Havells India Limited — PPTs, 21-07-2025: Investor Presentation

**Financial Highlights:**

Havells reported Q1 FY26 Net Revenue of 5,438 Cr, down 6.2% YoY, and Net Profit of 352 Cr, a 14.3% YoY drop. EBITDA fell 9.8% to 520 Cr, with margins at 9.6%. The decline was primarily due to a tepid summer impacting cooling products and subdued consumer demand. Inventory increased due to lower Lloyd sales.

**Strategic Initiatives & Growth Drivers:**

The company saw robust volume growth in its Cables segment, up 27.1% YoY, supported by capacity expansion and strong industrial-infra demand. Management's focus on cost discipline helped mitigate the impact of revenue decline on profitability.

**Business Developments:**

A significant development was the 600 Cr investment in Goldi Solar during the quarter, signaling entry into the solar energy sector.

**Market Position & Competitive Advantage:**

Despite challenges in consumer durables, the strong performance in the Cables segment highlights the company's capability in serving the industrial and infrastructure sectors. Their diversified portfolio aids in navigating sector-specific headwinds.

**Investor Implications:**

While short-term results reflect seasonal headwinds, especially in cooling products, the strong Cables segment and strategic investment in Goldi Solar present positive growth potential. Investors should monitor consumer demand recovery and Lloyd's performance.