Havells India Ltd.
HAVELLSConsumer Discretionary filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
9 transcript(s)/analyst meet(s) served; 1 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 9 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20210727 | 2021-06-30 | yes | |
| TRANSCRIPT | 20211025 | 2021-09-30 | yes | |
| TRANSCRIPT | 20220128 | 2021-12-31 | yes | |
| TRANSCRIPT | 20220510 | 2022-03-31 | yes | |
| TRANSCRIPT | 20220726 | 2022-06-30 | yes | |
| TRANSCRIPT | 20221024 | 2022-09-30 | yes | |
| TRANSCRIPT | 20230124 | 2022-12-31 | yes | |
| COVER_LETTER | 20260113 | 2025-12-31 | no | |
| TRANSCRIPT | 20260721 | 2026-06-30 | yes |
HAVELLS
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 1,090.00 |
| 52-week range | 1087.0 – 1544.5 |
| Return 1M | -14.11% |
| Return 3M | -7.49% |
| Return 1Y | -29.43% |
| Return 3Y | -21.96% |
| Return 5Y | -22.96% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 6,518.00 |
| Other income | 54.00 |
| Total income | 6,572.00 |
| Cost of materials consumed | 4,024.00 |
| Purchases of stock-in-trade | 968.00 |
| Changes in inventories | -513.00 |
| Employee benefit expense | 531.00 |
| Finance costs | 7.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.59 | -0.00 |
| institutions foreign | 0.16 | -0.01 |
| institutions domestic | 0.18 | 0.01 |
| mutual funds | 0.08 | 0.01 |
| public | 0.41 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| COVER_LETTER | 2025-12-31 | 1 |
| TRANSCRIPT | 2026-06-30 | 8 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,679.00 | 4,128.00 | 4,859.00 | 4,834.00 | 3,900.00 | 4,414.00 | 5,442.00 | 5,806.00 | 4,539.00 | 4,889.00 | 6,544.00 | 5,455.00 | 4,779.00 | 5,588.00 | 6,705.00 | 6,518.00 |
| Other income | 44.00 | 40.00 | 47.00 | 65.00 | 52.00 | 56.00 | 76.00 | 77.00 | 93.00 | 64.00 | 69.00 | 69.00 | 86.00 | 43.00 | 296.00 | 54.00 |
| Total income | 3,723.00 | 4,167.00 | 4,906.00 | 4,899.00 | 3,953.00 | 4,470.00 | 5,518.00 | 5,884.00 | 4,632.00 | 4,953.00 | 6,612.00 | 5,525.00 | 4,866.00 | 5,631.00 | 7,001.00 | 6,572.00 |
| Cost of materials consumed | 2,066.00 | 2,322.00 | 2,539.00 | 2,323.00 | 2,263.00 | 2,462.00 | 2,826.00 | 3,087.00 | 2,461.00 | 2,958.00 | 3,494.00 | 3,012.00 | 2,687.00 | 3,098.00 | 3,549.00 | 4,024.00 |
| Purchases of stock-in-trade | 713.00 | 679.00 | 839.00 | 695.00 | 582.00 | 599.00 | 577.00 | 745.00 | 914.00 | 742.00 | 748.00 | 684.00 | 844.00 | 664.00 | 780.00 | 968.00 |
| Changes in inventories | -235.00 | -236.00 | 3.00 | 348.00 | -242.00 | -116.00 | 254.00 | 124.00 | -367.00 | -494.00 | 197.00 | -66.00 | -423.00 | -18.00 | 268.00 | -513.00 |
| Employee benefit expense | 308.00 | 328.00 | 328.00 | 357.00 | 378.00 | 378.00 | 420.00 | 462.00 | 465.00 | 469.00 | 474.00 | 500.00 | 479.00 | 496.00 | 510.00 | 531.00 |
| Finance costs | 7.00 | 7.00 | 10.00 | 8.00 | 9.00 | 10.00 | 18.00 | 9.00 | 10.00 | 9.00 | 15.00 | 9.00 | 9.00 | 9.00 | 10.00 | 7.00 |
| Depreciation and amortisation | 72.00 | 75.00 | 77.00 | 76.00 | 81.00 | 88.00 | 93.00 | 92.00 | 95.00 | 104.00 | 110.00 | 106.00 | 106.00 | 109.00 | 112.00 | 121.00 |
| Other expenses | 540.00 | 610.00 | 624.00 | 709.00 | 547.00 | 659.00 | 731.00 | 816.00 | 692.00 | 788.00 | 873.00 | 809.00 | 754.00 | 832.00 | 869.00 | 1,042.00 |
| Total expenses | 3,472.00 | 3,786.00 | 4,419.00 | 4,517.00 | 3,617.00 | 4,079.00 | 4,918.00 | 5,335.00 | 4,269.00 | 4,576.00 | 5,911.00 | 5,055.00 | 4,456.00 | 5,189.00 | 6,097.00 | 6,180.00 |
| Profit before exceptional items and tax | 252.00 | 381.00 | 487.00 | 382.00 | 335.00 | 391.00 | 599.00 | 549.00 | 363.00 | 377.00 | 701.00 | 470.00 | 410.00 | 441.00 | 904.00 | 392.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -45.00 | 0.00 | 0.00 |
