UBS has reiterated its ‘Buy’ rating on Havells, assigning a target price of ₹2,145, indicating a potential upside of 36.8% from the current market price of ₹1,568.40.
The brokerage highlighted weaker B2C margins, reflecting slower consumer demand recovery. Additionally, potential pricing impacts could pose risks of earnings downgrades. Despite these challenges, UBS sees a positive outlook for KEI and Polycab, supported by a 250bps sequential margin improvement in the cables segment.
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