Havells India isn’t just selling fans and switches—it’s basically convincing Indians to pay Apple prices for ceiling fans and wires. With ₹21,400 Cr in sales, ₹1,400 Cr in profits, and a P/E of 70, this company has turned boring electrical goods into a lifestyle brand. And yes, they even sell air purifiers called Meditate. Who knew a fan company could become Baba Ramdev’s competitor?
2. Introduction
Havells is the Fast-Moving Electrical Goods (FMEG) giant that makes sure your house doesn’t look like a 90s Doordarshan set. From wires to Lloyd ACs, from Crabtree switches to “designer” geysers, they own 20 product categories across 20,000 SKUs.
Their growth strategy?
Launch premium fans with names like BLDC+ (because “low electricity bill” sounds boring).
Sell air purifiers in a country where most people think “open window” = clean air.
Open 600+ “Utsav” stores in villages with less than 10,000 people. Yes, they’re selling modular switches in gaon bazaars.
Fun fact: Havells recently donated ₹250 Cr to Ashoka University. Imagine explaining to rural shopkeepers—“Your fan margin just funded a Harvard wannabe.”
Question: Would you pay 70x earnings for a company whose main product is still bijli ka taar?
3. Business Model – WTF Do They Even Do?
Think of Havells as the Big Bazaar of electricity:
Cables (32% of revenue): The backbone. Power cables, LAN cables, CCTV cables—basically, anything that connects your appliances to reality.
Lloyd Consumer (24%): ACs, TVs, fridges. The desi Samsung-wannabe that Havells bought and rebranded. Grew like crazy from 16% in FY22 to 24% now.
Electrical Consumer Durables (18%): Fans, appliances, water heaters. Every middle-class marriage gift.
Switchgears (11%): MCBs, RCCBs, industrial switchgear. The real “safety net.”
Lighting & Fixtures (8%): LEDs, Home Art lights, panels. Also known as “Diwali season revenue.”
Others (7%): Motors, solar, water purifiers, grooming. Yes, they also sell trimmers now.
If you’ve bought a house, 30% of your electrical fittings budget probably went to Havells—whether you knew it or not.
4. Financials Overview
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue
5,455
5,806
6,544
-6.0%
-16.7%
EBITDA
516
572
757
-9.8%
-31.8%
PAT
348
408
517
-14.7%
-32.7%
EPS (₹)
5.6
6.5
8.3
-14.7%
-32.7%
Commentary: Q1 FY26 was weak. Sales fell, profits dropped, and EPS shrank like a cheap polyester shirt in hot water. Annualised EPS = ₹22.5. At 70x, that’s like buying a ₹20 roadside tea for ₹1,400.
