Havells India Limited — Q2FY27 earnings call summary

Filed 24 October 2026 · Official transcript

Lloyd revenue grew with volume and value; margins subdued due to raw material inflation and seasonal under-absorption
Renewables business focused on brand and distribution; peak revenue and margin targets not yet defined
ROCE currently ~23%; management targets improvement towards long-term 25%+ through asset sweating and margin management
Switchgear margins normalizing to 38-40% contribution margin; volume growth double-digit
Q2 FY27 revenue grew 35% y-y with strong growth across cables, switchgear, and renewables
Contribution margin softer due to aluminium price decline in cables; H1 cables margin ~15%, near long-term average
Cables business aluminium-heavy (~80-90%); medium and high voltage capacity expansions underway
Distribution shifted to pull-led model improving channel inventory and consumer demand