Mid Engineering & Capital Goods

Havells India Ltd.

HAVELLS

₹1566.8

-0.46% (-7.2)

Market Cap

₹98,271 Cr.

P/E

66.75

Havells India Ltd.

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

FAQs on Havells India Ltd. Shareprice

Has the share price of Havells India grown faster than its competition?

Havells India has given better returns compared to its competitors.
Havells India has grown at ~16.33% over the last 7yrs while peers have grown at a median rate of 6.74%

Is Havells India stock expensive?

Havells India is not expensive.
Latest PE of Havells India is 66.75, while 3 year average PE is 71.7.
Also latest EV/EBITDA of Havells India is 44.53 while 3yr average is 47.45.

View FAQ's On Business

Growth Table

Havells India Ltd.
CG Power & Indl.Soln
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In %	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	-15.44	10.23	12.29	12.10	21.76	12.18	16.33	16.89	17.86	18.68
TTM EPS CAGR	15.13	16.91	6.93	8.97	14.50	11.07	10.61	13.89	8.38	12.11
Sales CAGR	17.15	13.48	16.04	20.13	18.20	13.71	14.85	16.12	16.55	15.31
PAT Margin (Abs Growth)	-0.08	0.42	-1.81	-3.20	-1.02	-1.05	-1.37	-0.58	-9.51	2.63
PE CAGR	-26.55	-5.71	5.01	2.87	6.34	1.00	5.17	2.63	8.75	5.86
CFO CAGR	-22.41	63.77	-4.28	23.08	12.88	20.25	4.68	8.88	12.78	4.64

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

Balance Sheet

Havells India Ltd.
CG Power & Indl.Soln
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Assets	4,387	5,168	6,608	7,148	7,073	9,129	10,870	11,492	12,787	14,253
Non Current Assets	1,390	1,460	2,689	2,987	3,306	3,193	3,566	3,730	4,176	4,564
Net Block	1,224	1,244	2,765	2,904	3,350	3,290	3,434	3,621	3,988	4,652
Capital Work in Progress	20.49	11.94	24.05	233	86.13	89.91	57.21	166	299	118
Intangible Assets Under Development	—	—	—	0.51	3.36	3.65	0.46	2.99	1.79	1.72
Long Term Investments	189	162	53.79	—	—	—	273	20.00	20.00	10.98
Current Assets	2,634	3,234	3,690	3,826	3,461	5,597	6,953	7,390	8,251	9,310
Inventory	834	945	1,633	1,919	1,872	2,620	2,968	3,709	3,409	4,047
Accounts Receivable	236	231	328	407	242	564	766	974	1,165	1,258
Short Term Investments	272	255	16.98	17.29	18.85	306	153	181	—	—
Cash & Bank Balances	1,468	1,974	1,562	1,311	1,133	1,653	2,548	1,870	3,038	3,378
Liabilities	4,387	5,168	6,608	7,148	7,073	9,129	10,870	11,492	12,787	14,253
Shareholders Funds	3,028	3,277	3,729	4,198	4,312	5,176	6,003	6,625	7,447	8,324
Share Capital	62.46	62.49	62.51	62.55	62.58	62.60	62.63	62.65	62.67	62.69
Reserves	2,965	3,214	3,667	4,135	4,248	5,113	5,940	6,561	7,378	8,244
Non Current Liabilities	108	131	341	411	435	899	887	696	703	694
Secured Loans	1.67	—	81.00	40.50	—	394	273	—	—	—
Unsecured Loans	—	—	—	—	—	—	—	—	—	—
Current Liabilities	1,237	1,575	2,530	2,540	2,327	3,054	3,980	4,170	4,637	5,218
Accounts Payable	501	633	1,640	1,560	1,414	1,597	2,380	2,643	2,692	3,047
Short Term Loans	83.92	208	7.38	—	—	—	—	—	—	—

Balance Sheet Snapshot

No data available.

Fund Flow Analysis

Increase
Decrease
Total

No data available.

