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Havells India (HAVELLS)₹1,160+3.25%Consumer Electronics
In the Sep 2026 quarter (consolidated), Havells India reported sales of ₹6,422 Cr, up 34.6% from Sep 2025, and net profit of ₹350 Cr, up 9.7% year on year. For the year to Mar 2026, sales were ₹22,476 Cr and net profit ₹1,694 Cr.
Company filings, consolidated accounts; latest reported quarter Sep 2026
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,406 | 5,431 | 5,793 | 4,528 | 4,884 | 6,533 | 5,443 | 4,769 | 5,577 | 6,690 | 6,504 | 6,422 |
| Expenses | 3,973 | 4,796 | 5,223 | 4,157 | 4,452 | 5,775 | 4,932 | 4,331 | 5,065 | 5,968 | 6,039 | 5,847 |
| Operating Profit | 432 | 633 | 570 | 374 | 424 | 754 | 514 | 436 | 514 | 726 | 464 | 571 |
| OPM % | 10.0% | 12.1% | 10.1% | 8.0% | 9.1% | 12.1% | 9.0% | 9.1% | 9.1% | 11.1% | 7.0% | 9.1% |
| Other Income | 55.91 | 75.82 | 76.80 | 92.80 | 63.90 | 68.83 | 68.87 | 90.85 | 8.98 | 309 | 53.87 | 32.93 |
| Interest | 9.98 | 17.95 | 8.98 | 9.98 | 8.98 | 14.97 | 8.98 | 8.98 | 8.98 | 9.97 | 6.99 | 4.99 |
| Depreciation | 87.72 | 92.74 | 91.65 | 94.70 | 104 | 110 | 106 | 106 | 109 | 112 | 121 | 129 |
| Profit before tax | 392 | 601 | 550 | 364 | 378 | 703 | 471 | 416 | 409 | 920 | 393 | 474 |
| Tax % | 26.0% | 25.0% | 26.0% | 25.9% | 25.9% | 26.0% | 26.0% | 23.0% | 26.0% | 21.0% | 26.0% | 26.0% |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | −33.03 | 0.00 | 0.00 | 0.00 |
| Net Profit | 289 | 448 | 409 | 269 | 279 | 518 | 349 | 319 | 301 | 725 | 291 | 350 |
| EPS (Rs) | 4.60 | 7.14 | 6.52 | 4.29 | 4.45 | 8.27 | 5.56 | 5.10 | 4.81 | 11.54 | 4.64 | 5.58 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 7,585 | 6,120 | 8,097 | 10,053 | 9,430 | 10,446 | 13,905 | 16,873 | 18,553 | 21,743 | 22,476 | 25,193 |
| Expenses | 6,787 | 5,305 | 7,077 | 8,869 | 8,363 | 8,850 | 12,141 | 15,262 | 16,671 | 19,562 | 20,258 | 22,919 |
| Operating Profit | 793 | 811 | 1,030 | 1,185 | 1,063 | 1,582 | 1,767 | 1,616 | 1,875 | 2,167 | 2,232 | 2,275 |
| OPM % | 10.1% | 13.1% | 13.1% | 12.1% | 11.1% | 15.1% | 13.1% | 10.1% | 10.1% | 10.1% | 10.1% | 9.0% |
| Other Income | 946 | 41.88 | 96.85 | 124 | 106 | 187 | 159 | 178 | 248 | 287 | 478 | 405 |
| Interest | 90.87 | 12.98 | 24.96 | 15.97 | 50.90 | 89.88 | 66.82 | 54.84 | 83.77 | 71.86 | 78.79 | 30.93 |
| Depreciation | 134 | 121 | 139 | 148 | 217 | 248 | 260 | 295 | 337 | 398 | 431 | 469 |
| Profit before tax | 1,525 | 724 | 967 | 1,150 | 907 | 1,441 | 1,612 | 1,451 | 1,712 | 1,995 | 2,215 | 2,197 |
| Tax % | 14.0% | 32.0% | 30.9% | 31.0% | 18.9% | 27.0% | 25.9% | 26.0% | 26.0% | 26.0% | 24.0% | — |
| Exceptional items | 735 | −73.11 | −1.01 | −3.01 | −5.01 | 29.06 | 0.00 | 0.00 | 8.02 | −11.02 | −1.01 | −33.03 |
| Net Profit | 1,304 | 495 | 663 | 790 | 737 | 1,046 | 1,199 | 1,075 | 1,274 | 1,474 | 1,694 | 1,667 |
| EPS (Rs) | 20.83 | 7.92 | 10.61 | 12.60 | 11.76 | 16.70 | 19.13 | 17.14 | 20.32 | 23.51 | 26.96 | 26.57 |
| Dividend payout % | 29.0% | 44.0% | 4.0% | 36.0% | 34.0% | 39.0% | 39.0% | 44.0% | 44.0% | 43.0% | 37.0% | — |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 62.11 | 62.21 | 62.14 | 63.17 | 63.16 | 63.19 | 63.14 | 63.20 | 63.20 | 63.20 | 63.18 | 63.20 |
