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Last Updated: March 6, 2026, 2:00 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 517354 | NSE: HAVELLS

Havells India Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: March 6, 2026, 2:00 am

Market Cap 84,872 Cr.
Current Price 1,352
Intrinsic Value₹1,220.35
High / Low 1,674/1,250
Stock P/E55.9
Book Value 138
Dividend Yield0.74 %
ROCE25.3 %
ROE18.8 %
Face Value 1.00
PEG Ratio12.68

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Havells India Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Havells India Ltd 84,872 Cr. 1,352 1,674/1,25055.9 1380.74 %25.3 %18.8 % 1.00
Dixon Technologies (India) Ltd 62,207 Cr. 10,224 18,472/9,76044.2 6700.08 %40.0 %32.8 % 2.00
Voltas Ltd 49,146 Cr. 1,485 1,582/1,17294.8 1920.47 %17.6 %13.5 % 1.00
Whirlpool of India Ltd 11,530 Cr. 909 1,474/75633.0 3210.55 %12.6 %9.26 % 10.0
Avalon Technologies Ltd 6,284 Cr. 941 1,318/64965.4 97.40.00 %12.8 %10.4 % 2.00
Industry Average14,460.56 Cr959.0063.73124.510.22%14.89%11.51%6.44

All Competitor Stocks of Havells India Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 4,1284,8594,8343,9004,4145,4425,8064,5394,8896,5445,4554,7795,588
Expenses 3,7044,3324,4323,5273,9814,8075,2344,1644,4625,7874,9404,3415,072
Operating Profit 424527402373433635572375426757516438516
OPM % 10%11%8%10%10%12%10%8%9%12%9%9%9%
Other Income 4047655256767793646969919
Interest 710891018910915999
Depreciation 7577768188939295104110106106109
Profit before tax 381487382335391599549363377701470415408
Tax % 26%26%25%26%26%25%26%26%26%26%26%23%26%
Net Profit 284358287249288447408268278517348318300
EPS in Rs 4.535.714.583.974.597.136.514.284.448.265.555.094.80

Last Updated: February 6, 2026, 11:17 pm

Below is a detailed analysis of the quarterly data for Havells India Ltd based on the most recent figures (Dec 2025) and their trends compared to the previous period:

