BOFA SECURITIES ON HAVELLS INDIA ; UNDERPERFORM | TP ₹900 (EARLIER ₹1,050)

• BofA Securities maintains Underperform rating on Havells India and cuts target price to ₹900 from ₹1,050. • Stock has corrected 19% since September; revised target price implies 11% downside. • Expects 16% EPS CAGR over FY26–29, compared with historical growth of 24%. • Higher exposure to the wires segment increases vulnerability to competitive pricing pressures. • Lloyd business challenges persist, while valuations remain expensive despite the recent stock price correction.

HAVELLS INDIA LIMITED

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