Havells India delivered strong Q4FY26 results with net profit surging 40.6% to ₹734 crore compared to ₹522 crore in the previous quarter. According to Ventura Research, this massive profit increase was primarily attributed to a fair value adjustment gain of ₹283 crore following the company's investment of ₹600 crore in Goldi Solar Pvt Ltd during Q1FY26. Revenue grew modestly by 2.4% to ₹6,688 crore, while EBITDA declined 4.4% to ₹728 crore with margins compressing from 11.6% to 10.9%. The company's shares gained 6.16% despite the overall market decline of 0.7%, though they remain down 17% over the past year.
The Lloyd Consumer segment continued to face significant headwinds, reporting an EBIT loss for the fourth straight quarter with revenue falling 19% to ₹1,514 crore due to strong base effects and delayed demand for seasonal goods. As reported by Ventura Research, the segment was impacted by early summer and unseasonal rain that negatively affected sales of seasonal products such as fans and air coolers. Lloyd's FY26 revenue fell by 23% against 35% growth in FY25, with negative EBIT of ₹203 crore against profit of ₹131 crore in FY25. The segment's poor performance continues to be a significant drag on overall profitability.
The cables & wires (C&W) segment demonstrated robust performance with revenue growing 14% to ₹2,474 crore, led by strong demand for power cables. According to Ventura Research, the segment's growth rate was once again the highest among product segments, with the company investing significantly in capital expenditures of ₹1,484 crore during FY26 compared to ₹753 crore in FY25 for increasing production capacity. C&W remains Havells' largest segment, contributing 37% of total revenue and almost half of EBIT last quarter, with the segment bringing in ₹8,677 crore in annual income representing a massive 20.8% jump.
The 'others' segment revenue grew by 48.8% in Q4FY26 and 25% in FY26, led by renewables segment products such as solar pumps, solar power generating systems, and home lighting kits. As reported by Ventura Research, the renewable energy segment under the 'others' category showed strong growth at ₹550 crore in Q4FY26, with the segment revenue growing by 48.8% in the quarter. While 'others' form a smaller 8% share in revenues now, it continues to be a key growth driver in the medium term, aided by strong demand for renewable energy products.
Havells demonstrated strong financial health with cash and cash equivalents totaling ₹2,351 crore at the end of March 31, 2026. The company's return ratios remained healthy with ROE at 19.2% and ROCE at 25.1%, indicating efficient resource utilization despite operational challenges. For FY26, total net income stood at ₹22,466 crore, marking a 3.3% improvement compared to the previous fiscal year, while profit after taxes recorded an impressive 14.5% jump to ₹1,705 crore from ₹1,489 crore. The strategic investment in Goldi Solar Pvt Ltd and continued focus on capacity expansion in cables and refrigerators position the company well for future growth despite current consumer demand pressures.
