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Shares of Havells India Ltd opened firm on Tuesday, July 22, gaining 0.65 per cent to trade at Rs 1,541.60 as of 12:31 p.m. IST on the National Stock Exchange. During the session, the stock touched an intraday high of Rs 1,555, outperforming the broader market where the Nifty 50 rose just 0.15 per cent at the same time. The rally comes despite the company reporting a year-on-year drop in quarterly profit, as investors focus on positive medium-term demand recovery prospects.
Havells Q1 FY26 Financial Results
Havells India reported a 14.7 per cent year-on-year decline in consolidated net profit (PAT), which fell to Rs 347.53 crore in the first quarter of FY26, down from Rs 407.7 crore in the corresponding period last year. The company’s total consolidated revenue also dipped 6.1 per cent YoY to Rs 5,524.53 crore in the quarter ended June 30, 2025.
The company’s cable business was a clear outperformer, posting a strong 27 per cent year-on-year revenue growth to Rs 1,933.22 crore. This surge was supported by capacity expansion and robust demand from industrial and infrastructure sectors, which continues to be a bright spot for Havells.
In contrast, the Lloyd Consumer segment saw revenues fall sharply by 34.1 per cent YoY to Rs 1,271.11 crore. The company attributed this decline to a weak summer season compared to last year’s strong performance and muted growth in the first half of calendar 2025.
The Electrical Consumer Durables (ECD) category also faced headwinds as unseasonal rains and a shorter summer dampened demand for fans and air coolers, affecting sales volumes in this segment.
Brokerages View on Havells: Should You Buy, Sell or Hold
Brokerages remain cautiously optimistic about Havells’ medium-term outlook despite the challenging quarter. Major financial firms have revised their price targets downward but largely maintained positive or neutral recommendations:
Macquarie retained an “Outperform” rating but cut the target price from Rs 1,836 to Rs 1,782.
Morgan Stanley maintained an “Overweight” rating, lowering its target price from Rs 1,884 to Rs 1,787.
Jefferies kept a “Hold” stance but trimmed the target from Rs 1,800 to Rs 1,635.
Citi downgraded to “Neutral,” reducing its price target from Rs 1,900 to Rs 1,750.
Goldman Sachs maintained a “Buy” rating, adjusting the target slightly from Rs 1,680 to Rs 1,660.
JP Morgan also stayed “Neutral,” lowering the target price from Rs 1,700 to Rs 1,650.
While Q1 FY26 was challenging for Havells due to seasonal factors and muted consumer demand, analysts highlight the company’s strong presence in the cables and industrial infrastructure segment as a key growth driver. The improved demand from infrastructure projects and industrial clients is expected to support revenue growth in the coming quarters.
Investors remain watchful for signs of a rebound in the consumer durables segment as the summer season stabilizes and market conditions normalise. The stock’s intraday strength amid broader market gains suggests renewed confidence in Havells’ medium-term growth potential.
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