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Havells India Ltd.
HAVELLSLarge CapNSEBSE
Consumer Discretionary · Consumer Durables
₹1,215.70down 25.30down 2.04 percentas of 28 Aug 2026
Book value ₹149.90Div yield 0.82%
Key metrics
- Market Cap
- 77,108.50 ₹ cr
- P/E
- 45.39 x
- P/B
- 8.11 x
- ROE
- 12.21%
- ROCE
- 16.10%
- Debt to Equity
- 0.22 x
- Net Margin
- 10.31%
- Dividend Yield
- 0.82%
- Revenue Growth (YoY)
- 19.48%
Observations
Mechanical observations generated from stored data, not analysis or opinion. Each one names the threshold that produced it — the ROCE check below uses 20%, a fixed default rather than a value tailored to this company.
- ROCE below 20% in each of the last 3 financial years (2023-2024, 2024-2025, 2025-2026).
- Revenue grew year-on-year in each of the last 3 years.
- Net margin declined year-on-year in 1 of the last 3 years.
- Promoter holding 59.4% (pledge data not available).
- Debt-to-equity 0.22 — below the Consumer Durables median of 0.38.
HAVELLS
₹1,215.70down 2.04 percent
EOD Synced: 28 Aug 2026 18:30 ISTOverview & Live Price Chart
Executive Investment Verdict & Quality Synthesis
Autonomous V2Multi-dimensional quantitative synthesis across capital efficiency, forensic accounting, intrinsic valuation, and ownership governance.
Factual Quantitative Consensus
1. Capital Efficiency & MoatStable Return Franchise
17.06%ROCE
ROE: 17.88%·P/B: 8.11x
2. Forensic Health & SolvencyPiotroski 5/9 · Adequate Health
5/9Piotroski Score
Altman: 6.1 (Safe Zone)
3. Valuation & DCF Spread-98.5% Valuation Premium
₹18DCF Fair Value
CMP: ₹1,215.7
4. Ownership & GovernanceClean Promoter Holding
59.35%Promoter Stake
Pledged: 0.0%·Inst: 23.77%
Institutional Factor Scores
QVGM Factor Grade Matrix
Institutional Multi-Factor Profile (QVGM)
Composite 0–100 percentile ranks normalized across all 500 universe constituents
Rank #42 of 54 in Consumer DiscretionaryQVGM 42/100
Quality (Q)58
ROE, ROCE, Margins & Cash Conversion
Value (V)33
P/E, P/B, EV/EBITDA vs Sector Benchmarks
Growth (G)48
3Y Sales & EPS Compounded Growth
Momentum (M)21
Relative Strength & Trend Position
TheScreener Radar™ 5-Pillar Quantitative Scorecard
Holistic quantitative radar evaluating fundamental quality, valuation multiples, balance sheet health, growth, and price momentum
Sector Rank:Rank #42 of 54 in Consumer Discretionary
Valuation
Weak33/100
P/E Ratio:45.39x
P/B Ratio:8.11x
Dividend Yield:0.82%
P/E, P/B, EV/EBITDA & Dividend Yield relative to 5Y medians and sector
Growth
Moderate48/100
3Y Sales CAGR:—
3Y PAT CAGR:—
Quarterly YoY:+12.4%
3-Year Compounded Sales & Net Profit Growth trajectory
Profitability
Moderate58/100
ROE:17.9%
ROCE:17.1%
OPM %:—
Return on Equity (ROE), ROCE & Operating Margin efficiency
Solvency & Health
Moderate56/100
Piotroski F-Score:5/9
Altman Z-Score:6.12
Debt / Equity:0.00
Balance Sheet strength, Altman Z-Score & Piotroski F-Score checklist
Momentum
Weak21/100
1Y Return:—
RSI (14):54.2
From 52W High:—
1-Year Relative Strength vs NIFTY 500, RSI-14 & 52W High distance
Quantitative Drivers & Growth Analysis
52-week corridor, deep valuation multiples, compounded CAGR trajectory, and institutional flow shifts
52-Week Low₹1,129.00
From 52W High-24.72%
52-Week High₹1,614.80
Valuation MultiplesCash Flow & Yield
PEG Ratio2.39
Earnings Yield13.56%
Price / FCF—
FCF Yield-0.10%
Payout Ratio6.07%
Net-Net Ratio-11.51
Solvency & SafetyPiotroski & Altman
Piotroski F-Score5/9
Altman Z-Score6.12
Graham Number₹745.58
1Y Flow & Margin ShiftsTrailing 12M
FII Stake:▼ 1.02%
DII Stake:▲ +0.99%
OPM Margin:▼ 0.44%
Net Margin:▲ +0.74%
Compounded Annual Growth Rate (CAGR Matrix)
Historical Fundamental Trajectory| Metric | QoQ Shift | YoY Shift | 1Y CAGR | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|
| Revenue Growth | ▼ 2.79% | ▲ +19.48% | 3.44% | 10.24% | 16.59% |
| Net Profit Growth | ▼ 59.84% | ▼ 16.49% | 14.83% | 16.41% | 10.11% |
| EPS Growth | ▼ 59.90% | ▼ 16.61% | 14.88% | 19.01% | 10.67% |
Intrinsic Valuation Models & DCF Sensitivity
Institutional DCF & Intrinsic Valuation Studio — HAVELLS
2-Stage Discounted Cash Flow, Reverse DCF Implied Growth, and Benjamin Graham & Peter Lynch valuation benchmarks.
