How has Havell's India Ltd. (HAVELLS) been performing? We dig into revenue, profitability, valuation, and ownership trends.
Havells India Revenue Trend
At ₹22,081 Cr, Havell's India Ltd.'s FY2025 revenue was 17.2% ahead of the ₹18,839 Cr posted in FY2024.
The 10-year revenue CAGR of 9.9% reflects steady — if not spectacular — top-line expansion from ₹8,569 Cr to ₹22,081 Cr.
In terms of scale, Havell's India Ltd.'s ₹22,081 Cr in annual revenue positions it as a major electrical equipment company.
Revenue has moved in the same direction for 5 years running, suggesting the growth trend has structural legs.
| Year | Revenue | YoY % |
|---|---|---|
| FY2025 | ₹22,081 Cr | +17.2% |
| FY2024 | ₹18,839 Cr | +10.2% |
| FY2023 | ₹17,088 Cr | +21.2% |
| FY2022 | ₹14,099 Cr | +32.5% |
| FY2021 | ₹10,645 Cr | — |
View Havell's India Ltd.'s full 10-year revenue trend with CAGR analysis →
Havells India Profitability
Profitability strengthened with net income of ₹1,470 Cr in FY2025, 15.7% higher than FY2024.
Not much change on the margin front — net profit margin held at roughly 6.7% in FY2025.
Looking at per-share numbers, diluted EPS was ₹23.48 in FY2025 — up from ₹20.28.
Is Havells India Undervalued
Running the numbers through the P/E Ratio model gives a fair value of ₹1,655 for Havell's India Ltd..
Havell's India Ltd. shares are currently trading at ₹1,156.40.
Craytheon also calculates intrinsic value using the EPS Growth and DCF models. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹1,655 | 43.1% upside to fair value |
| EPS Growth | Upgrade | Upgrade |
| DCF | Upgrade | Upgrade |
See all valuation models for Havell's India Ltd. with detailed assumptions →
Havells India Shareholding Pattern
Promoters continue to hold 59.4% of the company, unchanged over recent quarters.
As of March 2026, FIIs own 16.9% of the company — down from 21.6% a year earlier.
DII ownership is at 17.7%, up from the 13.4% recorded a year ago.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Mar 2026 | 59.4% | 16.9% | 17.7% | 6.0% |
| Dec 2025 | 59.4% | 18.0% | 16.7% | 6.0% |
| Sep 2025 | 59.4% | 19.3% | 15.5% | 5.8% |
| Jun 2025 | 59.4% | 21.6% | 13.4% | 5.6% |
Track quarterly shareholding changes for Havell's India Ltd. →
Havells India Balance Sheet
Proportional view as of 3 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
Total assets stood at ₹138.09B at the end of FY2025, up 11.1% from ₹124.33B a year earlier.
Inventories is the largest block at 29.3%, followed by Property, Plant & Equipment at 24.4% and Other Assets at 21.0%.
Equity makes up 60.4% of liabilities and equity, with debt at 2.3% and operating liabilities at 37.3%. Over the year, debt is up 5.1% and equity is up 12.0%.
Balance sheet composition — FY 2025
| Category | Value |
|---|---|
| Cash & ST Investments | 8.07B |
| Receivables | 12.70B |
| Inventories | 40.47B |
| Property, Plant & Equipment | 33.69B |
| Investments | 109.80M |
| Intangibles & Goodwill | 14.02B |
| Other Assets | 29.05B |
| Category | Value |
|---|---|
| Equity | 83.41B |
| Short-term Debt | 775.40M |
| Long-term Debt | 2.41B |
| Trade Payables | 30.47B |
| Other Liabilities | 21.03B |
Havells India — The Bottom Line
Pulling it all together, here's what the numbers say about Havell's India Ltd. (HAVELLS) heading into the next fiscal year.
Revenue of ₹22,081 Cr in FY2025, up 17.2% year-over-year.
Long-term revenue has been compounding at 9.9% annually over 10 years.
The company is profitable, with a net margin of 6.7% and net income of ₹1,470 Cr.
The P/E Ratio model implies 43.1% upside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
Unlock Full Analysis
There's more to the story. Craytheon's full profile for Havell's India Ltd. includes three valuation models, decade-long financials, and insider activity.