āagman

Not investment advice. Data and computed figures, for information only.

Havells India Ltd

NSE: HAVELLSF&O
₹1,116.10
−₹3.80 (−0.34%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹65,361 Cr
CMP
₹1,116.10
52-wk High / Low
₹1,517 / 1,015
P/E
39.2
P/B
6.9
Book Value
₹151.0
Div Yield
0.96%
ROCE
25.0%
ROE
19.0%
Face Value
₹1
D/E
0.03

Price−25.4% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 13 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
5
/ 9
5 of 9 F-score tests passed
Graham Number
₹303
√(22.5 × EPS × book value per share)
ROIC
14.2%
vs 12.3% sector median
Cash flow to profit
0.93
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
−231
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
11.8%
ROE × earnings retention ratio
ROE stability
1.2
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom −0.03FII −2.46DII +2.37
Latest quarter vs the previous one
Cash-accrual divergence
0.8%
of assets
Low = accruals track cash flow
Strengths
+ROCE has stayed above the sector median for 5 consecutive years (weakest: 22% vs the 2023 sector median of 18%)
Watch-outs
−Borrowings are up 97.8% since FY2016 (134 to 265)
−Price trades below its 200-day moving average (0.9x)
−Promoter holding fell by 0.1pp over the last year

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales4,8343,9004,4145,4425,8064,5394,8896,5445,4554,7795,5886,7056,518
Expenses4,4323,5273,9814,8075,2344,1644,4625,7874,9404,3415,0725,9766,052
Operating Profit402373433635572375426757516438516729466
OPM %8.3%9.6%9.8%11.7%9.9%8.3%8.7%11.6%9.5%9.2%9.2%10.9%7.1%
Other Income65525676779364696991931054
Interest891018910915999107
Depreciation768188939295104110106106109112121
Profit before tax382335391599549363377701470415408918392
Net Profit287249288447408268278517348318300723290
EPS (₹)4.583.974.597.136.514.284.448.265.555.094.8011.534.63

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales8,4687,5946,1308,11610,0739,44010,45713,93816,91118,59021,77822,52823,591
Expenses7,7136,7985,3157,0838,8858,3738,86812,16315,29016,70919,60320,28621,440
Operating Profit7557968151,0331,1891,0671,5891,7751,6211,8812,1752,2412,150
OPM %8.9%10.5%13.3%12.7%11.8%11.3%15.2%12.7%9.6%10.1%10.0%9.9%9.1%
Other Income489494297124106187159178249288479464
Interest96911325165190675584727935
Depreciation139134121140149218249261296338400432447
Profit before tax5691,5207239651,1479041,4381,6071,4471,7071,9902,2102,132
Net Profit3851,3004946617887351,0441,1961,0721,2711,4701,6891,631
EPS (₹)6.1720.827.9110.6012.5911.7516.6819.1017.1120.2823.4826.9526.05

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital626262636363636363636363—
Reserves1,7562,9653,2143,6674,1354,2495,1145,9406,5637,3848,2619,393—
Borrowings4241342081159472521616223303319265—
Other Liabilities2,5461,2251,6832,7632,8562,6903,1553,9044,3094,6835,1675,026—
Total Liabilities4,7884,3875,1686,6087,1487,0738,85210,52311,15712,43313,80914,746—
Fixed Assets1,5411,2241,3002,8192,9043,3503,2903,4343,6213,9884,6525,343—
CWIP38201224233869057166299118443—
Investments01891620003064262012011888—
Other Assets3,2092,9543,6943,7654,0123,6385,1666,6067,1708,1269,0288,072—
Total Assets4,7884,3875,1686,6087,1487,0738,85210,52311,15712,43313,80914,746—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity9635137671,1005018276601,7285651,9531,5231,572
Cash from Investing Activity−485−121−220−946185−548−763−75931−1,618−305−895
Cash from Financing Activity−754−621−98−409−318−716190−547−907−534−677−693
Net Cash Flow−277−229450−255368−43787421−311−199541−17

Ratios

As of 31 Mar 2026
12 periods
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %27.028.025.027.029.022.030.027.022.024.025.025.0
ROE %———————————19.0
EPS (₹)6.1720.827.9110.6012.5911.7516.6819.1017.1120.2823.4826.95
Book Value (₹)———————————151.0
Face Value (₹)———————————1
P/E———————————39.2
Div Yield %———————————0.96
NPM %4.515.28.08.07.77.79.88.56.36.76.77.3
OPM %9.010.013.013.012.011.015.013.010.010.010.010.0
D/E0.230.040.060.030.020.020.100.100.030.040.040.03
P/B———————————6.9

