Financials Havells India Limited

Equities

HAVELLS

INE176B01034

Electrical Components & Equipment

Market Closed - NSE India S.E. Other stock markets 05:19:41 18/07/2025 pm IST			5-day change	1st Jan Change
1,518.50 ^INR	-0.92%		-0.61%	-9.35%

20/06	Reliance & Havells Reportedly Enter PE Party to Snap Up Whirlpool	CI
17/06	Havells India Limited Approves Appointment of Abhinav Rai Gupta as Relative of Director	CI

Projected Income Statement: Havells India Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	1,04,279	1,38,885	1,68,684	1,85,499	2,17,458	2,46,244	2,82,164	3,16,394
Change	-	33.19%	21.46%	9.97%	17.23%	13.24%	14.59%	12.13%
EBITDA ¹	15,653	17,576	16,030	18,453	21,486	25,776	31,013	34,797
Change	-	12.29%	-8.8%	15.12%	16.44%	19.97%	20.32%	12.2%
EBIT ¹	13,164	14,968	13,068	15,068	17,499	21,337	26,166	29,450
Change	-	13.7%	-12.69%	15.3%	16.13%	21.94%	22.63%	12.55%
Interest Paid ¹	-726.4	-534.1	-336.2	-457.1	-432.4	-424.1	-395.6	-431.5
Earnings before Tax (EBT) ¹	14,316	16,038	14,502	17,098	20,091	24,258	29,227	32,194
Change	-	12.03%	-9.57%	17.9%	17.5%	20.74%	20.48%	10.15%
Net income ¹	10,396	11,947	10,750	12,732	14,888	17,881	21,692	24,376
Change	-	14.92%	-10.03%	18.44%	16.94%	20.1%	21.31%	12.37%
Announcement Date	20/05/21	04/05/22	03/05/23	30/04/24	22/04/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	14,791	24,518	31,658	33,312	25,982	32,210	36,522	44,170	42,301	36,689	41,197	48,496	48,237	38,912	44,006	54,343	57,981	45,330	48,825	65,322	58,367	51,229	56,841	75,010
Change	-	65.76%	29.13%	5.22%	-22%	23.97%	13.39%	20.94%	-4.23%	-13.27%	12.29%	17.72%	-0.53%	-19.33%	13.09%	23.49%	6.69%	-21.82%	7.71%	33.79%	-10.65%	-12.23%	10.95%	31.96%
EBITDA ¹	1,309	4,207	5,081	5,056	3,531	4,436	4,403	5,205	3,614	2,871	4,237	5,308	4,024	3,735	4,326	6,368	5,762	3,800	4,316	7,607	5,634	5,831	6,135	8,210
Change	-	221.47%	20.77%	-0.48%	-30.17%	25.64%	-0.74%	18.21%	-30.57%	-20.57%	47.61%	25.26%	-24.19%	-7.18%	15.83%	47.2%	-9.52%	-34.05%	13.58%	76.24%	-25.94%	3.5%	5.21%	33.82%
EBIT ¹	704.6	3,616	4,437	4,407	2,915	3,813	3,742	4,498	2,893	2,150	3,492	4,534	3,261	2,923	3,450	5,434	4,842	2,854	3,276	6,527	4,476	4,337	4,787	7,310
Change	-	413.18%	22.71%	-0.68%	-33.84%	30.79%	-1.87%	20.22%	-35.68%	-25.69%	62.41%	29.85%	-28.07%	-10.36%	18.01%	57.54%	-10.9%	-41.06%	14.77%	99.27%	-31.43%	-3.09%	10.37%	52.71%
Charge d'intérêts ¹	-167.2	-172.7	-151.5	-235	-109.5	-111.1	-123	-190.5	-97.6	-68.3	-72.8	-97.5	-84.7	-93.3	-102	-177.1	-85.5	-100.8	-93.9	-152.2	-100	-100	-100	-100
Earnings before Tax (EBT) ¹	859.5	4,236	4,677	4,544	3,148	4,034	4,106	4,749	3,266	2,515	3,818	4,904	3,823	3,354	3,907	6,014	5,527	3,681	3,822	7,062	5,161	5,431	5,735	7,730
Change	-	392.79%	10.43%	-2.85%	-30.72%	28.17%	1.78%	15.65%	-31.24%	-22.99%	51.81%	28.46%	-22.04%	-12.28%	16.5%	53.94%	-8.11%	-33.4%	3.83%	84.76%	-26.91%	5.23%	5.6%	34.79%
Net income ¹	633.4	3,249	3,491	3,023	2,343	3,016	3,059	3,530	2,424	1,869	2,839	3,617	2,874	2,491	2,879	4,489	4,112	2,726	2,828	5,223	3,868	4,063	4,289	5,782
Change	-	412.95%	7.46%	-13.42%	-22.49%	28.71%	1.45%	15.37%	-31.31%	-22.92%	51.95%	27.39%	-20.55%	-13.32%	15.56%	55.92%	-8.39%	-33.71%	3.75%	84.67%	-25.94%	5.04%	5.56%	34.81%
Announcement Date	27/07/20	29/10/20	20/01/21	20/05/21	21/07/21	20/10/21	20/01/22	04/05/22	20/07/22	19/10/22	19/01/23	03/05/23	20/07/23	19/10/23	23/01/24	30/04/24	18/07/24	17/10/24	16/01/25	22/04/25	-	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2022 S1	2023 S1
Net sales ¹	58,192	78,991
Change	-	35.74%
EBITDA ¹	-	6,485
Change	-	-
EBIT	-	-
Change	-	-
Charge d'intérêts	-	-
Earnings before Tax (EBT)	-	-
Change	-	-
Net income ¹	5,359	4,293
Change	-	-19.89%
Announcement Date	20/10/21	19/10/22

