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Havells IndiaNSE:HAVELLS -0.39%93 ROC (Joel Greenblatt) % is 29.67% as of Jun. 2026, which is 42% below its 10-year median of 50.82. GuruFocus rates NSE:HAVELLS with a GF Score™ of 93/100 and a GF Value™ of ₹1,773.82 (Modestly Undervalued). The stock has 2 warning signs investors should review. Among 3,062 Industrial Products companies, Havells India ranks better than 86.28% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Havells India's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 29.67%.
The historical rank and industry rank for Havells India's ROC (Joel Greenblatt) % or its related term are showing as below:
NSE:HAVELLS'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 42.83 Med: 50.82 Max: 78.09
Current: 42.83
During the past 13 years, Havells India's highest ROC (Joel Greenblatt) % was 78.09%. The lowest was 42.83%. And the median was 50.82%.
NSE:HAVELLS's ROC (Joel Greenblatt) % is ranked better than 86.28% of 3062
companies
in the Industrial Products industry
Industry Median: 11.595
vs NSE:HAVELLS: 42.83
Havells India's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -6.50% per year.
Havells India (NSE:HAVELLS) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Havells India ROC (Joel Greenblatt) % Related Terms
Havells India ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Havells India's ROC (Joel Greenblatt) % 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: ROC (Joel Greenblatt) % Comparison
For the Electrical Equipment & Parts subindustry, Havells India's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Havells India's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Havells India's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Jun. 2026) EBIT data.
* 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.
What does a ROC (Joel Greenblatt) % of 29.67% mean?
Havells India (NSE:HAVELLS) has a ROC (Joel Greenblatt) % of 29.67% as of Jun. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Havells India and its competitors. This is 42% below median its historical median of 50.82. Over the past decade, Havells India's ROC (Joel Greenblatt) % has ranged from 42.83 to 78.09. According to the industry distribution chart, Havells India ranks #420 out of 3062 companies in the Industrial Products industry, placing it in the top 13.7%.
Is Havells India's ROC (Joel Greenblatt) % too high?
Havells India's current ROC (Joel Greenblatt) % of 29.67% is 42% below median its 10-year median of 50.82. Over the past 10 years, this metric has ranged from a low of 42.83 to a high of 78.09. The Industrial Products industry median ROC (Joel Greenblatt) % is 11.60. Havells India's value of 29.67% is 155.9% above this industry median. Based on the distribution chart, Havells India ranks #420 out of 3062 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. Overall, Havells India has a GF Score™ of 93/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Havells India's ROC (Joel Greenblatt) % compare to VRT and BE?
According to the Industrial Products industry distribution chart, Havells India ranks #420 out of 3062 companies for ROC (Joel Greenblatt) %. This places Havells India in the top 14% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 11.60. Havells India's value of 29.67% is 155.9% above this benchmark. Historically, Havells India's own ROC (Joel Greenblatt) % has ranged from 42.83 to 78.09 over the past decade. While the company's 10-year median is 50.82 vs. the industry median of 11.60, 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 ROC (Joel Greenblatt) % for an Industrial Products company?
The median ROC (Joel Greenblatt) % among Industrial Products companies is 11.60, based on 3,062 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Havells India's current ROC (Joel Greenblatt) % of 29.67% is 155.9% 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Havells India and its competitors. For the Industrial Products industry, the median ROC (Joel Greenblatt) % is 11.60 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Havells India's current ROC (Joel Greenblatt) % is 29.67%, which is 42% below median its own 10-year median of 50.82. 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 Modestly Undervalued. The stock's GF Value™ is ₹1,773.82, compared to a current price of ₹1,290.00 — trading 27.3% below its estimated fair value. The current ROC (Joel Greenblatt) % is 29.67%, which is 42% below median its 10-year median of 50.82 and 155.9% above the Industrial Products industry median of 11.60. 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 ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Havells India (NSE:HAVELLS), the current ROC (Joel Greenblatt) % is 29.67% 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 ₹1,290.00 is trading 27.3% below its estimated GF Value™ of ₹1,773.82.
GuruFocus considers Havells India to be Modestly Undervalued.
Key valuation signals for NSE:HAVELLS:
ROC (Joel Greenblatt) %: 29.67% (42% below median its 10-year median of 50.82)
GF Value™: ₹1,773.82 vs. price of ₹1,290.00 (27.3% below fair value)
Industry Position: 155.9% above the Industrial Products median (#420 of 3062)
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
ROC (Joel Greenblatt) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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