# Havells India (HAVELLS) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/havells

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹1,128
- Change: +5.61%
- As of: 2026-11-06
- 1D return: +5.61%
- 5D return: +11.26%
- 1M return: +10.19%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

HAVELLS closed at ₹1,128.0 on 2026-11-06, marking a +5.6% daily gain with high volume participation (3.0x ratio). This move follows a Bullish Engulfing Reversal pattern identified on 2026-11-02 and places the stock near the upper end of its 20-day range (+92.3%). On the daily chart, price sits above key short-term averages (20/50 EMA/SMA) and the Supertrend, signaling developing bullish momentum (ADX 23.26). However, this daily strength contrasts sharply with longer horizons: the weekly trend remains bearish (price below all moving averages and Supertrend), and the monthly trend shows mixed signals with price below moving averages but above the Supertrend. The stock is still trading significantly below its 200-period SMA and has recovered only partially from a maximum drawdown of -40.7%. Immediate support lies at ₹1,123.6, while resistance begins just above current levels, with the next major historical high at ₹1,315.0 (+16.58%).

- Daily Momentum Shift: Price gained +5.6% on 2026-11-06 with elevated volume, breaking above daily 20/50 EMAs and SMAs, though ADX (23.26) indicates developing rather than strong trend conviction.
- Timeframe Conflict: While daily structure is bullish, the weekly trend remains bearish (price below all MAs and Supertrend), and monthly structure shows price below MAs despite a bullish Supertrend.
- Key Levels: Immediate support at ₹1,123.6; nearest significant resistance at ₹1,315.0 (+16.58%). Stock is positioned at +92.3% of its 20-day range but only +24.9% of its 252-day range.
- Risk Context: Annualized volatility is +25.4% with an ATR of 2.92%; the stock remains in a significant long-term downtrend, having fallen -32.9% since inception and -21.8% over the past year.

- Bullish Engulfing Reversal
- Doji
- Inside Bar

### News Context

On November 4, 2026, Havells India reported that workers at its Alwar manufacturing facility staged a protest on November 3 regarding demands the company characterized as 'undue.' Management is currently engaged in discussions to resolve the situation. This operational event coincides with a period of significant expansion for the cable division, which has received over ₹700 crore in recent investments and additional land acquisition. The protest occurs against a backdrop of strong financial performance, with the company reporting Q2 FY27 revenue of ₹6,417 crore, representing a 34.6% year-on-year increase.

- Worker protest at Alwar facility on November 3 over demands termed 'undue'; management is in discussion phase.
- Alwar plant is central to cable operations undergoing expansion supported by ₹700 crore in recent investments.
- Q2 FY27 revenue rose 34.6% YoY to ₹6,417 crore.

- [Havells reports worker protest at Alwar facility over 'undue' demands](https://ianslive.in/havells-reports-worker-protest-at-alwar-facility-over-undue-demands--20261104152312)

### What Changed

Havells India has materially expanded its capital allocation profile with a new Rs 879 crore investment plan for a Centre of Excellence (R&D) in Noida, Uttar Pradesh. On November 6, 2026, the company received a Letter of Comfort from Invest UP, confirming eligibility for fiscal incentives under the state’s Global Capability Centres Policy 2024. This incentive is conditional on actual verified investment, expenditure, and employment generated at the facility. Concurrently, Havells scheduled analyst and institutional investor meetings for November 17–18, 2026, with CLSA, JM Financial, and Avendus, affirming that no unpublished price-sensitive information will be disclosed. Market pricing reflects a shift to ₹1,128.00 as of November 6, up from the previous recorded level of ₹1,068.10.

- New Capex Commitment: Rs 879 crore proposed investment for an R&D Centre in Sector 161, Noida, backed by a Letter of Comfort dated November 5, 2026.
- Conditional Incentives: Fiscal benefits are tied to the Uttar Pradesh Global Capability Centres Policy 2024 and depend on verified actuals in investment, expenditure, and employment.
- Investor Engagement: Analyst/institutional meets scheduled for November 17–18, 2026, with CLSA, JM Financial, and Avendus; no UPSI to be shared.
- Price Action: Current price stands at ₹1,128.00 (observation date: November 6, 2026), compared to the prior reference of ₹1,068.10.

- [Havells India Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/HAVELLS1_06112026121359_signed_Intimation_Reg30_CRI_06112026.pdf)
- [Havells India Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HAVELLS1_06112026150334_signed_Schedule_of_AnalystMeets_06112026.pdf)

### Official Filings

Havells India disclosed a proposed ₹879 crore investment for a Centre of Excellence (R&D) in Noida, backed by a Letter of Comfort from the Government of Uttar Pradesh. This incentive is conditional on actual verified investment and employment. Concurrently, the company reported industrial disturbances at its Alwar plant on November 3, 2026, with management actively engaging workers to resolve demands. On the leadership front, Mr. Samir Kirit Anjaria resigned as President effective October 27, 2026, citing personal reasons. Additionally, Havells allotted 61,135 equity shares under its Employees Stock Purchase Scheme 2022, increasing paid-up capital to 627,622,787 shares. The company also scheduled analyst meetings for November 17–18, 2026.

