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'Buy' Havells India Shares Maintains ICICI Securities On Strong Growth Outlook — Check Target Price
ICICI Securities remains positive on Havells given its strong competitive advantages such as wide product portfolio, strong distribution network and established brand portfolio.
15 Sep 2025, 07:00 AM IST 
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Havells has made notable investments in its R&D infrastructure, which includes the expansion of its Bengaluru Centre for Research & Innovation and a new R&D hub in Noida.
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Havells’ dealer network has expanded at a 12.7% CAGR over FY16–25. Retailer network has expanded to 260,000 retailers in FY25, from ~100,000 in FY16 expanding at a CAGR of 11.6%.
