Havells India Q1 FY26: “Switch On, But Margins Still Flickering?”
1. At a Glance
Havells India, India’s beloved FMEG king, reported ₹5,455 Cr revenue and ₹348 Cr PAT in Q1 FY26. While topline grew 13% YoY, bottom-line dipped marginally QoQ—margins are behaving like voltage in rural India: fluctuating.
2. Introduction with Hook
Imagine a company that makes your fan, your switch, your geyser, and probably your Diwali lights too. That’s Havells.
But here’s the kicker:
ROCE? A sizzling 25%
FY26 Q1 PAT? ₹348 Cr
Stock P/E? A spicy 68x
Yet despite leadership and a strong moat, margins aren’t exactly partying. So is this a pause or a pattern?
3. Business Model (WTF Do They Even Do?)
Havells is a full-stack FMEG and electrical brand, offering:
Cables & Wires (~32% of revenue)
Switchgears & Circuit Protection
Fans, Lighting & Appliances
Lloyd Brand (ACs, Refrigerators, TVs)
Solar (New: ₹600 Cr in Goldi Solar Pvt Ltd)
The company controls the value chain—from manufacturing to retail—through a deep distributor network and retail presence across India.
