Havells India Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for HAVELLS, BSE:517354 Havells India Ltd.

Havells India Ltd.

27 Jul 2020

1505.20

-0.15%

Strong show, but cost-cutting measures unlikely to sustain

Neutral: Havells India Ltd.

Target

Motilal Oswal

27 July 2020 While revenue decline of 45% YoY was in line with our expectations, aggressive cost rationalization measures led to a strong beat in earnings. Employee costs were also lower by 27% YoY on account of certain voluntary actions, which should normalize from 2QFY21. As demand recovers, we expect the large part of these cost elements to scale back. However, the outlook remains hazy due to the local lockdowns; hence, the management appears cautious on extrapolating the June run-rate to the coming quarters. The results of peers suggest that with a demand level of 8085% v/s last year in July, Factoring cost savings in 1QFY21, we increase our FY21/FY22 EPS estimates by 14%/4%. The deterioration in working capital was disappointing, but this should normalize in the coming quarters. Maintain Revenue declined 45% to INR14.8b and was in line with our expectation.

Havells India Ltd. has lost -25.90% in the last 1 Year

Havells India Ltd.

29 Jun 2020, 12:00AM

1505.20

-0.15%

Havells India

Sell: Havells India Ltd.

Recommendation Target

Dolat Capital

It has expanded its dealer network to 11200 from 10500 last year, while also developing suppliers, sourcing 78% of its needs from local suppliers/MSME. They have bolstered their board strength with senior industry people like BP Rao, ex CMD, BHEL and SS Mundra, ex DY Governor, RBI as replacement to board members completing terms. Interestingly, employee strength fell 12%, from 6,536 to 5,781- the first time in 5 years, after a CAGR of 13% from FY16-19, as part of its delayering and cost rationalization. Further observation is that per employee cost (Emp...

ICICI Securities Limited released a Buy report for Havells India Ltd. with a price target of 1800.0 on 12 Sep, 2025.

Havells India Ltd.

28 May 2020, 12:00AM

1505.20

-0.15%

HAVELLS INDIA LTD

Accumulate: Havells India Ltd.

Recommendation Target

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. We downgrade HAVL to Accumulate from Buy on account earnings downgrade. However, we believe that current headwinds have been priced-in. We expect a gradual revival in demand starting from H2FY21E, as situation normalises....

Havells India Ltd. is trading below all available SMAs

Havells India Ltd.

14 May 2020

1505.20

-0.15%

Havells India

Buy: Havells India Ltd.

ICICI Securities Limited

The cable and lighting segment of the company reported a sharp decline in revenue by 24% and 31%, respectively, in Q4FY20. The company reported strong demand traction in January-February 2020 wherein Lloyd, ECD and switchgear businesses grew 45%, 23% and 15%, respectively. The lockdown situation in March dragged down overall revenue for Q4FY20. According to the management, had the lockdown not happened, the Q4 revenue could have grown 9% YoY (translates to ~| 800 crore of revenue loss in last 15 days of March 2020). We expect a gradual recovery in demand...

Havells India Ltd. is trading below all available SMAs

Havells India Ltd.

13 May 2020

1505.20

-0.15%

Q4FY20 Result Update - Long road to recovery - Reduce

Sell: Havells India Ltd.

Target

Prabhudas Lilladhar

Initial recovery in demand to be pull based rather than push based. We cut HAVL's FY21/FY22 EPS by 13% and 7% given Covid-19 led disruption in demand especially in summer season products (Room AC, Air coolers) and longer recovery cycle in industrial products (industrial cables & switchgears, professional luminaries). We expect demand for HAVL's consumer portfolio to bounce back faster led by ECD segment, however B2B segments will remain a near term drag. Slump in switchgears and cables is likely to get...

ICICI Securities Limited released a Buy report for Havells India Ltd. with a price target of 1800.0 on 12 Sep, 2025.

Havells India Ltd.

13 May 2020

1505.20

-0.15%

Cost rationalization efforts may bear fruit beyond COVID as well

Neutral: Havells India Ltd.