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+11.0%
5 years+17.0%
3 years+10.0%
TTM+10.0%
Compounded profit growth
10 years+12.0%
5 years+11.0%
3 years+16.0%
TTM+18.0%
Stock price CAGR
10 years+9.0%
5 years−6.0%
3 years−9.0%
Last year−30.0%
Return on equity
10 years19.0%
5 years19.0%
3 years19.0%
Last year19.0%

Shareholding pattern

As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters61.61%61.61%61.61%59.58%59.55%59.52%59.50%59.47%59.45%59.43%59.41%59.38%59.35%
FIIs26.53%26.53%26.53%24.93%27.28%23.04%24.91%24.44%23.11%24.83%22.31%16.93%14.47%
DIIs2.66%2.66%2.66%5.05%4.30%8.27%7.89%8.15%10.27%9.77%12.63%17.50%19.87%
Government0.00%0.00%0.00%0.12%0.16%0.23%0.19%0.10%0.10%0.11%0.13%0.23%0.00%
Public9.20%9.20%9.20%10.31%8.71%8.94%7.51%7.83%7.05%5.85%5.52%5.96%6.31%
No. of shareholders75,66275,66275,66292,40199,1941,34,5991,58,5142,56,0932,39,6862,24,4282,46,9102,74,5203,00,849
Change since Jun 2023 (pp)
Promoters −2.26FIIs −12.06DIIs +17.21Public −2.89

Documents

As of 11 Oct 2026
Announcements
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Board Meeting Intimation for The Consideration And Approval Of The Unaudited Standalone And Consolidated Financial Results For The Second Quarter And Half Year Ended 30Th September 2026Intimation Of Grant And Vesting Under ESPS 2022Announcement under Regulation 30 (LODR)-Credit RatingAnnouncement under Regulation 30 (LODR)-Newspaper Publication
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating updateRating updateRating updateRating updateRating update
Concalls
Jul 2026TranscriptJul 2026PPTJul 2026RecordingApr 2026TranscriptApr 2026PPTApr 2026RecordingJan 2026TranscriptJan 2026PPTJan 2026RecordingOct 2025TranscriptOct 2025PPTOct 2025RecordingJul 2025TranscriptJul 2025PPTJul 2025Recording

Corporate actions

As of 22 May 2026
22 May 2026DIVIDENDDividend - Rs 6 Per Share—
23 Jan 2026DIVIDENDInterim Dividend - Rs 4 Per Share—
23 May 2025DIVIDENDAnnual General Meeting/Dividend - Rs 6 Per Share—
22 Jan 2025DIVIDENDInterim Dividend - Rs 4 Per Share—
31 May 2024DIVIDENDAnnual General Meeting/Dividend - Rs 6 Per Share—
1 Feb 2024DIVIDENDInterim Dividend - Rs 3 Per Share—
2 Jun 2023DIVIDENDAnnual General Meeting/Dividend - Rs 4.50 Per Share—
25 Jan 2023DIVIDENDInterim Dividend - Rs 3 Per Share—
14 Jun 2022DIVIDENDAnnual General Meeting/Dividend - Rs 4.50 Per Share—
27 Oct 2021DIVIDEND Interim Dividend - Rs 3 Per Share—
17 Jun 2021DIVIDEND Annual General Meeting/Dividend - Rs 3.50 Per Share—
28 Jan 2021DIVIDEND Interim Dividend - Rs 3 Per Share—
16 Mar 2020DIVIDEND Interim Dividend - Rs 4 Per Share—
18 Jul 2019DIVIDEND Annual General Meeting/Dividend - Rs 4.50 Per Share—
4 Jul 2018DIVIDEND Annual General Meeting/Dividend- Rs 4 Per Share—
21 Jun 2017DIVIDEND Annual General Meeting/Dividend - Rs 3.50 Per Share—
29 Jun 2016DIVIDEND Annual General Meeting/ Dividend -Rs 3/- Per Share—
10 Feb 2016DIVIDEND Special Dividend - Rs 3/- Per Share (Purpose Revised)—
29 Jun 2015DIVIDENDAnnaul General Meeting/Dividend - Rs 3/- Per Share—
26 Aug 2014SPLITFace Value Split From Rs 5/- Per Share To Re 1/- Per Share5 : 1
26 Jun 2014DIVIDENDAnnual General Meeting / Final Dividend - Rs 10/- Per Share—
19 Mar 2014DIVIDENDInterim Dividend - Rs 5/- Per Share (Purpose Revised)—
20 Jun 2013DIVIDENDAnnual General Meeting And Dividend Rs.7.50 Per Share—
4 Jul 2012DIVIDENDAnnual General Meeting And Dividend - Rs.6.50 Per Share—
22 Jul 2011DIVIDENDAnnual General Meeting / Dividend - Rs.2.50 Per Share—
8 Oct 2010BONUSBonus 1:1—
6 Sep 2010DIVIDENDDividend-Rs.2.50 Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman