Havells India Limited — Investor Meet, 24-07-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Havells' Q1FY26 faced headwinds from a weak summer, leading to lower cooling product revenue. Management views this as transitory, expecting revenue and margin improvements ahead. Cables & Wires, however, showed robust 27% value growth (20-21% volume), driven by infrastructure demand. Havells is doubling underground cable capacity by FY27 with new CAPEX over Rs. 340 Cr. Lloyd's profitability saw significant improvement despite flat revenue, with management confident in its long-term growth path. The company invested Rs. 600 Cr in Goldi Solar, targeting the solar business to grow from Rs. 500 Cr last year to Rs. 1,000-1,500 Cr in a few years. Rural growth, albeit a small base, outpaced urban, with continued expansion plans. Inventories for cooling products are high post-season but expected to normalize. Overall sentiment: Management is confident in strategic investments and long-term growth.