HAVELLS · Consumer Durables
Havells India Ltd. reported revenue of ₹5,455 cr for April to June 2025, −6.0% on the year and −16.6% on the quarter. Over the last four quarters revenue comes to ₹21,427 cr, +9.5% on the four before.
Operating profit (EBITDA) was ₹516 cr, a margin of 9.5%, −39 bps on the year and −211 bps on the quarter. Over the last 8 quarters the margin has ranged from 8.3% to 11.7%, averaging 9.9%. Operating costs grew −5.6%, faster than revenue at −6.0%, so operating profit grew less than sales.
Net profit was ₹348 cr, −14.7% on the year and −32.7% on the quarter, with earnings per share of ₹5.55. Profit before other income, one-offs and tax fell 15.0%, so the profit growth came from the business itself. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹1,411 cr, +1.4% on the four before.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed. The quarterly statements do not carry same-store sales, stores added and revenue per square foot; those come with the filing read.
On earnings per share of ₹22.53 over the last four quarters, the stock at ₹1,121.00 trades at 49.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,414 cr | ₹5,442 cr | ₹5,806 cr | ₹4,539 cr | ₹4,889 cr | ₹6,544 cr | ₹5,455 cr | ₹4,779 cr | ₹5,588 cr | ₹6,705 cr | ₹6,518 cr | ₹6,432 cr |
| YoY | — | — | +20% | +16% | +11% | +20% | −6% | +5% | +14% | +2% | +19% | +35% |
| EBITDA margin | 9.8% | 11.7% | 9.9% | 8.3% | 8.7% | 11.6% | 9.5% | 9.2% | 9.2% | 10.9% | 7.1% | 8.9% |
| Other income, % of PBT | 14% | 13% | 14% | 26% | 17% | 10% | 15% | 22% | 2% | 34% | 14% | 7% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 25% | 26% | 26% | 26% | 26% | 26% | 23% | 26% | 21% | 26% | 26% |
| Net profit | ₹288 cr | ₹447 cr | ₹408 cr | ₹268 cr | ₹278 cr | ₹517 cr | ₹348 cr | ₹318 cr | ₹300 cr | ₹723 cr | ₹290 cr | ₹349 cr |
| YoY | — | — | +42% | +8% | −3% | +16% | −15% | +19% | +8% | +40% | −17% | +10% |
| Core profit YoY | — | — | +49% | −5% | −7% | +21% | −15% | +20% | +27% | −4% | −16% | +36% |
| EPS | ₹4.59 | ₹7.13 | ₹6.51 | ₹4.28 | ₹4.44 | ₹8.26 | ₹5.55 | ₹5.09 | ₹4.80 | ₹11.53 | ₹4.63 | ₹5.57 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 2 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Havells India Ltd. reported revenue of ₹5,455 cr (−6.0% on the year) and net profit of ₹348 cr (−14.7% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved −15.0% on the year, against −14.7% for reported profit.
None of the 7 checks that could run raised a question.
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