Electrical Equipment and Consumer Durables Manufacturing
Strategic Profile
Havells has a market capitalization of ₹74,658 crore with 59.4% promoter holding. The company operates through six segments: Switchgears, Cables, Lighting and Fixtures, Electrical Consumer Durables, Lloyd Consumer, and Others. Havells invested ₹600 crores in Goldi Solar Pvt Ltd in Q1 FY26 and signed an MoU in July 2026 to develop Battery Energy Storage Systems (BESS) for India, positioning itself for renewable energy infrastructure growth.
Cyborg Score Rationale
Havells demonstrated strong growth with 17% revenue CAGR and 16% EBITDA CAGR over the past year ending March 31, 2025. The company has diversified product lines, strategic renewable energy investments, and solid market position, though recent growth moderation (3.44% YoY in FY26) and margin pressures in certain segments present near-term headwinds.
Top Insights
Cables segment now represents ~39% of revenue (FY26 vs ~33% in FY25), reflecting strong performance in flexible and power cables including multicore, flat submersible, LAN, and CCTV cables.
Havells maintained disciplined overall spend while increasing advertising investments for brand visibility; margins held steady except for Lloyd, which was impacted by lower revenues and persistent cost pressures.
In July 2026, Havells signed an MoU with Pixii AS to develop BESS (Battery Energy Storage Systems) for India, including pilots and local manufacturing.
The firm operates seven manufacturing facilities, all located in India.
Named Competitors
Finolex Cables — Cables and wires manufacturer
Crompton Greaves Consumer Electricals — Consumer electrical appliances and switchgear
Luminous Power Technologies — Power backup and renewable energy solutions
Bajaj Electricals — Switchgear, fans, and consumer electrical goods
Recent Developments
(July 2026) MoU signed with Pixii AS for Battery Energy Storage Systems development and local manufacturing in India
(June 2026) Board meeting scheduled for July 17, 2026 to approve Q1 FY27 standalone and consolidated results
(April 2026) FY26 results approved with unmodified audit opinions; final dividend of ₹6 per share recommended in addition to interim dividend of ₹4 per share
(Q1 FY26, June 2025) Investment of ₹600 crores in Goldi Solar Pvt Ltd; fair value gain of ₹283 crores recognized in Q4 FY26
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