Havells India Ltd (HAVELLS) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↑

+1.26%

Short-term demand accumulation with positive intraday momentum.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 15.9%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 19.0%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹1,133.01

200-Day DMA ● Overlay

₹1,050.82

14-Day RSI ● Overlay

56.4 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹65,266 Cr

Large cap

Stock P/E (TTM) Valuation

39.2x

Price / EPS

Book Value (₹) Assets

₹151.0

P/B: 6.9x

ROE (%) Quality

19.0%

Net Profit / Equity

ROCE (%) Efficiency

24.9%

EBIT / Capital

Dividend Yield Yield

0.96%

Face Value: ₹10

Debt / Equity Solvency

0.03x

Low Debt

EPS (TTM) Per Share

₹26.53

Trailing 12M

OPM (%) Spread

9.0%

EBITDA Margin

Free Cash Flow Cash

₹156.00 Cr

CFO - Capex

About Havells India Ltd

Havells India Ltd (HAVELLS) is an Indian publicly listed company operating in the Consumer Goods sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 6.5% × Turnover: 0.85x × Leverage: 1.03x = ROE: 19%

✓ Company Strengths (Pros)

• Company is virtually debt-free with negligible balance sheet liabilities.
• Delivers solid shareholder returns with an ROE of 19.0%.

⚠ Key Considerations & Risks (Cons)

• Stock is trading at a premium of 6.9x its book value.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹23,591 Cr

Latest PAT

₹1,631 Cr

EPS (TTM)

₹26.53

OPM %

9.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹4,834 Cr	₹3,900 Cr	₹4,414 Cr	₹5,442 Cr	₹5,806 Cr	₹4,539 Cr	₹4,889 Cr	₹6,544 Cr	₹5,455 Cr	₹4,779 Cr	₹5,588 Cr	₹6,705 Cr	₹6,518 Cr
Operating Profit (EBITDA)	₹402.00 Cr	₹373.00 Cr	₹433.00 Cr	₹635.00 Cr	₹572.00 Cr	₹375.00 Cr	₹426.00 Cr	₹757.00 Cr	₹516.00 Cr	₹438.00 Cr	₹516.00 Cr	₹729.00 Cr	₹466.00 Cr
OPM %	8.0%	10.0%	10.0%	12.0%	10.0%	8.0%	9.0%	12.0%	9.0%	9.0%	9.0%	11.0%	7.0%
Interest Expense	₹8.00 Cr	₹9.00 Cr	₹10.00 Cr	₹18.00 Cr	₹9.00 Cr	₹10.00 Cr	₹9.00 Cr	₹15.00 Cr	₹9.00 Cr	₹9.00 Cr	₹9.00 Cr	₹10.00 Cr	₹7.00 Cr
Depreciation	₹76.00 Cr	₹81.00 Cr	₹88.00 Cr	₹93.00 Cr	₹92.00 Cr	₹95.00 Cr	₹104.00 Cr	₹110.00 Cr	₹106.00 Cr	₹106.00 Cr	₹109.00 Cr	₹112.00 Cr	₹121.00 Cr
Profit before Tax (PBT)	₹382.00 Cr	₹335.00 Cr	₹391.00 Cr	₹599.00 Cr	₹549.00 Cr	₹363.00 Cr	₹377.00 Cr	₹701.00 Cr	₹470.00 Cr	₹415.00 Cr	₹408.00 Cr	₹918.00 Cr	₹392.00 Cr
Net Profit (PAT)	₹287.00 Cr	₹249.00 Cr	₹288.00 Cr	₹447.00 Cr	₹408.00 Cr	₹268.00 Cr	₹278.00 Cr	₹517.00 Cr	₹348.00 Cr	₹318.00 Cr	₹300.00 Cr	₹723.00 Cr	₹290.00 Cr
EPS in ₹	₹4.58	₹3.97	₹4.59	₹7.13	₹6.51	₹4.28	₹4.44	₹8.26	₹5.55	₹5.09	₹4.80	₹11.53	₹4.63