*Data is as of latest FY end

Profit & Loss

Havells India Ltd.
CG Power & Indl.Soln
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Sales	7,613	6,156	8,146	10,073	9,440	10,457	13,938	16,911	18,590	21,778
Operating Expenses	6,818	5,309	7,074	8,850	8,380	8,868	12,165	15,290	16,709	19,618
Raw Material	4,284	3,600	5,125	6,331	5,467	6,789	9,334	11,972	11,935	14,711
Material Cost (%)	55.40	56.75	58.61	60.41	59.74	59.85	65.39	67.01	65.51	65.07
Employee Cost	896	509	660	842	907	891	1,021	1,282	1,548	1,870
Power & Fuel Cost	80.87	75.52	75.38	86.33	92.44	84.32	99.57	119	135	157
Operating Profit	795	847	1,072	1,223	1,060	1,589	1,774	1,621	1,881	2,160
Other Income	86.64	138	118	129	113	187	160	178	249	303
OPM (%)	10.44	13.76	13.16	12.14	11.23	15.20	12.73	9.58	10.12	9.92
Depreciation and Amortisation	134	121	140	149	218	249	261	296	339	400
Interest	91.01	41.93	53.74	55.26	51.36	90.09	66.92	55.06	84.21	72.01
Profit Before Tax	1,520	711	977	1,147	904	1,438	1,607	1,447	1,707	1,990
Tax	219	229	304	359	169	393	410	375	437	520
Net Profit	1,300	495	662	788	735	1,044	1,196	1,072	1,271	1,472
Number of shares(Crs)	62.46	62.49	62.51	62.55	62.58	62.60	62.63	62.65	62.67	62.69
Dividend Payout Ratio(%)	28.83	44.23	37.75	35.74	34.04	38.96	39.26	43.84	44.39	42.58

Cash Flow

Havells India Ltd.
CG Power & Indl.Soln
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash from Operating Activity	513	767	1,100	501	827	660	1,728	565	1,953	1,515
Profit Before Tax	1,520	723	983	1,147	904	1,438	1,607	1,447	1,707	1,990
Adjustments	-748	136	92.52	72.81	184	196	213	220	210	274
OCF Before Working Capital	772	859	1,076	1,220	1,088	1,633	1,819	1,667	1,918	2,265
Working Capital Changes	-78.39	113	269	-471	-21.38	-700	324	-710	427	-244
Taxes Paid	-180	-205	-245	-247	-240	-273	-415	-392	-392	-505
Cash from Investing Activity	35.27	-216	-944	188	-548	-763	-759	35.04	-1,614	-302
Net Fixed Assets Purchased	-214	-238	-1,589	-500	-359	-154	-253	-586	-762	-754
Fixed Assets Purchased	-217	-242	-1,597	-501	-361	-250	-258	-588	-786	-766
Fixed Assets Sold	3.10	3.45	7.58	1.81	1.69	96.32	5.56	2.27	23.80	12.19
Investment Purchased	-843	-66.58	—	—	-251	-730	-605	-20.00	-1,037	—
Investment Sold	—	—	305	617	—	—	5.56	520	—	180
Interest Recieved	34.34	75.68	77.17	79.99	62.46	89.46	95.61	120	151	239
Dividends Recieved	—	—	—	—	—	—	—	—	—	—
Subsidiary Investments	1,058	18.95	256	-16.66	—	—	—	—	—	—
Cash from Financing Activity	-621	-97.54	-409	-318	-716	190	-547	-907	-534	-669
Proceeds From Shares	2.93	9.25	14.71	17.98	24.21	9.82	31.15	26.67	21.32	42.54
Net Long Term Borrowings	181	0.00	108	-13.50	-54.00	451	-97.31	-394	0.00	0.00
Proceeds From Borrowings	181	—	108	—	—	500	0.04	—	—	—
Repayment From Borrowings	—	—	—	-13.50	-54.00	-49.50	-97.35	-394	—	—
Interest Paid	—	—	-23.62	-13.54	-5.17	-45.88	-24.46	-6.98	-7.62	-7.45
Dividend Paid	-375	-187	-219	-250	-532	-188	-407	-470	-470	-627
Net Cash Flow	-72.58	454	-253	372	-437	87.25	422	-307	-195	545
Opening Cash & Cash Equivalents	371	142	592	336	705	268	355	776	465	266
Effect of FX	0.77	0.21	-1.41	-3.44	—	-0.33	-0.90	-3.73	-4.54	-3.70
Closing Cash & Cash Equivalents	142	592	336	705	268	355	776	465	266	807
Net Capex (est)	214	238	1,589	500	359	154	253	586	762	754
Free Cash Flow (est)	299	529	-489	1.67	467	507	1,475	-20.58	1,191	762

Cash Flow Analysis

Increase
Decrease
Total

No data available.