- Proposed ₹879 crore R&D investment in Noida secured via UP government incentives, subject to future verification of expenditure and employment.
- Industrial unrest at Alwar plant on November 3, 2026; management is currently discussing worker demands to resolve the situation.
- Resignation of President Mr. Samir Kirit Anjaria effective October 27, 2026, due to personal reasons.
- Paid-up share capital increased to 627,622,787 shares following the allotment of 61,135 shares under the ESPS 2022.

- [Havells India Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/HAVELLS1_06112026121359_signed_Intimation_Reg30_CRI_06112026.pdf)
- [Havells India Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HAVELLS1_06112026150334_signed_Schedule_of_AnalystMeets_06112026.pdf)
- [Havells India Limited has informed the Exchange about strikes/lockouts/disturbances |SUBJECT: Strikes/Lockouts/Disturbances](https://nsearchives.nseindia.com/corporate/HAVELLS1_04112026121131_Intimation_Reg30_04112026.pdf)
- [Havells India Limited has informed the Exchange about change in Management |SUBJECT: Change in Management](https://nsearchives.nseindia.com/corporate/HAVELLS1_27102026180357_signed_Change_in_SrMngt_27102026.pdf)
- [HAVELLS INDIA LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1931_WebXMLFile_20261027_194632609.xml)
- [Havells India Limited has informed the Exchange about Resignation of Director/KMP/SMP |SUBJECT: Resignation of Director/KMP/SMP](https://nsearchives.nseindia.com/corporate/HAVELLS_ROID_101987_KMP_Doc.zip)
- [Havells India Limited has informed the Exchange about Allotment of Shares under ESPS. |SUBJECT: Options to purchase securities](https://nsearchives.nseindia.com/corporate/HAVELLS1_26102026171605_signed_Intimation_of_Allotment_26102026.pdf)
- [HAVELLS INDIA LIMITED has informed the Exchange regarding Allotment of Securities |SUBJECT: Alteration Of Capital and Fund Raising-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/ALTERATION_OF_CAPITAL_AND_FUND_RAISING_1931_WebXMLFile_20261026_180722992.xml)
- [Havells India Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HAVELLS1_24102026122932_signed_Transcript_Q2FY2627.pdf)
- [HAVELLS INDIA LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1931_WebXMLFile_20261024_123923367.xml)

### Fundamentals

Havells India demonstrates a robust operational upswing in Q2 FY2026-27, with revenue from operations rising to ₹6,432 crore and net profit increasing sequentially to ₹349 crore. This follows a strong YoY sales growth of 35% in the quarter ended September 2026, contributing to a TTM compounded sales growth rate of 17%. Earnings quality remains high, evidenced by a consistent Return on Equity (ROE) of 19% over the last three years and a Return on Capital Employed (ROCE) of 25% as of March 2026.

Financial health is supported by a deleveraging trend; borrowings have declined from ₹319 crore in March 2025 to ₹239 crore in September 2026. However, the balance sheet shows significant expansion in assets, with total assets reaching ₹14,743 crore as of September 2026, driven largely by an increase in Capital Work-in-Progress (CWIP) to ₹501 crore and Fixed Assets to ₹5,741 crore. While operating cash flow conversion (CFO/EBITDA) has stabilized at 93%, the Cash Conversion Cycle has lengthened to 51 days due to higher inventory days (110 days), suggesting potential working capital pressure despite improved debtor days (13 days). Institutional ownership has shifted, with DIIs increasing their stake to 19.87% while FIIs reduced theirs to 14.47%.

- Q2 FY2026-27 Net Profit rose to ₹349 crore (up from ₹290 crore in Q1), with EPS increasing to ₹5.57 per share.
- TTM Sales Growth stands at 17%, supported by a 35% YoY jump in the September 2026 quarter.
- Borrowings decreased to ₹239 crore (Sep 2026) while CWIP expanded to ₹501 crore, indicating ongoing capacity investment.
- Cash Conversion Cycle extended to 51 days (Mar 2026) primarily due to Inventory Days rising to 110 days.

### Bull Case

Havells India presents a conditional upside case anchored by robust operational momentum and technical resilience, despite a significant medium-term price correction. The company reported strong Q2 FY27 financial results, with revenue rising 34.6% year-on-year to ₹6,417 crore. This growth is supported by strategic expansion in its cable operations, underpinned by over ₹700 crore in recent investments and additional land acquisition at key facilities like Alwar. Technically, the stock shows signs of stabilization; while the weekly trend remains bearish, the daily Supertrend has flipped bullish, and the monthly Supertrend also indicates a bullish direction. The stock closed at ₹1,128.0 on November 6, 2026, with immediate support identified near ₹1,123.6. Short-term returns are positive, with +5.6% over one day and +9.4% over ten days, suggesting renewed buying interest after a -33.7% current drawdown from highs.

- Q2 FY27 revenue grew 34.6% YoY to ₹6,417 crore, driven by expansion in cable operations supported by ₹700 crore in capital investment.
- Daily and monthly Supertrend indicators are both bullish as of November 6, 2026, contrasting with the bearish weekly trend.
- Short-term price action is positive, with +5.6% return over one day and +9.4% over ten days, closing at ₹1,128.0.
- Immediate technical support is located at ₹1,123.6 (0.39% below current price), providing a near-term floor for consolidation.

