Q1 2026 Havells India Ltd Earnings Call Transcript
Key Points
- Havells India Ltd (BOM:517354) reported robust growth in the Cables & Wires segment, driven by infrastructure and industrial-led demand.
- The company has committed an additional INR340 crores in CapEx to accelerate capacity building in the Cables & Wires segment.
- Havells India Ltd invested INR600 crores in Goldi Solar to expand its solar portfolio, leveraging Goldi Solar's module manufacturing capabilities.
- The company is seeing faster growth in rural markets compared to urban areas, with plans to expand product range and distribution in these regions.
- Despite a challenging quarter, Havells India Ltd has managed to improve profitability and margins in the Lloyd segment through operational efficiencies and better price positioning.
- The company faced a challenging quarter due to an unexpected weak summer and prolonged subdued consumer demand, impacting cooling products revenue.
- There is a high level of inventory for cooling products like ACs and fans, which may take a few months to normalize.
- Lloyd's revenue mix shift towards channel expansion in North and West India has raised concerns about balancing deeper penetration against margin preservation.
- The decline in demand for fans and room coolers has been significant, attributed to structural seasonal factors.
- The company has seen a reduction in creditor days from 57 to 44, largely due to lighter manufacturing activity, which may impact cash flow.
Ladies and gentlemen, good day, and welcome to Havells India Q1 FY26 earnings call hosted by DAM Capital Advisors Limited. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Ms. Bhoomika from DAM Capital Advisors. Thank you, and over to you, ma'am.
Thanks. A warm welcome to everyone on the 1Q FY26 earnings call of Havells India Limited. We have the management today being represented by Mr. Anil Rai Gupta, Chairman and Managing Director; Mr. Rajesh Kumar Gupta, Whole-Time Director and Group CFO; Mr. Amit Kumar Gupta, Whole-Time Director; and Mr. Rajiv Goel, Executive Director.
At this point, I'll hand over the floor to Mr. Gupta for his initial remarks. Post which, we'll open up the floor for Q&A. Thank you, and over to you, sir.
Good evening, all. Thank you for attending
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