Havells India Limited Earnings Summary — Q4 FY2026

• Net Profit surged to a record 723 Cr in Q4 FY2026, primarily aided by a significant spike in 'Other Income' totaling 310 Cr.
• Quarterly revenue grew roughly 20% sequentially, reaching 6,705 Cr, showing strong seasonal demand.
• Operating Profit Margins (OPM) improved to 11% from 9% in the preceding three quarters, though still below the 12% mark seen in Q4 FY2025.
• The company maintained a highly disciplined balance sheet with total borrowings decreasing to 265 Cr against a net worth of 9,456 Cr.
• Interest expenses remained controlled at 10 Cr for the quarter, reflecting the company's status as a virtually debt-free entity.
• Taxes were lower this quarter at 21% compared to the standard 26%, further boosting the bottom-line results.

Management aims to establish Lloyd as a top-3 player in the AC and refrigerator segments while maintaining market leadership in core switchgears and cables.

Improving

A return to double-digit OPMs and a massive profit jump, even if partially driven by non-operating income, indicates a strong finish to the fiscal year.

Havells is positioned as a high-quality compounder with a focus on 'Lloyd 2.0' for consumer durables and premiumization in its industrial and FMEG lines. Near-term focus remains on recovering absolute profit pools amidst raw material volatility.