JP Morgan has reiterated its ‘Neutral’ rating on Havells with a target price of ₹1,750, suggesting an 11.6% upside from the current market price of ₹1,568.40.
The brokerage noted earnings came in below expectations due to margin pressure. Cables and wires growth remained muted, impacted by channel destocking amid copper price softness. However, the electrical consumer durables (ECD) segment grew 15% YoY, driven by festive demand, while switchgears revenue rose 11% YoY, supported by strong real estate and project business traction. The industrial segment showed muted performance.
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