| Profit before tax | 252.00 | 381.00 | 487.00 | 382.00 | 335.00 | 391.00 | 599.00 | 549.00 | 363.00 | 377.00 | 701.00 | 470.00 | 410.00 | 396.00 | 904.00 | 392.00 |
| Current tax | 64.00 | 94.00 | 124.00 | 95.00 | 85.00 | 98.00 | 163.00 | 141.00 | 91.00 | 94.00 | 176.00 | 126.00 | 96.00 | 104.00 | 135.00 | 102.00 |
| Deferred tax | 1.00 | 4.00 | 5.00 | -0.00 | 1.00 | 5.00 | -10.00 | 0.00 | 5.00 | 5.00 | 8.00 | -4.00 | 0.00 | 4.00 | 59.00 | 1.00 |
| Tax expense | 65.00 | 98.00 | 129.00 | 95.00 | 86.00 | 103.00 | 153.00 | 141.00 | 95.00 | 99.00 | 184.00 | 122.00 | 96.00 | 108.00 | 194.00 | 103.00 |
| Profit for the period | 187.00 | 284.00 | 358.00 | 287.00 | 249.00 | 288.00 | 447.00 | 408.00 | 268.00 | 278.00 | 517.00 | 348.00 | 318.00 | 300.00 | 723.00 | 290.00 |
| Profit attributable to owners | — | 0.00 | 0.00 | 287.00 | 248.00 | 0.00 | 445.00 | 408.00 | 268.00 | 278.00 | 518.00 | 348.00 | 319.00 | 301.00 | 723.00 | 290.00 |
| Profit attributable to non-controlling interests | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -0.00 | -0.00 | -0.00 | -1.00 | -0.00 | -1.00 | -1.00 | 0.00 | -1.00 |
| Other comprehensive income | -1.00 | -0.00 | -5.00 | -2.00 | -1.00 | -1.00 | -1.00 | -1.00 | -1.00 | 0.00 | -19.00 | -2.00 | 1.00 | 10.00 | 1.00 | 0.00 |
| Total comprehensive income | 186.00 | 283.00 | 353.00 | 285.00 | 248.00 | 287.00 | 445.00 | 406.00 | 267.00 | 278.00 | 498.00 | 346.00 | 320.00 | 310.00 | 724.00 | 290.00 |
| Earnings per share, basic | 2.98 | 4.53 | 5.71 | 4.58 | 3.97 | 4.59 | 7.13 | 6.49 | 4.28 | 4.43 | 8.26 | 5.55 | 5.09 | 4.80 | 11.52 | 4.63 |
| Earnings per share, diluted | 2.98 | 4.53 | 5.71 | 4.58 | 3.97 | 4.59 | 7.13 | 6.48 | 4.28 | 4.43 | 8.25 | 5.54 | 5.08 | 4.79 | 11.52 | 4.62 |
Annual results, as filed
| Line | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|
| Revenue from operations | 9,440.00 | 10,457.00 | 13,938.00 | 16,911.00 | 18,590.00 | 21,778.00 | 22,528.00 |
| Other income | 113.00 | 187.00 | 160.00 | 178.00 | 249.00 | 303.00 | 494.00 |
| Total income | 9,554.00 | 10,645.00 | 14,099.00 | 17,088.00 | 18,839.00 | 22,081.00 | 23,022.00 |
| Cost of materials consumed | 4,380.00 | 5,382.00 | 7,770.00 | 9,318.00 | 9,874.00 | 11,999.00 | 12,346.00 |
| Purchases of stock-in-trade | 1,281.00 | 1,639.00 | 1,871.00 | 3,029.00 | 2,452.00 | 3,149.00 | 2,973.00 |
| Changes in inventories | 173.00 | -531.00 | -219.00 | -641.00 | 243.00 | -540.00 | -239.00 |
| Employee benefit expense | 907.00 | 891.00 | 1,021.00 | 1,268.00 | 1,549.00 | 1,870.00 | 1,984.00 |
| Finance costs | 20.00 | 73.00 | 53.00 | 34.00 | 46.00 | 43.00 | 37.00 |
| Depreciation and amortisation | 218.00 | 249.00 | 261.00 | 296.00 | 338.00 | 400.00 | 432.00 |
| Other expenses | 1,672.00 | 1,505.00 | 1,735.00 | 2,338.00 | 2,630.00 | 3,169.00 | 3,265.00 |
| Total expenses | 8,649.00 | 9,207.00 | 12,492.00 | 15,641.00 | 17,132.00 | 20,091.00 | 20,797.00 |
| Profit before exceptional items and tax | 904.00 | 1,438.00 | 1,607.00 | 1,447.00 | 1,707.00 | 1,990.00 | 2,225.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -45.00 |
| Profit before tax | 904.00 | 1,438.00 | 1,607.00 | 1,447.00 | 1,707.00 | 1,990.00 | 2,180.00 |
| Current tax | 199.00 | 341.00 | 399.00 | 364.00 | 441.00 | 502.00 | 461.00 |
| Deferred tax | -30.00 | 53.00 | 12.00 | 11.00 | -4.00 | 18.00 | 59.00 |
| Tax expense | 169.00 | 393.00 | 410.00 | 375.00 | 437.00 | 520.00 | 520.00 |
| Profit for the period | 735.00 | 1,044.00 | 1,196.00 | 1,072.00 | 1,271.00 | 1,470.00 | 1,689.00 |
| Profit attributable to owners | 735.00 | — | 1,196.00 | 0.00 | 1,266.00 | 1,472.00 | 1,691.00 |
| Profit attributable to non-controlling interests | 0.00 | — | 0.00 | 0.00 | 0.00 | -2.00 | -1.00 |
| Other comprehensive income | -3.00 | -2.00 | 6.00 | -8.00 | -5.00 | -21.00 | 10.00 |
