Havells India‘s share prices fell by more than 6% on 17th April, following the announcement of below-expectation results for the quarter of March of FY26. The share price fell to around Rs 1,267 on the NSE after the revenues missed expectations, mainly attributed to the underperformance of its air conditioner business under the brand name Lloyd. In the quarter ending March FY26, the consolidated revenue saw a slight increase to Rs 6,705 crore, while the net profit saw an approximate increase of 40% YoY to Rs 723 crore due to an additional income of Rs 283 crore from its stake in Goldi Solar.
The weak performance on the top line was mainly due to the late start of the summer season, resulting in weak demand for air conditioning products. On the other hand, the revenue from the Lloyd consumer range fell by 19 percent to Rs 1,514 crore, whereas the electrical consumer durable range reported revenue decline by 2 percent to Rs 976 crore. However, the revenue contribution from the cables range was up by 14 percent to Rs 2,474 crore owing to increased demand from both the infrastructure and industrial segments. Moreover, switchgear range showed stable growth, whereas lighting fixtures did not see much change. As far as the AC range is concerned, the inventory is likely to stabilise by April following an increase in prices by 8-15 percent.
From the perspective of the market, such poor performance and weak guidance were met by a pessimistic response from the investors. Brokers lowered their price targets, due to the margins being squeezed and uncertainty about demand in certain segments that directly serve the consumers. Even in the face of falling prices, the majority of the brokers remained positive about the company because of future prospects for its cables, wires, and renewable energy-related business lines. Generally, there has been an inconsistent opinion expressed on consumer durables companies’ shares on the NSE and BSE.
In the coming months, the performance of summer demand, especially that of air conditioners, will be an important factor that will be watched carefully by investors as one of the driving forces behind earnings growth at Havells. The turnaround in profit levels at Lloyd, stabilization of commodity prices, and strength in the cables and infrastructure business lines will also be crucial. Moreover, developments in margins and the management of costs related to advertising and R&D expenses will determine the future direction of earnings at the company.
It should be kept in mind that investors should speak to SEBI-registered financial advisors before investing in the stocks.
Reviewed for accuracy and last updated on April 23, 2026.