¹INR in Million

Estimates

Forecast Balance Sheet: Havells India Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-12,771	-21,403	18,619	-27,123	-30,340	-33,875	-40,677	-49,007
Change	-	-67.59%	186.99%	-245.67%	-11.86%	-11.65%	-20.08%	-20.48%
Announcement Date	20/05/21	04/05/22	03/05/23	30/04/24	22/04/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Havells India Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	2,499	2,583	5,878	7,860	7,526	9,445	8,925	7,969
Change	-	3.36%	127.57%	33.73%	-4.26%	25.5%	-5.5%	-10.71%
Free Cash Flow (FCF) ¹	4,080	14,861	-230.3	11,731	8,081	11,638	15,051	18,993
Change	-	264.2%	-101.55%	5,193.79%	-31.12%	44.02%	29.33%	26.19%
Announcement Date	20/05/21	04/05/22	03/05/23	30/04/24	22/04/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Havells India Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	15.01%	12.66%	9.5%	9.95%	9.88%	10.47%	10.99%	11%
EBIT Margin (%)	12.62%	10.78%	7.75%	8.12%	8.05%	8.66%	9.27%	9.31%
EBT Margin (%)	13.73%	11.55%	8.6%	9.22%	9.24%	9.85%	10.36%	10.18%
Net margin (%)	9.97%	8.6%	6.37%	6.86%	6.85%	7.26%	7.69%	7.7%
FCF margin (%)	3.91%	10.7%	-0.14%	6.32%	3.72%	4.73%	5.33%	6%
FCF / Net Income (%)	39.25%	124.39%	-2.14%	92.14%	54.27%	65.08%	69.39%	77.92%
Profitability
ROA	13.1%	12.36%	9.93%	10.81%	11.37%	12.3%	12.4%	-
ROE	21.96%	21.42%	17.06%	18.12%	18.88%	20.02%	21.48%	21.25%
Financial Health
Leverage (Debt/EBITDA)	-	-	1.16x	-	-	-	-	-
Debt / Free cash flow	-	-	-80.85x	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.4%	1.86%	3.48%	4.24%	3.46%	3.84%	3.16%	2.52%
CAPEX / EBITDA (%)	15.96%	14.69%	36.67%	42.6%	35.03%	36.64%	28.78%	22.9%
CAPEX / FCF (%)	61.24%	17.38%	-2,552.19%	67.01%	93.13%	81.15%	59.3%	41.96%
Items per share
Cash flow per share ¹	10.51	27.85	9.015	31.26	24.88	34.77	41.35	47.52
Change	-	165.01%	-67.63%	246.75%	-20.4%	39.71%	18.93%	14.93%
Dividend per Share ¹	6.5	7.5	7.5	9	10	11.86	14.24	15.58
Change	-	15.38%	0%	20%	11.11%	18.63%	20.06%	9.4%
Book Value Per Share ¹	82.5	95.62	105.6	118.7	132.9	150.3	170.9	192
Change	-	15.91%	10.42%	12.42%	11.96%	13.08%	13.7%	12.39%
EPS ¹	16.61	19.08	17.16	20.32	23.74	28.55	34.7	39.41
Change	-	14.87%	-10.06%	18.41%	16.83%	20.25%	21.54%	13.57%
Nbr of stocks (in thousands)	6,26,013	6,26,303	6,26,510	6,26,776	6,26,942	6,27,206	6,27,206	6,27,206
Announcement Date	20/05/21	04/05/22	03/05/23	30/04/24	22/04/25	-	-	-