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Havells India Q2 Review: Normalcy To Return Q4 Onwards; Yes Securities Reiterates Add — Check New Target Price
Yes Securities continue to value Havells at 50x as company deterioration in contribution margins is temporary and will bounce back on improved demand.
20 Oct 2025, 11:29 AM IST 
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Havells acquired a 39-acre land parcel in Alwar, Rajasthan, adjacent to its existing manufacturing facility, to support future expansion.
(Photo Source: FB Page)
Havell's revenue grew 5% YoY missing ours and consensus estimates by 2% and 1% respectively. Higher than anticipated decline in summer products (ECD -1.8%yoy, Lloyd -18.5% YoY) has resulted in revenue missing estimates. B2B infrastructure driven products like switchgears (+8.0 YoY) and Cables and wires (+12.4% YoY) exhibited growth.
