HAVELLS · Consumer Durables
Havells India Ltd. reported revenue of ₹6,705 cr for January to March 2026, +2.5% on the year and +20.0% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹22,527 cr, +3.4% on the four before.
Operating profit (EBITDA) was ₹729 cr, a margin of 10.9%, −70 bps on the year and +164 bps on the quarter. Over the last 8 quarters the margin has ranged from 8.3% to 11.6%, averaging 9.6%. Operating costs grew +3.3%, faster than revenue at +2.5%, so operating profit grew less than sales.
Net profit was ₹723 cr, +39.8% on the year and +141.0% on the quarter, with earnings per share of ₹11.53. Profit before other income, one-offs and tax fell 3.8%, so 44 points of the headline growth came from outside the core business. The tax rate was 21% against an average of 26% over the previous 8 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹1,689 cr, +14.8% 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 ₹26.97 over the last four quarters, the stock at ₹1,121.00 trades at 41.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +39.8% on the year; profit before other income, exceptional items and tax −3.8%.
Source: Quarterly statements
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 34% of profit before tax, against 10% a year earlier.
Source: Quarterly statements
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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹6,705 cr (+2.5% on the year) and net profit of ₹723 cr (+39.8% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −3.8% on the year, against +39.8% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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