| Total comprehensive income | 732.00 | 1,043.00 | 1,203.00 | 1,064.00 | 1,266.00 | 1,449.00 | 1,699.00 |
| Earnings per share, basic | 11.76 | 16.68 | 19.11 | 17.11 | 20.28 | 23.49 | 26.95 |
| Earnings per share, diluted | 11.76 | 16.68 | 19.10 | 17.11 | 20.28 | 23.48 | 26.94 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 10,185.00 | 11,157.00 | 11,018.00 | 12,433.00 | 12,843.00 | 13,809.00 | 13,647.00 | 14,746.00 |
| Non-current assets | 3,756.00 | 4,091.00 | 4,321.00 | 4,533.00 | 4,754.00 | 4,939.00 | 6,100.00 | 6,921.00 |
| Current assets | 6,429.00 | 7,056.00 | 6,695.00 | 7,897.00 | 8,090.00 | 8,867.00 | 7,546.00 | 7,822.00 |
| Property, plant and equipment | 1,986.00 | 2,228.00 | 2,447.00 | 2,606.00 | 3,110.00 | 3,252.00 | 3,250.00 | 3,813.00 |
| Capital work-in-progress | 62.00 | 163.00 | 143.00 | 297.00 | 130.00 | 116.00 | 475.00 | 439.00 |
| Goodwill | 310.00 | 310.00 | 310.00 | 310.00 | 310.00 | 310.00 | 310.00 | 310.00 |
| Other intangible assets | 1,093.00 | 1,082.00 | 1,076.00 | 1,071.00 | 1,063.00 | 1,089.00 | 1,089.00 | 1,219.00 |
| Inventories | 3,551.00 | 3,709.00 | 3,562.00 | 3,409.00 | 3,855.00 | 4,047.00 | 4,854.00 | 4,441.00 |
| Trade receivables | 567.00 | 974.00 | 541.00 | 1,165.00 | 730.00 | 1,258.00 | 845.00 | 790.00 |
| Cash and cash equivalents | 277.00 | 465.00 | 320.00 | 266.00 | 382.00 | 807.00 | 623.00 | 791.00 |
| Total equity and liabilities | 10,185.00 | 11,157.00 | 11,018.00 | 12,433.00 | 12,843.00 | 13,809.00 | 13,647.00 | 14,746.00 |
| Equity | 6,173.00 | 6,625.00 | 6,899.00 | 7,447.00 | 7,809.00 | 8,341.00 | 8,687.00 | 9,469.00 |
| Equity share capital | 63.00 | 63.00 | 63.00 | 63.00 | 63.00 | 63.00 | 63.00 | 63.00 |
| Other equity | 6,110.00 | 6,563.00 | 6,837.00 | 7,384.00 | 7,731.00 | 8,261.00 | 8,608.00 | 9,393.00 |
| Total liabilities | 4,012.00 | 4,532.00 | 4,119.00 | 4,986.00 | 5,034.00 | 5,468.00 | 4,960.00 | 5,278.00 |
| Non-current liabilities | 640.00 | 696.00 | 732.00 | 703.00 | 717.00 | 694.00 | 659.00 | 693.00 |
| Current liabilities | 3,372.00 | 3,836.00 | 3,387.00 | 4,283.00 | 4,317.00 | 4,775.00 | 4,301.00 | 4,585.00 |
| Borrowings, non-current | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Borrowings, current | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Trade payables | 2,428.00 | 2,643.00 | 2,194.00 | 2,692.00 | 2,846.00 | 3,047.00 | 2,756.00 | 2,908.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | -110.00 | 565.00 | 795.00 | 1,953.00 | 756.00 | 1,515.00 | -379.00 | 1,572.00 |
| Net cash from investing activities | 299.00 | 35.00 | -647.00 | -1,614.00 | -270.00 | -302.00 | 575.00 | -893.00 |
| Net cash from financing activities | -686.00 | -907.00 | -295.00 | -534.00 | -367.00 | -669.00 | -382.00 | -693.00 |
| Purchase of property, plant and equipment | 167.00 | 588.00 | 296.00 | 786.00 | 354.00 | 766.00 | 697.00 | 1,484.00 |
| Net increase in cash | -499.00 | -311.00 | -145.00 | -199.00 | 116.00 | 541.00 | -184.00 | -17.00 |
| con:CFO.BEFORE_TAX | 45.00 | 1,048.00 | 1,029.00 | 2,345.00 | 968.00 | 2,021.00 | -147.00 | 2,082.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | -123.00 | -81.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | -5.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 173.00 | 392.00 | 153.00 | 392.00 | 211.00 | 505.00 | 232.00 | 510.00 |
| con:CF_OTHER.OPERATING | 13.00 | 33.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6.00 |
| con:INVESTMENTS_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:PPE_DISPOSALS | 2.00 | 2.00 | 22.00 | 24.00 | 1.00 | 12.00 | 66.00 | 68.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 600.00 | 600.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 59.45 | 59.43 | 59.43 | 59.43 | 59.43 | 59.41 | 59.41 | 59.41 | 59.41 | 59.38 | 0.59 | 0.59 | 0.59 | 0.59 |
