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.

24 Jan 2020

1504.30

-0.06%

Havells India Ltd. - Result Update - 24 January 2020

Buy: Havells India Ltd.

Target

Way2Wealth

Havells India Ltd (HAVELLS) topline declined ~10% YoY and grew ~2% QoQ to `22,733mn due to decline in demand across geographies, sectoral liquidity challenges and slowdown in infra segment impacting industrial cables, professional lighting and industrial switchgear sales. ECD segment grew ~1% YoY and ~6% QoQ with gain in market share. Sequentially Lloyds and ECD...

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.

23 Jan 2020

1504.30

-0.06%

Havells India

Hold: Havells India Ltd.

Target

ICICI Securities Limited

The company witnessed sluggishness in demand for industrial products (such as power cable and industrial switchgear category) led by a slowdown in government offtake. In addition to this, a sharp price erosion in the LED panel and lighting business also aided muted topline growth for the company in Q3FY20. However, the management expects a better demand scenario in Q4FY20 led by a revival in consumer sentiments with a recovery in demand of Lloyd's air conditioner business. Also, dealer addition in rural India coupled with stabilisation of new air conditioner plants and launch of...

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

Havells India Ltd.

22 Jan 2020

1504.30

-0.06%

Havells India (3QFY20): Worst is now behind. Maintain BUY

Buy: Havells India Ltd.

Target

HDFC Securities

Havells has consistently gained market share in most of its categories even during a challenging environment. Core business will recover with improvement in demand trend and expected relief in liquidity in trade channels. Favourable base over the next 4 quarters (10% decline in EBITDA) will lead into an earnings upcycle. We expect margins to recover faster than volume growth. Amidst slowdown, management plans to tighten the belt on non-essential costs. We see enough levers for margins to mean revert. We recently (2QFY20) upgraded stock to BUY post seeing 16% fall in stock price. We expect worst is behind for Havells and healthy performance will re-rate the stock. Havells reported another let down. Co has been challenged by (1) Slowdown (real estate, industrial and govt projects), (2) Liquidity issue leading to low trade inventory and (3) WIP in Lloyd. We believe earnings upcycle will begin from 4QFY20 onwards led by favourable base, channel filling opportunity and gradual recovery in demand. We cut our EPS by ~6% for FY20-22 to factor slower recovery. We value Havells at 36x on Dec-21 EPS, our TP is of Rs 710. Maintain BUY.

Havells India Ltd. has an average target of 1693.00 from 7 brokers.

Havells India Ltd.

22 Jan 2020

1504.30

-0.06%

Revenues disappoint; cost rationalization supports margins

Neutral: Havells India Ltd.

Target

Motilal Oswal

22 January 2019 Havells weak operating performance in 3QFY20, led by 10% overall revenue decline, has led to the third consecutive quarter of cut in earnings estimates. While the base is favorable, Havells should regain double-digit growth in FY21, if improvement in the liquidity scenario for overall consumption revival is supportive. Overall, revenues declined 9.9% YoY to INR22.7b (v/s 14% below est.). Revenue miss was largely due to weakness in Havells core portfolio (i.e. ex- Lloyd business), which declined 9%. This can be attributable to (a) weak consumer sentiment, (b) economic slowdown, (c) weak industrial demand due to muted capex, (d) dealer de-stocking on liquidity crunch, and (e) high base of last year (3QFY19 revenue growth was 29% in core portfolio). Lloyds revenue was down 15.9% YoY to INR3b. In the AC business, the company has witnessed low double-digit growth, a key positive after dull performance in the last summer season.

Havells India Ltd. has lost -25.94% in the last 1 Year

Havells India Ltd.

22 Jan 2020

1504.30

-0.06%

Havells - 3QFY20 Result Update

Hold: Havells India Ltd.

Target

Reliance Securities

Havells India (HAVL) has reported a dismal performance in 3QFY20, with revenue declining by 10% YoY to Rs22.7bn owing to lower revenue across segments led by slowdown especially in B2B segment. Switchgear revenue fell by 6% YoY due to slowdown in industrials switchgear owing to sluggish infra and govt-driven projects. Revenue from Cable & Wire segment declined by 13% YoY due to lower realisation in power cables and low single-digit growth in domestic wires business. Lloyd revenue fell by 16% YoY due to disruption in LED TV business. ECD segment also disappointed with flat sales, which has been supporting the growth since several quarters. EBITDA margin remained flat on YoY basis at 11.8% due to lower share of...

