Havells India posted a disappointing Q1FY26, with revenue falling 6% YoY to ₹3,797 crore, primarily due to sharp declines in its ECD segment (-14%) and Lloyd consumer business (-34%). The company cited unseasonal rains and a shortened summer as key factors dampening consumer sentiment and sales.
However, the Cables & Wires (C&W) segment was a standout, rising 27% YoY with 21–22% volume growth, helping support margins amidst an otherwise weak quarter.
Nuvama believes the current softness is a short-term phenomenon, and expects Havells’ performance to recover over the medium term as inventory stabilises and demand revives. The brokerage has trimmed its FY26–28 EPS estimates by 3–5%, now 6–8% below consensus, but retains a ‘Buy’ rating with a revised target price of ₹1,820, down from ₹1,920 earlier.
“Despite near-term pressures, we foresee a revenue/EBITDA/PAT CAGR of 12%/18%/19% over FY26–28, driven by improving demand and product mix,” Nuvama said.