  • For Sales, as of Dec 2025, the value is 5,588.00 Cr.. The value appears strong and on an upward trend. It has increased from 4,779.00 Cr. (Sep 2025) to 5,588.00 Cr., marking an increase of 809.00 Cr..
  • For Expenses, as of Dec 2025, the value is 5,072.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 4,341.00 Cr. (Sep 2025) to 5,072.00 Cr., marking an increase of 731.00 Cr..
  • For Operating Profit, as of Dec 2025, the value is 516.00 Cr.. The value appears strong and on an upward trend. It has increased from 438.00 Cr. (Sep 2025) to 516.00 Cr., marking an increase of 78.00 Cr..
  • For OPM %, as of Dec 2025, the value is 9.00%. The value remains steady. There is no change compared to the previous period (Sep 2025) which recorded 9.00%.
  • For Other Income, as of Dec 2025, the value is 9.00 Cr.. The value appears to be declining and may need further review. It has decreased from 91.00 Cr. (Sep 2025) to 9.00 Cr., marking a decrease of 82.00 Cr..
  • For Interest, as of Dec 2025, the value is 9.00 Cr.. The value remains steady. There is no change compared to the previous period (Sep 2025) which recorded 9.00 Cr..
  • For Depreciation, as of Dec 2025, the value is 109.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 106.00 Cr. (Sep 2025) to 109.00 Cr., marking an increase of 3.00 Cr..
  • For Profit before tax, as of Dec 2025, the value is 408.00 Cr.. The value appears to be declining and may need further review. It has decreased from 415.00 Cr. (Sep 2025) to 408.00 Cr., marking a decrease of 7.00 Cr..
  • For Tax %, as of Dec 2025, the value is 26.00%. The value appears to be increasing, which may not be favorable. It has increased from 23.00% (Sep 2025) to 26.00%, marking an increase of 3.00%.
  • For Net Profit, as of Dec 2025, the value is 300.00 Cr.. The value appears to be declining and may need further review. It has decreased from 318.00 Cr. (Sep 2025) to 300.00 Cr., marking a decrease of 18.00 Cr..
  • For EPS in Rs, as of Dec 2025, the value is 4.80. The value appears to be declining and may need further review. It has decreased from 5.09 (Sep 2025) to 4.80, marking a decrease of 0.29.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 18, 2026, 1:15 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 8,0518,4687,5946,1308,11610,0739,44010,45713,93816,91118,59021,77822,366
Expenses 7,2747,7136,7985,3157,0838,8858,3748,86812,16315,29016,70919,60320,139
Operating Profit 7777557968151,0331,1891,0671,5891,7751,6211,8812,1752,227
OPM % 10%9%10%13%13%12%11%15%13%10%10%10%10%
Other Income 35489494297124107187159178249288238
Interest 102969113251651906755847243
Depreciation 116139134121140149218249261296338400430
Profit before tax 5945691,5207239651,1479041,4381,6071,4471,7071,9901,993
Tax % 25%32%14%32%31%31%19%27%26%26%26%26%
Net Profit 4463851,3004946617887351,0441,1961,0721,2711,4701,483
EPS in Rs 7.156.1720.827.9110.6012.5911.7516.6819.1017.1120.2823.4823.70
Dividend Payout % 42%49%29%44%4%36%34%39%39%44%44%43%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-13.68%237.66%-62.00%33.81%19.21%-6.73%42.04%14.56%-10.37%18.56%15.66%
Change in YoY Net Profit Growth (%)0.00%251.34%-299.66%95.81%-14.59%-25.94%48.77%-27.48%-24.93%28.93%-2.91%

Havells India Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:10%
5 Years:18%
3 Years:16%
TTM:10%
Compounded Profit Growth
10 Years:14%
5 Years:15%
3 Years:7%
TTM:1%
Stock Price CAGR
10 Years:20%
5 Years:20%
3 Years:5%
1 Year:-17%
Return on Equity
10 Years:19%
5 Years:19%
3 Years:18%
Last Year:19%

Last Updated: September 4, 2025, 9:35 pm

Balance Sheet

Last Updated: January 7, 2026, 3:16 pm

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 62626262636363636363636363
Reserves 1,6041,7562,9653,2143,6674,1354,2495,1145,9406,5637,3848,2618,608
Borrowings 1,0544241342081159472521616223303319286
Other Liabilities 2,6132,5461,2251,6832,7632,8562,6903,1553,9044,3094,6835,1674,690
Total Liabilities 5,3324,7884,3875,1686,6087,1487,0738,85210,52311,15712,43313,80913,647
Fixed Assets 1,6001,5411,2241,3002,8192,9043,3503,2903,4343,6213,9884,6524,651
CWIP 4438201224233869057166299118475
Investments 001891620003064262012011616
Other Assets 3,6883,2092,9543,6943,7654,0123,6385,1666,6067,1708,1269,0287,905
Total Assets 5,3324,7884,3875,1686,6087,1487,0738,85210,52311,15712,43313,80913,647

Below is a detailed analysis of the balance sheet data for Havells India Ltd based on the most recent figures (Sep 2025) and their trends compared to the previous period:

