1. Opening Hook
Winter showed up on time, copper didn’t calm down, and fans… well, fans are still waiting for summer.
Havells’ Q3 FY26 concall felt like a classic Indian wedding buffet—wires and cables hogged the plate, Lloyd waited patiently in the corner, and solar arrived fashionably early with big ambitions.
Revenue grew, margins flexed, and management once again assured everyone that “balance” is not just a yoga pose but a corporate philosophy. Channel inventory, BEE norms, copper prices, GST tweaks—everything made a cameo.
If you thought this was just another steady Havells quarter, keep reading. The real drama is in wires inventory, AC pricing math, and solar’s long-term masterplan. Things get interesting once you look past the headline growth.
2. At a Glance
- Revenue up 14% – Wires pulled the cart; others jogged behind.
- EBITDA up 21% – Operating leverage finally decided to show up.
- Exceptional hit ₹45 Cr – New labour codes said hello.
- Cables & wires volume >20% – Copper inflation did the rest.
- ECD growth ~4% – Winter helped, fans still sulking.
- Solar booming – Margins thin today, ambition thick for tomorrow.
3. Management’s Key Commentary
“We delivered a healthy overall performance led by cables growth.”
(Translation: Thank copper prices and channel stocking 😏)
“Consumption trends remain modest, but festive demand picked up.”
(People bought lights, not dreams.)
“Cooling products faced a challenging environment.”
(Summer forgot to show up.)
“Channel inventory is normalizing.”
(Retailers already bought enough, thank you.)
“We are taking calibrated price hikes.”
(Prices