- [Havells reports worker protest at Alwar facility over 'undue' demands](https://ianslive.in/havells-reports-worker-protest-at-alwar-facility-over-undue-demands--20261104152312)
- [Havells India Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/HAVELLS1_06112026121359_signed_Intimation_Reg30_CRI_06112026.pdf)
- [Havells India Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HAVELLS1_06112026150334_signed_Schedule_of_AnalystMeets_06112026.pdf)
- [Havells India Limited has informed the Exchange about strikes/lockouts/disturbances |SUBJECT: Strikes/Lockouts/Disturbances](https://nsearchives.nseindia.com/corporate/HAVELLS1_04112026121131_Intimation_Reg30_04112026.pdf)
- [Havells India Limited has informed the Exchange about change in Management |SUBJECT: Change in Management](https://nsearchives.nseindia.com/corporate/HAVELLS1_27102026180357_signed_Change_in_SrMngt_27102026.pdf)
- [HAVELLS INDIA LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1931_WebXMLFile_20261027_194632609.xml)
- [Havells India Limited has informed the Exchange about Resignation of Director/KMP/SMP |SUBJECT: Resignation of Director/KMP/SMP](https://nsearchives.nseindia.com/corporate/HAVELLS_ROID_101987_KMP_Doc.zip)
- [Havells India Limited has informed the Exchange about Allotment of Shares under ESPS. |SUBJECT: Options to purchase securities](https://nsearchives.nseindia.com/corporate/HAVELLS1_26102026171605_signed_Intimation_of_Allotment_26102026.pdf)
- [HAVELLS INDIA LIMITED has informed the Exchange regarding Allotment of Securities |SUBJECT: Alteration Of Capital and Fund Raising-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/ALTERATION_OF_CAPITAL_AND_FUND_RAISING_1931_WebXMLFile_20261026_180722992.xml)
- [Havells India Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HAVELLS1_24102026122932_signed_Transcript_Q2FY2627.pdf)

### Bear Case

Havells India faces operational and market headwinds that warrant caution despite recent financial strength. On November 3, workers at the Alwar cable manufacturing facility staged a protest over demands management termed 'undue,' potentially disrupting production during a period of significant expansion supported by over Rs 700 crore in investments. Operationally, the stock is under pressure, trading at Rs 1,128 with a current drawdown of -33.7% from its peak, which reached a maximum drawdown of -40.7%. The weekly trend has turned bearish, contrasting with the daily bullish signal, suggesting near-term volatility. Performance metrics reflect this strain: the stock is down -20.4% year-to-date and -21.8% over the past year, with high annualized volatility of +25.4%. While Q2 FY27 revenue rose 34.6% to Rs 6,417 crore, the labor dispute introduces uncertainty into the execution of ongoing capacity additions.

- Worker protest at the key Alwar cable facility on November 3 disrupts operations amid Rs 700+ crore expansion efforts.
- Stock exhibits a current drawdown of -33.7% and a maximum drawdown of -40.7%, indicating significant recent weakness.
- Weekly technical trend is bearish, while the stock remains down -20.4% YTD and -21.8% over the last year.
- High annualized volatility of +25.4% and an ATR of 2.92% suggest elevated price fluctuation risk.

- [Havells reports worker protest at Alwar facility over 'undue' demands](https://ianslive.in/havells-reports-worker-protest-at-alwar-facility-over-undue-demands--20261104152312)
- [Havells India Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/HAVELLS1_06112026121359_signed_Intimation_Reg30_CRI_06112026.pdf)
- [Havells India Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HAVELLS1_06112026150334_signed_Schedule_of_AnalystMeets_06112026.pdf)
- [Havells India Limited has informed the Exchange about strikes/lockouts/disturbances |SUBJECT: Strikes/Lockouts/Disturbances](https://nsearchives.nseindia.com/corporate/HAVELLS1_04112026121131_Intimation_Reg30_04112026.pdf)
- [Havells India Limited has informed the Exchange about change in Management |SUBJECT: Change in Management](https://nsearchives.nseindia.com/corporate/HAVELLS1_27102026180357_signed_Change_in_SrMngt_27102026.pdf)
- [HAVELLS INDIA LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1931_WebXMLFile_20261027_194632609.xml)
- [Havells India Limited has informed the Exchange about Resignation of Director/KMP/SMP |SUBJECT: Resignation of Director/KMP/SMP](https://nsearchives.nseindia.com/corporate/HAVELLS_ROID_101987_KMP_Doc.zip)
- [Havells India Limited has informed the Exchange about Allotment of Shares under ESPS. |SUBJECT: Options to purchase securities](https://nsearchives.nseindia.com/corporate/HAVELLS1_26102026171605_signed_Intimation_of_Allotment_26102026.pdf)
- [HAVELLS INDIA LIMITED has informed the Exchange regarding Allotment of Securities |SUBJECT: Alteration Of Capital and Fund Raising-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/ALTERATION_OF_CAPITAL_AND_FUND_RAISING_1931_WebXMLFile_20261026_180722992.xml)
- [Havells India Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HAVELLS1_24102026122932_signed_Transcript_Q2FY2627.pdf)

### FAQs

**What recent operational and strategic developments has Havells India disclosed?**

On November 3, 2026, workers at the Alwar cable manufacturing facility staged a protest over demands management termed 'undue,' with discussions ongoing to resolve the issue. Concurrently, on November 5, 2026, the company received a Letter of Comfort from Invest UP for Rs 879 crore in fiscal incentives for a proposed Centre of Excellence (R&D) in Noida, conditional on verified investment and employment.

