Havells India delivered a strong Q4FY25 performance, posting a 20.2% YoY jump in revenue to ₹6,543 crore and a 15.7% rise in net profit to ₹517 crore. Earnings per share also improved to ₹8.26 from ₹7.13 YoY. The robust performance was driven by healthy growth in Lloyd and cables & wires segments, prompting a range of reactions from brokerages — spanning from ‘Neutral’ to ‘Buy’ — depending on the outlook for margins and demand recovery.
Morgan Stanley on Havells share price (Overweight | Target Price: ₹1,942)
Morgan Stanley maintained its Overweight stance, noting a 4% revenue beat led by Lloyd’s 40% YoY growth and a 20% YoY rise in emerging categories. EBIT margins outperformed expectations across all segments, especially in ECD, Lloyd, and others, while Switchgear, Lighting & Cables saw some decline. Revenue (ex-Lloyd) grew 14% YoY, with EBIT margins (ex-Lloyd) at 13.9%, still better than the 12.8% estimate.
Nomura on Havells share price (Buy | Target Price: ₹1,873)
Nomura reiterated a Buy call, stating that Q4 margins were ahead of estimates and highlighted demand tailwinds in Cables & Wires (C&W) and Lloyd. It expects 15-16% revenue growth (ex-Lloyd) over FY26-27 driven by operating leverage. The brokerage sees current valuations at 44x FY27F EPS as attractive considering the positive outlook.
JP Morgan on Havells share price (Neutral | Target Price: ₹1,700)
JP Morgan remains Neutral, saying the margin-led Q4 beat was slightly offset by a cautious near-term demand narrative. It noted better-than-expected revenue growth in Cables (+21%) and Lloyd (+39%). EBIT margin improvements in Switchgear (+750bps q/q), ECD (+120bps y/y) and Lloyd (+340bps y/y) were significant, though management stayed non-committal on medium-term guidance.
Jefferies on Havells share price (Hold | Target Price: ₹1,800)
Jefferies maintained a Hold, pointing to strong Q4 performance driven by C&W (+21%) and Lloyd (+40%), which boosted operating leverage and PAT. However, it warned of headwinds from urban inflation and commodity volatility. The high valuation — 60x FY26e PE, 30% above the 10-year average — also prompted caution.
CLSA on Havells share price (Outperform | Target Price: ₹1,915)
CLSA sees Havells as a solid performer, rating it Outperform. Q4 revenue/EBITDA growth stood at 20%, with Lloyd and C&W leading the way. The brokerage acknowledged strong primary offtake for Lloyd but highlighted weakness in secondary sales due to a delayed summer. It cut the target multiple to 55x (from 60x) due to rising competition in C&W.
Nuvama on Havells share price (Buy | Target Price: ₹1,890)
Nuvama is bullish, citing a strong all-round beat in Q4. Revenue rose 20% YoY, exceeding estimates by 16%, led by C&W (+21%) and Lloyd (+40%). EBIT margins improved by 230bps YoY, supported by performance in Switchgear and Lloyd. That said, it noted concern over secondary RAC sales, particularly in southern India during March and April.
Disclaimer: The above views are of the brokerages and not of the publication or author. Investors are advised to consult their financial advisors before making any investment decisions.
