Havells India Limited

NSEI:HAVELLS Stock Report

Market Cap: ₹1.0t

Havells India Valuation

Is HAVELLS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of HAVELLS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: HAVELLS (₹1632.7) is trading above our estimate of fair value (₹492.05)

Significantly Below Fair Value: HAVELLS is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for HAVELLS?

Key metric: As HAVELLS is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for HAVELLS. This is calculated by dividing HAVELLS's market cap by their current earnings.
What is HAVELLS's PE Ratio?
PE Ratio72.6x
Earnings₹14.11b
Market Cap₹1.02t

Price to Earnings Ratio vs Peers

How does HAVELLS's PE Ratio compare to its peers?

The above table shows the PE ratio for HAVELLS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average64.1x
CGPOWER CG Power and Industrial Solutions
123.1x23.4%₹1.1t
POLYCAB Polycab India
54.6x17.8%₹980.1b
517569 KEI Industries
55.6x22.2%₹346.9b
500008 Amara Raja Energy & Mobility
23.2x9.7%₹228.2b
HAVELLS Havells India
72.6x18.9%₹1.0t

Price-To-Earnings vs Peers: HAVELLS is expensive based on its Price-To-Earnings Ratio (72.6x) compared to the peer average (64.1x).

Price to Earnings Ratio vs Industry

How does HAVELLS's PE Ratio compare vs other companies in the IN Electrical Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
504058 Indo National
2.7xn/aUS$45.01m
533203 Tarapur Transformers
4.5xn/aUS$7.22m
No more companies available in this PE range
HAVELLS 72.6xIndustry Avg. 46.0xNo. of Companies12PE020406080100+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: HAVELLS is expensive based on its Price-To-Earnings Ratio (72.6x) compared to the Indian Electrical industry average (46x).

Price to Earnings Ratio vs Fair Ratio

What is HAVELLS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

HAVELLS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio72.6x
Fair PE Ratio45.8x

Price-To-Earnings vs Fair Ratio: HAVELLS is expensive based on its Price-To-Earnings Ratio (72.6x) compared to the estimated Fair Price-To-Earnings Ratio (45.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst HAVELLS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹1,632.70
₹1,921.80
+17.7%
10.0%₹2,370.00₹1,429.00n/a35
Nov ’25₹1,647.30
₹1,922.86
+16.7%
10.0%₹2,370.00₹1,429.00n/a36
Oct ’25₹1,999.80
₹1,891.89
-5.4%
9.7%₹2,245.00₹1,400.00n/a36
Sep ’25₹1,899.35
₹1,884.86
-0.8%
9.3%₹2,230.00₹1,400.00n/a36
Aug ’25₹1,838.05
₹1,877.84
+2.2%
9.9%₹2,230.00₹1,400.00n/a37
Jul ’25₹1,823.90
₹1,732.49
-5.0%
10.3%₹2,160.00₹1,260.00n/a37
Jun ’25₹1,907.30
₹1,689.03
-11.4%
9.5%₹2,040.00₹1,260.00n/a38
May ’25₹1,664.00
₹1,588.71
-4.5%
11.3%₹2,040.00₹1,130.00n/a38
Apr ’25₹1,514.45
₹1,466.42
-3.2%
9.4%₹1,880.00₹1,130.00n/a38
Mar ’25₹1,515.60
₹1,456.24
-3.9%
9.9%₹1,880.00₹1,130.00n/a38
Feb ’25₹1,314.60
₹1,444.79
+9.9%
9.5%₹1,880.00₹1,130.00n/a38
Jan ’25₹1,362.20
₹1,439.51
+5.7%
9.0%₹1,880.00₹1,140.00n/a39
Dec ’24₹1,312.45
₹1,436.47
+9.4%
9.1%₹1,880.00₹1,140.00n/a38
Nov ’24₹1,240.75
₹1,434.05
+15.6%
9.0%₹1,880.00₹1,140.00₹1,647.3039
Oct ’24₹1,388.95
₹1,434.00
+3.2%
9.8%₹1,900.00₹1,130.00₹1,999.8039
Sep ’24₹1,377.75
₹1,425.95
+3.5%
9.6%₹1,900.00₹1,130.00₹1,899.3539
Aug ’24₹1,321.00
₹1,425.30
+7.9%
9.5%₹1,900.00₹1,130.00₹1,838.0540
Jul ’24₹1,282.80
₹1,347.39
+5.0%
8.7%₹1,545.00₹1,009.00₹1,823.9038
Jun ’24₹1,331.90
₹1,333.95
+0.2%
8.4%₹1,500.00₹1,009.00₹1,907.3038
May ’24₹1,230.20
₹1,336.41
+8.6%
8.9%₹1,575.00₹1,072.00₹1,664.0037
Apr ’24₹1,188.50
₹1,339.19
+12.7%
8.8%₹1,575.00₹1,072.00₹1,514.4537
Mar ’24₹1,214.55
₹1,339.19
+10.3%
8.8%₹1,575.00₹1,072.00₹1,515.6037
Feb ’24₹1,198.00
₹1,336.03
+11.5%
9.1%₹1,575.00₹1,072.00₹1,314.6039
Jan ’24₹1,099.95
₹1,318.41
+19.9%
11.1%₹1,631.00₹1,046.00₹1,362.2039
Dec ’23₹1,250.40
₹1,321.00
+5.6%
11.2%₹1,631.00₹1,046.00₹1,312.4539
Nov ’23₹1,220.75
₹1,321.13
+8.2%
11.2%₹1,631.00₹1,046.00₹1,240.7540

Analyst Forecast: Target price is less than 20% higher than the current share price.

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