Havells India Q4 Preview: Margin pressure, weak demand may hit profit; final dividend in focus

Havells India Q4 Preview: Havells India is set to announce its Q4 FY26 results on April 22, 2026. The company said its board will meet on Wednesday to approve standalone and consolidated audited financial results for the quarter and full year ended March 31, 2026. The board will also consider recommending a final dividend for FY26.

Havells India Q4 preview

Zee Business estimates suggest a soft quarter. Consolidated revenue is expected at Rs 7,016 crore, up 7.2 per cent year-on-year from Rs 6,544 crore. However, profitability is likely to remain under pressure.

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EBITDA is seen at Rs 660 crore, down 12.9 per cent from Rs 758 crore a year ago. Margins are expected to contract to 9.4 per cent from 11.6 per cent. Net profit may fall 15.1 per cent to Rs 439 crore versus Rs 517 crore last year.

The expected decline reflects slower topline growth and pressure on operating leverage.

What is weighing on performance?

Zee Business analysts flag multiple headwinds during the quarter. Demand remained weak across key seasonal categories. High base also impacted growth, especially in cooling products.

The Lloyd business is likely to see a sharp impact due to weak demand and channel inventory adjustments. This may weigh on overall profitability.

In wires and cables, pricing growth remains steady, but volume pressure is visible. Elevated channel inventory is also limiting overall growth momentum.

Electrical consumer durables (ECD) and lighting segments may see muted growth due to weak demand and base effect.

However, the wires and cables (W&C) and switchgear segments are expected to provide some support, partly offsetting the weakness. The “Others” segment, led by solar business, may also aid growth.

Q3 snapshot

In Q3 FY26, Havells reported net revenue of Rs 5,573 crore, up 14.2 per cent year-on-year. EBITDA rose 21.4 per cent to Rs 524 crore, while profit before tax increased 17.7 per cent to Rs 450 crore.

Net profit came in at Rs 301 crore, up 6.6 per cent year-on-year but slightly lower sequentially. The company maintained a strong balance sheet, with cash and cash equivalents at Rs 1,873 crore.

The contribution for the quarter was Rs 1,093 crore, which is a 19.6% increase. Cables were the main driver of growth, with revenue rising 32.8% year-on-year. Switchgears grew 8.2 per cent, while ECD saw a modest 4.3 per cent increase.

Lighting and fixtures declined 4 per cent due to slower project execution. The “Others” segment posted strong growth of 32.9 per cent. Lloyd revenue declined 6.5 per cent, reflecting seasonal softness.

Stock price movement

Shares of Havells India were trading at Rs 1,326.30, up Rs 26 or 2.00 per cent at 12:42 PM.

What to watch

The Q4 print is likely to remain weak on margins and profit. Investors will watch demand trends, channel inventory correction, and outlook on summer-led categories. Commentary on Lloyd recovery and margin trajectory will be key triggers going ahead.