NSE/HAVELLS

HAVELLSHavells India Ltd

Capital Goods · NSE

₹1,306.4+1.19%

52-wk low52-WEEK RANGE52-wk high

₹1,180.6+10.7% from low ·-21.5% from high₹1,664.7

Price chart · 1M–10Y · daily-close

NSE bhavcopy + 10Y historical

HAVELLS-11.11% · 1Y

Range high ₹1,673.8Range low ₹1,142.5Latest ₹1,306.4252 bars · daily-close · NSE bhavcopy + 10Y history

Capital GoodsElectrical Equipment & PartsLargecapLow Risk

Stock scorecard

Auto-computed from latest ratios + sector context · not a buy/sell signal

Composite38/100

Performance

Low

Hasn't fared well — amongst the weak performers.

· 52w return -20.7% — underperformer
· Below 200-DMA (-9.2%) — downtrend

Valuation

Medium

Valuation close to the sector median.

· P/E 55.1 close to sector median 50.8
· PEG 0.20 — growth is priced attractively

Growth

Medium

Steady but not standout growth.

· Revenue YoY +14.3%
· 3Y revenue CAGR +16.0%

Profitability

Medium

Average profitability vs peers.

· ROE 17.1%
· Net margin 6.8% — thin margins

DVM composite · Durability · Valuation · Momentum

Trendlyne-style 3-axis composite · all drivers shown below · not a buy/sell signal

CompositeC(58/100)

Durability

A+

87/100

Financially resilient — strong quality + solvency profile.

Show 4 drivers

Piotroski F-score7/9 (78pt)
Altman Z" score4.47 (100pt)
Debt/Equity0.03 (100pt)
ROE17.1% (68pt)

Valuation

50/100

Trading at a premium — growth must keep delivering to justify.

Show 5 drivers

P/E vs sector (55.1 / 50.8)108% (55pt)
PEG0.20 (100pt)
P/B9.41 (40pt)
Dividend yield0.77% (19pt)
EV/EBITDA37.4 (5pt)

Momentum

37/100

Momentum is muted; trend is unclear or rolling over.

Show 5 drivers

52w change-20.7% (0pt)
DMA-trend alignmentdown (25pt)
RSI (14)55.4 (100pt)
Price vs 200-DMA-9.5% (41pt)
MACD regimebullish (75pt)

Valuation positioning

Current ratio vs sector peer distribution

P/E (TTM)55.06

FAIR

CheapestP/E 55.1 near sector median.Most expensive

P/B9.41

FAIR

CheapestP/B 9.41 at 68th %ile of sector.Most expensive

EV/EBITDA37.44

OVERVALUED

Monthly seasonality

Avg monthly return over 11 years · historical — not a forecast

Best: Apr +5.51% · Worst: Oct -3.34%

Jan

-0.6%

36% win

Feb

+1.5%

67% win

Mar

+0.7%

42% win

Apr

+5.5%

83% win

May

+0.5%

45% win

Jun

-0.1%

Monthly return distribution

Distribution of 135 monthly returns

Mean

+1.57%

Median

+1.51%

Std dev

8.47%

Best

+22.7%

Worst

-21.6%

% positive

58%

SWOT analysis

Auto-derived from ratios + sector context + forensics · research only, not a recommendation

STRENGTHS · 4

Lean balance sheet (D/E 0.03)
Low leverage means earnings are less sensitive to rate cycles
Financial quality score 7/9
Piotroski ≥7 historically associated with outperformance
Bankruptcy risk low (Altman Z″ 4.47)
Z″ above 2.60 sits squarely in the 'safe' zone
Top quartile ROE in Capital Goods
Rank 6 of 22 peers

WEAKNESSES · 0

No material weaknesses flag from the numbers

OPPORTUNITIES · 1

21% upside to consensus target (₹1575)
36 analysts see fair value materially higher

THREATS · 0

No immediate threats from the data

RETURNS · DAILY-CLOSE BASED

3Y+ shown as CAGR

+1.2%

+1.9%

-0.3%

-11.9%

-12.0%

-10.7%

+2.7%

+3.4%

10Y

+15.4%

Fundamentals

VALUATION

Market cap

₹81,675 Cr

P/E (TTM)

