Havells India is a leading Fast Moving Electrical Goods company spanning cables and wires, switchgears, lighting, electrical consumer durables and the Lloyd appliances brand, with a fast-scaling Renewables business. This quarter's print will speak to whether EBITDA margin normalizes from Q1's 7.3% as promised, and whether switchgear demand recovers from the West Asia-driven weakness that dragged revenue down 3.5% YoY.
| Results date | October 22, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 6,509.97 Cr (+19.72% YoY) |
| Previous quarter PAT | Rs. 298.43 Cr ((15.30)% YoY) |
| Previous quarter EBITDA margin | 7.3% |
| Market cap | Rs. 70,349.66 Cr |
| CMP | Rs. 1,121.0 |
The board will meet on October 22, 2026 to consider the Q2 and half-year results for the period ended September 30, 2026. The trading window remained closed from October 1 to October 24, 2026 under SEBI (PIT) Regulations.
The Q2 FY27 earnings call is scheduled for October 22, 2026, 4:15-5:00 pm IST, organized by DAM Capital Advisors. Speakers include Anil Rai Gupta (CMD), Rajesh Kumar Gupta (Whole-Time Director & Group CFO), Ameet Kumar Gupta (Whole-Time Director) and Rajiv Goel (Executive Director).
The central test this quarter is margin normalization: management said margins would improve "from the current quarter onwards" after Q1 FY27 OPM fell to 7.3%, but copper climbed from $13,633/t on July 20 to a record $14,533-14,635/t by September 7-8, working against that promise. Revenue should stay price-led on a soft base — Q2 FY26 revenue was Rs. 4,767 Cr (+5.2% YoY) — with cables having grown 27.0% YoY in Q1 on "largely flat" volumes and a third round of industry price hikes (ACs +5-8% from October 1) confirming cost-push pricing carried through the window. Switchgear is the other swing factor: revenue fell (3.5)% YoY in Q1 on West Asia-linked weakness, and management expected recovery "from the second quarter", though the conflict escalated rather than de-escalated through the window with Brent hitting $110 by October 16. On the Lloyd side, a segment loss narrower than Q1's Rs. (51) Cr would be consistent with guidance, since the double-digit contribution margin goal excludes non-seasonal Q2/Q3, while double-digit AC and refrigerator demand in Jul-Sep 2026 supports the seasonal rebuild. A&P, which more than doubled YoY to Rs. 286 Cr (4.4% of net revenue) in Q1, is guided to normalize during the year, making the Q2 A&P ratio a key marker alongside the 9-9.5% margin benchmark analysts referenced.
EBITDA margin normalization and A&P ratio: Q2 is the first testable quarter for management's margin promise.
Lloyd contribution margin and losses
Switchgear recovery and West Asia commentary
Renewables margin trajectory and BESS updates
Capex pacing and working capital
Q1 FY27 OPM fell to 7.3% from 9.6% a year ago, driven by A&P spends that more than doubled YoY to Rs. 286 Cr (4.4% of net revenue) and commodity cost pressure. Management said margins would normalize "from the current quarter onwards" and A&P would normalize during the year, but declined to give a numeric margin outlook.
No — management declined FY27 revenue and volume guidance at both the Q4 FY26 and Q1 FY27 calls, saying "we do not give guidance for the year". CMD Anil Rai Gupta noted the quarter start had been "very positive" and the company is hopeful of resilient growth momentum.
Management guided to about Rs. 1,400 Cr of capex in FY27, including Rs. 800 Cr for cables and wires capacity and Rs. 200 Cr for a new R&D center over the next 2.5 years. Q1 FY27 capex was Rs. 332 Cr, and the company has said "by '27-'28 major capex would go into cables and wires".
Lloyd posted a segment-level loss of Rs. (51) Cr in Q1 FY27, driven by under-absorption of factory expenses, lower revenue and higher consumer offers on ACs. Management guided to a double-digit contribution margin "sooner than later", except in the non-seasonal Q2/Q3 quarters.
Cables revenue grew 27.0% YoY in Q1 FY27 to Rs. 2,456 Cr, but management described volumes as "largely flat, very, very low single-digit" across wires and cables, with growth driven by price and commodity pass-through. In Q4 FY26, cables and wires had posted 6% volume growth.