1. At a Glance
Havells India is the ₹95,000-cr consumer durables titan making cables, switches, fans, appliances and more from Kolkata to California. Over five years, revenues have grown at ~17% CAGR, ROCE hovers at 25%, and net debt remains negligible. Investors debating whether this wiring wizard is still wired for wealth.
2. Introduction with Hook
Imagine you’re rewiring your home and discover your electrician swapped your plain switch for a Havells modular masterpiece. That’s the kind of market power Havells wields—a portfolio spanning 20,000 SKUs, from submersible cables to air purifiers. But at a P/E north of 60, is this growth story still plugged into the mains or at risk of a short circuit?
3. Business Model (WTF Do They Even Do?)
- Manufacture and market Fast Moving Electrical Goods (FMEG): fans, water heaters, air coolers, lighting, appliances.
- Power distribution equipment: cables, capacitors, motors, switchgear.
- Niche forays into solar rooftop solutions, EV chargers and IoT-enabled “smart living” devices.
- Distribution: 100+ country exports, 5,000+ distributor network, 3mn retail touchpoints in India.
4. Financials Overview – Profit, Margins, ROE, Growth
- Revenue (FY21–25 CAGR): 17%
- EBITDA margin (TTM): ~10%
- ROE (TTM): 19%
