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.

14 May 2020

1582.80

0.55%

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...

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

Havells India Ltd.

13 May 2020

1582.80

0.55%

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 an average target of 1693.00 from 7 brokers.

Havells India Ltd.

13 May 2020

1582.80

0.55%

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...

Havells India Ltd. is trading above all available SMAs

Havells India Ltd.

15 Apr 2020

1582.80

0.55%

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

1582.80

0.55%

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....

Havells India Ltd. is trading above all available SMAs

Havells India Ltd.

31 Jan 2020

1582.80

0.55%

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.

Havells India Ltd. is trading above all available SMAs

Havells India Ltd.

29 Jan 2020

1582.80

0.55%

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....

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

Havells India Ltd.

24 Jan 2020

1582.80

0.55%

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...

Havells India Ltd. is trading above all available SMAs

Havells India Ltd.

23 Jan 2020

1582.80

0.55%

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

1582.80

0.55%

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.

Is Havells India Ltd. worth buying?

410 Votes:

Buy 73.17%

Sell 17.32%

Hold 9.51%

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