Havells India Q2 FY27 Revenue Up 35%, Margins Under Pressure

Havells India Limited, [NSE: HAVELLS, BOM: 517354], a major Indian cable, wire, and FMEG manufacturer, has announced its financial results for Q2 FY27.

Havells India’s Q2 FY27 Standalone Financials

In Q2 FY27, Havells clocked a standalone revenue of ₹6,416.62 crore and reported a corresponding Profit After Tax (PAT) of ₹352.83 crore.

Havells India’s Consolidated Financial Figures for Q2 FY27

YoY Analysis of Consolidated Financials: Q2 FY27 vs. Q2 FY26

Havells reported a consolidated revenue from operations of ₹6,431.99 crore in Q2 FY27, showcasing a growth of 34.58% Year-over-Year (YoY) from Q2 FY26’s revenue of ₹4,779.33 crore. Company’s Q2 FY27 PAT of ₹349.22 crore represents an increase of 9.72% from Q2 FY26’s PAT of ₹318.28 crore.

Rising Material Costs Impact Margin Growth

Speaking on quarters strong performance, Mr. Anil Rai Gupta, Chairman & Managing Director (CMD), Havells, said that this growth was primarily driven by healthy contributions from company’s established categories, such as Cables and Switchgear, as well as from emerging Renewables category.

Contribution margins during the quarter were softer due to inflationary raw material costs. Adding to this, Mr. Gupta said, “We also undertook calibrated pricing actions in response to the sharp rise in raw material costs witnessed over the past several months.” He mentioned that consumer demand remained steady despite the inflationary environment.

The company’s Earnings Per Share (EPS) stood at ₹5.57 in Q2 FY27, increasing 9.43% from ₹5.09 reported in Q2 FY26.

QoQ Analysis of Consolidated Financials: Q2 FY27 vs. Q1 FY27

Quarter-over-Quarter analysis of company’s revenue in Q2 FY27 against Q1 FY27’s revenue of ₹6,518.19 crore highlights a marginal decrease of 1.32%. Meanwhile, Q2 FY27’s PAT showed a healthy growth of 20.54% QoQ from Q1 FY27’s PAT of ₹289.71 crore.

Havells’ Q2 FY27 Segmental Performance

Segmental Revenue in ₹ crore

Switchgear: Havells’ switchgear business segment brought in revenue of ₹781.74 crore in Q2 FY27, increasing 31.27% YoY compared to Q2 FY26’s revenue of ₹595.54 crore.

Company said that the strong growth in switchgear segment was supported by an increase in domestic demand and recovery in exports after disruption during Q1 FY27. During Q2 FY27’s earnings call, Mr. Anil Gupta said, “There is a bit of a higher impact in the second quarter because first quarter growth was muted because of some pricing actions that were taken due to sharp raw material price increases.”

He further said that this segment’s contribution margins have stabilized to its standard 38% to 39%. Following this, Mr. Gupta added, “Having said that, we do see, raw material challenges even in the second quarter, for which certain more actions are being taken in the third quarter as well.”

Cables: Havells’ Cables segment typically brings in majority of company’s business, accounting for 46.62% of the total segmental revenue in Q2 FY27. This segment gathered revenue of ₹2,998.90 crore in Q2 FY27, exhibiting strong growth of 47.86% YoY against ₹2,028.23 crore clocked during Q2 FY26.

The Cables segment achieved double-digit overall volume growth during the quarter, but lower Aluminium prices in Q2 FY27 against corresponding previous quarters’ high base led to softer contribution margins.

Lighting & Fixtures: In Q2 FY27, this segment clocked a revenue of ₹459.50 crore, highlighting an increase of 7.26% YoY from Q2 FY26 was ₹428.41 crore.

Electrical Consumer Durables (ECD): ECD segment reported revenue of ₹1,072.11 crore in Q2 FY27, a 10.68% YoY increase against ₹968.62 crore earned during Q2 FY26. The ECD business saw growth across all product categories.

Lloyd Consumer: Havells’ Lloyd Consumer segment’s Q2 FY27 revenue increased by 28.47% YoY to ₹619.41 crore from ₹482.16 crore reported in Q2 FY26.

Lloyd Consumer segment delivered a healthy increase in revenue during Q2 FY27, backed by a combination of volumes and value growth. “Margins, however, remained subdued with raw material inflation, as well as seasonal under-absorption during the off-season”, said Mr. Gupta.

Renewables: YoY analysis of Company’s Renewables segment’s revenue of ₹329.16 crore highlighted a robust growth of 147.81% from Q2 FY26’s revenue of ₹132.83 crore.

Havells established ‘Renewables’ as a separate new segment in the previous quarter; this Strategic Business Unit (SBU) includes Solar, Battery Energy Storage (BESS), Solar Pumps, and EV Chargers (EVSE). This emerging business category showed very strong top-line growth and margins.

Speaking on Renewables segment, Mr. Gupta said that this is “a very fast-growing business in the overall India… We’re not looking at (it) just as a commodity business… We’ll continue to strive towards making it into a healthy margin business because.. we want to make it into a brand and distribution-oriented business.”

Others: The ‘Others’ Segment includes motors and pumps. In Q2 FY27, the segment gathered revenue of ₹171.17 crore, representing a growth of 19.26% compared to Q2 FY26’s revenue of ₹143.53 crore.

About Havells India Limited: Havells India Limited is a Noida-based company that is one of the biggest players in the Indian FMEG market. Its product range includes Industrial and domestic Circuit Protection Switchgear, Modular Switches, Cables and wires, Fans, Power Capacitors, and Luminaires for Domestic, Commercial, and industrial applications, Water Heaters, Motors, and Domestic Appliances.