**How is Havells India managing senior leadership changes?**

Mr. Samir Kirit Anjaria resigned as President effective October 27, 2026, following a resignation letter submitted on July 28, 2026, citing personal reasons. The company filed these disclosures under SEBI LODR Regulations on October 27, 2026.

**What are the key financial metrics and technical levels for Havells India as of November 6, 2026?**

The stock closed at ₹1,128.00, with a market capitalization of approximately ₹6,703 crore. Technical indicators show a daily Supertrend direction of 'bullish' but a weekly direction of 'bearish.' Immediate support levels are observed at ₹1,123.60 and ₹1,113.03, while resistance is noted at ₹1,315.00. The stock has experienced a current drawdown of -33.7% and an annualized volatility of +25.4%.

- [Havells reports worker protest at Alwar facility over 'undue' demands](https://ianslive.in/havells-reports-worker-protest-at-alwar-facility-over-undue-demands--20261104152312)
- [Havells India Limited has informed the Exchange about General Updates |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/HAVELLS1_06112026121359_signed_Intimation_Reg30_CRI_06112026.pdf)
- [Havells India Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HAVELLS1_06112026150334_signed_Schedule_of_AnalystMeets_06112026.pdf)
- [Havells India Limited has informed the Exchange about strikes/lockouts/disturbances |SUBJECT: Strikes/Lockouts/Disturbances](https://nsearchives.nseindia.com/corporate/HAVELLS1_04112026121131_Intimation_Reg30_04112026.pdf)
- [Havells India Limited has informed the Exchange about change in Management |SUBJECT: Change in Management](https://nsearchives.nseindia.com/corporate/HAVELLS1_27102026180357_signed_Change_in_SrMngt_27102026.pdf)
- [HAVELLS INDIA LIMITED has informed the Exchange about Change in Directors/KMP/SMP/Auditor/RTA |SUBJECT: Change in Directors/KMP/SMP/Auditor/RTA](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1931_WebXMLFile_20261027_194632609.xml)
- [Havells India Limited has informed the Exchange about Resignation of Director/KMP/SMP |SUBJECT: Resignation of Director/KMP/SMP](https://nsearchives.nseindia.com/corporate/HAVELLS_ROID_101987_KMP_Doc.zip)
- [Havells India Limited has informed the Exchange about Allotment of Shares under ESPS. |SUBJECT: Options to purchase securities](https://nsearchives.nseindia.com/corporate/HAVELLS1_26102026171605_signed_Intimation_of_Allotment_26102026.pdf)
- [HAVELLS INDIA LIMITED has informed the Exchange regarding Allotment of Securities |SUBJECT: Alteration Of Capital and Fund Raising-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/ALTERATION_OF_CAPITAL_AND_FUND_RAISING_1931_WebXMLFile_20261026_180722992.xml)
- [Havells India Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HAVELLS1_24102026122932_signed_Transcript_Q2FY2627.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹1,075.47
- Risk regime: Higher Price Risk

### Support levels
- 1123.6
- 1076.75
- 1016.5

### Resistance levels
- 1315
- 1535
- 1570.428125

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +5.61% |
| return_10 | +9.41% |
| return_1m | +6.72% |
| return_1y | -21.79% |
| return_20 | +10.19% |
| return_3m | -12.25% |
| return_5 | +11.26% |
| return_6m | -10.28% |
| return_since_start | -32.86% |
| return_ytd | -20.42% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -40.73% |
| annualized_volatility | +25.43% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Havells India Limited Q2 FY2026-27: Profit rises 21% sequentially

Havells India reported revenue from operations of ₹6,432 crore for the quarter ended 30 September 2026, down 1.3% sequentially but up 34.6% year over year. Profit for the period increased 20.5% from Q1 to ₹349 crore and was 9.7% higher than a year earlier; operating cash flow was negative at ₹162 crore.

## Revenue eased sequentially; expenses declined faster

Revenue from operations slipped from ₹6,518 crore in Q1 FY2026-27 to ₹6,432 crore in Q2. It was 34.6% above the ₹4,779 crore reported in Q2 FY2025-26. Revenue was also below the ₹6,705 crore recorded in Q4 FY2025-26.

Expenses declined 3.0% sequentially to ₹5,992 crore, compared with the 1.3% decrease in revenue. Year over year, expenses rose 34.5%, broadly in line with revenue growth. Cost of materials consumed was ₹3,447 crore, the largest reported expense item. Purchases of stock in trade were ₹991 crore, employee benefit expense was ₹554 crore and depreciation, depletion and amortisation expense was ₹129 crore.