DCF Intrinsic Fair Value
₹18.5
Verdict:Overvalued (-98.5%)
Benjamin Graham Number
₹302.3
-75.1% vs CMPPeter Lynch Fair Value
₹134.8
-88.9% vs CMPReverse DCF Implied Growth
60.0% CAGR
Aggressive Expectations (Priced for Perfection)Valuation Spectrum PositioningCMP: ₹1,215.7
₹0 (Distress)CMP: ₹1,216DCF: ₹19Graham: ₹302
Scenario Calibration & Sensitivity Levers
Tune Discount Rate (WACC), 5-Year Growth, and Terminal Value to model bear, base, and bull cases.
Discount Rate (WACC)11.5%
Cost of Capital Hurdle
5-Year FCF Growth CAGR6.0%
Assumed stage-1 cash flow expansionTerminal Growth Rate4.5%
Long-term perpetual GDP growth rate5-Year Projected Cash Flow Schedule (₹ Cr)
| Projection Period | Growth Rate | Projected FCF | Discount Factor | Present Value |
|---|---|---|---|---|
| Year 1 | 6% | ₹93 | 0.8969 | ₹83 |
| Year 2 | 6% | ₹98 | 0.8044 | ₹79 |
| Year 3 | 6% | ₹104 | 0.7214 | ₹75 |
| Year 4 | 6% | ₹110 | 0.6470 | ₹71 |
| Year 5 | 6% | ₹117 | 0.5803 | ₹68 |
2D Sensitivity Matrix (WACC vs Terminal Growth Rate)
Click any cell to apply WACC & terminal growth scenario. Values in ₹ / share.| WACC \ g(Terminal) | 3.0% | 4.0% | 4.5% | 5.0% | 6.0% |
|---|---|---|---|---|---|
| 10.0% | ₹20 -98% | ₹23 -98% | ₹25 -98% | ₹27 -98% | ₹33 -97% |
| 11.0% | ₹17 -99% | ₹19 -98% | ₹20 -98% | ₹22 -98% | ₹26 -98% |
| 11.5% | ₹16 -99% | ₹17 -99% | ₹19 -98% | ₹20 -98% | ₹23 -98% |
| 12.0% | ₹14 -99% | ₹16 -99% | ₹17 -99% | ₹18 -99% | ₹21 -98% |
| 13.0% | ₹13 -99% | ₹14 -99% | ₹15 -99% | ₹15 -99% | ₹17 -99% |
Discounted cash flow (DCF) and valuation models are quantitative projections based on user-supplied assumptions — not a forecast, not a guarantee of future performance, and not SEBI-registered investment advice. Actual financial performance and stock price movements may differ materially.
New to intrinsic valuation models? Learn how Discounted Cash Flow and Terminal Growth rates work.Read DCF Academy Guide →
Valuation history
P/E45.39current
ReportedComputed, approximate
P/B8.11current
ReportedComputed, approximate
The dashed line is computed from historical close price divided by the most recently reported annual EPS or book value — not IndianAPI's own figure, which only ever gives a single current reading with no history behind it. Real results are typically disclosed several weeks after the fiscal year ends, so a computed point right around a year transition can lag what the market actually knew that day. The solid line is the real reported figure.
EV/EBITDA is not shown — there is no verified source for it in our data feed, and estimating it would misrepresent an estimate as a reported figure.
| Date | P/E | P/B |
|---|---|---|
| 31 Aug 2026 | 45.39 | 8.11 |
Analyst Consensus, Price Targets & Forecasts
Analyst Consensus & Recommendations
Aggregated institutional equity research ratings · 31 Aug 2026
Buy(2.14 / 5)
Strong Buy:10
Buy:16
Hold:7
Sell:4
Strong Sell:0
Coverage: 37 contributing analystsScale: 1 (Strong Buy) – 5 (Strong Sell)
Ratings shown are third-party analyst estimates compiled from institutional brokers. They do not constitute investment advice.
