Havells India Limited Earnings Summary — Q2 FY2027
Havells India Reports 34.6% YoY Revenue Growth in Q2 FY2027 Led by Cables and Switchgears, PAT Rises 9.6%
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 1.3% sequentially in Q2 FY2027.
- Revenue of ₹6,432 Cr is 34.6% higher year-on-year.
- Revenue has compounded at 4.7% annualised over the last 10 quarters.
- Net profit of ₹350 Cr is 9.6% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at -6.6% annualised across the period.
- Operating margin stands at 8.9% in Q2 FY2027.
- Operating margin compressed by 26 bps year-on-year.
- Over the last two years operating margin has expanded by 65 bps.
- PBT margin is 7.3%.
- Expenses grew 35.0% against revenue growth of 34.6%.
- Operating profit of ₹573 Cr is 30.8% higher year-on-year.
- Operating leverage continues to improve.
- 5 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 64/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q2 FY2027 | Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Stable | 6,432 | 6,518 | 6,705 | 5,588 | 4,779 | 5,455 | 6,544 | 4,889 | 4,539 | 5,806 |
| Expenses | Stable | 5,859 | 6,052 | 5,976 | 5,072 | 4,341 | 4,940 | 5,787 | 4,462 | 4,164 | 5,234 |
| Operating Profit | Improving | 573 | 466 | 729 | 516 | 438 | 516 | 757 | 427 | 375 | 572 |
| Operating Margin | Stable | 8.9% | 7.2% | 10.9% | 9.2% | 9.2% | 9.4% | 11.6% | 8.7% | 8.3% | 9.9% |
| Other Income | Volatile | 33 | 54 | 310 | 9 | 91 | 69 | 69 | 64 | 93 | 77 |
| Interest | Stable | 5 | 7 | 10 | 9 | 9 | 9 | 15 | 9 | 10 | 9 |
| Depreciation | Improving | 129 | 121 | 112 | 109 | 106 | 106 | 110 | 104 | 95 | 92 |
| Profit Before Tax | Volatile | 473 | 392 | 918 | 408 | 415 | 470 | 701 | 377 | 363 | 549 |
| Tax | Volatile | 123 | 103 | 194 | 108 | 96 | 122 | 184 | 99 | 95 | 141 |
| Net Profit | Volatile | 350 | 290 | 723 | 301 | 319 | 348 | 518 | 278 | 268 | 408 |
| Net Margin | Accelerating | 5.4% | 4.5% | 10.8% | 5.4% | 6.7% | 6.4% | 7.9% | 5.7% | 5.9% | 7.0% |
Key Takeaways
- Consolidated revenue from operations surged 34.6% YoY to ₹6,431.99 Cr, driven by strong volumes in Cables and Switchgears.
- Net profit attributable to owners reached ₹349.52 Cr, up 9.6% YoY and up 20.4% QoQ, despite persistent drag from Lloyd Consumer.
- The Cables segment remained the primary growth engine, delivering standalone revenue of ₹2,998.90 Cr (up 47.9% YoY) and EBIT of ₹304.26 Cr.
- Switchgears registered strong performance with standalone revenue up 31.3% YoY to ₹781.74 Cr and EBIT expanding 49.4% YoY to ₹198.44 Cr.
- Lloyd Consumer continued to weigh on profitability, posting a standalone EBIT loss of ₹(103.65) Cr compared to a loss of ₹(98.85) Cr in Q2 FY2026.
- The newly carved out Renewables segment demonstrated robust momentum, generating ₹329.16 Cr in revenue and ₹27.25 Cr in segment profit, up over 5x YoY.
Management Guidance
Management remains committed to scaling 'Lloyd 2.0' to establish a top-three presence across air conditioners and refrigerators while prioritizing bottom-line recovery. Ongoing investments in manufacturing self-reliance and the newly created Renewables segment are expected to support long-term compound growth.
Sentiment Shift
Improving
Robust top-line growth across core Cables and Switchgears, alongside QoQ margin expansion, outweighs the continuing off-season drag in the Lloyd business.
Outlook
Havells is well-positioned to benefit from industrial electrification, real estate demand, and the expansion of the Renewables business, though performance will remain sensitive to raw material price volatility (copper and aluminum) and competitive dynamics in consumer durables.
From the Annual Report (Key Quotes)
“Effective April 1, 2026, the Company has reviewed and revised its reportable segments, introducing a new segment as 'Renewables' and carving out Solar, Solar Pump and EVSE businesses.”
“Profit before tax for the quarter ended September 30, 2026 stood at ₹472.62 crores compared to ₹414.59 crores in the corresponding quarter of the previous year.”
Official Quarterly Documents
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This summary is AI-generated from Havells India Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.
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