NSE: HAVELLS | BSE: 517354

Expensive Performer

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1485.20 -16.80 (-1.12%)

26.11% Fall from 52W High

819.1K NSE+BSE Volume

NSE 01 Oct, 2025 3:31 PM (IST)

93,113.4

Market Cap

Market Runner Up

0.9

Beta 1Year

Low volatility

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.

25 Oct 2019

1485.20

-1.12%

Havells India Ltd

Hold: Havells India Ltd.

Target

Karvy

Sluggish Demand and Competition Led to Underperformance Havells numbers were below our estimates with a meager growth of 1.8% YoY.

Havells India Ltd. has lost -25.73% in the last 1 Year

Havells India Ltd.

24 Oct 2019

1485.20

-1.12%

Havells India

Hold: Havells India Ltd.

ICICI Securities Limited

Demand weakness continues for Lloyd and industrial products Havells witnessed sluggishness in demand of industrial products categories led by a slowdown in private capex and real estate sector. In addition to this, a sharp price erosion in the LED panel and lighting business also aided muted topline growth for the company in Q2FY20. However, the management expects a better demand scenario in H2FY20 over H1FY20 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...

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

Havells India Ltd.

24 Oct 2019

1485.20

-1.12%

Q2FY20 Result Update

Sell: Havells India Ltd.

Target

Prabhudas Lilladhar

We cut HAVL's FY20 and FY21 EPS by 16.5% and 13.5% respectively given 1) Change in Estimates | Target | Reco slowdown in core portfolio growth due to deteriorating demand scenario in real estate, industrial & infrastructure segments and 2) poor visibility on...

Havells India Ltd. is trading below all available SMAs

Havells India Ltd.

24 Oct 2019

1485.20

-1.12%

Havells -2QFY20 Result Update

Hold: Havells India Ltd.

Target

Reliance Securities

Havells India has reported a dismal performance in 2QFY20, with revenue growing by mere 2% YoY to Rs22.3bn led by muted growth across segments except ECD segment (+20% YoY) and Cable & wires segment (+7% YoY). Lloyd revenue declined by 30% YoY due to lower sales in LED panels. The industry experienced aggressive competitive landscape in LED Panels leading to substantial decline in prices, while AC sales were flat during the quarter. Switchgear sales declined by 6% YoY and impacted by slowdown in construction and new projects. Demand has further deteriorated from real estate to industrial and infrastructure segments. Cable & wire revenue has increased by 7%. ECD delivered a strong performance despite tepid market...

Havells India Ltd. has lost -25.73% in the last 1 Year

Havells India Ltd.

20 Sep 2019

1485.20

-1.12%

Havells India Ltd. - Initiating Coverage - 20 September 2019

Buy: Havells India Ltd.

Way2Wealth

Way2Wealth Brokers Pvt. Ltd. (CIN U67120KA2000PTC027628) SEBI Rgn. No. : INH200002739. No. 14, Frontline Granduer, Walton Road, Bangalore-560001; Website: www.way2wealth.com Email: research@way2wealth.com...

Havells India Ltd. is trading below all available SMAs

Havells India Ltd.

09 Sep 2019

1485.20

-1.12%

Company Initiation

Sell: Havells India Ltd.

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...

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

Havells India Ltd.

09 Aug 2019

1485.20

-1.12%

Pick Of The Week - Havells India Ltd

Buy: Havells India Ltd.

Target

Edelweiss

Incorporated in 1983, HAVL is one of the largest and fastest growing manufacturers of electrical components and systems in India.

Havells India Ltd. has lost -25.73% in the last 1 Year

Havells India Ltd.

31 Jul 2019

1485.20

-1.12%

Havells India Ltd: Slower Growth Across Segments

Hold: Havells India Ltd.

Recommendation Target

Karvy

Havells in Q4 had a lower growth of 4.5% YoY due to subdued growth across segments with negative growth in Lloyd business. ECD segment had a strong growth of 23.7% YoY due to higher contribution from fans and water heaters.

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.

30 Jul 2019

1485.20

-1.12%

Havells India

Hold: Havells India Ltd.

Target

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...

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

Havells India Ltd.

29 Jul 2019

1485.20

-1.12%

Havells India (1QFY20): Fire resistant (not recession!). Maintain NEUTRAL

Neutral: Havells India Ltd.

Target

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.

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%

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