Havells India Q2 FY27 Results: Consolidated Net Profit ₹349 Crore on Total Income of ₹6,465 Crore
Earnings
Electrical equipment and consumer durables
Blacklitt Research4 min read
Havells India said in a filing on 22 Oct 2026 that for the quarter ended 30 Sep 2026 its consolidated total income was ₹6,464.60 crore and consolidated net profit was ₹349.22 crore. Standalone total income for the quarter was ₹6,449.18 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹6,464.60 crore, up 32.9% YoY and down 1.6% QoQ
Net profit and EPS: ₹349.22 crore, up 9.7% YoY and 20.5% QoQ; basic EPS ₹5.57 against ₹5.09 a year earlier
Other income: ₹32.61 crore, down 62.2% YoY; the year-earlier quarter included a one-time gain of ₹45.27 crore
Finance costs: ₹4.75 crore, down 48.0% YoY and 0.1% of total income
Standalone
The company on its own, without its subsidiaries
Total income: ₹6,449.18 crore, up 32.9% YoY and down 1.8% QoQ
EPS, basic: ₹5.62, up 11.1% YoY and 18.1% QoQ
Cables segment revenue: ₹2,998.90 crore, up 47.8% YoY and 22.1% QoQ
Renewables segment revenue: ₹329.16 crore, up 147.8% YoY
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
6,464.60
4,865.59
+32.9%
6,572.35
-1.6%
Revenue from operations
6,431.99
4,779.33
+34.6%
6,518.19
-1.3%
Other income
32.61
86.26
-62.2%
54.16
-39.8%
349.22
318.28
+9.7%
289.71
+20.5%
Profit before tax
472.62
414.59
+14.0%
392.29
+20.5%
Finance costs
4.75
9.14
-48.0%
7.46
-36.3%
Depreciation
128.57
105.78
+21.5%
120.57
+6.6%
Tax expense
123.40
96.31
+28.1%
102.58
+20.3%
Net profit margin
5.40%
6.54%
-1.14 pp
4.41%
+0.99 pp
EPS, basic (₹)
5.57
5.09
+9.4%
4.63
+20.3%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew more slowly than total income. Consolidated total income rose 32.9% YoY to ₹6,464.60 crore, while net profit rose 9.7% to ₹349.22 crore. Revenue from operations rose 34.6% to ₹6,431.99 crore, and other income fell 62.2% to ₹32.61 crore. The year-earlier other income of ₹86.26 crore includes a one-time gain of ₹45.27 crore on sale of land and building at the Faridabad facility. Without that gain the year-earlier figure is ₹40.99 crore, and this quarter's ₹32.61 crore is 20.4% lower.
Profit before tax rose 14.0% to ₹472.62 crore, and tax expense rose 28.1% to ₹123.40 crore. Tax was 26.1% of profit before tax this quarter against 23.2% a year earlier. Current tax was ₹114.41 crore and deferred tax ₹8.99 crore.
Against the June quarter, consolidated net profit rose 20.5% to ₹349.22 crore while total income fell 1.6%. Consolidated Lloyd Consumer segment revenue was ₹619.41 crore in this quarter against ₹1,457.44 crore in the June quarter, a fall of 57.5%. Consolidated cables segment revenue was ₹2,998.90 crore against ₹2,455.62 crore.
Depreciation rose 21.5% YoY to ₹128.57 crore, and finance costs fell 48.0% to ₹4.75 crore. The ₹45.03 crore exceptional item recognised in FY2025-26 for the New Labour Codes does not appear in these quarters.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
6,449.18
4,852.89
+32.9%
6,564.10
-1.8%
Revenue from operations
6,416.62
4,766.63
+34.6%
6,509.97
-1.4%
Other income
32.56
86.26
-62.3%
54.13
-39.8%
Finance costs
4.86
9.14
-46.8%
7.35
-33.9%
Depreciation
127.80
105.09
+21.6%
119.82
+6.7%
EPS, basic (₹)
5.62
5.06
+11.1%
4.76
+18.1%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone total income was ₹6,449.18 crore, up 32.9% YoY and ₹15.42 crore below the consolidated figure. Revenue from operations rose 34.6% to ₹6,416.62 crore, and other income fell 62.3% to ₹32.56 crore, which is 0.5% of total income. Basic EPS was ₹5.62, up 11.1% from ₹5.06 a year earlier and 18.1% above the June quarter's ₹4.76.
The standalone statement does not reconcile as printed. Profit before tax of ₹476.23 crore less tax of ₹123.40 crore gives ₹352.83 crore, not the ₹362.83 crore shown as profit for the period, and total income less total expenses gives ₹476.22 crore against the ₹478.23 crore shown before exceptional items. This article therefore reports no standalone net profit for the quarter.
Standalone cables revenue was ₹2,998.90 crore, up 47.8% YoY and 22.1% on the June quarter's ₹2,455.62 crore. Lloyd Consumer revenue was ₹614.50 crore, up 28.4% on a year earlier and down 57.9% on ₹1,459.62 crore in the June quarter. Renewables revenue was ₹329.16 crore against ₹132.83 crore a year earlier, up 147.8%.
Revenue from operations for the half year ended 30 Sep 2026 was ₹12,926.59 crore against ₹10,204.44 crore, up 26.7%. From 1 April 2026 the company revised its reportable segments: Renewables is a new segment, Solar, Solar Pump and EVSE were carved out of Others and Switchgears, and Water Purifier and Personal Grooming moved from Others to Electrical Consumer Durables, with earlier periods reclassified.
Cash and cash equivalents were ₹475.78 crore at 30 Sep 2026 against ₹778.12 crore at 31 Mar 2026, and bank balances other than cash were ₹706.61 crore against ₹1,572.88 crore. Together these were ₹1,182.39 crore against ₹2,351.00 crore. Inventories rose 13.5% to ₹4,991.90 crore from ₹4,398.30 crore. The half-year cash flow shows a line of ₹855.15 crore under investing activities labelled investment in fixed deposits with bank.
Price Waterhouse & Co Chartered Accountants LLP issued unmodified limited review reports on both sets of results. The consolidated report notes that four subsidiaries' interim figures were not reviewed by their auditors; they show total assets of ₹109.21 crore, and management says they are not material to the group. The half-year cash flow shows dividends paid of ₹376.60 crore. The filing's FY2025-26 other income includes a fair value gain of ₹282.74 crore on an investment.
Inference
Consolidated basic EPS of ₹5.57 rose 9.4% YoY, against 9.7% growth in consolidated net profit. Owners' profit of ₹349.52 crore divided by ₹5.57 gives about 62.75 crore shares, close to the paid-up capital of ₹62.76 crore at ₹1 face value.
The half-year dividends paid were ₹376.60 crore. The filing does not say what dividend, if any, is declared on these results.
The filing does not say why standalone Lloyd Consumer revenue fell from ₹1,459.62 crore in the June quarter to ₹614.50 crore, why inventories rose, what the effective tax rate was, or how the standalone quarter's profit reconciles.
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