  • For Equity Capital, as of Sep 2025, the value is 63.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2025) which recorded 63.00 Cr..
  • For Reserves, as of Sep 2025, the value is 8,608.00 Cr.. The value appears strong and on an upward trend. It has increased from 8,261.00 Cr. (Mar 2025) to 8,608.00 Cr., marking an increase of 347.00 Cr..
  • For Borrowings, as of Sep 2025, the value is 286.00 Cr.. The value appears to be improving (decreasing). Additionally, since Reserves exceed Borrowings, this is considered a positive sign. It has decreased from 319.00 Cr. (Mar 2025) to 286.00 Cr., marking a decrease of 33.00 Cr..
  • For Other Liabilities, as of Sep 2025, the value is 4,690.00 Cr.. The value appears to be improving (decreasing). It has decreased from 5,167.00 Cr. (Mar 2025) to 4,690.00 Cr., marking a decrease of 477.00 Cr..
  • For Total Liabilities, as of Sep 2025, the value is 13,647.00 Cr.. The value appears to be improving (decreasing). It has decreased from 13,809.00 Cr. (Mar 2025) to 13,647.00 Cr., marking a decrease of 162.00 Cr..
  • For Fixed Assets, as of Sep 2025, the value is 4,651.00 Cr.. The value appears to be declining and may need further review. It has decreased from 4,652.00 Cr. (Mar 2025) to 4,651.00 Cr., marking a decrease of 1.00 Cr..
  • For CWIP, as of Sep 2025, the value is 475.00 Cr.. The value appears strong and on an upward trend. It has increased from 118.00 Cr. (Mar 2025) to 475.00 Cr., marking an increase of 357.00 Cr..
  • For Investments, as of Sep 2025, the value is 616.00 Cr.. The value appears strong and on an upward trend. It has increased from 11.00 Cr. (Mar 2025) to 616.00 Cr., marking an increase of 605.00 Cr..
  • For Other Assets, as of Sep 2025, the value is 7,905.00 Cr.. The value appears to be declining and may need further review. It has decreased from 9,028.00 Cr. (Mar 2025) to 7,905.00 Cr., marking a decrease of 1,123.00 Cr..
  • For Total Assets, as of Sep 2025, the value is 13,647.00 Cr.. The value appears to be declining and may need further review. It has decreased from 13,809.00 Cr. (Mar 2025) to 13,647.00 Cr., marking a decrease of 162.00 Cr..

Notably, the Reserves (8,608.00 Cr.) exceed the Borrowings (286.00 Cr.), indicating a solid financial buffer.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 8689635137671,1005018276601,7285651,9531,515
Cash from Investing Activity + -376-485-121-220-946185-548-763-75931-1,618-305
Cash from Financing Activity + -310-754-621-98-409-318-716190-547-907-534-669
Net Cash Flow 183-277-229450-255368-43787421-311-199541

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow776.00331.00662.00607.00-114.00-93.00-71.00-520.00-615.00-222.00-302.00-317.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 45271114151592020212321
Inventory Days 1211037099124115121153119119102104
Days Payable 9879426612594929395858178
Cash Conversion Cycle 695139461436397944554447
Working Capital Days 11-6-3-8-17-01207251112
ROCE %27%27%28%25%27%29%22%30%27%22%24%25%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 59.45%59.43%59.43%59.43%59.43%59.41%59.41%59.41%59.41%59.38%59.38%59.38%
FIIs 23.11%23.79%24.19%23.96%24.83%25.33%24.76%23.46%22.31%21.59%19.28%17.96%
DIIs 10.27%9.68%9.38%10.00%9.77%9.42%10.10%11.43%12.63%13.18%15.35%16.53%
Government 0.10%0.10%0.10%0.11%0.11%0.13%0.13%0.13%0.13%0.17%0.17%0.17%
Public 7.05%6.95%6.90%6.49%5.85%5.66%5.58%5.57%5.52%5.62%5.81%5.95%
Others 0.01%0.03%0.00%0.00%0.00%0.04%0.00%0.00%0.00%0.04%0.00%0.00%
No. of Shareholders 2,39,6862,25,2552,24,2082,31,5402,24,4282,14,7132,13,7452,37,3252,46,9102,59,3152,66,8722,76,128

