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Havells IndiaNSE:HAVELLS -0.45%93 Cyclically Adjusted PB Ratio is 11.70 as of Sep. 15, 2026, which is 36% below its 10-year median of 18.34. GuruFocus rates NSE:HAVELLS with a GF Score™ of 93/100 and a GF Value™ of ₹1,794.79 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 2,099 Industrial Products companies, Havells India ranks worse than 47641.69% on this metric.
The historical rank and industry rank for Havells India's Cyclically Adjusted PB Ratio or its related term are showing as below:
During the past 13 years, Havells India's highest Cyclically Adjusted PB Ratio was 27.96. The lowest was 12.11. And the median was 18.34.
NSE:HAVELLS's Cyclically Adjusted PB Ratio is not ranked *
in the Industrial Products industry.
Industry Median: 2.08 * Ranked among companies with meaningful Cyclically Adjusted PB Ratio only.
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
Havells India's adjusted book value per share data of for the fiscal year that ended in Mar26 was ₹150.954. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is ₹94.99 for the trailing ten years ended in Mar26.
Shiller PE for Stocks: The True Measure of Stock Valuation
Havells India (NSE:HAVELLS) Cyclically Adjusted PB Ratio Explanation
Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.
Havells India Cyclically Adjusted PB Ratio Related Terms
Havells India Cyclically Adjusted PB Ratio Historical Data
* Premium members only.
The historical data trend for Havells India's Cyclically Adjusted PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NSE:HAVELLS vs VRT, BE: Cyclically Adjusted PB Ratio Comparison
For the Electrical Equipment & Parts subindustry, Havells India's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Havells India Cyclically Adjusted PB Ratio vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Havells India's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where Havells India's Cyclically Adjusted PB Ratio falls into.
Havells India Cyclically Adjusted PB Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.
Havells India's Cyclically Adjusted PB Ratio for today is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PB Ratio of 11.70 mean?
Havells India (NSE:HAVELLS) has a Cyclically Adjusted PB Ratio of 11.70 as of Sep. 15, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Havells India and its competitors. This is 36% below median its historical median of 18.34. Over the past decade, Havells India's Cyclically Adjusted PB Ratio has ranged from 12.11 to 27.96. According to the industry distribution chart, Havells India ranks #999999 out of 2099 companies in the Industrial Products industry.
Is Havells India's Cyclically Adjusted PB Ratio too high?
Havells India's current Cyclically Adjusted PB Ratio of 11.70 is 36% below median its 10-year median of 18.34. Over the past 10 years, this metric has ranged from a low of 12.11 to a high of 27.96. The Industrial Products industry median Cyclically Adjusted PB Ratio is 2.08. Havells India's value of 11.70 is 462.5% above this industry median. Based on the distribution chart, Havells India ranks #999999 out of 2099 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Havells India has a GF Score™ of 93/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Havells India's Cyclically Adjusted PB Ratio compare to VRT and BE?
According to the Industrial Products industry distribution chart, Havells India ranks #999999 out of 2099 companies for Cyclically Adjusted PB Ratio. This places Havells India in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 2.08. Havells India's value of 11.70 is 462.5% above this benchmark. Historically, Havells India's own Cyclically Adjusted PB Ratio has ranged from 12.11 to 27.96 over the past decade. While the company's 10-year median is 18.34 vs. the industry median of 2.08, Havells India has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for an Industrial Products company?
The median Cyclically Adjusted PB Ratio among Industrial Products companies is 2.08, based on 2,099 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Havells India's current Cyclically Adjusted PB Ratio of 11.70 is 462.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Havells India and its competitors. For the Industrial Products industry, the median Cyclically Adjusted PB Ratio is 2.08 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Havells India's current Cyclically Adjusted PB Ratio is 11.70, which is 36% below median its own 10-year median of 18.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Havells India stock overvalued right now?
Based on GuruFocus' analysis, Havells India (NSE:HAVELLS) is currently considered Significantly Undervalued. The stock's GF Value™ is ₹1,794.79, compared to a current price of ₹1,111.00 — trading 38.1% below its estimated fair value. The current Cyclically Adjusted PB Ratio is 11.70, which is 36% below median its 10-year median of 18.34 and 462.5% above the Industrial Products industry median of 2.08. Havells India's overall GF Score™ is 93/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For Havells India (NSE:HAVELLS), the current Cyclically Adjusted PB Ratio is 11.70 as of Sep. 15, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Havells India (NSE:HAVELLS) Overvalued in 2026?
Based on GuruFocus' analysis, Havells India stock appears to be undervalued.
The current stock price of ₹1,111.00 is trading 38.1% below its estimated GF Value™ of ₹1,794.79.
GuruFocus considers Havells India to be Significantly Undervalued.
Key valuation signals for NSE:HAVELLS:
Cyclically Adjusted PB Ratio: 11.70 (36% below median its 10-year median of 18.34)
GF Value™: ₹1,794.79 vs. price of ₹1,111.00 (38.1% below fair value)
Industry Position: 462.5% above the Industrial Products median (#999999 of 2099)
No single metric tells the full story. See the NSE:HAVELLS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Havells India Ltd manufactures and distributes electrical equipment for consumer and industrial applications. Its product portfolio includes fans, appliances, switches, lighting, switch gears, circuit breakers, water heaters, air purifiers, flexible cables, air coolers, monoblock and submersible pumps, personal grooming products, motors, and reactive power solutions. The firm has seven manufacturing facilities, all of which are in India. The company operates in multiple segments: Switchgear (domestic and industrial), which derives maximum revenue, Cables (domestic and industrial underground), Lighting and Fixtures (LED lamps), Electrical Consumer Durables (fans, water heaters), Lloyd Consumer products (air conditioners, televisions), and Others (industrial motors, water purifiers).
93GF Score
Get the complete analysis for NSE:HAVELLS
Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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