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Havells India Limited (HAVELLS) investor relations material
Havells India Limited Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary17 Oct, 2025
Executive summary
Q2 and H1 FY26 results were approved with no material misstatements; overall performance was decent, but summer products like air conditioners, fans, and coolers saw revenue declines due to shorter summers and high channel inventory, impacting growth and margins.
Cables maintained steady growth, driven by strong power cable demand; capacity expansion is on track with new land acquisition in Alwar.
Strategic investment of ₹600 crores made in Goldi Solar Private Limited to accelerate renewable energy growth.
Working capital levels rose, especially for cables and Lloyd, reducing cash balances and interest income; normalization expected by Q4.
Recent GST reductions on select products (air conditioners, TVs, solar) are expected to boost consumer sentiment and demand.
Financial highlights
Standalone Q2 FY26 revenue from operations: ₹4,766.63 crores; H1 FY26: ₹10,204.44 crores.
Standalone Q2 FY26 net profit: ₹316.36 crores; H1 FY26: ₹667.57 crores.
Consolidated Q2 FY26 revenue from operations: ₹4,779.33 crores; H1 FY26: ₹10,234.68 crores.
Lloyd Consumer segment reported negative results in Q2 FY26, with a segment loss of ₹98.85 crores (standalone) and ₹105.97 crores (consolidated).
EBITDA margins for the standalone business remain at 12–13%, with potential for 150–200 bps expansion if growth normalizes.
Outlook and guidance
Channel inventories for summer products are expected to normalize by the end of Q3, with real improvement in contribution margins from Q4.
Solar business is expected to see strong growth in H2, benefiting from the Goldi Solar investment and improved supply chain.
Management is optimistic about demand recovery in H2, supported by GST changes and positive consumer sentiment.
CapEx guidance: INR 1,450 crore for FY25-26 and INR 1,000 crore for FY26-27.
Channel inventory impact on future primary sales?
Premiumization impact on future margins?
Competitive intensity impact on category margins?
Impact of old AC inventory liquidation on Q3 primary sales?
Achieving 150-200 bps margin expansion: How?
Solar and export growth drivers for H2/FY27?
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Next Havells India Limited earnings date
Q3 25/2616 Jan, 2026
Next Havells India Limited earnings date
Q3 25/2616 Jan, 2026
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Frequently asked questions
Havells India Limited is an Indian electrical equipment company offering a broad range of products for residential, commercial, and industrial use. Its portfolio includes switchgear, cables, lighting, fans, appliances, and electrical wiring accessories. The company also operates in the consumer durables segment, with a focus on energy-efficient and smart technologies. It is headquartered in Noida, India, and its shares are listed on the NSE.
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