Shareholding Pattern Chart

No. of Shareholders

Havells India Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Focused Fund 5,085,275 2.48 653.463,711,9222026-02-23 05:27:5737%
HDFC Flexi Cap Fund 4,900,000 0.65 629.65N/AN/AN/A
HDFC Large Cap Fund 4,329,230 1.4 556.313,350,0522025-12-15 00:43:0429.23%
UTI Flexi Cap Fund 1,880,000 1.03 241.581,897,0002025-12-15 00:43:04-0.9%
Nippon India Large Cap Fund 1,783,208 0.46 229.141,999,4302026-02-23 05:58:39-10.81%
HDFC Hybrid Equity Fund 1,600,000 0.86 205.61,350,0002025-12-15 00:43:0418.52%
Nippon India ELSS Tax Saver Fund 1,100,000 0.95 141.35N/AN/AN/A
HDFC Multi Cap Fund 997,399 0.67 128.17991,9262026-02-22 06:15:020.55%
Aditya Birla Sun Life Focused Fund 957,487 1.52 123.04821,5002025-12-15 00:43:0416.55%
Franklin India Mid Cap Fund 925,000 0.97 118.86N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 23.4920.2817.1119.1116.68
Diluted EPS (Rs.) 23.4820.2817.1119.1016.68
Cash EPS (Rs.) 29.8425.6821.8323.2720.66
Book Value[Excl.RevalReserv]/Share (Rs.) 132.78118.82105.7595.8582.69
Book Value[Incl.RevalReserv]/Share (Rs.) 132.78118.82105.7595.8582.69
Revenue From Operations / Share (Rs.) 347.39296.63269.92222.55167.05
PBDIT / Share (Rs.) 38.8333.3728.3630.6728.10
PBIT / Share (Rs.) 32.4427.9723.6326.5024.13
PBT / Share (Rs.) 31.7527.2423.1025.6522.96
Net Profit / Share (Rs.) 23.4520.2817.1119.1016.68
NP After MI And SOA / Share (Rs.) 23.4820.2817.1119.1016.68
PBDIT Margin (%) 11.1711.2510.5013.7816.82
PBIT Margin (%) 9.339.438.7511.9014.44
PBT Margin (%) 9.139.188.5511.5213.74
Net Profit Margin (%) 6.756.836.338.589.98
NP After MI And SOA Margin (%) 6.766.836.338.589.98
Return on Networth / Equity (%) 17.6817.0616.1719.9320.17
Return on Capital Employeed (%) 22.5121.5120.2224.0924.86
Return On Assets (%) 10.6610.229.6011.3611.79
Long Term Debt / Equity (X) 0.000.000.000.040.07
Total Debt / Equity (X) 0.000.000.000.060.09
Asset Turnover Ratio (%) 1.661.581.561.431.31
Current Ratio (X) 1.861.841.841.821.92
Quick Ratio (X) 1.011.050.871.000.97
Inventory Turnover Ratio (X) 5.845.222.792.782.40
Dividend Payout Ratio (NP) (%) 42.5836.9843.8415.7017.98
Dividend Payout Ratio (CP) (%) 33.4729.2034.3512.8914.52
Earning Retention Ratio (%) 57.4263.0256.1684.3082.02
Cash Earning Retention Ratio (%) 66.5370.8065.6587.1185.48
Interest Coverage Ratio (X) 56.2945.7652.8535.9624.20
Interest Coverage Ratio (Post Tax) (X) 35.0028.8032.8823.4015.37
Enterprise Value (Cr.) 92407.4591897.4872586.2270119.4464563.15
EV / Net Operating Revenue (X) 4.244.944.295.036.17
EV / EBITDA (X) 37.9643.9440.8536.5036.70
MarketCap / Net Operating Revenue (X) 4.405.114.405.186.28
Retention Ratios (%) 57.4163.0156.1584.2982.01
Price / BV (X) 11.5112.7511.2412.0412.70
Price / Net Operating Revenue (X) 4.405.114.405.186.28
EarningsYield 0.010.010.010.010.01

After reviewing the key financial ratios for Havells India Ltd, here is a detailed analysis based on the latest available data and recent trends:

