
Nomura has upgraded Havells India to a Buy from Neutral with a revised target price of ₹1,943, reflecting its optimistic outlook on the company’s growth prospects. The brokerage noted that demand tailwinds are firmly in place, supported by robust structural growth drivers in key segments such as cables, wires, and white goods. Havells’ diversified product portfolio and leadership position in the industry provide a solid foundation for sustained long-term growth.
Nomura expects Havells to sustain an EPS CAGR of 25% or more beyond FY27, driven by strong consumer demand and infrastructure development. The brokerage added that the company’s valuations are now attractive, given its consistent performance across its business verticals. Havells’ ability to tap into urban and rural markets alike and its emphasis on innovation and product expansion make it a compelling investment opportunity. Nomura also highlighted the company’s operational efficiency and market resilience in navigating challenges, which further solidifies its growth narrative.