Havells Q4 Review: Healthy Results; Ongoing Summer Demand Key To Watch — Dolat Capital Hikes Target Price

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..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..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..Click on the attachment to read the full report:.Havells India Q4 Review: Brokerages Split On Valuations Despite Earnings Beat.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Havells Q4 Review: Healthy Results; Ongoing Summer Demand Key To Watch — Dolat Capital Hikes Target Price

Dolat Capital maintains ‘Accumulate’ rating with revised target price of Rs 1910, valuing at 52x FY27E EPS.

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Havells Q4 Review: Healthy Results; Ongoing Summer Demand Key To Watch — Dolat Capital Hikes Target Price

Dolat Capital maintains ‘Accumulate’ rating with revised target price of Rs 1910, valuing at 52x FY27E EPS.

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