  • For FaceValue, as of Mar 25, the value is 1.00. This value is within the healthy range. There is no change compared to the previous period (Mar 24) which recorded 1.00.
  • For Basic EPS (Rs.), as of Mar 25, the value is 23.49. This value is within the healthy range. It has increased from 20.28 (Mar 24) to 23.49, marking an increase of 3.21.
  • For Diluted EPS (Rs.), as of Mar 25, the value is 23.48. This value is within the healthy range. It has increased from 20.28 (Mar 24) to 23.48, marking an increase of 3.20.
  • For Cash EPS (Rs.), as of Mar 25, the value is 29.84. This value is within the healthy range. It has increased from 25.68 (Mar 24) to 29.84, marking an increase of 4.16.
  • For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 132.78. It has increased from 118.82 (Mar 24) to 132.78, marking an increase of 13.96.
  • For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 132.78. It has increased from 118.82 (Mar 24) to 132.78, marking an increase of 13.96.
  • For Revenue From Operations / Share (Rs.), as of Mar 25, the value is 347.39. It has increased from 296.63 (Mar 24) to 347.39, marking an increase of 50.76.
  • For PBDIT / Share (Rs.), as of Mar 25, the value is 38.83. This value is within the healthy range. It has increased from 33.37 (Mar 24) to 38.83, marking an increase of 5.46.
  • For PBIT / Share (Rs.), as of Mar 25, the value is 32.44. This value is within the healthy range. It has increased from 27.97 (Mar 24) to 32.44, marking an increase of 4.47.
  • For PBT / Share (Rs.), as of Mar 25, the value is 31.75. This value is within the healthy range. It has increased from 27.24 (Mar 24) to 31.75, marking an increase of 4.51.
  • For Net Profit / Share (Rs.), as of Mar 25, the value is 23.45. This value is within the healthy range. It has increased from 20.28 (Mar 24) to 23.45, marking an increase of 3.17.
  • For NP After MI And SOA / Share (Rs.), as of Mar 25, the value is 23.48. This value is within the healthy range. It has increased from 20.28 (Mar 24) to 23.48, marking an increase of 3.20.
  • For PBDIT Margin (%), as of Mar 25, the value is 11.17. This value is within the healthy range. It has decreased from 11.25 (Mar 24) to 11.17, marking a decrease of 0.08.
  • For PBIT Margin (%), as of Mar 25, the value is 9.33. This value is below the healthy minimum of 10. It has decreased from 9.43 (Mar 24) to 9.33, marking a decrease of 0.10.
  • For PBT Margin (%), as of Mar 25, the value is 9.13. This value is below the healthy minimum of 10. It has decreased from 9.18 (Mar 24) to 9.13, marking a decrease of 0.05.
  • For Net Profit Margin (%), as of Mar 25, the value is 6.75. This value is within the healthy range. It has decreased from 6.83 (Mar 24) to 6.75, marking a decrease of 0.08.
  • For NP After MI And SOA Margin (%), as of Mar 25, the value is 6.76. This value is below the healthy minimum of 8. It has decreased from 6.83 (Mar 24) to 6.76, marking a decrease of 0.07.
  • For Return on Networth / Equity (%), as of Mar 25, the value is 17.68. This value is within the healthy range. It has increased from 17.06 (Mar 24) to 17.68, marking an increase of 0.62.
  • For Return on Capital Employeed (%), as of Mar 25, the value is 22.51. This value is within the healthy range. It has increased from 21.51 (Mar 24) to 22.51, marking an increase of 1.00.
  • For Return On Assets (%), as of Mar 25, the value is 10.66. This value is within the healthy range. It has increased from 10.22 (Mar 24) to 10.66, marking an increase of 0.44.
  • For Long Term Debt / Equity (X), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 0.2. There is no change compared to the previous period (Mar 24) which recorded 0.00.
