
Havells shares dipped 2.2% to ₹1,038.6 on Thursday, a 27% YTD decline, as Citi stuck with a buy rating and a ₹1,525 target—an upside of about 50% from the last close.
In the September quarter, revenue climbed 21% year‑on‑year to ₹6.61 trn, while EBITDAR rose 28% to ₹474 cr. Net profit fell 15.4% to ₹289 cr from ₹352 cr, and EBITDA contracted 8.8% to ₹474 cr, reflecting margin compression from 9.6% to 7.3%.
Analysts gave a consensus revenue estimate of ₹6.55 trn; Havells beat that by ₹60 cr. EBITDAR expectations hovered near ₹460 cr, so the actual figure exceeded forecasts by ₹14 cr. The company’s margin squeeze is tied to higher raw‑material costs and a slower consumer‑segment recovery.
Citi’s note highlights a maturing wires‑and‑cables business and a rebound in consumer‑facing units as a catalyst for a 21% revenue lift. Operating leverage in the Electric Consumer Division and bundled cable sales should lift EBITDAR margins over the next 12 months, Citi added, noting moderate losses from the Lloyd division.
Looking forward, the board will release the Q1 2027 results on October 15, with guidance expected to clarify the impact of the new target price. Traders will weigh the 50% upside against the 27% YTD slide, while analysts keep an eye on the company’s ability to reverse margin erosion and keep revenue growth above 20% next quarter.