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹8,468 Cr	₹7,594 Cr	₹6,130 Cr	₹8,116 Cr	₹10,073 Cr	₹9,440 Cr	₹10,457 Cr	₹13,938 Cr	₹16,911 Cr	₹18,590 Cr	₹21,778 Cr	₹22,528 Cr	₹23,591 Cr
Expenses	₹7,713 Cr	₹6,798 Cr	₹5,315 Cr	₹7,083 Cr	₹8,885 Cr	₹8,373 Cr	₹8,868 Cr	₹12,163 Cr	₹15,290 Cr	₹16,709 Cr	₹19,603 Cr	₹20,286 Cr	₹21,440 Cr
Operating Profit	₹755.00 Cr	₹796.00 Cr	₹815.00 Cr	₹1,033 Cr	₹1,189 Cr	₹1,067 Cr	₹1,589 Cr	₹1,775 Cr	₹1,621 Cr	₹1,881 Cr	₹2,175 Cr	₹2,241 Cr	₹2,150 Cr
OPM %	9%	10%	13%	13%	12%	11%	15%	13%	10%	10%	10%	10%	9%
Interest	₹96.00 Cr	₹91.00 Cr	₹13.00 Cr	₹25.00 Cr	₹16.00 Cr	₹51.00 Cr	₹90.00 Cr	₹67.00 Cr	₹55.00 Cr	₹84.00 Cr	₹72.00 Cr	₹79.00 Cr	₹35.00 Cr
Depreciation	₹139.00 Cr	₹134.00 Cr	₹121.00 Cr	₹140.00 Cr	₹149.00 Cr	₹218.00 Cr	₹249.00 Cr	₹261.00 Cr	₹296.00 Cr	₹338.00 Cr	₹400.00 Cr	₹432.00 Cr	₹447.00 Cr
Profit before Tax	₹569.00 Cr	₹1,520 Cr	₹723.00 Cr	₹965.00 Cr	₹1,147 Cr	₹904.00 Cr	₹1,438 Cr	₹1,607 Cr	₹1,447 Cr	₹1,707 Cr	₹1,990 Cr	₹2,210 Cr	₹2,132 Cr
Net Profit	₹385.00 Cr	₹1,300 Cr	₹494.00 Cr	₹661.00 Cr	₹788.00 Cr	₹735.00 Cr	₹1,044 Cr	₹1,196 Cr	₹1,072 Cr	₹1,271 Cr	₹1,470 Cr	₹1,689 Cr	₹1,631 Cr
EPS in Rs	6.17	20.82	7.91	10.60	12.59	11.75	16.68	19.10	17.11	20.28	23.48	26.95	26.05

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹62.00 Cr	₹62.00 Cr	₹62.00 Cr	₹63.00 Cr	₹63.00 Cr	₹63.00 Cr	₹63.00 Cr	₹63.00 Cr	₹63.00 Cr	₹63.00 Cr	₹63.00 Cr	₹63.00 Cr
Reserves & Surplus	₹1,756 Cr	₹2,965 Cr	₹3,214 Cr	₹3,667 Cr	₹4,135 Cr	₹4,249 Cr	₹5,114 Cr	₹5,940 Cr	₹6,563 Cr	₹7,384 Cr	₹8,261 Cr	₹9,393 Cr
Borrowings (Debt)	₹424.00 Cr	₹134.00 Cr	₹208.00 Cr	₹115.00 Cr	₹94.00 Cr	₹72.00 Cr	₹521.00 Cr	₹616.00 Cr	₹223.00 Cr	₹303.00 Cr	₹319.00 Cr	₹265.00 Cr
Total Liabilities	₹4,788 Cr	₹4,387 Cr	₹5,168 Cr	₹6,608 Cr	₹7,148 Cr	₹7,073 Cr	₹8,852 Cr	₹10,523 Cr	₹11,157 Cr	₹12,433 Cr	₹13,809 Cr	₹14,746 Cr
Fixed Assets	₹1,541 Cr	₹1,224 Cr	₹1,300 Cr	₹2,819 Cr	₹2,904 Cr	₹3,350 Cr	₹3,290 Cr	₹3,434 Cr	₹3,621 Cr	₹3,988 Cr	₹4,652 Cr	₹5,343 Cr
Total Assets	₹4,788 Cr	₹4,387 Cr	₹5,168 Cr	₹6,608 Cr	₹7,148 Cr	₹7,073 Cr	₹8,852 Cr	₹10,523 Cr	₹11,157 Cr	₹12,433 Cr	₹13,809 Cr	₹14,746 Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹963.00 Cr	₹513.00 Cr	₹767.00 Cr	₹1,100 Cr	₹501.00 Cr	₹827.00 Cr	₹660.00 Cr	₹1,728 Cr	₹565.00 Cr	₹1,953 Cr	₹1,523 Cr	₹1,572 Cr
Cash from Investing (CFI)	-₹485.00 Cr	-₹121.00 Cr	-₹220.00 Cr	-₹946.00 Cr	₹185.00 Cr	-₹548.00 Cr	-₹763.00 Cr	-₹759.00 Cr	₹31.00 Cr	-₹1,618 Cr	-₹305.00 Cr	-₹895.00 Cr
Cash from Financing (CFF)	-₹754.00 Cr	-₹621.00 Cr	-₹98.00 Cr	-₹409.00 Cr	-₹318.00 Cr	-₹716.00 Cr	₹190.00 Cr	-₹547.00 Cr	-₹907.00 Cr	-₹534.00 Cr	-₹677.00 Cr	-₹693.00 Cr
Free Cash Flow (FCF)	₹793.00 Cr	₹299.00 Cr	₹529.00 Cr	-₹489.00 Cr	₹2.00 Cr	₹467.00 Cr	₹507.00 Cr	₹1,475 Cr	-₹21.00 Cr	₹1,191 Cr	₹769.00 Cr	₹156.00 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	27	11	14	15	15	9	20	20	21	23	21	13
Inventory Days	103	70	99	124	115	121	153	119	119	102	104	110
Cash Conversion Cycle (Days)	51	39	46	14	36	39	79	44	55	44	47	51
ROCE %	27%	28%	25%	27%	29%	22%	30%	27%	22%	24%	25%	25%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹405.19 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹1,174.10