Risk Profile & Volatility
Statistical return volatility classification · 31 Aug 2026
Balanced risk
Low RiskModerate RiskHigh Risk
Annualised Standard Deviation:26.10%
Analyst Price Targets
12-month forward price consensus · 31 Aug 2026
Upside: +13.68%
Mean Target₹1,382.00vs CMP ₹1,215.70
High Target₹1,700.00+39.8% max upside
Low Target₹1,097.00-9.8% downside
Median Target₹1,382.0036 estimates
Low: ₹1,097.00Mean: ₹1,382.00High: ₹1,700.00
Mean Target Current Price (₹1,215.70)
Price targets are third-party analyst estimates compiled from institutional brokers. They do not constitute investment advice.
Forward Financial Forecasts & Consensus Estimates
Institutional broker consensus estimates and forward earnings trajectory
FY2024EConsensus
Mean Estimate
₹3.97
Low:—
High:—
FY2024EConsensus
Mean Estimate
₹4.58
Low:—
High:—
FY2024EConsensus
Mean Estimate
₹7.13
Low:—
High:—
FY2024EConsensus
Mean Estimate
₹4.59
Low:—
High:—
FY2025E4 Analysts
Mean Estimate
₹8.25
Low:—
High:—
FY2025EConsensus
Mean Estimate
₹6.48
Low:—
High:—
FY2025E5 Analysts
Mean Estimate
₹4.28
Low:—
High:—
FY2025E3 Analysts
Mean Estimate
₹4.43
Low:—
High:—
FY2026E4 Analysts
Mean Estimate
₹11.52
Low:—
High:—
FY2026E4 Analysts
Mean Estimate
₹5.51
Low:—
High:—
FY2026E4 Analysts
Mean Estimate
₹5.54
Low:—
High:—
FY2026E4 Analysts
Mean Estimate
₹5.08
Low:—
High:—
FY2027E4 Analysts
Mean Estimate
₹4.62
Low:—
High:—
FY2027E3 Analysts
Mean Estimate
₹6.61
Low:₹6.00
High:₹7.00
FY2027E3 Analysts
Mean Estimate
₹5.23
Low:₹4.00
High:₹5.00
FY2027E3 Analysts
Mean Estimate
₹9.20
Low:₹8.00
High:₹10.00
FY2028E2 Analysts
Mean Estimate
₹8.03
Low:₹7.00
High:₹8.00
FY2028E1 Analysts
Mean Estimate
₹9.53
Low:₹9.00
High:₹9.00
FY2028E1 Analysts
Mean Estimate
₹7.94
Low:₹7.00
High:₹7.00
FY2028E1 Analysts
Mean Estimate
₹6.78
Low:₹6.00
High:₹6.00
| Period / Fiscal Year | Consensus Mean | Bull Case (High) | Bear Case (Low) | Brokers |
|---|---|---|---|---|
| FY2024 Forecast | ₹3.97 | — | — | — |
| FY2024 Forecast | ₹4.58 | — | — | — |
| FY2024 Forecast | ₹7.13 | — | — | — |
| FY2024 Forecast | ₹4.59 | — | — | — |
| FY2025 Forecast | ₹8.25 | — | — | 4 |
| FY2025 Forecast | ₹6.48 | — | — | — |
| FY2025 Forecast | ₹4.28 | — | — | 5 |
| FY2025 Forecast | ₹4.43 | — | — | 3 |
| FY2026 Forecast | ₹11.52 | — | — | 4 |
| FY2026 Forecast | ₹5.51 | — | — | 4 |
| FY2026 Forecast | ₹5.54 | — | — | 4 |
| FY2026 Forecast | ₹5.08 | — | — | 4 |
| FY2027 Forecast | ₹4.62 | — | — | 4 |
| FY2027 Forecast | ₹6.61 | ₹7.00 | ₹6.00 | 3 |
| FY2027 Forecast | ₹5.23 | ₹5.00 | ₹4.00 | 3 |
| FY2027 Forecast | ₹9.20 | ₹10.00 | ₹8.00 | 3 |
| FY2028 Forecast | ₹8.03 | ₹8.00 | ₹7.00 | 2 |
| FY2028 Forecast | ₹9.53 | ₹9.00 | ₹9.00 | 1 |
| FY2028 Forecast | ₹7.94 | ₹7.00 | ₹7.00 | 1 |
| FY2028 Forecast | ₹6.78 | ₹6.00 | ₹6.00 | 1 |
Third-party broker forecasts compiled from institutional research houses, not IndiScreener's proprietary estimates. Provided strictly for analytical benchmarking and does not constitute investment advice.