55.1

P/E (fwd)

42.8

next 12m

P/B

9.41

EV/EBITDA

37.4

Book value

₹138.35

per share

PROFITABILITY · QUALITY

ROE

17.1%

ROCE

—

Net margin

6.8%

Op margin

7.3%

Gross margin

32.9%

D/E

0.03

GROWTH · MARKET

Rev YoY

+14.3%

Profit YoY

+8.1%

Div yield

0.77%

Payout

42.2%

52w change

-20.7%

Beta

0.28

defensive

Pros and cons

Auto-derived from ratios · not a buy/sell recommendation

PROS · 4

+Forward P/E materially below trailing (42.8x vs 55.1x)Street expects earnings growth that compresses the multiple — positive surprise cushion
+3-year revenue CAGR of 16.0%Sustained multi-year growth — not a one-quarter flash
+Nearly debt-free (D/E 0.03)Low financial risk — funds growth from internal accruals, resilient in downturns
++21% upside to analyst consensus target36 analysts average target of ₹1575 vs current ₹1302

CONS · 1

−Down -20.7% over the last yearSignificant underperformance — could be opportunity or warning depending on fundamentals

Sector-relative context

Capital Goods · 22 peers

P/E (TTM)

This stock

55.06

Sector median

50.82

Rank 13/22 (45th %ile)

ROE

This stock

17.1%

Sector median

15.5%

Rank 17/22 (27th %ile)

P/B

This stock

9.41

Sector median

6.90

Rank 15/22 (36th %ile)

Quality score · Piotroski F-score

7 / 9

Decent quality — clears Piotroski bar

✓Profitable (positive net income)· Most basic check — company makes money
✓Positive return on assets· Assets generate returns
✓Positive operating cash flow· Profits are backed by real cash, not accruals
✓Operating CF exceeds net profit· Healthy cash conversion — no aggressive revenue recognition
✗Long-term debt decreased YoY· Deleveraging — lower refinancing risk
✓ROA improved YoY· Getting more productive with the asset base
✓Operating margin expanded YoY· Pricing power or cost discipline
✗

Forensic score · Altman Z″ (emerging markets)

Bankruptcy-risk predictor · 1995 Altman emerging-market revision

SAFE4.47

Z″ = 4.47 — well inside the SAFE zone. Low bankruptcy risk signal across liquidity, profitability and solvency inputs.

Component	Ratio	Weight	Contribution
Working Capital / Total Assets (A)	0.139	×6.56	0.911
Retained Earnings / Total Assets (B)	0.483	×3.26	1.576
EBIT / Total Assets (C)	0.146	×6.72	0.979
Book Equity / Total Liabilities (D)	0.958	×1.05	1.006

Zones: Z″ ≥ 2.60 safe · 1.10–2.60 grey · < 1.10 distress. All four inputs derived from latest annual filing.

Analyst consensus

36 analysts · BUY

Target mean

₹1575.17

Target high

₹1830.00

Target low

₹1290.00

Upside vs today

+21.0%

Street consensus target is +21.0% vs current price. Consensus is a lagging sentiment read, not a forecast.

Company + balance sheet snapshot

Industry

Electrical Equipment & Parts

Employees

7,532

Shares out

62.7

Revenue (TTM)

₹22,366 Cr

EBITDA

₹2,155 Cr

Total debt

₹286 Cr

Cash

₹1,462 Cr

Net debt

₹-1,176 Cr

Quarterly results

Last 5 quarters · ₹ Cr (Screener.in-grade depth)

Metric	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q4
Revenue	4,539	4,889	6,366	5,455	5,588
Operating profit	280	322	749	414	410
OPM %	6.2%	6.6%	11.8%	7.6%	7.3%
Interest	10	9

Annual P&L

Last 4 years · ₹ Cr · all line items

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Revenue	13,835	16,806	18,473	21,600
Operating profit	1,533	1,345	1,569	1,832
OPM %	11.1%	8.0%	8.5%	8.5%
Interest	53	34	46	43

