Q3 2026 Havells India Ltd Earnings Call Transcript
Key Points
- Havells India Ltd (BOM:517354) reported a healthy overall performance in Q3 FY26, with a 14% revenue growth and a 21% increase in EBITDA.
- The cables business experienced accelerated growth driven by volume expansion and commodity price inflation.
- There was a healthy uptake in demand for heating products, supported by a good winter season.
- The company is optimistic about a gradual recovery in demand and is taking calibrated price hikes to manage cost pressures.
- Havells India Ltd (BOM:517354) is investing in capacity expansion, particularly in cables and wires, and is also focusing on enhancing operational efficiency.
- The cooling products segment faced a challenging environment, although channel inventory is now normalizing.
- There are industry headwinds such as cost increases due to commodity inflation, changes in labor codes, and e-waste regulations.
- Margins are under pressure due to rising commodity prices, and the company is balancing cost discipline with investment needs.
- The wires and cables segment saw a significant stock buildup at the channel level, which could impact volumes if price movements occur.
- The solar segment, while growing, is currently affecting overall margins due to a mix of utility and C&I installation orders.
Ladies and gentlemen, good day and welcome to Havells India Q3 FY26 earnings conference call hosted by ICICI Securities Limited. (Operator Instructions) . Please note that this conference is being recorded. I now hand the conference over to Mr. Aniruddha Joshi from ICICI Securities. Thank you and over to you, sir.
Yeah, thanks, Danish, on behalf of ICICI Securities, we welcome you all to Q3FY26 and 9 months FY26 results conference call of Havells India Limited. We have with us today senior management represented by Mr. Anil Rai Gupta, Chairman and managing director, Mr. Rajesh Kumar Gupta, whole-time director and CFO, Mr. Amit Kumar Gupta, whole-time director, and Mr. Rajiv Goyal, executive director.
Now I hand over the call to Mr. Anil Rai Gupta, for his initial comments on the performance. Then we will open the floor for question-and-answer session. Thanks and over to you, Anil, sir.
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