## Profit and per-share earnings increased

Profit before tax was ₹473 crore, up 20.5% from ₹392 crore in Q1 FY2026-27 and 15.3% from ₹410 crore in Q2 FY2025-26. Tax expense rose to ₹123 crore from ₹103 crore sequentially. Profit for the period reached ₹349 crore, up 20.5% quarter on quarter and 9.7% year over year from ₹318 crore.

Basic and diluted earnings per share were both ₹5.57, compared with ₹4.63 and ₹4.62, respectively, in Q1. Finance costs declined to ₹4.75 crore from ₹7.46 crore in Q1.

## Cash flow and working capital

Operating activities used ₹162 crore of cash in Q2, while investing activities generated ₹268 crore and financing activities used ₹395 crore. Reported free cash flow was ₹105 crore. Negative operating cash flow alongside positive reported profit makes cash conversion a key measure to track.

Cash and cash equivalents stood at ₹501 crore on 30 September 2026, down from ₹791 crore on 31 March 2026. Other bank balances were ₹707 crore, compared with ₹1,573 crore at March-end. Inventory increased to ₹5,038 crore from ₹4,441 crore, while current trade receivables were ₹813 crore versus ₹790 crore. Current trade payables declined to ₹2,771 crore from ₹2,908 crore.

## Equity rose as total assets stayed broadly stable

Total assets were ₹14,743 crore at 30 September 2026, broadly unchanged from ₹14,746 crore at 31 March 2026 and above ₹13,647 crore a year earlier. Property, plant and equipment increased to ₹4,210 crore from ₹3,813 crore at March-end; other intangible assets stood at ₹1,220 crore.

Equity attributable to owners of the parent rose to ₹9,773 crore from ₹9,455 crore at 31 March 2026. The higher equity balance accompanied a broadly stable asset base, while lower cash and bank balances and higher inventory changed the balance-sheet mix.

## Key Takeaway

Havells’ Q2 profit rose both sequentially and year over year, despite a modest sequential decline in revenue. Expenses fell faster than sales quarter on quarter, but negative operating cash flow, lower cash and bank balances, and higher inventory remain important counterpoints to the earnings growth.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +59.35%
- FII holding: +15.91%
- DII holding: +18.04%
- Mutual fund holding: +7.86%
- Retail holding: +4.75%
- Promoter pledged: +0.00%

### Major reported shareholders

- QRG Investments and Holdings Limited — +41.21% (Bodies Corporate)
- Shri Anil Rai Gupta as Trustee of ARG Family Trust — +12.34% (Trusts)
- Life Insurance Corporation Of India — +7.65%
- Shri Surjit Kumar Gupta as Trustee of SKG Family Trust — +5.81% (Trusts)
- Nalanda India Equity Fund Limited — +4.11%
- Hdfc Mutual Fund - Hdfc Focused Fund — +3.49%
- Icici Prudential Large Cap Fund — +1.15%
- Government Pension Fund Global — +1.14%

## Official filings

- 2026-11-06 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HAVELLS1_06112026121359_signed_Intimation_Reg30_CRI_06112026.pdf)
- 2026-11-06 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HAVELLS1_06112026150334_signed_Schedule_of_AnalystMeets_06112026.pdf)
- 2026-11-06 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1931_WebXMLFile_20261106_173948080.xml)
- 2026-11-06 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1931_WebXMLFile_20261106_174922663.xml)
- 2026-11-06 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1931_WebXMLFile_20261106_174342747.xml)
- 2026-11-04 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HAVELLS1_04112026121131_Intimation_Reg30_04112026.pdf)
- 2026-10-27 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HAVELLS1_27102026180357_signed_Change_in_SrMngt_27102026.pdf)
- 2026-10-27 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_1931_WebXMLFile_20261027_194632609.xml)
- 2026-10-27 — Management Change: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HAVELLS_ROID_101987_KMP_Doc.zip)
- 2026-10-26 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HAVELLS1_26102026171605_signed_Intimation_of_Allotment_26102026.pdf)
- 2026-10-26 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/ALTERATION_OF_CAPITAL_AND_FUND_RAISING_1931_WebXMLFile_20261026_180722992.xml)
- 2026-10-24 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HAVELLS1_24102026122932_signed_Transcript_Q2FY2627.pdf)
- 2026-10-24 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1931_WebXMLFile_20261024_123923367.xml)
- 2026-10-24 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HAVELLS1_24102026214032_signed_Intimation_of_Exercise_24102026.pdf)
- 2026-10-24 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/REG30_PARA_B_1931_WebXMLFile_20261024_215815851.xml)
- 2026-10-23 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HAVELLS1_23102026111557_signed_NewspaperPublication_Q2_202627.pdf)
- 2026-10-22 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HAVELLS1_22102026135828_QuickResults_Q2_22102026.pdf)
- 2026-10-22 — Earnings Presentation: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HAVELLS1_22102026141520_InfoUpdate_Q2_22102026.pdf)
- 2026-10-22 — Financial Results Filing: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1744032_22102026051833_WEB.xml)
- 2026-10-22 — Financial Results Filing: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1744031_22102026051808_WEB.xml)
- 2026-10-22 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HAVELLS1_22102026214302_signed_AudioRecording_Q2_FY202627.pdf)
- 2026-10-22 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1931_WebXMLFile_20261022_220022892.xml)
- 2026-10-16 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HAVELLS1_16102026102457_signed_Earnings_Call_Q2_16102026.pdf)
- 2026-10-16 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1931_WebXMLFile_20261016_104815435.xml)
- 2026-10-12 — Generic Announcement: Havells India Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/HAVELLS1_12102026173242_signed_Change_in_SeniorMngt_12102026.pdf)

