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Havells IndiaNSE:HAVELLS -0.86%94 Operating Margin % is 5.32% as of Jun. 2026, which is 47% below its 10-year median of 10.07. GuruFocus rates NSE:HAVELLS with a GF Score™ of 94/100 and a GF Value™ of ₹1,769.05 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 3,034 Industrial Products companies, Havells India ranks better than 53.72% on this metric.
Operating Margin % is calculated as Operating Income divided by its Revenue. Havells India's Operating Income for the
three
months ended in Jun. 2026 was ₹3,468 Mil. Havells India's Revenue for the
three
months ended in Jun. 2026 was ₹65,182 Mil. Therefore, Havells India's Operating Margin % for the quarter that ended in Jun. 2026 was 5.32%.
Warning Sign:
Havells India Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -8.3%.
The historical rank and industry rank for Havells India's Operating Margin % or its related term are showing as below:
NSE:HAVELLS'
s Operating Margin % Range Over the Past 10 Years
Min: 7.22 Med: 10.07 Max: 13.17
Current: 7.22
NSE:HAVELLS's Operating Margin % is ranked better than 53.72% of 3034
companies
in the Industrial Products industry
Industry Median: 6.5
vs NSE:HAVELLS: 7.22
Havells India's 5-Year Average Operating Margin % Growth Rate was -8.30% per year.
Havells India's Operating Income for the
three
months ended in Jun. 2026 was ₹3,468 Mil.
Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was ₹17,029 Mil.
Havells India (NSE:HAVELLS) Operating Margin % Explanation
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
Operating Margin % can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin % may decline. Often the Operating Margin % declines well before the company's Revenue or even profit decline. Therefore, Operating Margin % is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) were still rising. Investors who paid attention to Operating Margin % would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin % is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
Havells India Operating Margin % Related Terms
Havells India Operating Margin % Historical Data
* Premium members only.
The historical data trend for Havells India's Operating Margin % 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: Operating Margin % Comparison
For the Electrical Equipment & Parts subindustry, Havells India's Operating Margin %, along with its competitors' market caps and Operating Margin % 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 Operating Margin % vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Havells India's Operating Margin % distribution charts can be found below:
* The bar in red indicates where Havells India's Operating Margin % falls into.
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
Havells India's Operating Margin % for the fiscal year that ended in Mar. 2026 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.
Havells India (NSE:HAVELLS) has a Operating Margin % of 5.32% as of Jun. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on Havells India and its competitors. This is 47% below median its historical median of 10.07. Over the past decade, Havells India's Operating Margin % has ranged from 7.22 to 13.17. According to the industry distribution chart, Havells India ranks #1404 out of 3034 companies in the Industrial Products industry, placing it in the top 46.3%.
Is Havells India's Operating Margin % too high?
Havells India's current Operating Margin % of 5.32% is 47% below median its 10-year median of 10.07. Over the past 10 years, this metric has ranged from a low of 7.22 to a high of 13.17. The Industrial Products industry median Operating Margin % is 6.50. Havells India's value of 5.32% is 18.2% below this industry median. Based on the distribution chart, Havells India ranks #1404 out of 3034 companies in the Industrial Products industry, which is above the industry midpoint. Overall, Havells India has a GF Score™ of 94/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Havells India's Operating Margin % compare to VRT and BE?
According to the Industrial Products industry distribution chart, Havells India ranks #1404 out of 3034 companies for Operating Margin %. This puts Havells India in the upper half of its industry. The industry median Operating Margin % is 6.50. Havells India's value of 5.32% is 18.2% below this benchmark. Historically, Havells India's own Operating Margin % has ranged from 7.22 to 13.17 over the past decade. While the company's 10-year median is 10.07 vs. the industry median of 6.50, Havells India has consistently been below 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 Operating Margin % for an Industrial Products company?
The median Operating Margin % among Industrial Products companies is 6.50, based on 3,034 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Havells India's current Operating Margin % of 5.32% is 18.2% below 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 Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on Havells India and its competitors. For the Industrial Products industry, the median Operating Margin % is 6.50 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Havells India's current Operating Margin % is 5.32%, which is 47% below median its own 10-year median of 10.07. 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 ₹1,769.05, compared to a current price of ₹1,207.10 — trading 31.8% below its estimated fair value. The current Operating Margin % is 5.32%, which is 47% below median its 10-year median of 10.07 and 18.2% below the Industrial Products industry median of 6.50. Havells India's overall GF Score™ is 94/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For Havells India (NSE:HAVELLS), the current Operating Margin % is 5.32% as of Jun. 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 ₹1,207.10 is trading 31.8% below its estimated GF Value™ of ₹1,769.05.
GuruFocus considers Havells India to be Significantly Undervalued.
Key valuation signals for NSE:HAVELLS:
Operating Margin %: 5.32% (47% below median its 10-year median of 10.07)
GF Value™: ₹1,769.05 vs. price of ₹1,207.10 (31.8% below fair value)
Industry Position: 18.2% below the Industrial Products median (#1404 of 3034)
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).
94GF Score
Get the complete analysis for NSE:HAVELLS
Operating Margin % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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