With delayed summer and muted demand in April 2025, Havells allayed concerns around compressor shortage impacting the company. However, the company is hopeful of good pick up in cooling products in the North region over the next two months.
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Dolat Capital Report
Havells India Ltd.'s Q4 FY25 results beat estimates. While core business cables/electrical consumer durables/others saw decent growth of 21/10/19% YoY; Switchgears/Lighting grew by mere 6/2% resp. Lloyd's performance was particularly impressive (+39% rev growth and 6% Ebit margins).
Ebitda margin remained stable at 11.6% YoY. With better operating leverage, management expects margins in core business (ex-Lloyd) to revive to ~14% in coming quarters.
With delayed summer and muted demand in April 2025, management allayed concerns around compressor shortage impacting the company. However, the company is hopeful of good pick up in cooling products in the North region over the next two months.
We have tweaked our FY26E/FY27E EPS to Rs.31/37 respectively. Maintain ‘Accumulate' rating with revised target price of Rs 1910, valuing at 52x FY27E EPS.
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