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Havells India Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,079.56Overvalued by 14.12%vs CMP ₹1,257.00

P/E (45.7) × ROE (19.4%) × BV (₹151.00) × DY (0.80%)

₹472.59Overvalued by 62.40%vs CMP ₹1,257.00
MoS: -166% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,127.1722%Over (-10.3%)
Graham NumberEarnings₹283.7616%Over (-77.4%)
Earnings PowerEarnings₹164.3813%Over (-86.9%)
DCFCash Flow₹308.2513%Over (-75.5%)
Net Asset ValueAssets₹138.317%Over (-89%)
EV/EBITDAEnterprise₹488.329%Over (-61.2%)
Earnings YieldEarnings₹237.007%Over (-81.1%)
ROCE CapitalReturns₹295.989%Over (-76.5%)
Revenue MultipleRevenue₹521.065%Over (-58.5%)
Consensus (9 models)₹472.59100%Overvalued
Key Drivers: Wide model spread (₹138–₹1,127) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 4.4%

*Investments are subject to market risks

Analyst Summary

Havells India Ltd operates in the Consumer Electronics segment, NSE: HAVELLS | BSE: 517354, current market price is ₹1,257.00, market cap is 78,805 Cr.. At a glance, stock P/E is 45.7, ROE is 19.4 %, ROCE is 24.9 %, book value is 151, dividend yield is 0.80 %. The latest intrinsic value estimate is ₹472.59, around 62.4% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹21,778 Cr versus the prior period change of 17.1%, while latest net profit is about ₹1,470 Cr with a prior-period change of 15.7%. The 52-week range shown on this page is 1,624/1,142, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisHavells 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 L31900DL1…

This summary is generated from the stock page data available for Havells India Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

69
Havells India Ltd scores 69/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health92/100 · Strong
ROCE 24.9% ExcellentROE 19.4% ExcellentD/E 0.09 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -4.35% (6mo) SellingDII holding up 3.90% MF buyingPromoter holding at 59.4% Stable
Earnings Quality50/100 · Moderate
OPM stable around 10% Steady
Quarterly Momentum68/100 · Strong
Revenue (4Q): +8% YoY GrowingProfit (4Q): +6% YoY Positive
Industry Rank75/100 · Strong
P/E 45.7 vs industry 64.6 In-lineROCE 24.9% vs industry 14.9% Above peersROE 19.4% vs industry 11.6% Above peers3Y sales CAGR: 16% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: May 4, 2026, 11:39 pm

Market Cap 78,805 Cr.
Current Price 1,257
Intrinsic Value₹472.59
High / Low 1,624/1,142
Stock P/E45.7
Book Value 151
Dividend Yield0.80 %
ROCE24.9 %
ROE19.4 %
Face Value 1.00
PEG Ratio10.36

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 78,805 Cr. 1,257 1,624/1,14245.7 1510.80 %24.9 %19.4 % 1.00
Dixon Technologies (India) Ltd 69,299 Cr. 11,408 18,472/9,60049.2 6700.07 %40.0 %32.8 % 2.00
Voltas Ltd 48,121 Cr. 1,454 1,582/1,18692.8 1920.48 %17.6 %13.5 % 1.00
Whirlpool of India Ltd 12,615 Cr. 995 1,474/75636.1 3210.50 %12.6 %9.26 % 10.0
Avalon Technologies Ltd 7,596 Cr. 1,140 1,318/77479.1 97.40.00 %12.8 %10.4 % 2.00
Industry Average14,780.63 Cr1,044.6164.61125.420.21%14.94%11.60%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

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 16, 2026, 6:30 am

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 7,2747,7136,7985,3157,0838,8858,3738,86812,16315,29016,70919,60320,139
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 35489494297124106187159178249288238
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

Reserves and Borrowings Chart

Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity + 9635137671,1005018276601,7285651,9531,5151,572
Cash from Investing Activity + -485-121-220-946185-548-763-75931-1,618-305-893
Cash from Financing Activity + -754-621-98-409-318-716190-547-907-534-669-693
Net Cash Flow -277-229450-255368-43787421-311-199541-14
Free Cash Flow 793299529-48924675071,475-211,191762156
CFO/OP 153%87%119%130%63%100%59%121%59%125%93%95%

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

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

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. 22465.56 Cr. and Equity Capital is Rs. 62.73 Cr. for the Year ended 31/03/2026.
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 and is it undervalued?

As of 09 May 2026, Havells India Ltd's intrinsic value is ₹472.59, which is 62.40% lower than the current market price of ₹1,257.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (19.4 %), book value (₹151), dividend yield (0.80 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Havells India Ltd?

Havells India Ltd is trading at ₹1,257.00 as of 09 May 2026, with a FY2026-2027 high of ₹1,624 and low of ₹1,142. The stock is currently near its 52-week low. Market cap stands at ₹78,805 Cr..

How does Havells India Ltd's P/E ratio compare to its industry?

Havells India Ltd has a P/E ratio of 45.7, which is below the industry average of 64.61. This is broadly in line with or below the industry average.

Is Havells India Ltd financially healthy?

Key indicators for Havells India Ltd: ROCE of 24.9 % indicates efficient capital utilization; ROE of 19.4 % shows strong shareholder returns. Dividend yield is 0.80 %.

Is Havells India Ltd profitable and how is the profit trend?

Havells India Ltd reported a net profit of ₹1,470 Cr in Mar 2025 on revenue of ₹21,778 Cr. Compared to ₹1,196 Cr in Mar 2022, the net profit shows an improving trend.

Does Havells India Ltd pay dividends?

Havells India Ltd has a dividend yield of 0.80 % at the current price of ₹1,257.00. The company pays dividends, though the yield is modest.

Last Updated: May 4, 2026, 11:39 pm
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 517354 | NSE: HAVELLS
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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