Summary of quarterly results filing for Havells India Ltd published on 17 Oct, 2025
Below is a structured extraction and summary of the relevant and actionable financial information from Havells India Limited’s Limited Reviewed Un-Audited Standalone and Consolidated Financial Results for the Q2 and H1 FY26 (quarter ended 30 Sep 2025), as submitted on 17th October 2025.
1. Auditor’s Note
- Type: Limited Review Report by Price Waterhouse & Co Chartered Accountants LLP.
- Opinion: Unmodified (clean) report.
- Key points:
- No qualifications, concerns, or issues noted.
- The review was conducted as per applicable Indian Accounting Standards and SEBI regulations.
- Interim financial information of some subsidiaries and associate included but not reviewed by their auditors; considered not material.
- Conclusion: Auditor’s note is standard boilerplate with no qualifications or concerns.
2. Financial Performance
Periods Covered:
- Latest quarter: Q2 FY26 (Jul-Sep 2025)
- Immediately preceding quarter: Q1 FY26 (Apr-Jun 2025)
- Same quarter previous year: Q2 FY25 (Jul-Sep 2024)
- Half year ended Sep 30, 2025 (H1 FY26)
- Half year ended Sep 30, 2024 (H1 FY25)
- Full financial year ended Mar 31, 2025 (FY25)
A. Standalone Financials (₹ Crores)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) |
|---|---|---|---|---|---|---|
| Revenue from operations | 4,766.63 | 5,437.81 | 4,532.99 | 10,204.44 | 10,331.10 | 21,745.81 |
| Other Income | 86.26 | 69.06 | 92.76 | 155.32 | 169.79 | 302.47 |
| Total Income | 4,852.89 | 5,506.87 | 4,625.75 | 10,359.76 | 10,500.89 | 22,048.28 |
| Total Expenses | 4,439.10 | 5,032.31 | 4,257.67 | 9,471.41 | 9,580.14 | 20,039.19 |
| Profit before Tax | 413.79 | 474.56 | 368.08 | 888.35 | 920.75 | 2,009.09 |
| Income Tax Expense | 96.31 | 122.22 | 95.49 | 218.53 | 236.98 | 520.25 |
| Net Profit | 317.48 | 352.34 | 272.59 | 669.82 | 683.77 | 1,488.84 |
| Other Comprehensive Income (net of tax) | (1.12) | (1.13) | (1.34) | (2.25) | (2.67) | (22.36) |
| Total Comprehensive Income | 316.36 | 351.21 | 271.25 | 667.57 | 681.10 | 1,466.48 |
| EPS (Basic & Diluted, Rs.) | 5.06 | 5.62 | 4.35 | 10.68 | 10.91 | 23.75 |
Margins (Standalone Q2 FY26):
- EBITDA proxy (Profit before tax + Finance cost + Depreciation):
PBT 413.79 + Finance cost 9.14 + Depreciation 105.09 = 528.02 crores - EBITDA Margin = 528.02 / 4,766.63 = ~11.08%
- Net Profit Margin = 317.48 / 4,766.63 = ~6.66%
B. Consolidated Financials (₹ Crores)
| Particulars | Q2 FY26 (Sep 30, 2025) | Q1 FY26 (Jun 30, 2025) | Q2 FY25 (Sep 30, 2024) | H1 FY26 (Apr-Sep 2025) | H1 FY25 (Apr-Sep 2024) | FY25 (Apr 24-Mar 25) |
|---|---|---|---|---|---|---|
| Revenue from operations | 4,779.33 | 5,455.35 | 4,539.31 | 10,234.68 | 10,345.52 | 21,778.06 |
| Other Income | 86.26 | 69.18 | 92.89 | 155.44 | 170.22 | 303.27 |
| Total Income | 4,865.59 | 5,524.53 | 4,632.20 | 10,390.12 | 10,515.74 | 22,081.33 |
| Total Expenses | 4,455.82 | 5,054.78 | 4,268.94 | 9,510.60 | 9,603.48 | 20,090.84 |
| Profit before share of profit of equity method and tax | 409.77 | 469.75 | 363.26 | 878.52 | 912.26 | 1,990.49 |
| Share of profit of equity method | 4.82 | - | - | 4.82 | - | - |
| Profit before tax | 414.59 | 469.75 | 363.26 | 884.34 | 912.26 | 1,990.49 |
| Income Tax Expense | 96.31 | 122.22 | 95.49 | 218.53 | 236.98 | 520.25 |
| Net Profit | 318.28 | 347.53 | 267.77 | 665.81 | 675.28 | 1,470.24 |
| Other Comprehensive Income (net of tax) | 1.40 | (2.02) | (0.97) | (0.62) | (2.38) | (21.11) |
| Total Comprehensive Income | 319.68 | 345.51 | 266.80 | 665.19 | 672.90 | 1,449.13 |
| EPS (Basic, Rs.) | 5.09 | 5.55 | 4.28 | 10.64 | 10.79 | 23.48 |
Margins (Consolidated Q2 FY26):
- EBITDA proxy = PBT 414.59 + Finance cost 9.14 + Depreciation 105.78 = 529.51 crores
- EBITDA Margin = 529.51 / 4,779.33 = ~11.08%
- Net Profit Margin = 318.28 / 4,779.33 = ~6.66%
3. Detailed Notes / Management Commentary
- Accounting Standards: Results prepared as per Indian Accounting Standards (Ind-AS).