  • For Total Debt / Equity (X), as of Mar 25, the value is 0.00. This value is within the healthy range. There is no change compared to the previous period (Mar 24) which recorded 0.00.
  • For Asset Turnover Ratio (%), as of Mar 25, the value is 1.66. It has increased from 1.58 (Mar 24) to 1.66, marking an increase of 0.08.
  • For Current Ratio (X), as of Mar 25, the value is 1.86. This value is within the healthy range. It has increased from 1.84 (Mar 24) to 1.86, marking an increase of 0.02.
  • For Quick Ratio (X), as of Mar 25, the value is 1.01. This value is within the healthy range. It has decreased from 1.05 (Mar 24) to 1.01, marking a decrease of 0.04.
  • For Inventory Turnover Ratio (X), as of Mar 25, the value is 5.84. This value is within the healthy range. It has increased from 5.22 (Mar 24) to 5.84, marking an increase of 0.62.
  • For Dividend Payout Ratio (NP) (%), as of Mar 25, the value is 42.58. This value is within the healthy range. It has increased from 36.98 (Mar 24) to 42.58, marking an increase of 5.60.
  • For Dividend Payout Ratio (CP) (%), as of Mar 25, the value is 33.47. This value is within the healthy range. It has increased from 29.20 (Mar 24) to 33.47, marking an increase of 4.27.
  • For Earning Retention Ratio (%), as of Mar 25, the value is 57.42. This value is within the healthy range. It has decreased from 63.02 (Mar 24) to 57.42, marking a decrease of 5.60.
  • For Cash Earning Retention Ratio (%), as of Mar 25, the value is 66.53. This value is within the healthy range. It has decreased from 70.80 (Mar 24) to 66.53, marking a decrease of 4.27.
  • For Interest Coverage Ratio (X), as of Mar 25, the value is 56.29. This value is within the healthy range. It has increased from 45.76 (Mar 24) to 56.29, marking an increase of 10.53.
  • For Interest Coverage Ratio (Post Tax) (X), as of Mar 25, the value is 35.00. This value is within the healthy range. It has increased from 28.80 (Mar 24) to 35.00, marking an increase of 6.20.
  • For Enterprise Value (Cr.), as of Mar 25, the value is 92,407.45. It has increased from 91,897.48 (Mar 24) to 92,407.45, marking an increase of 509.97.
  • For EV / Net Operating Revenue (X), as of Mar 25, the value is 4.24. This value exceeds the healthy maximum of 3. It has decreased from 4.94 (Mar 24) to 4.24, marking a decrease of 0.70.
  • For EV / EBITDA (X), as of Mar 25, the value is 37.96. This value exceeds the healthy maximum of 15. It has decreased from 43.94 (Mar 24) to 37.96, marking a decrease of 5.98.
  • For MarketCap / Net Operating Revenue (X), as of Mar 25, the value is 4.40. This value exceeds the healthy maximum of 3. It has decreased from 5.11 (Mar 24) to 4.40, marking a decrease of 0.71.
  • For Retention Ratios (%), as of Mar 25, the value is 57.41. This value is within the healthy range. It has decreased from 63.01 (Mar 24) to 57.41, marking a decrease of 5.60.
  • For Price / BV (X), as of Mar 25, the value is 11.51. This value exceeds the healthy maximum of 3. It has decreased from 12.75 (Mar 24) to 11.51, marking a decrease of 1.24.
  • For Price / Net Operating Revenue (X), as of Mar 25, the value is 4.40. This value exceeds the healthy maximum of 3. It has decreased from 5.11 (Mar 24) to 4.40, marking a decrease of 0.71.
  • For EarningsYield, as of Mar 25, the value is 0.01. This value is below the healthy minimum of 5. There is no change compared to the previous period (Mar 24) which recorded 0.01.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Havells India Ltd as of March 6, 2026 is: ₹1,168.80

