Havells India Ltd.Revenue +35%, EBITDA +30%, cable margin 15%, more price hikes

Havells India's Q2 FY27 call, held on 22 October 2026, reported revenue growth of 35% year on year with every category growing, and EBITDA growth of about 30%.

Profit before tax grew less because the year-ago quarter had a one-time gain in other income. Cable contribution margins were about 15% for the half, below last year's strong base after aluminium prices fell, while switchgear margins returned to 38-39%. Management took price increases of 10-25% over twelve months, more than 30% in cables and wires, and plans another 5-7% in some products in Q3. Lloyd's volume was strong but its margin was subdued by seasonal under-absorption and costs not yet passed on, and management gave no profit timeline.

Return on capital employed is about 23% and capital spending is about ₹1,400 crore this year, mostly for cables. Management gave no revenue guidance and did not read out rupee revenue, margins or profit in its opening remarks.