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.

16 Dec 2019

1504.30

-0.06%

Higher import cost drags earnings growth

Strategy Note: Havells India Ltd.

Motilal Oswal

16 December 2019 While HAVL's revenue growth was margin contracted 100bp to 11.9% as RM cost increased by 140bp (to 62.4% of revenue) due to higher import cost for Lloyd (margin shrank 270bp to 5.3% as it had to import products from China in the absence of a manufacturing facility). Ex-Lloyd EBITDA margin was down by a lesser 50bp at 13.4%. to unallocated expenses, which increased to INR12.4b (12% of credit period on imports. Receivables discounting/channel financing availed were flattish at INR12.8b, 76% of adjusted receivable discounting, the cash conversion cycle stood at 72 INR11.0b), mainly on account of high working capital requirement (increase of INR4.8b v/s decline of INR2.7b in FY18). Higher capital expenditure at INR5.0b, mainly for construction of Lloyd's AC manufacturing plant (INR3.

Havells India Ltd. has lost -25.94% in the last 1 Year

Havells India Ltd.

29 Oct 2019, 12:00AM

1504.30

-0.06%

Havells India Ltd. - Result Update - 29 October 2019

Buy: Havells India Ltd.

Way2Wealth

Havells India Ltd (HAVELLS) reported muted growth of ~2% YoY and declined ~18% QoQ to `22,327mn due to sluggishness in demand primarily from Real estate, Industrial and Infra segment. ECD segment grew ~15% YoY with gain in market share. Lloyds and LED performance were the...

Havells India Ltd. is trading below all available SMAs

Havells India Ltd.

29 Oct 2019, 12:00AM

1504.30

-0.06%

HAVELLS INDIA LTD

Sell: Havells India Ltd.

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. Revenue grew by modest 2% YoY, which was below expectation. EBITDA margins declined by 150bps on account of weak product mix, margin erosion in Lloyd business and higher cost. But supported by tax cut PAT growth was flat YoY. Demand situation continues to be weak on account of tight liquidity scenario and slowdown in real estate business....

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

Havells India Ltd.

25 Oct 2019

1504.30

-0.06%

Havells India (2QFY20): Worst is now behind. Maintain BUY

Buy: Havells India Ltd.

Recommendation Target

HDFC Securities

Havells has gained market share in most of its categories even during a challenging environment. We believe co's performance will bounce back with a recovery in macros. Lloyd will remain a WIP in FY20 with a recovery expected from summer-20. Amidst slowdown, management plans to tighten the belt on non-essential costs. We expect EBITDA margins to recover faster than volume growth. We see enough levers for margins to mean revert in the coming quarters. We recently upgraded (in 2Q preview) Havells to BUY (at CMP Rs 656) as risk/reward was favorable. Stock is down by 16% in the last 6-months, we believe weak performance is largely priced-in. Havells reported another let down. Co has been challenged by slowdown (real estate, industrial and govt projects) and impact from rejigging Lloyds strategy. We believe earnings growth trajectory has bottomed out and expect partial recovery in 2HFY20 and full recovery from 1QFY21 onwards. We cut our EPS by 9/4/4% in FY20/21/22 and value Havells at 36x on Sep-21E EPS, with of TP of Rs 739. Maintain BUY.

Havells India Ltd. is trading below all available SMAs

Havells India Ltd.

25 Oct 2019

1504.30

-0.06%

All-round disappointment; economic slowdown taking toll

Neutral: Havells India Ltd.

Target

Motilal Oswal

25 October 2019 Havells (HAVL) disappointed on revenue growth for the third consecutive quarter in 2QFY20. Revenue growth was muted at 1.8% YoY (6% miss). While the gross margin expanded by 80bp YoY, the EBITDA margin shrank 150bp YoY to 10.5% on account of lower absorption of overheads. PBT was down 19% YoY to INR2.1b (22% miss). On account of a lower tax rate of 11.6%, PAT came in at INR1.8b (+1.5% YoY). Revenue grew 3.2% YoY, while EBITDA fell 11.3% YoY to INR5.1b.

Havells India Ltd. has an average target of 1693.00 from 7 brokers.

Is Havells India Ltd. worth buying?

411 Votes:

Buy 73.24%

Sell 17.27%

Hold 9.49%

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