Synopsis: Havells India Limited reports 16.92% QoQ revenue growth and a 7.95% YoY net profit surge in Q3 FY26 results, while brokerages remain cautiously optimistic, citing strong Cables & Wires growth, expected demand recovery, and the need for margin improvement to support valuations.
This Large-cap Cable Stock, engaged in manufacturing electrical equipment, produces fans, lighting, switchgears, cables, wires, pumps, appliances, and related consumer products, is in focus after the company reported December quarterly results with a 14.30 percent YoY increase in revenue, while brokerages shared positive views on its future outlook.
With a market capitalization of Rs. 86,718.26 crores, the share of Havells India Limited has reached an intraday high of Rs. 1,454.95 per equity share, rising nearly 0.68 percent from its previous day’s close price of Rs. 1,445.15. Since then, the stock has retreated and is currently trading at Rs. 1,382.50 per equity share.
Q3 FY26 Result
Coming into the quarterly results of Havells India Limited, the company’s consolidated revenue from operations increased by 14.30 percent YOY, from Rs. 4,888.98 crore in Q3 FY25 to Rs. 5,587.89 crore in Q3 FY26, and grew by 16.92 percent QoQ from Rs. 4,779.33 crore in Q2 FY26.
Havells India Limited generated 11.17 percent of its revenue from the switchgears segment, 40.11 percent from the cables segment, 7.71 percent from the Lighting & Fixtures segment, 20.61 percent from the Electrical Consumer Durables segment, 12.54 percent from the Lloyd Consumer segment and 7.87 percent from other operating revenues in Q3 FY26.
In Q3 FY26, Havells India Limited’s consolidated net profit increased by 7.95 percent YOY, reaching Rs. 300.05 crore compared to Rs. 277.96 crore during the same period last year. As compared to Q2 FY26, the net profit has decreased by 5.73 percent, from Rs. 318.28 crore.
The basic earnings per share increased by 8.35 percent and stood at Rs. 4.80 as against Rs. 4.43 recorded in the same quarter in the previous year, FY2025. Havells India Limited’s revenue and net profit have grown at a CAGR of 18.2 percent and 14.87 percent, respectively, over the last five years.
In terms of return ratios, the company’s ROCE and ROE stand at 25.3 percent and 18.8 percent, respectively. Havells India Limited has an earnings per share (EPS) of Rs. 23.7, and its debt-to-equity ratio is 0.03x.
Dividend: Havells India Limited’s board of directors has recommended paying an Interim dividend at the rate of 400 percent on the face value of paid-up equity shares of Re. 1 each for the financial year 2025-26, which is a dividend of Rs. 4 per equity share. The record date for this dividend is January 23, 2026.
Brokerages Viewpoints
Citi, a prominent brokerage firm, has recommended a “Neutral” call on Havells India Limited with a target price of Rs. 1,600 per share, indicating an upside potential of 15.73 percent from its current price of Rs. 1,382.50 per share.
Citi has maintained a Neutral view on Havells as the company reported strong growth, but margins were weaker than expected. Lower margins in the Cables & Wires segment impacted EBITDA and profits. While Electrical Consumer Durables showed good volume growth (except fans) and C&W growth is improving due to capacity additions, sustained margin recovery is essential for earnings improvement and valuation re-rating.
Similarly, UBS, a prominent brokerage firm, has recommended a “Buy” call on Havells India Limited with a target price of Rs. 1,765 per share, indicating an upside potential of 27.67 percent from its current price.
UBS has maintained a Buy rating on Havells after strong Q3 earnings driven mainly by the Cables & Wires segment. Although current consumer demand is weak, it is expected to recover. Supportive factors such as GST and income tax cuts, along with easing inflation, should boost demand. Margins are also expected to improve from current cyclical lows, supporting earnings growth.
Likewise, Macquarie, a prominent brokerage firm, has recommended a “Outperform” call on Havells India Limited with a target price of Rs. 1,710 per share, indicating an upside potential of 23.69 percent from its current price.
Macquarie has maintained an Outperform rating on Havells as revenues exceeded expectations, though weaker margins limited the overall impact. The Cables & Wires segment supported growth but also caused margin pressure. Going ahead, stability in commodity prices will be crucial for margin recovery and sustained profitability, which is key to maintaining positive earnings momentum.
Havells India Limited was founded in 1958 by Qimat Rai Gupta as a small electrical trading firm in Delhi and evolved into a leading Fast-Moving Electrical Goods (FMEG) company headquartered in Noida. Originally focused on switchgear and electrical products, it expanded through strategic acquisitions like Sylvania in 2007 for a global lighting presence and Lloyd for consumer appliances.
The company manufactures fans, lighting solutions, cables, wires, switchgears, pumps, and home appliances, serving residential, commercial, industrial, and export markets across more than 50 countries with manufacturing facilities in India.
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