| Domestic institutions | 10.37 | 9.79 | 9.49 | 10.12 | 9.88 | 9.55 | 10.24 | 11.56 | 12.76 | 13.36 | 0.16 | 0.17 | 0.18 | 0.18 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 5.55 | 0.06 | 0.07 | 0.07 | 0.08 |
| Insurance companies | 5.05 | 5.00 | 4.63 | 4.65 | 4.61 | 4.13 | 4.32 | 4.42 | 5.47 | 6.38 | 0.08 | 0.08 | 0.09 | 0.09 |
| Foreign institutions | 23.11 | 23.78 | 24.19 | 23.96 | 24.83 | 25.33 | 24.76 | 23.46 | 22.31 | 21.59 | 0.19 | 0.18 | 0.17 | 0.16 |
| Government | — | — | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 40.54 | 40.53 | 40.57 | 40.57 | 40.57 | 40.55 | 40.59 | 40.59 | 40.59 | 40.57 | 0.41 | 0.41 | 0.41 | 0.41 |
| Non-institutional | 7.06 | 6.96 | 6.89 | 6.49 | 5.85 | 5.67 | 5.59 | 5.57 | 5.52 | 5.63 | 0.06 | 0.06 | 0.06 | 0.06 |
| Shares outstanding | 626509738 | 626674350 | 626674350 | 626683030 | 626683030 | 626919070 | 626919070 | 626941732 | 626941732 | 627206421 | 627206421 | 627256842 | 627256842 | 627561652 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Havells International Inc. | Wholly owned subsidiary | Investment | 418,800,000.00 | 1 |
| SHRI RAJESH GUPTA | Key Management Personnel | Remuneration | 252,100,000.00 | 1 |
| HKHR Ventures LLP | Others | Any other transaction | 225,300,000.00 | 1 |
| SHRI ANIL RAI GUPTA | Promoters | Remuneration | 164,500,000.00 | 1 |
| SRF Limited | Enterprises in which directors are | Purchase of goods or services, Sale of goods or serv | 159,300,000.00 | 2 |
| QRG Enterprises Limited | Promoters | Any other transaction | 144,300,000.00 | 1 |
| Eastern Distributors | Others | Any other transaction | 107,200,000.00 | 1 |
| Guptajee & Company | Enterprises in which directors are | Any other transaction | 106,200,000.00 | 1 |
| O.P. Gupta & Co. | Others | Sale of goods or services | 97,500,000.00 | 1 |
| SHRI AMEET KUMAR GUPTA | Promoters | Remuneration | 73,900,000.00 | 1 |
| Havells HVAC LLC | Step-down subsidiary | Sale of goods or services | 62,000,000.00 | 1 |
| YKG Enterprises | Others | Any other transaction | 28,600,000.00 | 1 |
| QRG Foundation | Enterprises in which directors are | Any other transaction | 25,400,000.00 | 1 |
| Gupta Enterprise | Others | Any other transaction | 8,300,000.00 | 1 |
| SHRI SANJAY KUMAR GUPTA | Key Management Personnel | Remuneration | 7,900,000.00 | 1 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-07-21 | Q1FY27 | HAVELLS | Read the call |
| 2023-01-24 | Q3FY23 | CAPITAL, HAVELLS | Read the call |
| 2022-10-24 | Q2FY23 | Read the call | |
| 2022-07-26 | Q1FY23 | Derrow. Whh Confidence., LIMITED, etHAVELLS | Read the call |
| 2022-05-10 | Q4FY22 | HAVELLS INDIA LIMITED, fltHAVELLS | Read the call |
| 2022-01-28 | Q3FY22 | Read the call | |
| 2021-10-25 | Q2FY22 | HAVELLS INDIA LIMITED, INDIA LIMITED, ftHAVELLS | Read the call |
| 2021-07-27 | Q1FY22 | HAVELLS INDIA LIMITED, INDIA LIMITED | Read the call |
Some earlier announcements under this heading are covering letters only — no transcript was attached.
What they said about it, quarter by quarter
| Topic | Q1FY22 | Q1FY23 | Q1FY27 | Q2FY22 | Q2FY23 | Q3FY22 | Q3FY23 | Q4FY22 |
|---|---|---|---|---|---|---|---|---|
| Capex | Got it, lastly on the capex, last quarter we discussed about 500 Crores for the year and about 1000 Crores plan for the next two years, any change in … | 2300 Crores my sense is that we are utilizing almost 90% capacity so is the understanding correct that the incremental growth is all going to come fro… | Second question, sir, is related to the capex, nearly around INR1,400-odd crores of capex for '27, what you had given in the press release. | Essentially what are the areas where we have basically revised the capex and related question to that was any update on the AC plant which we announce… | Because of the high level of focus in the government, now a new CapEx coming up because of the slowdown in CapEx in the COVID cycle. | Got it and just last question if may with respect to capex if you can talk about FY2022 and FY2023 what is the capex number one could work with and in… | So now that we've got a new plant, you will see actually some costs which could be slightly higher than normal. | I think, overall, we are positive on growth for consumer-side, real estate side as well as a lot of impetus from the government on industrial and infr… |
