Havells India Q2: Mixed show; brokerages cut targets but maintain 'Buy'

Havells India reported its second quarter (Q2FY26) numbers on Friday, October 17, 2025, after market hours. At 9:49 AM, Havells India's share price was down 1.93 per cent at ₹1,462.4 per share. In comparison, BSE Sensex was up 0.38 per cent at 84,271.22. 

Havells India Q2 results: Key highlights

• Consolidated net profit jumped 16.5 per cent year-on-year (Y-o-Y) in Q2FY26 to ₹317 crore, as against ₹273 crore. However, it fell 8.8 per cent sequentially from ₹347.72 crore in Q1FY26. 
• The company's revenue for the second quarter rose 5.2 per cent Y-o-Y to ₹4,779.33 crore, as against ₹4,539.31 crore. On a quarter-on-quarter (Q-o-Q) basis, the revenue fell 12 per cent.  
• The Earnings before interest, tax, depreciation and amortisation (Ebitda) stood at ₹442 crore, as compared to ₹380 crore Y-o-Y. 
• The company’s summer products continue to experience weakness. Softer performance in electrical consumer durables (ECD), mainly in fan and air cooler categories, which were impacted by the weak summer
• Lloyd revenue declined with higher channel inventory overhang and goods and services tax (GST) changes. 

Brokerages' view on Havells India stock

Nuvama Institutional Equities has maintained ‘Buy’, but has cut the target to ₹1,790, from ₹1,910 per share. 

 

 

“We believe near-term concerns pertaining to channel inventory and demand scenario shall endure. We are trimming estimates by 3–9 per cent to reflect near-term concerns. We reckon revenue/Ebitda/PAT CAGR of 11%/15%/16% over FY26–28E,” Nuvama said.

 

JM Financial Institutional Securities also cut the target to ₹ 1,750 per share from ₹1,800, maintaining ‘Buy’. The cables & wires (C&W) business grew 12 per cent Y-o-Y but underperformed expectations and peers, prompting more conservative forecasts despite margin improvements, according to the brokerage note. 

 

Lloyd’s decline was contained to 19 per cent, better than feared, but the franchise remains in turnaround, keeping near-term growth assumptions cautious, JM Financial noted. With new BEE ratings effective January 2026, original equipment manufacturers (OEMs) are moderating AC production to clear inventory through Q3. That supports channel normalisation but caps near-term volume optimism.

 

Nirmal Bang reiterated ‘Buy’ on Havells India stock, continuing with a target of ₹1,839 per share. According to the brokerage, Havells delivered a modest performance in Q2 with revenue rising 5 per cent Y-o-Y and margins improving by 90 basis points (bps).

 

Looking ahead, the management highlighted channel inventory for Lloyd ACs should normalise by Q3 with strong momentum in early Q3, aided by recovering rural demand. The second half of FY26 is expected to be robust, supported by B2B growth, international opportunities, and margin improvement through cost efficiency and premiumisation, Nirmal Bang noted.