- Audit: Limited review done; unmodified report issued.
- Strategic Investment:
- Rs. 600 crores invested in Goldi Solar Private Limited (associate) in Q1 FY26 to accelerate renewable energy growth.
- Asset Sale:
- Profit of Rs. 45.27 crores recognized as other income in Q2 FY26 from sale of land and building at Faridabad switchgears facility (relocated to Sahibabad).
- Segment-wise Commentary:
- Lloyd Consumer segment reported losses in Q2 FY26 and Q1 FY26 (standalone and consolidated), indicating ongoing challenges.
- No changes in accounting policies or material adjustments reported.
4. Segment Information (Standalone and Consolidated)
Revenue by Segment (₹ Crores)
| Segment | Q2 FY26 | Q1 FY26 | Q2 FY25 | H1 FY26 | H1 FY25 | FY25 |
|---|---|---|---|---|---|---|
| Switchgears | 595.42 | 629.57 | 551.25 | 1,224.99 | 1,127.10 | 2,395.34 |
| Cables | 2,028.23 | 1,933.22 | 1,805.15 | 3,961.45 | 3,326.39 | 7,183.63 |
| Lighting & Fixtures | 419.82 | 373.54 | 390.91 | 793.36 | 776.51 | 1,653.17 |
| Electrical Consumer Durables | 841.38 | 905.92 | 856.40 | 1,747.30 | 1,911.26 | 4,011.46 |
| Lloyd Consumer | 478.63 | 1,261.85 | 587.44 | 1,740.48 | 2,511.55 | 5,123.28 |
| Others | 403.15 | 333.71 | 341.84 | 736.86 | 678.29 | 1,378.93 |
| Total Revenue | 4,766.63 | 5,437.81 | 4,532.99 | 10,204.44 | 10,331.10 | 21,745.81 |
Segment Profit Before Tax (Standalone)
| Segment | Q2 FY26 | Q1 FY26 | Q2 FY25 | H1 FY26 | H1 FY25 | FY25 |
|---|---|---|---|---|---|---|
| Switchgears | 132.80 | 147.50 | 114.96 | 280.30 | 256.88 | 539.28 |
| Cables | 278.22 | 242.63 | 154.81 | 520.85 | 325.90 | 771.50 |
| Lighting & Fixtures | 56.52 | 46.19 | 50.52 | 102.71 | 113.53 | 253.68 |
| Electrical Consumer Durables | 47.59 | 78.94 | 64.29 | 126.53 | 179.00 | 399.39 |
| Lloyd Consumer | (98.85) | (19.71) | (22.36) | (118.56) | 45.03 | 130.75 |
| Others | 6.91 | 16.17 | 6.55 | 23.08 | 17.55 | 25.19 |
| Total Segment Profit | 423.19 | 511.72 | 368.77 | 934.91 | 937.89 | 2,119.79 |
- Lloyd Consumer segment is a drag on profitability with losses in recent quarters.
