Financials Havells India Limited

Equities

HAVELLS

INE176B01034

Electrical Components & Equipment

Delayed NSE India S.E. Other stock markets 02:12:29 09/02/2026 pm IST			5-day change	1st Jan Change
1,378.80 ^INR	+1.76%		+7.88%	-3.20%

06/02	India's Crompton Greaves posts profit fall as costs, labour law charge bite	RE
29/01	India's Voltas posts sharper-than-expected profit dip on weak cooling product earnings	RE

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	2,32,233	2,69,195	3,06,737
Change	-	33.19%	21.46%	9.97%	17.23%	6.79%	15.92%	13.95%
EBITDA ¹	15,653	17,576	16,030	18,453	21,486	22,811	28,558	33,225
Change	-	12.29%	-8.8%	15.12%	16.44%	6.17%	25.19%	16.34%
EBIT ¹	13,164	14,968	13,068	15,068	17,499	18,538	23,712	27,962
Change	-	13.7%	-12.69%	15.3%	16.13%	5.94%	27.91%	17.93%
Interest Paid ¹	-726.4	-534.1	-336.2	-457.1	-432.4	-404.8	-391.9	-409.9
Earnings before Tax (EBT) ¹	14,316	16,038	14,502	17,098	20,091	20,398	26,087	30,589
Change	-	12.03%	-9.57%	17.9%	17.5%	1.53%	27.89%	17.26%
Net income ¹	10,396	11,947	10,750	12,732	14,888	15,379	19,708	23,054
Change	-	14.92%	-10.03%	18.44%	16.94%	3.3%	28.14%	16.98%
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	2027 Q1
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	54,378	47,482	53,707	78,131	72,533
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%	-16.75%	-12.68%	13.11%	45.48%	-7.17%
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	5,199	4,731	4,984	8,773	8,136
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%	-31.66%	-9%	5.34%	76.02%	-7.26%
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	4,149	3,577	4,223	7,576	6,936
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%	-36.44%	-13.78%	18.07%	79.4%	-8.45%
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	-93.6	-90	-90	-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	4,746	4,227	4,435	7,763	-
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%	-32.8%	-10.94%	4.93%	75.04%	-
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	3,523	3,190	3,301	5,806	-
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%	-32.54%	-9.45%	3.46%	75.9%	-
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	21/07/25	-	-	-	-

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	-29,141	-35,235	-44,027
Change	-	-67.59%	186.99%	-245.67%	-11.86%	3.95%	-20.91%	-24.95%
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	13,215	10,053	9,175
Change	-	3.36%	127.57%	33.73%	-4.26%	75.6%	-23.92%	-8.73%
Free Cash Flow (FCF) ¹	4,080	14,861	-230.3	11,731	8,081	5,836	13,950	17,585
Change	-	264.2%	-101.55%	5,193.79%	-31.12%	-27.78%	139.06%	26.05%
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%	9.82%	10.61%	10.83%
EBIT Margin (%)	12.62%	10.78%	7.75%	8.12%	8.05%	7.98%	8.81%	9.12%
EBT Margin (%)	13.73%	11.55%	8.6%	9.22%	9.24%	8.78%	9.69%	9.97%
Net margin (%)	9.97%	8.6%	6.37%	6.86%	6.85%	6.62%	7.32%	7.52%
FCF margin (%)	3.91%	10.7%	-0.14%	6.32%	3.72%	2.51%	5.18%	5.73%
FCF / Net Income (%)	39.25%	124.39%	-2.14%	92.14%	54.27%	37.94%	70.79%	76.28%
Profitability
ROA	13.1%	12.36%	9.93%	10.81%	11.37%	11.02%	12.14%	12.08%
ROE	21.96%	21.42%	17.06%	18.12%	18.88%	17.43%	19.77%	20.55%
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%	5.69%	3.73%	2.99%
CAPEX / EBITDA (%)	15.96%	14.69%	36.67%	42.6%	35.03%	57.93%	35.2%	27.62%
CAPEX / FCF (%)	61.24%	17.38%	-2,552.19%	67.01%	93.13%	226.45%	72.06%	52.18%
Items per share
Cash flow per share ¹	10.51	27.85	9.015	31.26	24.88	31.09	38.6	44.61
Change	-	165.01%	-67.63%	246.75%	-20.4%	24.92%	24.16%	15.59%
Dividend per Share ¹	6.5	7.5	7.5	9	10	10.06	12.73	14.96
Change	-	15.38%	0%	20%	11.11%	0.58%	26.55%	17.58%
Book Value Per Share ¹	82.5	95.62	105.6	118.7	132.9	147.7	165.7	187.1
Change	-	15.91%	10.42%	12.42%	11.96%	11.12%	12.23%	12.87%
EPS ¹	16.61	19.08	17.16	20.32	23.74	24.57	31.31	36.63
Change	-	14.87%	-10.06%	18.41%	16.83%	3.51%	27.43%	16.96%
Nbr of stocks (in thousands)	6,26,013	6,26,303	6,26,510	6,26,776	6,26,942	6,27,257	6,27,257	6,27,257
Announcement Date	20/05/21	04/05/22	03/05/23	30/04/24	22/04/25	-	-	-