Havells India Ltd.'s top brass has indicated that the company's solar business could cross Rs 1,500 crore in the next couple of years.
"We definitely see that it (solar business) could cross maybe Rs 1,000 crore, and Rs 1,500 crore in the next couple of years," Anil Rai Gupta, chairman and managing director, said during the post Q1 earnings conference call.
Gupta said that he saw a "huge potential" for growth in the solar segment, which could be key for the company's future growth opportunities.
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Havells India Q1FY26 Highlights (Standalone, YoY)
Revenue down 6% at Rs 5,437.81 crore versus Rs 5,798.11 crore (Bloomberg estimate: Rs 6,049 crore)
Ebitda down 9.9% at Rs 519.91 crore versus Rs 576.20 crore (Bloomberg estimate: Rs 547 crore)
Margin at 9.6% versus 9.9% (Bloomberg estimate: 9.4%)
Net profit down 14% at Rs 352.34 crore versus Rs 411.18 crore (Bloomberg estimate: Rs 381 crore)
Havells invested Rs 600 crore in PV module manufacturer Goldi Solar in the first quarter to spur its growth in the renewable energy space. The firm is targeting the expansion of its solar portfolio through the investment, which is intended to leverage Goldi's solar module making capabilities.
Commenting on the company's revenue, Ebitda as well as net profit slipping in the June quarter, Gupta said that the company anticipates a gradual improvement in the coming quarters.
"We feel the Q1 challenges are transitory, and expect to drive revenue growth and margin improvements over the coming quarters," he said.
Shares of Havells closed 1.17% lower at Rs 1,474 apiece on the NSE, compared to a 0.91% rise in the benchmark Nifty. The stock has fallen 18.55% in the last 12 months and 11.99% on a year-to-date basis.
Out of 43 analysts tracking the company, 31 have a 'buy' rating on the stock, seven recommend 'hold' and five suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 15.2%.
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