23-Oct-2026 07:47:18
HAVELLSExpansion
Jefferies on Havells |Hold, TP Rs 1220
Strong sales (up +35%YoY) in Sept26-Q was driven by C&W (copper pass-on) and switchgears (double-digit volumes). Low base for RAC also helped. But PAT growth (+11%) was in-line with JEFe, as other income fell sharply YoY (one-off gain LY). OPM firm at 9%, was aided by price hikes (avg 10-15% in 12-M). HAVL is evaluating +5-7% price hike in Dec26-Q. Capex outlook retained - focus on R&D and C&W Est +15% PAT CAGR in FY27-29e.
HAVELLS INDIA LIMITED