Forensic Accounting Audit & Solvency Risk
Accounting Health & Governance Quality Radar
Algorithmic accounting analysis across balance sheet solvency, cash conversion efficiency, and ownership stability.
Clean Governance & Solvency
Financial Strengths & Catalysts
4 Factors- •Company is virtually debt-free with a Debt-to-Equity ratio of 0.03x.
- •Company has reduced borrowings by 16.7% over the last fiscal year.
- •Strong cash generation: Operating Cash Flow is 93.0% of reported Net Profit.
- •High promoter holding of 59.4% with zero encumbrance / pledge.
Risk Factors & Watchouts
0 WatchoutsClean profile: No major debt, leverage, or working capital red flags detected.
Forensic Accounting & Health Audit
Piotroski F-Score, Altman Z-Score Distress Model & Beneish Earnings Manipulation Checks
Piotroski F-Score5 / 9
● Moderate (Neutral)
Altman Z-Score6.12
● Safe Zone
Negligible risk of financial distress over the next 2 years.
Beneish M-Score-2.51
● Low Risk (Clean Accounting)
Cash flows closely match reported earnings with conservative accruals.
Learn how Piotroski F-Score (9 criteria) and Altman Z-Score detect earnings manipulation and bankruptcy risk.Read Forensic Guide →
10-Year Financial Statements & DuPont ROE
Financial Statements
consolidated · amounts in ₹ Crores
Accounting Flow:
Wall Street Cash Flow & Free Cash Flow (FCF) Cascade
FY26 (2025-2026)3-Stage institutional flow from reported earnings to owner Free Cash Flow and capital allocation
FCF Conversion Rate (FCF / PAT)
5.2%Low Cash Conversion
Measures how much reported accounting profit turns into real liquid cash.
Free Cash Flow Margin
0.4%of Gross Revenue
Liquid cash retained per ₹100 of top-line revenue generated.
CapEx Reinvestment Rate
94.4%of Operating Cash
Portion of operating cash reinvested in future capacity and maintenance.
Reported Net Profit (PAT)₹1,691 CrInflow
1,691
+ D&A Non-Cash Charge₹432 CrAdd-back
432
Working Capital Adjustment-₹550 Cr- Tied Up
550
= Operating Cash Flow (CFO)₹1,572 CrOperating Cash
1,572
- Capital Expenditures (CapEx)-₹1,484 CrReinvestment
1,484
= Free Cash Flow (FCF)₹88 CrFree Cash Flow
88
- Dividends & Debt Repayment-₹372 CrCapital Return
372
= Net Change in Cash-₹284 CrNet Balance
284
Multi-Year Historical FCF vs Reported PAT Trajectory:
Free Cash Flow (FCF) Reported Net Profit (PAT)
| Metric | 2018-201931 Mar 2019 | 2019-202031 Mar 2020 | 2020-202131 Mar 2021 | 2021-202231 Mar 2022 | 2022-202331 Mar 2023 | 2023-202431 Mar 2024 | 2024-202531 Mar 2025 | 2025-202631 Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹11,263.89 | ₹9,440.26 | ₹10,457.30 | ₹13,938.48 | ₹16,815.85 | ₹18,590.01 | ₹21,778.06 | ₹22,527.77 |
| Operating profit | ₹2,252.78 | ₹817.41 | ₹1,325.41 | ₹1,500.02 | ₹1,208.35 | ₹1,504.12 | ₹1,771.64 | ₹1,733.68 |
| OPM | 20.00% | 8.66% | 12.67% | 10.76% | 7.19% | 8.09% | 8.14% | 7.70% |
| Net profit | ₹845.28 | ₹735.35 | ₹1,044.31 | ₹1,196.47 | ₹1,071.73 | ₹1,270.76 | ₹1,472.26 | ₹1,690.56 |
| EPS | 13.47 | 10.68 | 16.23 | 19.10 | 15.99 | 20.15 | 23.46 | 26.95 |
| Net margin | 7.50% | 7.79% | 9.99% | 8.58% | 6.37% | 6.84% | 6.76% | 7.50% |
| ROE | 12.40% | 17.06% | 20.17% | 19.93% | 16.18% | 17.06% | 17.69% | 17.88% |
| ROCE | 24.91% | 17.22% | 21.82% | 21.77% | 16.50% | 18.46% | 19.61% | 17.06% |
| Debt / equity | 0.33 | 0.04 | 0.12 | 0.10 | 0.03 | 0.04 | 0.04 | 0.03 |
Compounded growth (CAGR)
| Metric | 1Y | 3Y | 5Y |
|---|---|---|---|
| Revenue | 3.44% | 10.24% | 16.59% |
| Net profit | 14.83% | 16.41% | 10.11% |
| EPS | 14.88% | 19.01% | 10.67% |
Each column only appears when 8 real reported years actually support it — never extrapolated from fewer.
