Havells India Limited — Investor Meet, 22-10-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Havells India's Q2 FY26 earnings call revealed mixed results. Summer products (ACs, fans, coolers) experienced revenue decline and inventory issues due to a shorter season, impacting margins and working capital. Management anticipates channel inventories will normalize by Q3 end. Cables maintained steady growth, driven by power cables, with capacity expansion on track. LED lighting shows stabilization and initial residential demand pickup.

Management expects to pass on cost increases from new BEE norms and projects improved Lloyd contribution margins in H2. Havells focuses on premiumization, innovation, distribution, and brand strengths. B2B and international segments maintain strong traction. FY26 capex is guided at INR1,450 Cr. The overall sentiment is cautiously optimistic for a stronger second half, emphasizing productivity and strategic growth.