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Havells India Limited Q2 FY27 earnings call summary

NSE: HAVELLS · BSE: 517354

Earnings call of 22 Oct 2026, summarised by AI from the filing.

Havells Q2 FY27 revenue grew 35% year-on-year, with EBITDA up approximately 30% and switchgear margins returning to 38%-39%.

Key takeaways

  1. Revenue growth Revenue grew 35% year-on-year in Q2 FY27, with every category growing, including cables, switchgear and renewables.
  2. Cables margin Cables contribution margin fell on lower aluminium prices against a strong base; H1 was approximately 15%.
  3. Raw material risk Sharp raw material cost increases and elevated commodity prices remain the main pressure on margins.

Original filing on BSE

Havells India Limited Q2 FY27 results

As filed: Revenue ₹6,432 cr (+35% year on year), EBITDA ₹573 cr (+31% year on year), PAT ₹349 cr (+10% year on year), EBITDA margin 8.9% (−27 bps).

The Q2 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q1 FY27: Revenue ₹6,518 cr (+19% year on year), EBITDA ₹466 cr (−10% year on year), PAT ₹290 cr (−17% year on year), EBITDA margin 7.2% (−231 bps). Score 37 of 100, Below trend. Revenue growth was above the company's own trend; EBITDA and profit growth were well below it. EBITDA margin fell 231 bps year on year. Profit fell 60% from last quarter. Share price after the results: +9.3% in 28 days (Nifty 500: +1.1%).
  • Q4 FY26: Revenue ₹6,705 cr (+2% year on year), EBITDA ₹729 cr (−4% year on year), PAT ₹723 cr (+40% year on year), EBITDA margin 10.9% (−69 bps). Score 34 of 100, Below trend. Revenue and EBITDA growth were well below the company's own trend; profit growth was well above it. EBITDA margin fell 69 bps year on year. Other income 33% of PBT. Profit rose ₹206 cr on a year ago, more than the ₹70.0 cr it added the year before. Share price after the results: −11.0% in 30 days (Nifty 500: −1.5%).
  • Q3 FY26: Revenue ₹5,588 cr (+14% year on year), EBITDA ₹516 cr (+21% year on year), PAT ₹300 cr (+17% year on year), EBITDA margin 9.2% (+52 bps). Score 65 of 100, Above trend. Revenue, EBITDA and profit before exceptional items growth were above the company's own trend. EBITDA margin rose 52 bps year on year. Revenue rose ₹699 cr on a year ago, more than the ₹475 cr it added the year before. Share price after the results: −0.8% in 30 days (Nifty 500: +1.2%).
  • Q2 FY26: Revenue ₹4,779 cr (+5% year on year), EBITDA ₹439 cr (+17% year on year), PAT ₹318 cr (+19% year on year), EBITDA margin 9.2% (+92 bps). Score 53 of 100, In line with trend. Revenue growth was below the company's own trend; EBITDA and profit growth were above it. EBITDA margin rose 92 bps year on year. Revenue fell 12% from last quarter. Share price after the results: −1.5% in 28 days (Nifty 500: +1.0%).
  • Q1 FY26: Revenue ₹5,455 cr (−6% year on year), EBITDA ₹516 cr (−10% year on year), PAT ₹348 cr (−15% year on year), EBITDA margin 9.5% (−41 bps). Score 17 of 100, Below trend. Revenue, EBITDA and profit growth were well below the company's own trend. EBITDA margin fell 41 bps year on year. Revenue fell 17% from last quarter. Revenue rose ₹-351.0 cr on a year ago, against ₹972 cr the year before. Share price after the results: +2.4% in 30 days (Nifty 500: −1.0%).
  • Q4 FY25: Revenue ₹6,544 cr (+20% year on year), EBITDA ₹757 cr (+19% year on year), PAT ₹517 cr (+16% year on year), EBITDA margin 11.6% (−8 bps). Score 72 of 100, Above trend. Revenue growth was well above the company's own trend; EBITDA growth was above it; profit growth was in line with it. EBITDA margin was flat year on year. Revenue grew on the previous quarter, against its usual seasonal pattern. Revenue rose ₹1,102 cr on a year ago, more than the ₹583 cr it added the year before. Share price after the results: −2.3% in 30 days (Nifty 500: +6.9%).
  • Q3 FY25: Revenue ₹4,889 cr (+11% year on year), EBITDA ₹426 cr (−2% year on year), PAT ₹278 cr (−3% year on year), EBITDA margin 8.7% (−110 bps). Score 30 of 100, Below trend. Revenue and EBITDA growth were below the company's own trend; profit growth was well below it. EBITDA margin fell 110 bps year on year.

Past price moves after results do not indicate future moves. Not a recommendation.

Havells India Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.