Balance sheet
| Metric | 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 2024-2025 | 2025-2026 |
|---|---|---|---|---|---|---|---|---|
| Total assets | ₹12,390.27 | ₹7,073.45 | ₹8,852.26 | ₹10,523.21 | ₹11,157.44 | ₹12,432.69 | ₹13,809.41 | ₹14,746.25 |
| Total liabilities | ₹5,575.62 | ₹2,761.89 | ₹3,675.96 | ₹4,520.32 | ₹4,531.99 | ₹4,985.93 | ₹5,485.62 | ₹5,290.78 |
| Total equity | ₹6,814.65 | ₹4,311.56 | ₹5,176.30 | ₹6,002.89 | ₹6,625.45 | ₹7,446.76 | ₹8,323.79 | ₹9,455.47 |
| Total debt | ₹2,230.25 | ₹162.11 | ₹622.86 | ₹616.40 | ₹223.10 | ₹303.16 | ₹318.54 | ₹265.20 |
| Cash | ₹1,486.83 | ₹12.64 | ₹26.16 | ₹37.10 | ₹71.67 | ₹56.80 | ₹59.99 | ₹37.46 |
| Current assets | ₹5,575.62 | ₹3,480.64 | ₹5,319.88 | ₹6,605.83 | ₹7,055.64 | ₹7,897.43 | ₹8,867.09 | ₹7,821.78 |
| Current liabilities | ₹3,097.57 | ₹2,326.90 | ₹2,777.38 | ₹3,633.11 | ₹3,835.54 | ₹4,283.08 | ₹4,774.76 | ₹4,584.72 |
| Inventory | ₹1,126.39 | ₹1,893.32 | ₹2,637.36 | ₹2,991.62 | ₹3,738.04 | ₹3,510.54 | ₹4,073.40 | ₹4,507.72 |
| Receivables | ₹1,351.67 | ₹261.67 | ₹583.84 | ₹792.81 | ₹1,000.61 | ₹1,192.49 | ₹1,269.66 | ₹790.78 |
| Payables | ₹1,013.75 | ₹1,413.82 | ₹1,597.14 | ₹2,380.02 | ₹2,643.19 | ₹2,691.90 | ₹3,046.98 | ₹2,908.40 |
| Net PP&E | ₹4,956.11 | ₹1,982.36 | ₹1,947.09 | ₹2,078.20 | ₹2,391.27 | ₹2,903.17 | ₹3,368.60 | ₹4,252.51 |
| Retained earnings | ₹5,110.99 | ₹4,168.59 | ₹5,023.08 | ₹5,817.86 | ₹6,413.81 | ₹7,214.01 | ₹8,047.43 | ₹9,126.24 |
Cash flow
| Metric | 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 2024-2025 | 2025-2026 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | ₹1,056.60 | ₹826.71 | ₹660.33 | ₹1,727.83 | ₹564.93 | ₹1,952.89 | ₹1,515.29 | ₹1,571.99 |
| Capital expenditure | ₹675.83 | ₹-360.93 | ₹-249.89 | ₹-258.32 | ₹-587.79 | ₹-786.07 | ₹-765.95 | ₹-1,484.45 |
| Free cash flow | ₹380.77 | ₹465.78 | ₹410.44 | ₹1,469.51 | ₹-22.86 | ₹1,166.82 | ₹749.34 | ₹87.54 |
| OCF / net profit | 1.25 | 1.12 | 0.63 | 1.44 | 0.53 | 1.54 | 1.03 | 0.93 |
| FCF / Capex intensity | 0.06 | 3.82 | 2.39 | 1.85 | 3.50 | 4.23 | 3.52 | 6.59 |
Income statement detail
| Metric | 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 2024-2025 | 2025-2026 |
|---|---|---|---|---|---|---|---|---|
| Gross profit | ₹3,942.36 | ₹3,469.27 | ₹3,834.33 | ₹4,361.85 | ₹4,937.44 | ₹5,825.45 | ₹6,945.59 | ₹7,236.14 |
| Cost of revenue | ₹7,321.53 | ₹5,970.99 | ₹6,622.97 | ₹9,576.63 | ₹11,878.41 | ₹12,764.56 | ₹14,832.47 | ₹15,291.63 |
| EBITDA | ₹2,478.05 | ₹1,035.38 | ₹1,574.32 | ₹1,760.91 | ₹1,504.52 | ₹1,842.62 | ₹2,172.04 | ₹2,165.60 |
| Income before tax | ₹1,124.22 | ₹904.37 | ₹1,437.55 | ₹1,606.56 | ₹1,447.06 | ₹1,707.37 | ₹1,990.49 | ₹2,209.57 |
| Interest expense | ₹563.19 | — | — | — | — | — | — | — |
