Havells India Ltd. has showcased impressive financial results for the third quarter of FY26,  largely propelled by significant growth in its Cable and Wire segment. This growth  effectively counterbalanced the seasonal dips observed in some consumer durables categories. The company reported a commendable year-on-year rise in key financial  indicators, highlighting its operational strength, prudent cost management, and steady  demand in infrastructure-related sectors. 

In Q3 FY26, Havells achieved a net revenue of ₹5,573 crore, marking a 14.2% increase  compared to the previous year. The earnings before interest, tax, depreciation, and  amortisation (EBITDA) surged by 21.4% to reach ₹524 crore, showcasing enhanced  operational efficiency. Profit Before Tax (PBT), excluding exceptional items, rose by 17.7%  year-on-year to ₹450 crore. It is noteworthy that during this quarter, the company also  recorded an exceptional expense of ₹45.03 crore due to the reassessment of employee benefit  obligations following the introduction of new labour codes. 

Financial Performance Overview 

Havells’ quarterly performance illustrates its ability to achieve growth across various  business segments while adhering to margin discipline. Key highlights for Q3 FY26 include: 

• Net Revenue: ₹5,573 crore, up 14.2% YoY 

• EBITDA: ₹524 crore, reflecting a 21.4% YoY increase 

• Profit Before Tax (excluding exceptional items): ₹450 crore, up 17.7% YoY

The robust revenue growth, particularly in the cables segment, along with controlled  operating expenses, has bolstered profitability, even amid mixed demand in consumer focused areas. 

Segment-Wise Business Performance 

Havells’ diverse portfolio exhibited varied performance across its segments during the  quarter: 

• Switchgears: Revenue of ₹624 crore, up 8.2% YoY 

• Cables & Wires: Revenue of ₹2,241 crore, a remarkable 32.8% YoY growth

• Lighting & Fixtures: Revenue of ₹423 crore, down 4.0% YoY 

• Electrical Consumer Durables: Revenue of ₹1,151 crore, up 4.3% YoY 

The Cable and Wire segment stood out, benefiting from robust demand in infrastructure,  industrial, and real estate projects. Conversely, the lighting and select consumer durables  faced slight pressure due to seasonal trends. The Lloyd Consumer segment reported a revenue  of ₹694 crore, reflecting a 6.5% YoY decline during the quarter. 

Key Financial Ratios and Returns 

Havells has maintained strong profitability and capital efficiency metrics: 

• Operating Profit Margin (OPM): 9.4% 

• Return on Equity (ROE): 17.4% 

• Return on Capital Employed (ROCE): 23.3% 

These ratios highlight the company’s effective capital utilisation and its commitment to  growth driven by returns. 

Balance Sheet Snapshot 

As of December 2025 (unaudited), Havells’ balance sheet remains robust and well capitalised: 

• Total Assets: ₹14,166 crore 

• Total Equity: ₹8,989 crore 

• Total Current Assets: ₹7,669 crore 

Exceptional Item and Regulatory Impact 

In Q3 FY26, Havells recognised an exceptional charge of ₹45.03 crore related to the  reassessment of employee benefit obligations following the notification of the New Labour  Codes by the Ministry of Labour and Employment. The management has clarified that this is  a one-time adjustment and does not affect the core operating performance of the company. 

Conclusion

Havells India’s Q3 FY26 results reflect a well-balanced and resilient business model, with the  strong performance of the cable segment offsetting temporary weaknesses in certain  consumer categories. With solid margins, healthy returns, and a strong balance sheet, the  company is well-equipped to navigate short-term demand fluctuations while seizing long term opportunities in infrastructure and electrification within the Indian market.