Durability score
65 /100
Valuation score
7 /100
Momentum score
40.5 /100
Market Capitalizati...
42,122.6 Cr.
AVG Broker Target
685.2
PE TTM Price to Ear...
55.8
Havells India Ltd.    
09 Sep 2019
673.10
0.57%
buy
Prabhudas Lilladhar
sustained market share gains difficult. We believe increasing competitors focus on premium products in fans and lighting can drag sales growth. in Lloyd, benign input costs and peaked out expenses on distribution...
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Number of FIIs/FPIs holding stock rose by 16 to 531 in Jun 2019 qtr.
Havells India Ltd.    
30 Jul 2019
673.10
0.57%
Nirmal Bang Institutional
Havells India (HIL) posted 5% YoY growth in net revenue at Rs27.1bn in 1QFY20, 5% below our estimate, as demand was affected by real estate slowdown, liquidity crunch and delay in projects post election. Growth was driven by Electrical Consumer Durables (ECD), up 24% YoY at Rs6.2bn and Lighting (including EESL), up 9% YoY at Rs2.8bn. Switchgear revenue remained flat YoY at Rs3.8bn, while Cables grew by only 4% YoY at Rs7.8bn. Lloyd sales declined by 8% YoY to Rs6.5bn despite 1QFY20 being a strong summer season. Gross margin was down 20bps YoY at 37.4%. EBITDA margin contracted by 180bps YoY to 10.2% (lowest in past seven quarters), below our/consensus estimate of 12% each. EBITDA fell 12% YoY to Rs2.8bn, while...
Prabhudas Lilladhar released a Sell report for Havells India Ltd. with a price target of 414.0 on 09 Sep, 2019.
Havells India Ltd.    
30 Jul 2019
673.10
0.57%
buy
ICICI Securities Limited
Havells' muted topline growth at 4% YoY in Q1FY20 was below our estimate mainly due to Lloyd division, which surprised us with revenue de-growth of 8% YoY in the strong season for air conditioners. In addition, the poor demand for switchgear and cable business is largely due to prevailing weakness in the real estate industry and delay in government projects post elections. On the margin front, decline in EBITDA margin by ~200 bps YoY was largely on account of higher employee cost and advertisement expenditure incurred in the Lloyd business. Though the management...
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Number of FIIs/FPIs holding stock rose by 16 to 531 in Jun 2019 qtr.
Havells India Ltd.    
29 Jul 2019
673.10
0.57%
HDFC Securities
Havells has gained significant market share in switches (+150bps YoY), lighting (+200bps YoY), fans (+300bps YoY), water heater (+400bps YoY) and other appliances (+250bps YoY) in FY19. Havells' success in ECD (drove re-rating) is expected to sustain despite the scale becoming large. With focus on new launches and market share gains, co has taken a significant leap in FY19 on (1) R&D (New design studio in Noida), (2) Employee strength (expense up 28% YoY) and (3) A&P spend (up +25% YoY). We believe these costs are peaking (% of sales) and hence expect margin expansion. Additionally, benign commodity inflation and price hikes will further support margins. We maintain NEUTRAL (downgraded in Jan-19) and may upgrade at a better price, risk/reward is unfavorable. Havells 1Q was weak led by slowdown impact on core business while Lloyd shocked us on all fronts. Lloyds brand re-positioning initiatives are hurting Havells as the brand lost market share and margins (1% EBITDAM in a harsh summer). We are optimistic on core business to bounce back in 2HFY20 but remain cautious on Lloyds recovery in FY20 (non-seasonal). We cut our EPS by 10% for FY20-21E. We value Havells at 36x on Jun-21 EPS, arriving at a TP of Rs 694. Maintain NEUTRAL.
Prabhudas Lilladhar released a Sell report for Havells India Ltd. with a price target of 414.0 on 09 Sep, 2019.
Havells India Ltd.    
29 Jul 2019
673.10
0.57%
buy
Geojit BNP Paribas
Havells India Ltd (HAVL) is a leading player in electrical consumer goods in India. Its key verticals include switchgears, cables & wires, lighting fixtures and consumer appliances....
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Number of FIIs/FPIs holding stock rose by 16 to 531 in Jun 2019 qtr.
Havells India Ltd.    
29 Jul 2019
673.10
0.57%
Chola Wealth Direct
Background: HIL is one of India's largest & fastest growing electrical and power distribution equipment manufacturers with products ranging from industrial & domestic circuit protection switchgear, cables & wires, motors, fans, power capacitors, CFL lamps, luminaries for domestic, commercial & industrial applications, modular switches, water heaters and domestic appliances covering the entire gamut of household electrical needs along with industry lights and cables. Havells owns some of the prestigious...
Prabhudas Lilladhar released a Sell report for Havells India Ltd. with a price target of 414.0 on 09 Sep, 2019.
Havells India Ltd.    
29 Jul 2019
673.10
0.57%
buy
Motilal Oswal
Another quarter of revenue pressure: Revenues continued disappointing for the second consecutive quarter, with growth of meager 4.5% YoY to INR27.1b (10% miss). EBITDA too declined 11.7% YoY to INR2.8b (24% miss), with the margin contracting 180bp YoY to 10.2%. Other income came in higher than our estimate at INR397m. However, the tax rate stood at 34%...
Havells India Ltd. is trading below it's 50 day SMA of 684.71
Havells India Ltd.    
29 Jul 2019
673.10
0.57%

Havells - 1QFY20 Result Update

buy
Reliance Securities
Havells India Ltd. has an average target of 685.20 from 11 brokers.
Havells India Ltd.    
30 May 2019
673.10
0.57%
HDFC Securities
In FY19, Havells attained great success in its ECD segment (up 30% despite a base of 21% in FY18) which consistently led to revenue beat. However, EBITDA growth was challenged (14%). In FY20, we expect the co. to continue to scale its new launches, improve Lloyd's performance and benefit from higher B2B spend. We also expect segment margins to revive (FY17-FY18 band) resulting in robust EBITDA growth. We don't expect a re-rating in the stock (high implied valuation for ECD) and believe most near term positives are factored in the stock Havells 4Q performance was weak owing to extended winter and liquidity crunch in the trade. We believe the slowdown is short-lived (led by stable government, hot summer 2019 and recovery in trade liquidity) and Havells will resume its outperformance. We maintain our NEUTRAL stance as we believe most of the near-term positives are priced-in. We value at 36x on Mar-21 EPS, arriving at a TP of Rs 743.
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Number of FIIs/FPIs holding stock rose by 16 to 531 in Jun 2019 qtr.
Havells India Ltd.    
30 May 2019
673.10
0.57%
buy
Geojit BNP Paribas
We lower our earning estimates by 11% & 8% for FY20E & FY21E to factor in near impact on earnings. Despite this, we expect earnings to grow by 23% CAGR over FY19-21E. We roll forward to FY21E and value HAVL at 36x (historical average) given its high brand recall, strong retail presence and strong balance...
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Number of FIIs/FPIs holding stock rose by 16 to 531 in Jun 2019 qtr.