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Prabhudas Lilladher Report
We introduce FY26 estimates and downgrade Havells India Ltd. to ‘Accumulate' from 'Buy' with revised discounted cash flow based target price of Rs 1,538, implied price-to-earning of 49 times at September 25E earning (Rs 1,460 earlier).
We met management of Havells India to gauge their festive demand, impact of dry monsoon on seasonal products in some parts of India, competitive scenario and inventory level in channels.
Havells India expects healthy double digit growth in cables, switchgears and Lloyd businesses in forthcoming years. But immediate growth driver will be its busines-to-business portfolio.
The company's ongoing efforts are directed towards achieving Ebitda margin of 13%-15% (excluding Lloyd), while actively working to reduce losses in the Lloyd segment over the next few quarters, though it will take time to reach desired levels, in our view.
We expect revenue/Ebitda/profit after tax compound annual growth rate of 14.1%/24.4%/27.5% over FY23-26E.
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