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HAVELLS: Digital Expansion Will Support Premium Multiples And Future Upside

Analysts Lower Havells India Price Target as Revenue Growth Slows and Margins Improve

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HAVELLS
AnalystConsensusTarget
Not Invested
Published 13 Nov 2024

Update shared on 05 Dec 2025

Fair value Decreased 0.11%
Previous
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AnalystConsensusTarget's Fair Value
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1Y
-19.8%
7D
-1.9%

Analysts have marginally lowered their price target on Havells India to ₹1,668 from ₹1,670, reflecting slightly higher discount rate assumptions and a modest trimming of long term growth and margin expectations, while maintaining an overall constructive view on the company’s premium valuations.

What's in the News

  • Havells India and the HPL Group have signed a comprehensive Settlement Agreement resolving all long standing disputes and litigations over the use of the HAVELLS trademark, including matters before the Delhi High Court and the Supreme Court of India (company announcement).
  • The Delhi High Court referred the HAVELLS trademark disputes between Havells India and the HPL Group to mediation, which culminated in a settlement executed on November 8, 2025 (court-referred mediation disclosure).
  • Havells India has scheduled a board meeting on October 17, 2025 to consider and approve its standalone and consolidated unaudited financial results for the second quarter and half year ended September 30, 2025 (board meeting notice).
  • Lloyd, a brand of Havells India, has launched its Kolors refrigerator range on Flipkart and other distribution channels, aiming to widen digital reach with smart, feature rich, design focused models starting at INR 18,990 (product launch announcement).

Valuation Changes

  • Fair Value: Marginally reduced to ₹1,668 from ₹1,670, implying a very small downward adjustment in intrinsic value.
  • Discount Rate: Edged up slightly to 16.22 percent from 16.13 percent, reflecting a modest increase in perceived risk or required return.
  • Revenue Growth: Trimmed marginally to 12.37 percent from 12.40 percent, indicating a slightly more conservative long term growth outlook.
  • Net Profit Margin: Reduced fractionally to 7.54 percent from 7.54 percent previously, signaling minimal change in long run profitability assumptions.
  • Future P/E: Nudged up slightly to 70.32x from 70.12x, suggesting continued support for premium valuation despite minor model revisions.

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