- Cables and Switchgears segments show strong profit growth YoY and QoQ.
5. Capex, Projects, and Corporate Activity
- Capex:
- Capital Work in Progress increased from Rs. 116.47 crores (Mar 31, 2025) to Rs. 474.67 crores (Sep 30, 2025) standalone, indicating significant ongoing capital expenditure.
- Cash flow statement shows Rs. 696.79 crores spent on property, plant, equipment, and intangible assets in H1 FY26 (vs Rs. 354 crores in H1 FY25).
- Investment:
- Rs. 600 crores invested in Goldi Solar Private Limited (associate) in Q1 FY26.
- Asset Sale:
- Sale of Faridabad plant land and building generated Rs. 45.27 crores profit recognized as other income in Q2 FY26.
- No reported writedowns, impairments, or restructuring charges beyond normal provisions.
6. Standalone vs Consolidated
- Both standalone and consolidated results are provided.
- Consolidated results include subsidiaries and associate (Goldi Solar).
- Consolidated revenue and profit figures are marginally higher than standalone, reflecting group operations.
- Consolidated net profit Q2 FY26: Rs. 318.28 crores vs standalone Rs. 317.48 crores (close alignment).
- Consolidated EPS (Basic) Q2 FY26: Rs. 5.09 vs standalone Rs. 5.06.
Additional Key Points
- Balance Sheet Highlights (Standalone vs Consolidated as of Sep 30, 2025):
| Particulars | Standalone (₹ Cr) | Consolidated (₹ Cr) |
|---|---|---|
| Total Assets | 13,610.87 | 13,647.00 |
| Equity | 8,676.71 | 8,687.49 |
| Non-current liabilities | 648.18 | 658.84 |
| Current liabilities | 4,285.98 | 4,300.67 |
| Capital Work in Progress | 474.67 | 474.67 |
| Inventories | 4,807.37 | 4,854.31 |
| Trade Receivables | 908.09 (65.15 + 842.94) | 844.64 |
| Cash & Cash Equivalents | 604.10 | 622.81 |
- Cash Flow (Standalone H1 FY26):
- Operating activities: Net outflow of Rs. 370.17 crores (vs inflow Rs. 766.77 crores in H1 FY25) due to working capital changes (notably inventory increase and trade payables decrease).
- Investing activities: Net inflow Rs. 575.08 crores (due to fixed deposits and asset sales, partially offset by capex and investment in associate).
- Financing activities: Net outflow Rs. 381.65 crores (mainly dividend payments).
- Overall net decrease in cash and cash equivalents Rs. 176.74 crores in H1 FY26.
Summary for Investment Analysis Team
| Aspect | Key Takeaways |
|---|---|
| Auditor’s Note | Clean limited review report; no qualifications or concerns. |
| Financial Performance | Q2 FY26 revenue slightly down QoQ but up YoY; net profit up YoY; margins stable (~6.6% net). |
| H1 FY26 revenue and profit slightly below H1 FY25. | |
| Segment Performance | Strong performance in Cables and Switchgears; Lloyd Consumer segment continues to report losses. |
| Corporate Activity | Rs. 600 cr strategic investment in renewable energy associate (Goldi Solar). |
| Asset sale profit Rs. 45.27 cr recognized in Q2 FY26. | |
| Significant capex underway (CWIP up ~4x YoY). | |
| Balance Sheet | Healthy equity base (~₹8,670 cr), manageable liabilities, increased inventories and receivables. |
| Cash Flow | Operating cash outflow due to working capital build-up; investing inflows from deposits and asset sales; dividend payout maintained. |
| Standalone vs Consolidated | Results closely aligned; consolidated includes subsidiaries and associate; no material differences. |
No material accounting policy changes or adjustments reported.
Actionable Points:
- Monitor Lloyd Consumer segment turnaround or further losses.
- Track impact of renewable energy investment (Goldi Solar) on future earnings.
- Watch working capital management closely given inventory and receivables increase causing operating cash outflow.
- Capex ramp-up suggests growth investments; assess project execution and returns.
- Stable profitability and margins despite revenue fluctuations indicate operational resilience.
This completes the extraction and summary of Havells India Limited’s Q2 and H1 FY26 financial results filing.