| Capital allocation | You are aware after the acquisition of Lloyd and the kind of runway we have in terms of product categories it is sizeable, so we have mentioned before… | — | — | We did this acquisition to enter into a high growth industry where Havells was not relatively present. | Usually, we continue to pay 40% payout in terms of the dividend. | — | — | But then as somebody asked this question, we are also quite focused on the right capital allocation where at least in the next five to 10 years of any… |
| Costs | We have seen year-on-year improvement and even sequential improvement although the input costs have gone up, so if you could explain what is behind th… | So as far cables and wires are concerned generally when there is a sudden reduction in the raw material prices, it is very evident that when you are s… | Any improvement there on in terms of raw materials or the world situation, definitely, it will be either further passed on or reduced. | Well, we have not seen that much in that, again in electrical products, in fact, I would argue Renu that when there is high inflation times, there is … | Margins in quarter two were impacted by a full absorption of high-cost inventories against falling raw materials and sales prices. | — | But the fact is that there has been some volatility in raw materials again. | As far as margins are concerned, I think just not based on volumes, we are expecting contribution margins also should improve to bring back profitabil… |
| Debt and cash | Got it, and my last question is with respect to cash flows. | — | — | Good to see the working capital normalizing and the free cash flow coming back for Havells in first half. | My first question is your working capital data currently at 42 days, and that is mainly because of the inventory. | — | So, the working capital once we have two plants running, so overall inventory will come down in number of days. | Sir, just on this working capital, like when I see we have had decent enough cash flows. |
| Demand | July 22, 2021 consumer durables, have margins kind of normalized now based upon the commodity and the demand momentum that we are seeing today? | I think I have also mentioned on the media as well in the morning that in the month of second half of May and June there was some slight slowness in d… | During quarter 1, a decent summer supported cooling products demand, although a delayed onset restricted the full benefit of the season. | Got it, Sir, and my last question is with respect to the 2H kind of revenue or demand. | Overall, demand outlook remains positive. | Commentary in the press release mentioned that there is very high competition in the large appliances could you help with some colour in terms of dema… | So, my first question is, can you comment something, what has been really ailing the demand in the B2C segment? | But I think overall, the industry has done well because of the last two years’ pent-up demand as well and the summer is also coming at the right time. |