Target

Motilal Oswal

Lost sales on account of COVID-19 were higher than expected at INR8b (or 25% of 4QFY20), resulting in 13%/16% miss in revenue/adj. We have cut our FY21E/F22E earnings by 30%/13% as we have factored in (a) the likely lost sales in 1QFY21 as well as the weak primary sales in the UCP segment for FY21 until inventory normalizes, and (b) the weak industrial activity related sales in cables and wires and the switchgear segment. The company lost 25% sales due to the Excluding the COVID-19 crisis, 4QFY20 could have seen growth of 9% YoY. Industrial sales make up 20-22% of HAVLs revenue, the rest is consumer We have cut our FY21E/F22E earnings by 30%/13% as we have factored in (a) the likely lost sales in 1QFY21 as well as the weak primary sales in the UCP segment for FY21 until inventory normalizes, and (b) the weak industrial activity related sales in cables and wires and the switchgear segment.

Havells India Ltd. has lost -25.90% in the last 1 Year

Havells India Ltd.

15 Apr 2020

1505.20

-0.15%

HAVELLS INDIA LTD

Buy: Havells India Ltd.

Recommendation Target

Geojit BNP Paribas

Number of FII/FPI investors increased from 866 to 876 in Jun 2025 qtr.

Havells India Ltd.

30 Mar 2020

1505.20

-0.15%

Havells India

Buy: Havells India Ltd.

Recommendation Target

ICICI Securities Limited

Our interaction with managements and dealers indicates significant prebuying activity of consumer goods during January-February 2020 on fears of supply related issues from China. While companies have secured supplies to avoid any disturbance in sales in Q4FY20, demand was negatively impacted in March 2020 owing to holiday and post that lockdown across countries. We also believe a late recovery in demand for consumer goods will also impact Q1FY21 performance due to 1) shortage of workers (due to heavy migration), 2) shift in focus on essential goods compared to discretionary products and 3) streamlining of supply chain....

ICICI Securities Limited released a Buy report for Havells India Ltd. with a price target of 1800.0 on 12 Sep, 2025.

Havells India Ltd.

31 Jan 2020

1505.20

-0.15%

Crompton Consumer (3QFY20): Lighting dim, ECD shines. Maintain BUY

Buy: Havells India Ltd.

HDFC Securities

Crompton's performance has been luke-warm over the last 4-6 qtrs resulting in stock underperformance (de-rating). We believe both segments (ECD and lighting) need to fire together for the stock to re-rate (possible in FY20). Market share gains in fans, success in appliances, GTM benefits, cost savings program and acceleration in B-B lighting will be the key medium term drivers. Reasonable valuations along with structural long-term initiatives drives our BUY rating. Cromptons weak lighting show continued to overshadow strength in ECD. ECD posted 11% growth despite several macro headwinds (Havells posted flat). Market share gain in fans and strong volume growth for appliances led the growth. While, lighting remained a drag and posted 11% decline in revenues. Price erosion in LED and weak order flows from Govt/EESL continued to impact lighting despite healthy volume growth. We model weak revenue growth for lighting for two more quarters (price erosion happened in July19). Co is committed to invest distribution and branding to drive premiumisation and market share gain for fans and lighting. We cut EPS by 2% for FY20-22 to factor weak lighting show. Weak lighting show is also overshadowing valuation potential of ECD business. We value the co at 35x on Dec-21 EPS, arriving at a TP of Rs 333. Maintain BUY.

Number of FII/FPI investors increased from 866 to 876 in Jun 2025 qtr.

Havells India Ltd.

29 Jan 2020, 12:00AM

1505.20

-0.15%

HAVELLS INDIA LTD

Hold: Havells India Ltd.

Recommendation Target

Geojit BNP Paribas

We upgrade HAVL to Hold as we believe that near term demand headwinds as well as earnings downgrades have already been factored in stock price. Q3 Revenue declined by 10% YoY on account of weak macros, tight liquidity situations, slowdown in infrastructure spending and muted consumer sentiments impacted overall demand scenario. EBITDA margin was stable at 11.8% due to cost rationalisation. PAT grew by modest 2.4% YoY supported by tax cut. We lower our EPS estimates by 9.2% & 8.6% for FY20E & FY21E, as we factor the impact of Q3 on our estimates....

ICICI Securities Limited released a Buy report for Havells India Ltd. with a price target of 1800.0 on 12 Sep, 2025.

Is Havells India Ltd. worth buying?

411 Votes:

Buy 73.24%

Sell 17.27%

Hold 9.49%

RESEARCH REPORTS

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