Havells India Limited Q3FY26 Concall Decoded: 14% topline glow-up, margins behaving, Lloyd still sulking in the corner

1. Opening Hook

Just when the market was busy obsessing over rate cuts and weather forecasts, Havells decided to remind everyone that wires still matter. A lot. While consumers debated whether to buy appliances or postpone life decisions, Havells quietly pushed out a double-digit revenue quarter. Cables flexed, switchgears stayed loyal, and Lloyd… well, Lloyd showed up late again.

Margins behaved like a disciplined topper, advertising spends took a vow of silence, and EBITDA finally looked like it drank some protein shake. Of course, no Indian results season is complete without a “one-time exceptional item” cameo—this time courtesy of labour laws.

Sounds simple? It isn’t. Because beneath the calm commentary lies a tale of commodity inflation, seasonal hiccups, and a brand still trying to fix its AC mood swings. Read on—this concall gets more interesting once the numbers start talking back.

2. At a Glance

• Revenue up 14.2% – Wires and cables remembered they are Havells’ gym bros.
• EBITDA up 21.4% – Operating leverage finally clocked in on time.
• Margins at 9.4% – Not expanding wildly, but no diet crash either.
• Net profit up 6.6% – Growth, but with an asterisk and labour laws attached.
• Cash down sharply – Capex, working capital,