| Guidance | As COVID recedes further we expect the demand environment to stabilize and improve. | In cables and wires generally the system inventory is lower and hence we believe whatever short-term pain of as the inventory would be there would be … | So we are very positive on this, and we expect it to become a larger segment. | So by when are we expecting to finally revert back to normal A&P spend of at least 2% to 2.5% of revenues and do you think that shrinking these spends… | And lastly, CapEx guidance, that is it from my side? | — | And in your view, by when should we expect some rebound? | So we expect the margins to continue to improve. |
| Margin | That is the reason for the expansion in margin. | If you could help us with what is the definition of normalized margin any range that you have in mind and also if you could clarify what kind of incre… | Havells India Limited July 17, 2026 sales year-on-year and with a margin dip seems a bit concerning to me, which is why I'm asking this question. | Havells India October 21, 2021 margins would improve from here on, a) what part of the margin expansion is obviously to do with the cost control and g… | When you say that high-cost inventory would get liquidated by fourth quarter and normalized margin should start coming back. | Sir you mentioned that there will be gradual price hikes over the next two to three months, any quantification on an average how much of that has been… | And if I look on the margin side, while Lloyd has seen some sequential improvement, contribution positive, still overall negative at the EBIT level. | May 05, 2022 very good QoQ improvement in the margin. |
| People | — | Sir we have seen some senior management exits from Havells and joining competition so in that topic I just want to know that these are the just few ex… | Sir, my second question is, would you be able to highlight what is the capacity utilization at the Cables and Wires division right now for us? | — | Sir my second question is, given that we've seen slowdown in the channel, have you resorted to lower utilization at your factory to manage the invento… | — | — | — |
| Pricing | July 22, 2021 pricing we would be relatively more competitive compared to the pricing of the MNC products or even the market leading products. | Got it and Sir the second question is on the Lloyd so I think the rating changes were supposed to happen in July so any update on what has happened an… | Given significant raw material inflation, we undertook calibrated and staggered price hikes across the categories to offset the impact. | Lighting there is more of a volume led kind of a pricing, but overall other than cables we can say it is 50-50. | So both in case of fans and ACs, there will be a price hike coming in the third quarter and going into the fourth quarter. | My first question was essentially because this COVID wave 3 mid December and early January the price hikes we have take that in third quarter again wo… | And if yes, what is the price hike that we have taken for the new inventory, or for the new models? | But there has been a lag between the cost increase and the price increase. |
| Revenue growth | — | Sir I had one question on the switchgear segment so can you just talk about what is the growth now we are seeing because this quarter the growth was e… | We delivered strong revenue growth in the first quarter as the demand was resilient despite inflationary pressures and the uncertainties arising from … | Because to me it appears that in normal growth environments we actually tend to see only this much, right healthy growth of 10% to 12% but this does n… | The second quarter saw a decent revenue growth considering the inflationary environment. | Sir my first question is if you look at Q3, Q4 last year and you are talking about 10% to 15% price hike across product categories, right now when we … | Yes, because growth of air conditioners has been also quite fast. | So there has been phenomenal growth on top line. |