## News and market events

- 2026-11-07 — The Hindu: **Movers & Shakers: Stocks that will see action this week** — Technical analysis from The Hindu Business Line identifies Action Construction Equipment, Havells India, and Kalyan Jewellers India as stocks exhibiting bullish patterns with potential for near-term gains. Each stock has shown significant recent price increases and formed specific chart formations, such as a morning star or double-bottom, suggesting positive trend reversals contingent on holding key support levels. — [Source](https://www.thehindubusinessline.com/portfolio/technical-analysis/movers-shakers-stocks-that-will-see-action-this-week/article71678139.ece)
- 2026-11-04 — IANSLIVE.IN: **Havells reports worker protest at Alwar facility over 'undue' demands** — Havells India reported that a section of workers staged a protest at its Alwar manufacturing facility on November 3 over demands the company termed 'undue,' while management engages in discussions to resolve the matter. The Alwar plant is a key component of Havells' cable operations, which are currently undergoing significant expansion supported by over Rs 700 crore in recent investments and additional land acquisition. This development occurs as the company reports strong Q2 FY27 financial results, with revenue rising 34.6% year-on-year to Rs 6,417 crore. — [Source](https://ianslive.in/havells-reports-worker-protest-at-alwar-facility-over-undue-demands--20261104152312)
- 2026-10-26 — MONEYCONTROL: **Buy Havells India; target of Rs 1285: Anand Rathi** — Buy Havells India; target of Rs 1285: Anand Rathi Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio IPO Allotment Jamia Protest UP Polls 2027 Rahul Gandhi Infosys Share Price Aamir Khan Small Cap Stocks Cyclone Arnab Dhanush News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price Gold MCX Price Personal Finance more Home Loans up to 50 Lakhs Credit Cards Lifetime Free F — [Source](https://www.moneycontrol.com/news/business/earnings/buy-havells-india-target-of-rs-1285-anand-rathi-14059937.html)
- 2026-10-23 — MONEYCONTROL: **Buy Havells India; target of Rs 1500: ICICI Securities** — Buy Havells India; target of Rs 1500: ICICI Securities Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio IPO Tonbo Imaging share price UP Elections iPhone Duo Elon Musk Annamalai Piyush Goyal Donald Trump Sonam Wangchuk News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price Gold MCX Price Personal Finance more Home Loans up to 50 Lakhs Credit Cards Lifetime Free Financ — [Source](https://www.moneycontrol.com/news/business/buy-havells-india-target-of-rs-1500-icici-securities-14058582.html)
- 2026-10-23 — News18: **Havells India To Hike AC, Cables, Wires Prices By 5-7% In Q3 Amid Raw Material Inflation** — The price hikes are expected to begin in the third quarter of FY27 and extend into the March quarter, as the company seeks to pass on higher input costs to consumers. — [Source](https://www.news18.com/business/economy/havells-india-to-hike-ac-cables-wires-prices-by-5-7-in-q3-amid-raw-material-inflation-10394534.html)
- 2026-10-23 — MONEYCONTROL: **Havells plans up to 7% price hike in Q3 as raw material costs remain elevated** — Havells plans up to 7% price hike in Q3 as raw material costs remain elevated Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio IPO Tonbo Imaging share price UP Elections iPhone Duo Elon Musk Annamalai Piyush Goyal Donald Trump Sonam Wangchuk News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price Gold MCX Price Personal Finance more Home Loans up to 50 Lakhs Credit Car — [Source](https://www.moneycontrol.com/news/business/havells-plans-up-to-7-price-hike-in-q3-as-raw-material-costs-remain-elevated-14058409.html)
- 2026-10-23 — MONEYCONTROL: **Havells India shares fall 6% as margin pressure persists; Nomura reduces its price target** — Havells India shares fall 6% as margin pressure persists; Nomura reduces its price target Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio IPO Tonbo Imaging share price UP Elections iPhone Duo Elon Musk Annamalai Piyush Goyal Donald Trump Sonam Wangchuk News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price Gold MCX Price Personal Finance more Home Loans up to 50 Lakh — [Source](https://www.moneycontrol.com/news/business/markets/havells-india-shares-fall-6-as-margin-pressure-persists-nomura-reduces-its-price-target-14058425.html)
- 2026-10-23 — Mint: **Havells India stock drops to a new 52-week low after Q2 results. What’s worrying investors?** — Havells India shares fell about 6% on Friday to a new 52-week low as investors weighed margin pressures from rising competition in cables and wires, continued losses at Lloyd and higher input costs, despite solid revenue growth in the September quarter (Q2FY27). — [Source](https://www.livemint.com/market/mark-to-market/havells-india-share-price-q2fy27-results-lloyd-consumer-cables-and-wires-ebitda-margin-11792739039916.html)