| Tax expense | ₹278.94 | ₹241.11 | ₹393.24 | ₹410.09 | ₹375.33 | ₹436.61 | ₹520.25 | ₹520.32 |
| D&A | ₹450.56 | ₹217.97 | ₹248.91 | ₹260.89 | ₹296.17 | ₹338.50 | ₹400.40 | ₹431.92 |
| EBITDA margin | 22.00% | 10.97% | 15.05% | 12.63% | 8.95% | 9.91% | 9.97% | 9.61% |
Financial ratios
| Metric | 2018-2019 | 2019-2020 | 2020-2021 | 2021-2022 | 2022-2023 | 2023-2024 | 2024-2025 | 2025-2026 |
|---|---|---|---|---|---|---|---|---|
| Current ratio | 1.80 | 1.50 | 1.92 | 1.82 | 1.84 | 1.84 | 1.86 | 1.71 |
| Quick ratio | 1.44 | 0.68 | 0.97 | 0.99 | 0.87 | 1.02 | 1.00 | 0.72 |
| Interest coverage | 4.00 | — | — | — | — | — | — | — |
| Inventory days | 45.00 | 115.74 | 145.35 | 114.02 | 114.86 | 100.38 | 100.24 | 107.60 |
| Receivable days | 35.00 | 10.12 | 20.38 | 20.76 | 21.72 | 23.41 | 21.28 | 12.81 |
| Payable days | 40.00 | 86.43 | 88.02 | 90.71 | 81.22 | 76.97 | 74.98 | 69.42 |
| Cash conversion cycle | 40.00 | 39.43 | 77.71 | 44.07 | 55.36 | 46.82 | 46.54 | 50.99 |
| Working capital days | 30.00 | 30.00 | 30.00 | 30.00 | 30.00 | 30.00 | 30.00 | 30.00 |
| Fixed asset turnover | 2.27 | 4.76 | 5.37 | 6.71 | 7.03 | 6.40 | 6.47 | 5.30 |
| ROA | 6.82% | 10.40% | 11.80% | 11.37% | 9.61% | 10.22% | 10.66% | 11.46% |
| ROIC | 11.18% | 13.44% | 16.68% | 16.97% | 13.21% | 14.55% | 15.25% | 13.69% |
| Gross margin | 35.00% | 36.75% | 36.67% | 31.29% | 29.36% | 31.34% | 31.89% | 32.12% |
DuPont 3-Stage ROE Factor Decomposition
Deconstructing Return on Equity into Profitability, Asset Efficiency, and Financial Leverage
Capital Velocity Engine (High Asset Turnover)FY2025-2026
Net marginProfitability
7.50%
Net Profit generated per ₹100 of revenue (Profitability)
×
Asset turnoverEfficiency
1.53
Revenue generated per ₹1 of total assets (Capital Efficiency)
×
Equity multiplierLeverage
1.56
Total assets supported per ₹1 of shareholder equity (Leverage)
=
Implied DuPont ROEFinal Output
17.88%
Reported: 17.88%
Explore the 3-Stage DuPont Formula: Net Margin × Asset Turnover × Leverage Multiplier.Read DuPont Guide →
Corporate Actions, Dividends & Capital Changes
Chronological Corporate Actions Registry
Historical stock splits, bonus shares, rights issues, and corporate schemes
| Year | Execution Date | Action Type | Ratio / Term |
|---|---|---|---|
| 2026 | 24 May 2026 | dividend | 600% |
| 23 Jan 2026 | dividend | 400% | |
| 2025 | 25 May 2025 | dividend | 600% |
| 22 Jan 2025 | dividend | 400% | |
| 2024 | 03 Jun 2024 | dividend | 600% |
| 01 Feb 2024 | dividend | 300% | |
| 2023 | 05 Jun 2023 | dividend | 450% |
| 28 Jan 2023 | dividend | 300% | |
| 2022 | 16 Jun 2022 | dividend | 450% |
| 2021 | 28 Oct 2021 | dividend | 300% |
| 19 Jun 2021 | dividend | 350% | |
| 29 Jan 2021 | dividend | 300% | |
| 2020 | 17 Mar 2020 | dividend | 400% |
| 2019 | 20 Jul 2019 | dividend | 450% |
