• Type of Event: Earnings conference call to discuss the financial results for Q2 and H1 FY27.
  • Date and Time: The call was held on October 22, 2026, at 4:15 PM IST.
  • Purpose: To discuss the company's financial performance for the quarter and half-year ended September 30, 2026.
  • Management Participants: Mr. Anil Rai Gupta (Chairman and Managing Director), Mr. Rajesh Kumar Gupta (Whole-Time Director and Group CFO), Mr. Ameet Kumar Gupta (Whole-Time Director), and Mr. Rajiv Goel (Executive Director). The call was moderated by Mr. Tanay Shah from DAM Capital Advisors Limited.
  • Availability of Materials: The audio recording and transcript of the call were filed with the stock exchanges and are available on the company's website in the Investors section under Financials.
  • UPSI Statement: The document is a transcript of the call that has already occurred; no specific forward-looking UPSI disclaimer is reiterated in this filing.

Financial and Operational Highlights from the Call:

  • Revenue grew 35% year-on-year in Q2 FY27.
  • Growth was seen across all categories, including established segments (cables, switchgear) and emerging segments (renewables).
  • Consumer demand remained steady despite an inflationary environment.
  • Calibrated pricing actions were undertaken in response to sharp rises in raw material costs.
  • Contribution margins were softer YoY, primarily in the cables segment due to a decline in aluminum prices against a strong base. H1 cables contribution margins were approximately 15%, in line with the long-term average.
  • Margins in the rest of the portfolio held up well, supported by pricing actions.
  • Lloyd (consumer durables) delivered healthy revenue growth supported by volume and value growth, but margins remained subdued due to raw material inflation and seasonal underabsorption during the off-season.
  • Overall, operating leverage supported EBITDA growth of approximately 30%.
  • PBT growth was moderate due to a higher base from a one-time gain in other income in the prior year period.
  • The company enters the festive season with a positive outlook on both demand and margins, despite macroeconomic uncertainties and elevated commodity prices.

Additional Details from Q&A:

  • Switchgear: Volume growth was close to double digits. Margins are returning to normalized levels of 38-40% after volatility. Export contribution is ~15%.
  • Cables & Wires: Volume growth was also close to double digits. The business is ~80-90% exposed to the Indian market and is aluminium-heavy. Recent capacity expansions have focused on medium voltage (MV) and high voltage (HV) cables.
  • Lloyd: The RAC (Room Air Conditioner) business constitutes ~75% of Lloyd's sales. A new refrigerator factory was commissioned in March 2026 and is contributing to volume growth. The goal is to reduce the RAC mix to ~60% over time.
  • Renewables: This is a developing, fast-growing business. Havells' strategy is to build it through brand, channel, and product kit development (e.g., in partnership with Goldi Solar for manufacturing), not as a commodity business. The focus is on system integrators and distributors.
  • Competition: Management commented on new competition in wires, noting the market share is typically taken from the unorganized sector, but irrational behavior from new entrants could temporarily affect shares.
  • Distribution: A distribution rejig towards a 'pull-led' model (initiated in FY26) has now stabilized.
  • Capex: INR 14 billion capex is planned for FY27, largely for cables & wires and an R&D center. Expansions are on track, with full capacity expected in the next 18 months.
  • Margins & Pricing: Further price hikes of 5-7% are anticipated in Q3 due to recent raw material cost increases. The company aims to maintain contribution margins over the long term.
  • ROCE: Current ROCE is ~23%. Management expects it to improve in the coming years as new capacities ramp up and existing assets deliver more, targeting a return to levels higher than the long-term average.

Additional Notes Section

  • This filing encloses the transcript of the earnings call, which had already been filed as an audio recording.
  • The transcript contains detailed management commentary and answers to analyst questions but does not itself disclose new financial data beyond what was presented in the original results.
  • The document is a regulatory compliance filing submitted under Regulation 30 of the SEBI (LODR) Regulations, 2015.