Havells India reported a strong beat on the bottom line for Q4 FY26, with consolidated net profit surging 39.8% year-on-year to ₹723.39 crore against the year-ago figure of ₹517 crore — significantly ahead of the ₹470 crore estimate — as revenue from operations grew 2.5% to ₹6,705.20 crore from ₹6,543.56 crore in Q4 FY25. The results were for the quarter and year ended March 31, 2026.
Q4 FY26 Consolidated Financials
Revenue from operations for Q4 FY26 came in at ₹6,705.20 crore, up from ₹6,543.56 crore in Q4 FY25 — a 2.5% year-on-year increase and a sharp 19.9% sequential jump from ₹5,587.89 crore in Q3 FY26, reflecting a strong seasonal Q4 recovery across Havells’ diversified portfolio. Total income including other income stood at ₹7,001.45 crore.
EBITDA for Q4 FY26 came in at ₹730 crore against ₹757 crore in Q4 FY25, with EBITDA margin at 10.9% — down 67 basis points year-on-year from 11.57%, reflecting cost pressures in raw materials and operating expenses even as the top line grew. Raw material and component costs for the quarter were ₹3,548.54 crore against ₹3,494.01 crore year-on-year. Employee benefit expenses rose to ₹509.84 crore from ₹474.46 crore.
Profit before tax for Q4 FY26 was ₹917.61 crore against ₹700.89 crore year-on-year, with total tax expense of ₹194.22 crore producing the net profit of ₹723.39 crore. The sharp profit growth relative to the modest revenue growth reflects operating leverage and a significant improvement in other income — ₹296.25 crore in Q4 FY26 versus ₹68.72 crore in Q4 FY25 — which contributed meaningfully to the bottom line beat.
Full Year FY26 Performance
For the full year ended March 31, 2026, Havells reported revenue from operations of ₹22,527.77 crore against ₹21,778.06 crore in FY25 — a 3.4% growth. Full year net profit stood at ₹1,689.25 crore against ₹1,470.24 crore in FY25, a 14.9% improvement. Profit before tax for FY26 was ₹2,209.57 crore against ₹1,990.49 crore in FY25.
Segment Performance — Q4 FY26
The segment revenue breakdown for Q4 FY26 reveals the breadth of Havells’ portfolio recovery. Cables was the largest revenue contributor at ₹2,474.13 crore, up sharply from ₹2,169.37 crore year-on-year — a 14% YoY increase driven by infrastructure demand and real estate activity. Lloyd Consumer — Havells’ consumer appliances and air conditioner brand — contributed ₹1,520.50 crore against ₹1,873.55 crore year-on-year, a significant decline that reflects the challenging consumer appliance environment and the Lloyd segment’s ongoing margin pressure.
Switchgears contributed ₹735.92 crore against ₹691.83 crore YoY, Electrical Consumer Durables ₹975.61 crore against ₹997.26 crore, and Lighting and Fixtures ₹448.72 crore against ₹441.72 crore.
On profitability by segment, Switchgears delivered ₹170.77 crore in segment profit, Cables ₹351.37 crore and Electrical Consumer Durables ₹100.30 crore. Lloyd Consumer, however, reported a segment loss of ₹27.16 crore in Q4 FY26 — an improvement from the ₹60.37 crore loss in Q3 FY26 but still a negative contributor, reflecting the competitive pressure in the RAC and appliance market and the operational investments being made in the brand.
The Lloyd Story — Still the Key Monitorable
Lloyd Consumer’s segment loss of ₹27.16 crore in Q4 FY26 and a full-year loss of ₹214.42 crore against a profit of ₹117.52 crore in FY25 is the segment result that will dominate analyst discussions on the results call. Lloyd’s revenue decline from ₹1,873.55 crore in Q4 FY25 to ₹1,520.50 crore in Q4 FY26 — a 18.9% fall — in the quarter when air conditioner pre-season buying should be at its strongest is a data point that requires management explanation on the question of market share, pricing strategy and the competitive landscape against Voltas, Blue Star and Korean brands.
The full-year Lloyd loss of ₹214.42 crore is a swing of over ₹330 crore from FY25’s profit — a significant deterioration that the strong headline profit beat should not obscure.
Balance Sheet Context
Total assets stood at ₹14,746.25 crore as of March 31, 2026, against ₹13,809.41 crore a year earlier — a healthy expansion driven by growth across segment assets. The Cables segment holds ₹2,848.54 crore in assets, Lloyd Consumer ₹4,488.03 crore reflecting the investment in the brand’s manufacturing and distribution infrastructure. Total liabilities stood at ₹5,277.58 crore, reflecting the company’s continued conservative balance sheet management with finance costs at just ₹9.87 crore for the quarter.
Beat vs Estimate — The Headlines
The headline beat is significant. Net profit of ₹723 crore against an estimate of ₹470 crore is a 53.8% beat on the bottom line — one of the largest estimate beats among large-cap consumer electricals companies this quarter. The beat is partly structural — operating leverage and other income contribution — and partly a function of estimates that may have been set conservatively given the Lloyd drag.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers are advised to consult a SEBI-registered financial advisor before making investment decisions.