| 20 Jul 2019 | dividend | 450% | |
| 2018 | 06 Jul 2018 | dividend | 400% |
| 2017 | 23 Jun 2017 | dividend | 350% |
| 2016 | 01 Jul 2016 | dividend | 300% |
| 11 Feb 2016 | dividend | 300% | |
| 2015 | 01 Jul 2015 | dividend | 300% |
| 2014 | 27 Aug 2014 | split | 1:5 |
| 28 Jun 2014 | dividend | 200% | |
| 20 Mar 2014 | dividend | 100% | |
| 2013 | 22 Jun 2013 | dividend | 150% |
| 2012 | 06 Jul 2012 | dividend | 130% |
| 2011 | 26 Jul 2011 | dividend | 50% |
| 2010 | 11 Oct 2010 | bonus | 1:1 |
| 08 Sept 2010 | dividend | 50% | |
| 10 Feb 2010 | dividend | 25% | |
| 2009 | 14 Aug 2009 | dividend | 50% |
| 2008 | 28 Jun 2008 | dividend | 50% |
| 2007 | 22 Jun 2007 | dividend | 50% |
| 2006 | 21 Jul 2006 | bonus | 1:1 |
| 07 Jun 2006 | dividend | 50% |
Dividend Intelligence & Capital Return History
Historical cash payout track record across 12 dividend distributions
Latest Year DPS:₹10.00
Yield on CMP:0.82%
3Y Dividend CAGR:+10.1%
Annual Dividend Payout Progression (Per Share)Total Cumulative DPS: ₹50.50
₹10.0
2026
₹10.0
2025
₹9.0
2024
₹7.5
2023
₹4.5
2022
₹9.5
2021
| Ex-Date | Amount (Per Share) | Dividend Type |
|---|---|---|
| 22 May 2026 | ₹6.00 | Final |
| 23 Jan 2026 | ₹4.00 | Interim |
| 23 May 2025 | ₹6.00 | Final |
| 22 Jan 2025 | ₹4.00 | Interim |
| 31 May 2024 | ₹6.00 | Final |
| 01 Feb 2024 | ₹3.00 | Interim |
| 02 Jun 2023 | ₹4.50 | Final |
| 25 Jan 2023 | ₹3.00 | Interim |
| 14 Jun 2022 | ₹4.50 | Final |
| 27 Oct 2021 | ₹3.00 | Interim |
| 17 Jun 2021 | ₹3.50 | Final |
| 28 Jan 2021 | ₹3.00 | Interim |
Industry Peer Group & Valuation Spread
Compare valuation multiples and market cap relative to sector competitors
Consumer DurablesCompare Peers in Studio
Market Cap77,108.50 ₹ cr
Beats 90% of 40 industry peers · median 12,557.58 ₹ cr
P/E45.39 x
Beats 46% of 35 industry peers · median 48.09 x
P/B8.11 x
Beats 72% of 36 industry peers · median 5.98 x
ROE12.21%
Beats 48% of 40 industry peers · median 12.82%
ROCE16.10%
Beats 55% of 40 industry peers · median 14.16%
Debt to Equity0.22 x
Beats 25% of 40 industry peers · median 0.38 x
Net Margin10.31%
Beats 63% of 40 industry peers · median 9.79%
Dividend Yield0.82%
Beats 66% of 29 industry peers · median 0.57%
Revenue Growth (YoY)19.48%
Beats 59% of 39 industry peers · median 17.94%
| Company | Market Cap ▼ | P/E | P/B |
|---|---|---|---|
Titan Company Ltd.TITAN | ₹4.55 L | 90.44 | 29.30 |
Asian Paints Ltd.ASIANPAINT | ₹2.47 L | 57.83 | 11.70 |
LG Electronics India Ltd.LGEINDIA | ₹1.15 L | 68.13 | 14.98 |
| ₹90,031.78 | 54.39 | 19.05 | |
Kalyan Jewellers India Ltd.KALYANKJIL | ₹63,555.49 | 48.24 | 10.30 |
Peers are chosen strictly by industry classification. A classification doesn't always describe what a company actually competes in, but gives an objective starting point across the universe.
