CLSA has maintained an Outperform rating on Havells India, setting a target price of ₹1,915, indicating a potential upside of over 25% from the current market price of ₹1,533.00.
The company’s Q1FY26 performance fell short of expectations, as both revenue and EBITDA declined amid weaker-than-expected summer demand. Revenue dipped 6% YoY, and EBITDA was down 10% YoY, weighed down by lower sales and higher employee and other expenses.
Segment-wise, Lloyd and ECD (fans and air coolers) saw pressure, while the cables & wires and switchgears divisions delivered strong growth, helping partially offset the shortfall.
Despite the Q1 miss, CLSA remains optimistic, citing management’s confidence in a second-half recovery, driven by festive season demand, rural expansion, and sustained infrastructure momentum.
Disclaimer: This article is based on brokerage research and is not a recommendation to buy or sell any securities. Investors should consult certified financial advisors before making investment decisions.
