Havells India Limited (HAVELLS) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw healthy overall performance, led by strong cables business growth from volume expansion and commodity price inflation, with revenue up 14% and EBITDA up 21% year-on-year.

• Board approved unaudited standalone and consolidated financial results for Q3 and nine months ended December 31, 2025, with a limited review by auditors and an unmodified report issued.

• Festive season and strong winter boosted demand for heating products, while cooling products faced challenges but inventory is now normalizing.

• Interim dividend of ₹4.00 per equity share declared, payable to shareholders of record.

• Management remains optimistic about gradual demand recovery but is cautious of industry headwinds like commodity inflation, regulatory changes, and e-waste costs.

Financial highlights

• Standalone Q3 revenue from operations: ₹5,573.44 crore, up from ₹4,882.50 crore YoY; consolidated Q3 revenue: ₹5,587.89 crore, up from ₹4,888.98 crore YoY.

• Standalone Q3 net profit: ₹310.55 crore; consolidated Q3 net profit attributable to owners: ₹300.78 crore.

• Revenue grew 14% year-on-year in Q3 FY26, with EBITDA up 21% year-on-year.

• Exceptional item of INR 45 crores/₹45.03 crore due to additional provisioning for new Labor Codes.

• Standalone EPS for Q3: ₹4.80; consolidated EPS for Q3: ₹4.80.

Outlook and guidance

• Management expects continued balanced approach to growth and profitability, leveraging brand, distribution, and innovation.

• Price hikes of 5%-10% anticipated in the coming quarter, partially offset by GST corrections.

• Prudent production planning for cooling products, with inventory expected to normalize by March.

• Impact of new labour codes will be further evaluated as related rules are notified.