting/Dividend - Rs 4.50 Per Share
2021-10-27 Interim Dividend - Rs 3 Per Share
2021-06-17 Annual General Meeting/Dividend - Rs 3.50 Per Share
2021-01-28 Interim Dividend - Rs 3 Per Share
2020-03-16 Interim Dividend - Rs 4 Per Share
2019-07-18 Annual General Meeting/Dividend - Rs 4.50 Per Share
2018-07-04 Annual General Meeting/Dividend- Rs 4 Per Share
2017-06-21 Annual General Meeting/Dividend - Rs 3.50 Per Share
2016-06-29 Annual General Meeting/ Dividend -Rs 3/- Per Share
2016-02-10 Special Dividend - Rs 3/- Per Share (Purpose Revised)
2015-06-29Annaul General Meeting/Dividend - Rs 3/- Per Share
2014-08-26Face Value Split From Rs 5/- Per Share To Re 1/- Per Share0.2000
2014-06-26Annual General Meeting / Final Dividend - Rs 10/- Per Share
2014-03-19Interim Dividend - Rs 5/- Per Share (Purpose Revised)
2013-06-20Annual General Meeting And Dividend Rs.7.50 Per Share
2012-07-04Annual General Meeting And Dividend - Rs.6.50 Per Share
2011-07-22Annual General Meeting / Dividend - Rs.2.50 Per Share
2010-10-08Bonus 1:10.5000
2010-09-06Dividend-Rs.2.50 Per Share
2010-02-09Int Div-Rs.1.25 Per Share
2009-08-12Agm/Div-Rs.2.5 Per Share
2008-06-26Agm/Dividend-50%
2007-06-20Agm/Dividend-50%
2006-07-20Bonus 1:10.5000
2006-06-05Dividend-50%
DateTypeWhat it says
2026-10-01ESOP grantOptions to purchase securities
2026-09-25Credit RatingCredit Rating
2026-09-15Concall / analyst meetSchedule of meet
2026-09-01Credit Rating- RevisionCredit Rating- Revision
2026-08-31Shareholder meetingVoting results.
2026-08-11Concall / analyst meetSchedule of meet
2026-08-04Change in ManagementChange in Management
2026-07-31Shareholder meetingNotice of Postal Ballot
2026-07-30General UpdatesGeneral Updates
2026-07-21Concall / analyst meetTranscript
2026-07-18Concall / analyst meetLink of Recording
2026-07-17Investor PresentationInvestor Presentation
2026-07-17Board meeting outcomeHavells India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-16Change in ManagementChange in Management
2026-07-14Concall / analyst meetSchedule of meet
2026-07-09Press ReleaseA press release dated July 09, 2026, titled "Havells Enters Battery Energy Storage Segment Through Strategic Collaboration with Pixii AS".
2026-07-01Credit RatingCredit Rating
2026-06-19Shareholder meetingProceedings of Annual General Meeting held on Jun 19, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along with vo...
2026-06-19AppointmentAppointment of Ms Shanti Ekambaram as Non- Executive Independent Director of the company w.e.f. Jun 19, 2026.
2026-06-19CessationCessation of Mr Upendra Kumar Sinha as Non- Executive Independent Director of the company w.e.f. Jun 19, 2026.
2026-06-19CessationCessation of Mr Jalaj Ashwin Dani as Non- Executive Independent Director of the company w.e.f. Jun 19, 2026.
2026-06-19AppointmentAppointment of Mr Ashish Dhawan as Non- Executive Independent Director of the company w.e.f. Jun 19, 2026.
2026-06-11Concall / analyst meetSchedule of meet
2026-06-10General UpdatesGeneral Updates
2026-06-02General UpdatesGeneral Updates
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.79
Max pain (expiry 2026-10-27)1,080
Largest call open interest at1,100
Largest put open interest at1,100
Implied volatility, at the money28.7%
Underlying at snapshot1,040.00
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-302,943
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2021-07-23NCLTHavells India Ltd Vs Leel Electricals Ltd & Anr
2021-07-23NCLTHavells India Ltd Vs Leel Electricals Ltd & Anr
2020-12-10NCLTHavells India Ltd Vs Leel Electricals Ltd & Anr
2020-12-10NCLTHavells India Ltd Vs Leel Electricals Ltd & Anr
2020-11-05NCLTHavells India Ltd Vs Leel Electricals Ltd & Anr
2020-11-05NCLTHavells India Ltd Vs Leel Electricals Ltd & Anr
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Havells India Ltd?

Havells India Ltd (HAVELLS) has a market capitalisation of Rs 65,474 Cr. at the 2026-10-01 close.

What is the P/E ratio of Havells India Ltd?

Havells India Ltd trades at a P/E of 39.3 on trailing twelve-month profit, at the 2026-10-01 close.

What were Havells India Ltd's latest quarterly results?

In the Jun 2026 quarter, Havells India Ltd sales was Rs 6,518 Cr (+19.5% vs Jun 2025) and net profit was Rs 290 Cr.

What is the 52-week high and low of Havells India Ltd?

The 52-week high is Rs 1,520.00 and the 52-week low is Rs 1,015.10.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03