DCF Fair Value

₹405.19

Graham Number

₹300.23

Margin of Safety

-69.5%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹405.19

Premium / Overvalued (Margin: -69.5%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹394	₹391	₹387	₹384
10%	₹402	₹398	₹394	₹391
12%	₹409	₹405	₹402	₹398
14%	₹416	₹412	₹409	₹405

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹405	Fairly Valued
Benjamin Graham Number	₹300	Market Priced
Historical Sector P/E	₹584	Premium
EV / EBITDA Multiplier	₹1,233	In-Line
Free Cash Flow Yield Model	₹1,151	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 7/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

7 / 9 Pass

Altman Z-Score

5.26 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.03x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 9.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

59.35%

FIIs (Foreign)

15.91%

DIIs (Domestic)

18.04%

Government

0.15%

Public / Retail

6.47%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	59.43%	59.43%	59.43%	59.41%	59.41%	59.41%	59.41%	59.38%	59.38%	59.38%	59.38%	59.35%
+ FIIs (Foreign Portfolio)	24.19%	23.96%	24.83%	25.33%	24.76%	23.46%	22.31%	21.59%	19.28%	17.96%	16.93%	15.91%
+ DIIs (Mutual Funds / Insurance)	9.38%	10.00%	9.77%	9.42%	10.10%	11.43%	12.63%	13.18%	15.35%	16.53%	17.50%	18.04%
+ Public (Retail & HNIs)	6.90%	6.49%	5.85%	5.66%	5.58%	5.57%	5.52%	5.62%	5.81%	5.95%	5.96%	6.47%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Consumer Goods.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

HAVELLS Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

HAVELLS Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

HAVELLS Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹1,502.85

Accelerated market share capture in Consumer Goods, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹1,314.99

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 39x P/E.

🐻 Bear Case (15%) -12.0%

₹1,033.21

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Consumer Goods)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 19:00 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Havells India Ltd (HAVELLS)	Target Stock	₹1,174.10	+1.26%	39.2x	19.0%	24.9%	0.03	₹65,266 Cr
Titan Company Ltd (TITAN)	Jewellery (Tanishq), Watches & Eyewear	₹4,970.00	-0.70%	68.7x	37.7%	20.5%	1.95	₹4.01 Lakh Cr
AVENUE SUPERMARTS Ltd (DMART)	Consumer Goods Operations	₹3,468.00	+0.03%	81.3x	12.9%	17.2%	0.10	₹2.49 Lakh Cr
Asian Paints Ltd (ASIANPAINT)	Paints & Home Decor	₹2,550.30	+1.63%	47.3x	21.8%	26.3%	0.18	₹2.31 Lakh Cr
Trent Ltd (TRENT)	Sector Peer	₹3,222.70	+3.32%	75.2x	27.7%	28.3%	0.37	₹1.38 Lakh Cr
Kalyan Jewellers India Ltd (KALYANKJIL)	Sector Peer	₹663.75	+8.63%	37.3x	24.8%	21.2%	0.97	₹54,581 Cr
Berger Paints India Ltd (BERGEPAINT)	Sector Peer	₹475.55	+0.92%	43.0x	17.3%	21.6%	0.09	₹52,750 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	19:00:03 IST	✓ Live Sync
Financial Statements (10Y)	Havells India Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

Havells India Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Havells India Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Consumer Goods)

Metric Explainer

Stock DNA Methodology

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