Havells India cut to Accumulate by Prabhudas Lilladher, target Rs 1,212
Prabhudas Lilladher downgraded Havells India to Accumulate from Buy on raw material inflation and margin pressure, cutting its target to Rs 1,212.
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what happened
According to TradingView, the Prabhudas Lilladher research report on Havells India showed revenue up 34.6% year on year, backed by broad-based growth across categories. Cables revenue rose 47.9%, but EBIT margin fell to 10.2% on aluminium price volatility. Switchgear revenue grew 31.3%, while renewables revenue jumped 147.8%.
Citing raw material inflation and continued margin pressure, analysts cut their FY28 and FY29 earnings estimates by 8.6% and 6.3%. The rating moved from Buy to Accumulate, and the DCF-based target was lowered to Rs 1,212 from Rs 1,309.
why it matters
The report points to margin pressure at the Indian electrical equipment maker despite price increases of 10–25% over the past twelve months. Management plans further hikes of 5–7% in Q3 FY27 and expects FY27 capex of INR 14bn. Aluminium costs and festive-season demand will determine how quickly margins recover.
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- Accumulate Havells India; target of Rs 1212: Prabhudas Lilladher — TradingView, 23 October 2026 at 05:52 UTC
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