- 2026-10-23 — MONEYCONTROL: **Accumulate Havells India; target of Rs 1212: Prabhudas Lilladher** — Accumulate Havells India; target of Rs 1212: Prabhudas Lilladher Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio IPO Tonbo Imaging share price UP Elections iPhone Duo Elon Musk Annamalai Piyush Goyal Donald Trump Sonam Wangchuk News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price Gold MCX Price Personal Finance more Home Loans up to 50 Lakhs Credit Cards Lifetime F — [Source](https://www.moneycontrol.com/news/business/stocks/accumulate-havells-india-target-of-rs-1212-prabhudas-lilladher-14058357.html)
- 2026-10-23 — MONEYCONTROL: **Price Action: Havells shares slip 4% as Nomura keeps 'neutral';  BlueStone Jewellery share price sheds 3%** — Price Action: Havells shares slip 4% as Nomura keeps 'neutral'; BlueStone Jewellery share price sheds 3% Select languageEnglish Hindi Gujarati Specials Search Quotes, News, Mutual Fund NAVs Quotes Mutual Funds ETFs Commodities Futures & Options Unlisted Shares Currency News Topic Cryptocurrency Forum Notices Videos Glossary All My Alerts Go Ad-Free Hello, Login Hello, Login Log-inor Sign-Up My Account My Profile My Portfolio My Watchlist My Alerts My Messages Price Alerts My Profile My PRO My Portfolio My Watchlist My Alerts My Messages Price Alerts Logout Loans up to ₹50 LAKHS Fixed Deposits — [Source](https://www.moneycontrol.com/news/business/markets/price-action-havells-shares-slip-4-as-nomura-keeps-neutral-bluestone-jewellery-share-price-sheds-3-14058178.html)
- 2026-10-23 — MONEYCONTROL: **Havells India -- Q2 growth widens, but margin pressure persists** — [Source](https://www.moneycontrol.com/news/business/moneycontrol-research/havells-india-q2-growth-widens-but-margin-pressure-persists-14058143.html)
- 2026-10-22 — The Hindu: **Q2 Results Today Highlights: Adani Energy Solutions PAT surges 145%, CPCL profit triples; Havells profit up 9.7%, Jindal Stainless Q2 profit rises 11%, Colgate profit rise 4.3%, Adani Total Gas Q2 net profit rises 3%; Swiggy shares tumble over 5%** — Q2 Results Today, 22nd October 2026 Highlights: Follow the latest announcements and developments on the company's September quarter earning on Adani Energy, HPCL, Havells, Swiggy, Colgate, Hatsun, Cyient, Adani Total Gas, Nippon Life and others — [Source](https://www.thehindubusinessline.com/markets/q2-results-today-live-updates-adani-energy-hpcl-havells-swiggy-colgate-hpcl-hatsun-cyient-adani-tital-gas-nippon-life-company-results-22-october-2026/article71610008.ece)
- 2026-10-22 — CNBC-TV18: **Havells India Q2 Results: Revenue growth healthy, margin remains stable** — Havells India's Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter stood at ₹576.3 crore, a growth of 30.6% on a year-on-year basis, and marginally higher than the CNBC-TV18 poll figure of ₹536 crore. — [Source](https://www.cnbctv18.com/market/havells-india-q2-results-lloyds-fmeg-cables-wires-margin-outlook-fy27-share-price-move-20016994.htm)
- 2026-10-22 — CNBC-TV18: **Q2 Results LIVE Updates: Eternal, Indian Hotels react to earnings; HPCL, Colgate-Palmolive report today** — Q2 Results LIVE Updates: HPCL, Colgate-Palmolive, Adani Energy Solutions, Havells India, Cyient, Swiggy, Jindal Stainless, Adani Total Gas, CreditAccess Grameen, Bluestone Jewellery, Sagility, are among the companies reporting their earnings today. Watch this space for all the LIVE updates of Q2 results. — [Source](https://www.cnbctv18.com/market/q2-results-live-updates-eternal-mm-fin-indian-hotels-hpcl-colgate-adani-cyient-havells-swiggy-sagility-creditaccess-grameen-pcj-share-price-liveblog-20016529.htm)
- 2026-10-19 — BUSINESS: **Trend reversal? Analyst identifies Havells India, NTPC, Birlasoft on charts** — NTPC stock is showing early signs of a potential reversal, as it trades near its long-term support (200-week EMA) on the charts, says Sachin Gupta of Choice Broking. — [Source](https://www.business-standard.com/markets/news/trend-reversal-analyst-identifies-havells-india-ntpc-birlasoft-on-charts-126101900285_1.html)
- 2026-09-28 — CNBC-TV18: **​LG Electronics announces 5-7% hike in air-conditioner prices from Oct 1** — The price increase comes ahead of the second leg of festive sales, with LG citing higher commodity, logistics and energy costs along with currency movements. Voltas, Havells, Godrej Appliances and Bosch Home have also raised AC prices. — [Source](https://www.cnbctv18.com/business/lg-electronics-announces-5-7-hike-in-air-conditioner-prices-from-oct-1-20000338.htm)
- 2026-09-28 — Economic Times: **Can Orient Cables IPO deliver long-term growth for high-risk investors?** — Orient Cables is aiming to raise ₹320 crore through a fresh equity issue and ₹232 crore via an offer for sale. The company has seen growth in revenue and profit but faces challenges with operating margins and customer concentration. Its promoter stake will decrease to 82.2% post-IPO from 100%. The company is also involved in a dispute concerning the usage of the 'ORIENT' brand name. — [Source](https://economictimes.indiatimes.com/markets/ipos/fpos/can-orient-cables-ipo-deliver-long-term-growth-for-high-risk-investors/articleshow/134529264.cms)