Ratios

= Dominant Factor

Havells India Ltd.
CG Power & Indl.Soln
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	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Operational Ratios
Quick Ratio	1.46	1.45	0.81	0.75	0.68	0.97	1.00	0.88	1.04	1.01
Liquid Assets (Crs)	1,800	2,289	2,057	1,907	1,589	2,977	3,985	3,682	4,843	5,263
Current Liabilities (Crs)	1,237	1,575	2,530	2,540	2,327	3,054	3,980	4,170	4,637	5,218
Current Ratio	2.13	2.05	1.46	1.51	1.49	1.83	1.75	1.77	1.78	1.78
Current Assets (Crs)	2,634	3,234	3,690	3,826	3,461	5,597	6,953	7,390	8,251	9,310
Current Liabilities (Crs)	1,237	1,575	2,530	2,540	2,327	3,054	3,980	4,170	4,637	5,218
Interest Coverage Ratio	17.70	17.96	19.19	21.76	18.61	16.96	25.01	27.28	21.28	28.64
EBIT (Crs)	747	864	1,050	1,203	956	1,528	1,673	1,502	1,792	2,063
Interest Expenses (Crs)	91.01	41.93	53.74	55.26	51.36	90.09	66.92	55.06	84.21	72.01
Fixed Asset Turnover	5.60	4.17	2.61	2.96	2.33	2.49	3.05	3.38	3.27	3.26
Net Sales (Crs)	7,613	6,156	8,146	10,073	9,440	10,457	13,938	16,911	18,590	21,778
Fixed Assets (Crs)	1,360	1,476	3,123	3,403	4,048	4,197	4,564	5,003	5,684	6,688
Cash Conversion Cycle	11.93	2.74	-7.10	-1.70	10.72	15.35	10.38	9.35	10.39	8.45
Inventory Days	50.11	49.11	56.49	63.92	72.77	77.83	72.71	71.59	69.47	62.15
Days Receivable	19.56	12.87	12.23	13.21	12.44	13.96	17.31	18.66	20.88	20.20
Days Payable	57.74	59.24	75.83	78.83	74.50	76.44	79.64	80.90	79.95	73.91
Debt to Equity Ratio	0.04	0.06	0.03	0.02	0.01	0.09	0.07	0.00	0.00	0.00
Total Debt (Crs)	134	208	115	94.50	40.50	491	394	0.00	0.00	0.00
Shareholders Equity (Crs)	3,028	3,277	3,729	4,198	4,312	5,176	6,003	6,625	7,447	8,324
Free Cash Flow/Sales (%)	3.93	8.59	-6.01	0.02	4.95	4.85	10.58	-0.12	6.40	3.50
Free Cash Flow(est) (Crs)	299	529	-489	1.67	467	507	1,475	-20.58	1,191	762
Net Sales (Crs)	7,613	6,156	8,146	10,073	9,440	10,457	13,938	16,911	18,590	21,778
Profitability Ratios
Gross Margin (%)	44.60	43.25	41.39	39.59	40.26	40.15	34.61	32.99	34.49	34.93
Op Profit Margin (%)	10.44	13.76	13.16	12.14	11.23	15.20	12.73	9.58	10.12	9.92
Operating Profit (Crs)	881	985	1,190	1,352	1,174	1,777	1,934	1,798	2,130	2,463
Net Sales (Crs)	7,613	6,156	8,146	10,073	9,440	10,457	13,938	16,911	18,590	21,778
Net Profit Margin (%)	17.08	8.03	8.13	7.82	7.79	9.99	8.58	6.34	6.84	6.76
Net Profit (Crs)	1,300	495	662	788	735	1,044	1,196	1,072	1,271	1,472
Net Sales (Crs)	7,613	6,156	8,146	10,073	9,440	10,457	13,938	16,911	18,590	21,778
ROCE (%)	23.71	24.06	25.74	26.09	20.14	25.15	24.29	20.52	21.98	22.83
EBIT (Crs)	747	864	1,050	1,203	956	1,528	1,673	1,502	1,792	2,063
Capital Employed (Crs)	3,150	3,593	4,078	4,609	4,747	6,075	6,890	7,322	8,150	9,035
Return on Assets (%)	29.64	9.57	10.02	11.02	10.40	11.44	11.01	9.33	9.94	10.33
Net Profit (Crs)	1,300	495	662	788	735	1,044	1,196	1,072	1,271	1,472
Total Assets (Crs)	4,387	5,168	6,608	7,148	7,073	9,129	10,870	11,492	12,787	14,253
ROIC (%)	48.05	52.30	27.08	23.82	19.90	22.77	28.59	19.23	23.53	23.67
Op Profit after Taxes (Crs)	565	493	642	738	685	974	1,127	981	1,148	1,299
Invested Capital (Crs)	1,176	942	2,372	3,097	3,443	4,276	3,942	5,102	4,879	5,490
ROE (%)	42.94	15.09	17.76	18.76	17.06	20.17	19.93	16.18	17.06	17.69
Net Profit Margin (%)	17.08	8.03	8.13	7.82	7.79	9.99	8.58	6.34	6.84	6.76
Asset Turnover ratio	1.74	1.19	1.23	1.41	1.33	1.15	1.28	1.47	1.45	1.53
Equity Multiplier	1.45	1.58	1.77	1.70	1.64	1.76	1.81	1.73	1.72	1.71
Adjusted EPS	20.82	7.91	10.60	12.59	11.75	16.68	19.10	17.11	20.28	23.48
Valuation Ratios
P/E	15.48	59.16	46.03	61.23	40.84	62.93	60.40	69.47	74.71	65.05
Price to Book	6.65	8.93	8.18	11.49	6.97	12.70	12.04	11.24	12.76	11.53
EV/EBITDA	21.33	27.91	24.40	34.77	24.65	36.34	36.25	40.36	43.14	37.51
Dividend Yield (%)	1.86	0.75	0.82	0.58	0.83	0.62	0.65	0.63	0.59	0.65

