Quarter Ended: March 2026
Havells India Ltd – Q4 FY26 Results Analysis
NSE
havells
BSE
517354
Havells delivered strong profit growth sequentially driven by operating leverage and cost normalization, while maintaining steady revenue growth across segments.
key financial highlights
- Revenue from Operations:
- Total Income (Q4 FY26): ₹7,001.45 Crores
- QoQ Change: +24.35%
- YoY Change: +5.89%
- Previous Quarter (Q3 FY26): ₹5,630.59 Crores
- Previous Year (Q4 FY25): ₹6,612.28 Crores
- Total Income (Q4 FY26): ₹7,001.45 Crores
- Profit After Tax (PAT):
- PAT (Q4 FY26): ₹723.39 Crores
- QoQ Change: +141.09%
- YoY Change: +39.92%
- Previous Quarter (Q3 FY26): ₹300.05 Crores
- Previous Year (Q4 FY25): ₹517.00 Crores
- PAT (Q4 FY26): ₹723.39 Crores
- QoQ Performance
- Revenue Trend: Strong Growth
- Profit Trend: Sharp Growth
Margin Analysis
Key Drivers:
- Operating leverage kicking in due to revenue growth
- Controlled increase in expenses vs revenue
- Improvement across core segments
Key Signal: Clear margin expansion QoQ, indicating strong operational efficiency
Segment performance
Segment: Cables
- Revenue: ₹2,474 Crores
Insights:
- Largest contributor
- Stable growth driver
Segment: Lloyd Consumer
- Revenue: ₹1,520 Crores
Insights:
- Strong seasonal recovery
- Key driver of QoQ growth
Segment: Electrical Consumer Durables
- Revenue: ₹975 Crores
Insights:
- Stable demand
- Supports margin profile
Segment: Switchgears
- Revenue: ₹735 Crores
Insights:
- Consistent performer
- Stable margins
Segment insight
Havells operates a diversified electrical and consumer durable portfolio, with strong contribution from cables and Lloyd segment.
Characteristics:
- Multi-segment revenue streams
- Seasonal demand (especially Lloyd)
- Strong brand-driven business
Earning quality check
Drivers:
- Core operating growth
- No dependence on exceptional income
- Strong segment contribution
Interpretation:
- Earnings are high quality and operationally driven, supported by real business performance
balance sheet Analysis
- Total Assets: ₹14,746 Crores
- Total Liabilities: ₹5,277 Crores
Insight:
- Strong balance sheet with healthy equity base and controlled liabilities, supporting long-term growth
key risks
- Raw material price volatility
- Seasonal dependence (Lloyd segment)
- Competitive pressure in consumer durables
- Demand slowdown risk
management strategy signals
- Expansion in consumer durables
- Strengthening Lloyd brand
- Cost optimization
- Distribution expansion
Financial Metrics
| Particular | Q4 FY26 | Q.O.Q | Y.O.Y |
|---|---|---|---|
| Total Income | ₹7,001.45 Crores | +24.35% | +5.89% |
| PBT | ₹917.61 Crores | +125.13% | +30.91% |
| PAT | ₹723.39 Crores | +141.09% | +39.92% |
Havells delivered a strong quarterly performance, with sharp profit recovery and improving margins. Growth across segments, especially Lloyd, signals healthy demand recovery and operational strength.
Official Exchange Filing: Havells India Ltd Ltd
Quarterly Performance Context
FISCAL YEAR
2025-2026
AUDIT STATUS
REVIEWED