Peer	Last close	1Y change	Mcap ₹Cr	P/E	P/B	ROE	D/E	Rev YoY
HAVELLSTHIS Havells India Limited	₹1,306.4	-20.7%	81,675	55.1	9.41	17.1%	0.03	+14.3%
ABB ABB India Limited	₹7,029.5	+24.9%	1,51,693	90.9	19.36	22.4%	0.01	+5.7%
CUMMINSIND Cummins India Limited	₹5,140.9	+76.4%	1,42,614	63.7	18.06	28.3%	0.00	+16.0%
SIEMENS Siemens Limited	₹3,707.9	+31.2%	1,32,085	78.2	9.98	11.8%	—	+14.0%
CGPOWER CG Power and Industrial Solutions Limited	₹774.8	+19.1%	1,25,316	110.4	16.80	15.2%	0.01	+26.2%
POLYCAB Polycab India Limited	₹8,182.5	+51.2%	1,23,852	47.2	11.03	26.0%	0.02	+24.2%
BHEL Bharat Heavy Electricals Limited	₹316.79	+39.4%	1,14,769	140.9	4.69	3.3%	0.45	+18.6%
DIXON Dixon Technologies (India) Limited	₹11,371.5	-28.1%	68,387	41.1	15.02	36.5%	0.30	+119.7%
APARINDS Apar Industries Limited	₹11,482	+130.7%	46,696	48.0	9.62	20.1%	0.14	+15.0%

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Daily OHLCV sourced primarily from our NSE bhavcopy ingest (public sec_bhavdata_full CSV), with Stooq as a fallback for historical gaps. Split + bonus adjusted. Excludes dividends. Not a recommendation. Past performance does not predict future returns. For authoritative live quotes see NSE / BSE directly.

Quarter	EPS estimate	EPS actual	Surprise %
-1q	5.63	5.33	-5.3%
-2q	5.63	5.08	-9.8%
-3q	6.60	5.62	-14.8%
-4q	7.40	8.33	+12.6%

Date	Amount
2026-01-23	₹4.00
2025-05-23	₹6.00
2025-01-22	₹4.00
2024-05-31	₹6.00
2024-02-01	₹3.00
2023-06-02	₹4.50
2023-01-25	₹3.00
2022-06-14	₹4.50
2021-10-27	₹3.00
2021-06-17	₹3.50
2021-01-28	₹3.00
2020-03-16	₹4.00
2019-07-18	₹4.50
2018-07-04	₹4.00
2017-06-21	₹3.50
2016-06-29	₹3.00

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Equity capital	63	63	63	63
Reserves	5,087	5,681	6,477	7,300
Borrowings	616	223	303	319
Other liabilities	—	—	6	4
Total liabilities	10,523	11,157	12,433	13,809
Fixed assets	2,085	2,439	3,029	3,446
CWIP	64	211	423	194
Investments	293	135	20	11
Other assets	43	79	147	97
Total assets	10,523	11,157	12,433	13,809

Metric	2022-FY	2023-FY	2024-FY	2025-FY
CF Operating	1,728	565	1,953	1,515
CF Investing	-759	35	-1,614	-302
CF Financing	-547	-907	-534	-669
Net cash flow	421	-311	-199	541
Free cash flow	1,470	-23	1,167	749

Metric	2025-FY	2024-FY	2023-FY	2022-FY
OPM %	8.5%	8.5%	8.0%	11.1%
Net margin %	6.8%	6.9%	6.4%	8.6%
ROE %	21.2%	20.7%	19.7%	23.2%
ROCE %	28.0%	27.4%	25.2%	28.8%
Debt / Equity	0.04	0.05	0.04	0.12
Dividend payout %	43%	37%	44%	34%
Interest coverage	47.0×	38.4×	44.0×	31.1×
Revenue growth YoY	+16.9%	+9.9%	+21.5%	—
Profit growth YoY	+15.9%	+18.6%	-10.4%	—

HAVELLSHavells India Ltd

Price chart · 1M–10Y · daily-close

Stock scorecard

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Peer comparison · Capital Goods

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Technical snapshot

Earnings history + surprises

Dividends + splits history

Stock scorecard

Recent news

SWOT analysis

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Balance sheet

Cash flow statement

Ratios

Peer comparison · Capital Goods