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of March 6, 2026, Havells India Ltd is Overvalued by 13.55% compared to the current share price ₹1,352.00

Intrinsic Value of Havells India Ltd as of March 6, 2026 is: ₹1,220.35

Calculation basis:

  • Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of March 6, 2026, Havells India Ltd is Overvalued by 9.74% compared to the current share price ₹1,352.00

Last 5 Year EPS CAGR: 4.41%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a high average ROCE of 26.08%, which is a positive sign.
  2. The stock has a low average Working Capital Days of 4.42, which is a positive sign.
  3. The company has higher reserves (4,881.54 cr) compared to borrowings (336.08 cr), indicating strong financial stability.
  4. The company has shown consistent growth in sales (12.00 cr) and profit (289.46 cr) over the years.
  1. The stock has a high average Cash Conversion Cycle of 46.92, which may not be favorable.

Stock Analysis

  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Havells India Ltd:
    1. Net Profit Margin: 6.75%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 22.51% (Industry Average ROCE: 14.89%)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ROE%: 17.68% (Industry Average ROE: 11.51%)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): 35
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 1.01
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. Stock P/E: 55.9 (Industry average Stock P/E: 63.73)
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. Total Debt / Equity: 0
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating:

About the Company - Qualitative Analysis

Havells India Ltd. is a Public Limited Listed company incorporated on 08/08/1983 and has its registered office in the State of Delhi, India. Company's Corporate Identification Number(CIN) is L31900DL1983PLC016304 and registration number is 016304. Currently Company is involved in the business activities of Manufacture of other electronic and electric wires and cables (insulated wire and cable made of steel, copper, aluminium). Company's Total Operating Revenue is Rs. 21745.81 Cr. and Equity Capital is Rs. 62.69 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Consumer Electronics904, 9th Floor, Surya Kiran Building, New Delhi Delhi 110001Contact not found
Management
NamePosition Held
Mr. Anil Rai GuptaChairman & Managing Director
Mr. Rajesh Kumar GuptaWholeTime Director & Group CFO
Mr. Ameet Kumar GuptaWhole Time Director
Mr. Siddhartha PanditWhole Time Director
Mr. Surjit Kumar GuptaNon Exe.Non Ind.Director
Mr. Puneet BhatiaNon Exe.Non Ind.Director
Mr. T V Mohandas PaiNon Exe.Non Ind.Director
Mr. Ashish Bharat RamIndependent Director
Ms. Namrata KaulIndependent Director
Mr. B Prasada RaoIndependent Director
Mr. Vivek MehraIndependent Director
Mr. Upendra Kumar SinhaIndependent Director
Mr. Jalaj Ashwin DaniIndependent Director
Mr. Subhash S MundraIndependent Director

FAQ

What is the intrinsic value of Havells India Ltd?

Havells India Ltd's intrinsic value (as of 06 March 2026) is ₹1220.35 which is 9.74% lower the current market price of ₹1,352.00, indicating overvalued. Calculated using the PE ratio method, this valuation considers the company's ₹84,872 Cr. market cap, FY2025-2026 high/low of ₹1,674/1,250, reserves of ₹8,608 Cr, and liabilities of ₹13,647 Cr.

What is the Market Cap of Havells India Ltd?

The Market Cap of Havells India Ltd is 84,872 Cr..

What is the current Stock Price of Havells India Ltd as on 06 March 2026?

The current stock price of Havells India Ltd as on 06 March 2026 is ₹1,352.

What is the High / Low of Havells India Ltd stocks in FY 2025-2026?

In FY 2025-2026, the High / Low of Havells India Ltd stocks is ₹1,674/1,250.

What is the Stock P/E of Havells India Ltd?

The Stock P/E of Havells India Ltd is 55.9.

What is the Book Value of Havells India Ltd?

The Book Value of Havells India Ltd is 138.

What is the Dividend Yield of Havells India Ltd?

The Dividend Yield of Havells India Ltd is 0.74 %.

What is the ROCE of Havells India Ltd?

The ROCE of Havells India Ltd is 25.3 %.

What is the ROE of Havells India Ltd?

The ROE of Havells India Ltd is 18.8 %.

What is the Face Value of Havells India Ltd?

The Face Value of Havells India Ltd is 1.00.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Havells India Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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