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Havells India Gets 'Neutral' Rating From Motilal Oswal, Says Valuations Rich
Havells stock trades at rich valuations of 57x/46x FY26/27E EPS, hence, Motilal Oswal reiterates Neutral rating with a target price of Rs 1,700.
27 May 2025, 10:32 AM IST 
Havells increased its R&D spending by ~25% YoY to Rs 2.6 billion, with ~47% focused on sustainable product development.
(Image source: Havells India via Linkdin)
Havells India’s FY25 annual report emphasizes its strategic focus on innovation, capacity expansion, market penetration, and digital transformation. The expansion of omni-channel distribution, particularly in rural markets and modern trade, has further strengthened the brand reach. Digitization initiatives, including the rollout of MES systems and the ‘Havells One’ app, have enhanced operational agility and consumer engagement.