Regulatory Filings & Market Intelligence
Corporate Filings & Document Vault
SEBI LODR VerifiedAudited Annual Reports, Investor Decks, Earnings Concall Transcripts, and Board Resolutions for Havells India Ltd. (HAVELLS)
Indexed Documents8 Filings
Latest Disclosure23 Jul 2026
Secretarial Filing23 Jul 2026
Havells India Ltd: Intimation under Regulation 30 of SEBI (LODR) Regulations, 2015
Press Release21 Jul 2026
Havells India Ltd: Press Release: Business Updates and New Strategic Initiatives
Investor Deck29 Jun 2026
Havells India Ltd: Investor Presentation on Q4 Financial Results and Growth Outlook
Shareholding01 Jun 2026
Havells India Ltd: Quarterly Statement of Shareholding Pattern filed with NSE/BSE
Corporate Action07 May 2026
Havells India Ltd: Recommendation of Final Dividend for the Financial Year 2025-26
AGM / EGM22 Apr 2026
Havells India Ltd: Notice of Annual General Meeting and Record Date for Dividend
Board Outcome05 Mar 2026
Havells India Ltd: Outcome of Board Meeting for Approval of Audited Financial Results
News
- IndianAPIFrom factory-floor pilots to boardrooms, industrial AI finds a bigger role
Industrial companies are moving from isolated AI experiments to connecting engineering, operations and business decisions as boards focus on growth, resilience and accountability
- IndianAPIStock market today: Gift Nifty hints a weak start; eight day trading stocks to buy on Monday, 17 August
Indian stock indices Sensex and Nifty 50 are set to open lower on August 17 due to weak global signals. The Gift Nifty indicated a subdued start, trading below previous closes. Geopolitical tensions and oil prices remain critical factors affecting market sentiment.
- IndianAPIHavells India’s margin recovery hinges on easing A&P spends, price hikes after weak Q1
Margin pressure overshadowed strong revenue growth in the first quarter.
- IndianAPIICICI Prudential Large Cap Fund portfolio: 3 new stocks added, GAIL among 4 exits in June
India's largest large cap mutual fund shuffled its portfolio in June by adding three stocks and exiting four. Tata Steel saw the biggest increase in holdings, while GAIL featured among the complete exits.
- IndianAPIIndia's consumer durable makers are betting on the heat. Costs may spoil the party
FY27 may bring demand recovery helped by weather and base effects, but durable makers remain squeezed by volatile input costs, limited pricing power and uncertain discretionary demand.
- IndianAPICable, telecom gear firms feel the US-Iran war squeeze
Geopolitical tensions are pushing raw material costs for India's top cable and telecom gear makers.
- IndianAPIShrinkflation, price hikes buzz in consumer firms as war spikes costs
The West Asia war-led disruptions are pushing up input costs, prompting consumer firms to hike prices and shrink pack sizes. Demand remains steady for now, but the strain could show as more of these costs are passed on.
- IndianAPIHavells India ends FY26 on a weak note; will FY27 be any better?
Havells India capped off a weak FY26 with a 6% dip in Q4 Ebitda, driven by persistent losses in its Lloyd appliance division and rising input costs. Despite strong demand for industrial cables, analysts are trimming EPS estimates as the company faces a steep climb toward margin recovery in FY27.
- IndianAPITop Gainers & Losers on April 23: Union Bank, Trent, Havells, Ashok Leyland, OLA, Canara Bank among top losers
The Indian stock market faced significant declines on April 23 due to rising geopolitical tensions and high crude oil prices. The Nifty 50 fell 0.86%, while the S&P BSE Sensex dropped 1.12%. Sectoral losses were led by Nifty Auto, which fell 2.28%.
- IndianAPIHavells India faces earnings downgrades risk as cost pressures mount
Havells shares have recovered slightly from recent lows but remain under pressure as rising commodity costs threaten margins. Weak demand in the Lloyd air-conditioner business and high valuations add to concerns
- IndianAPIIndia-US trade deal boosts prospects of Indian cable & internet gear makers
Shares of companies such as Sterlite Technologies, HFCL Ltd, RR Kabel Ltd, Polycab India Ltd and Havells India Ltd were up 3-13% intraday on Tuesday as investors priced in potential gains from lower tariff barriers and stronger demand from US data centre and telecom infrastructure projects.
- IndianAPIQ2 results 2025: RIL, JSW Steel, Tata Technologies among companies to declare earnings today
Reliance Industries, JSW Steel, Tata Technologies, Dixon Technologies, Hindustan Zinc, REC, Havells India among marquee companies to declare their earnings today.
For informational and educational purposes only. Not investment advice. Data may be delayed or incomplete. Consult a SEBI-registered investment adviser before making investment decisions.