- 2026-09-27 — Economic Times: **Costly Diwali: Appliance makers set to serve up another price shock** — Leading manufacturers such as LG, Samsung, and Daikin are raising prices of consumer appliances by 5-10%. This increase is attributed to rising costs of raw materials, including copper, steel, and aluminium. Companies are concerned about the impact on sales growth during the festive season this year. Previously, businesses aimed for minimal price increases to maintain festive demand levels. — [Source](https://economictimes.indiatimes.com/industry/cons-products/durables/costly-diwali-appliance-makers-set-to-serve-up-another-price-shock/articleshow/134525243.cms)
- 2026-09-25 — BUSINESS: **Nifty above 23,050; consumer durables share in demand** — At 11:30 IST, the barometer index, the S&P BSE Sensex, jumped 123.52 points or 0.17% to 73,708.59. The Nifty 50 index rose 16 points or 0.07% to 23,077.55. — [Source](https://www.business-standard.com/markets/capital-market-news/nifty-above-23-050-consumer-durables-share-in-demand-126092500375_1.html)
- 2026-09-25 — Mint: **Tata clash has biz families revisiting governance, control | Company Business News** — Family-business advisers and lawyers say the 17 September episode is prompting promoters to revisit their Trust and LLP structures, as they seek counsel over the possibility of a dispute with boards in future. — [Source](https://www.livemint.com/companies/news/tata-sons-board-clash-family-business-control-governance-legal-structure-11790248657730.html)
- 2026-09-16 — The Hindu: **Copper dazzle dull margins for EV, consumer and engineering goods** — Copper’s recent rally to record-highs has sent waves of concern reverberating through the makers of several consumer-focussed and industrial products such as electric vehicles (EVs), consumer gadgets and appliances, electric wires and engineering goods, among others. — [Source](https://www.thehindu.com/business/industry/copper-dazzle-dull-margins-for-ev-consumer-and-engineering-goods/article71473156.ece)
- 2026-09-10 — MONEYCONTROL: **UltraTech's Ultravolt entry to pressure wires margins; Kotak cuts target multiples** — UltraTech, UltraTech shares, UltraTech stocks, Kotak Institutional Equities, Polycab — [Source](https://www.moneycontrol.com/news/business/stocks/ultratech-s-ultravolt-entry-to-pressure-wires-margins-kotak-cuts-target-multiples-14026928.html)
- 2026-09-08 — Economic Times: **Ultravolt launch sparks sell-off in wire stocks; high-voltage players insulated** — The wire and cable industry faced stock declines amidst rumors of Ultravolts impending market entry. The Aditya Birla Group's initiative aims for a robust nationwide distribution and retail network, stirring competition among established players. Leaders like Polycab and Havells have felt the pinch with falling stock prices, though those in the mid-to-extra high voltage sector might remain relatively insulated from these changes. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/ultravolt-could-trip-retail-wire-players-high-voltage-companies-have-some-insulation/articleshow/133902246.cms)
- 2026-09-07 — BUSINESSTODAY: **UltraTech Cement’s cables & wires entry: Will peer stocks face near-term pressure?** — UltraTech Cement share price today, UltraTech Cement shares, UltraTech Cement share price, UltraTech Cement news — [Source](https://www.businesstoday.in/markets/stocks/story/ultratech-cements-cables-wires-entry-will-peer-stocks-face-near-term-pressure-553611-2026-09-07)
- 2026-09-07 — MONEYCONTROL: **Cable stocks extend losses as Citi flags UltraTech threat; RR Kabel, KEI fall over 3%** — ultratech share price today, polycab stock update, havells share price news, kei industries stock, cables wires shares, ultratech ultravolt, ultratech cables wires entry — [Source](https://www.moneycontrol.com/news/business/markets/cable-stocks-extend-losses-as-citi-flags-ultratech-threat-rr-kabel-kei-fall-over-3-14024159.html)

## Business profile

**Strategic vision:** Electrical goods manufacturer and distributor for diverse applications.

### Business segments
- **Fast-Moving Electrical Goods (FMEG):** Manufactures and distributes electrical products including switches, switchgear, appliances, cables, fans, lighting, air conditioners, refrigerators, televisions, washing machines, and solar products.
- **Industrial Electrical Solutions:** Offers industrial and domestic switchgear, professional lighting solutions, capacitors, power quality solutions, and circuit protection devices for industrial and commercial applications.

### Competitive strengths
- Extensive product portfolio covering residential, commercial, and industrial electrical needs.
- Strong brand recognition across multiple consumer segments.
- Significant in-house manufacturing infrastructure within India.
- Wide-reaching distribution and service network.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/havells
Markdown representation: https://faxioms.com/stocks/havells?render=md