Quarterly Results

Havells India Ltd.
CG Power & Indl.Soln
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In Rs. Cr.	Dec'22	Mar'23	Jun'23	Sep'23	Dec'23	Mar'24	Jun'24	Sep'24	Dec'24	Mar'25
Net Sales	4,128	4,859	4,834	3,900	4,414	5,442	5,806	4,539	4,889	6,544
Operating Expenses	3,704	4,332	4,432	3,527	3,981	4,807	5,234	4,164	4,462	5,787
Increase/Decrease in Stock	-236	2.63	348	-242	-116	254	124	-367	-494	197
Raw Material	2,322	2,539	2,323	2,263	2,462	2,826	3,087	2,461	2,958	3,494
Employee Cost	328	331	362	383	383	420	462	465	469	474
Selling and Distribution Expenses	128	110	134	84.63	176	132	172	131	179	143
Electricity, Power & Fuel Cost	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Gen_AdminExpenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Miscellaneous Expenses	0.00	10.06	1.57	-1.52	7.23	3.81	3.39	28.12	2.81	9.36
Operating Profit	424	527	402	373	433	635	572	375	427	757
Other Income	39.64	46.71	64.84	52.48	55.89	75.75	77.33	92.89	64.33	68.72
Interest	7.28	9.75	8.47	9.33	10.20	17.71	8.55	10.08	9.39	15.22
PBDT	456	564	458	417	478	693	641	458	481	811
Depreciation and Amortization	74.58	77.42	76.29	81.18	87.66	93.37	92.02	94.62	104	110
Profit Before Tax	381	487	382	335	391	599	549	363	377	701
Tax	97.87	129	94.98	86.24	103	153	141	95.49	99.38	184
Profit After Tax	284	358	287	249	288	447	408	268	278	517
Exceptional Items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	284	358	287	249	288	447	408	268	278	518
Quarterly Ratios
EPS	4.53	5.71	4.58	3.97	4.59	7.13	6.51	4.28	4.44	8.26
Operating Profit Margin	10.26	10.85	8.32	9.57	9.80	11.66	9.86	8.26	8.72	11.57
Net Profit Margin	6.87	7.37	5.94	6.39	6.52	8.21	7.02	5.90	5.69	7.90

Reverse DCF

Earnings

Discount Rate (%)

Terminal Multiple

5 YEAR

10 YEAR

20 YEAR

66.10%

Implied Growth Rate over a 5 year period*

25.00%

Implied Growth Rate over a 10 year period*

11.50%

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Raphson method.

Learn how to use Reverse DCF

FAQs on Havells India Ltd. Financials

How strong is Havells India balance sheet?

Balance sheet of Havells India is strong.
It shouldn't have solvency or liquidity issues.

Is the debt of Havells India increasing or decreasing?

The net debt of Havells India is decreasing.
Latest net debt of Havells India is -₹6,756.04 Crs as of Mar-25.
This is less than Mar-24 when it was -₹6,076.21 Crs.

Is the profitablity of Havells India improving?

Yes, profit is increasing.
The profit of Havells India is ₹1,472 Crs for Mar 2025, ₹1,271 Crs for Mar 2024 and ₹1,072 Crs for Mar 2023

Does Havells India pay decent dividends?

The company seems to pay a good stable dividend.
Havells India latest dividend payout ratio is 42.58% and 3yr average dividend payout ratio is 43.6%

How has Havells India allocated its funds?

Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Inventory

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Havells India Ltd.

Havells India Ltd.

Has the share price of Havells India grown faster than its competition?

Is Havells India stock expensive?

How strong is Havells India balance sheet?

Is the debt of Havells India increasing or decreasing?

Is the profitablity of Havells India improving?

Does Havells India pay decent dividends?

How has Havells India allocated its funds?

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