| Reserves | 1,757 | 2,973 | 3,219 | 3,673 | 4,143 | 4,260 | 5,124 | 5,954 | 6,580 | 7,404 | 8,273 | 9,413 |
| Borrowings | 425 | 134 | 208 | 115 | 94.19 | 72.23 | 522 | 618 | 224 | 304 | 320 | 266 |
| Other Liabilities | 2,558 | 1,231 | 1,691 | 2,776 | 2,870 | 2,703 | 3,170 | 3,923 | 4,330 | 4,705 | 5,192 | 5,050 |
| Total Liabilities | 4,802 | 4,402 | 5,182 | 6,628 | 7,170 | 7,097 | 8,879 | 10,558 | 11,195 | 12,476 | 13,847 | 14,791 |
| Fixed Assets | 1,544 | 1,226 | 1,302 | 2,826 | 2,908 | 3,358 | 3,298 | 3,439 | 3,629 | 3,999 | 4,663 | 5,356 |
| CWIP | 37.99 | 19.99 | 11.99 | 23.99 | 233 | 85.91 | 89.99 | 56.99 | 166 | 299 | 118 | 443 |
| Investments | 0.00 | 190 | 163 | 0.00 | 0.00 | 0.00 | 307 | 427 | 202 | 20.05 | 11.03 | 891 |
| Other Assets | 3,220 | 2,966 | 3,705 | 3,778 | 4,030 | 3,654 | 5,183 | 6,635 | 7,200 | 8,158 | 9,054 | 8,101 |
| Inventories | 1,367 | 834 | 945 | 1,634 | 1,920 | 1,873 | 2,622 | 2,969 | 3,708 | 3,412 | 4,050 | 4,446 |
| Trade receivables | 623 | 236 | 231 | 328 | 407 | 242 | 564 | 765 | 974 | 1,164 | 1,258 | 790 |
| Cash & equivalents | 779 | 1,473 | 1,982 | 1,567 | 1,315 | 1,137 | 1,658 | 2,555 | 1,877 | 3,047 | 3,387 | 2,373 |
| Total Assets | 4,802 | 4,402 | 5,182 | 6,628 | 7,170 | 7,097 | 8,879 | 10,558 | 11,195 | 12,476 | 13,847 | 14,791 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 960 | 512 | 765 | 1,097 | 500 | 825 | 659 | 1,724 | 564 | 1,948 | 1,520 | 1,570 |
| Cash from investing activity | −483 | −121 | −219 | −944 | 184 | −547 | −761 | −757 | 30.91 | −1,613 | −304 | −893 |
| Cash from financing activity | −756 | −622 | −98.15 | −410 | −319 | −717 | 190 | −548 | −908 | −535 | −679 | −694 |
| Net cash flow | −278 | −230 | 452 | −256 | 369 | −439 | 87.23 | 422 | −312 | −200 | 543 | −17.05 |
| Capex | 174 | 217 | 242 | 1,599 | 501 | 361 | 250 | 258 | 588 | 786 | 767 | 1,485 |
| Free cash flow | 791 | 298 | 527 | −488 | 1.99 | 465 | 505 | 1,469 | −20.94 | 1,186 | 766 | 156 |
| CFO / OP % | 153.0% | 87.0% | 119.0% | 130.0% | 63.0% | 100.0% | 59.0% | 121.0% | 59.0% | 125.0% | 93.0% | 93.0% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 27 | 11 | 14 | 15 | 15 | 9 | 20 | 20 | 21 | 23 | 21 | 13 |
| Inventory days | 104 | 71 | 100 | 125 | 116 | 122 | 154 | 120 | 120 | 103 | 105 | 111 |
| Days payable | 79 | 42 | 66 | 125 | 94 | 92 | 93 | 95 | 85 | 81 | 78 | 72 |
| Cash conversion cycle | 52 | 40 | 47 | 15 | 37 | 40 | 80 | 45 | 56 | 45 | 48 | 52 |
| Working capital days | −6 | −3 | −8 | −17 | 0 | 1 | 20 | 7 | 25 | 11 | 12 | 14 |
| ROCE % | 27.0% | 28.0% | 25.0% | 27.0% | 29.1% | 22.0% | 30.0% | 27.0% | 22.0% | 24.0% | 25.0% | 25.0% |
For the Sep 2026 quarter, Havells India reported sales of ₹6,422 Cr, up 34.6% year on year and net profit of ₹350 Cr, up 9.7% year on year. The operating margin was 9.1%.
Havells India's sales for the year to Mar 2026 were ₹22,476 Cr; over the last twelve months they were ₹25,193 Cr.
Net profit for the year to Mar 2026 was ₹1,694 Cr, and ₹1,667 Cr over the last twelve months. Earnings per share over the same trailing period were ₹26.57.
Havells India reported borrowings of ₹266 Cr at Mar 2026, against cash and equivalents of ₹2,373 Cr.
Cash from operations was ₹1,570 Cr in the year to Mar 2026; after capital spending, free cash flow was ₹156 Cr.