Key Metrics of Havells
About Havells
Outlets operated by Prudent Trading Company.
Sectors
Company details
- Website
- havells.com
- Founded
- 1958
- Registered office
- 904, 9th Floor, Surya Kiran Building, K G Marg, Connaught Place, New Delhi, In-dl, 110001
- Listed
- NSE: HAVELLS · ₹1,013.80
Operational Areas of Havells
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 01 Oct 2026 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹2,528 Cr | View |
| 06 Jul 2026 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹2,028 Cr | View |
| 07 Jul 2025 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹1,798 Cr | View |
| 08 Oct 2024 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹1,798 Cr | View |
| 09 Oct 2023 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹1,798 Cr | View |
| 20 Sep 2022 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹500 Cr | View |
| 02 Jul 2021 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹500 Cr | View |
| 31 Aug 2020 | CARE | Other | — | — | — | — | View |
| 03 Jul 2020 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹1,300 Cr | View |
| 31 Dec 2019 | CARE | Other | — | — | — | — | View |
| 27 Sep 2019 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹800 Cr | View |
Credit strengths (CARE, Oct 2026)
+ Healthy scale of operations and sustained profitability
In FY26, the company recorded a 3% year-on-year (y-o-y) growth in TOI, rising from ₹21,805 crore in FY25 to ₹22,550 crore in FY26. Despite subdued consumer demand and persistent inflationary pressures, the cables segment posted a 21% y-o-y growth. Havells’ FY26 growth was limited mainly due to a delayed summer reducing demand for cooling products, and weak consumer sentiment caused by inflation and price hikes, which led to lower sales in consumer segments despite strong industrial
+ Strong financial risk profile
HIL’s capital structure has been strong with low reliance on external debt and a strong tangible net worth (TNW) base of ₹7,938 crore as on March 31, 2026. HIL’s total debt stands at ₹265.2 crore as on March 31, 2026, comprising only lease liability. The company’s overall gearing ratio strong at 0.03x as on March 31, 2026 (PY: 0.05x). The company had free cash and liquidity available of ₹2,364 crore as on March 31, 2026, which depicts strong liquidity position of the company. CareEdge Ratings ob
Credit challenges
− Raw material price volatility and competitive nature of industry
The company’s operations are highly raw material intensive, with raw materials accounting for ~68–70% of its total revenue. Key raw materials include copper, stainless-steel strips and rods, G.I. wires, PVC & DOP, and aluminium. Most orders are executed under variable-price contracts. The company typically maintains an inventory of 2 to 2.5 months, for which pricing is already locked in. As most orders are fulfilled within a three-month timeframe, the company is partially protected against adver
Could lead to a downgrade
• Significant loss in market share in its key product segments and drop in its return on capital employed (ROCE) below 20% on a sustained basis • Weakening of
Agency-reported financials (CARE, 01 Oct 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Total operating income | ₹21,805 Cr | ₹22,551 Cr | ₹6,518 Cr |
| PBILDT* | ₹2,254 Cr | ₹2,277 Cr | ₹466 Cr |
| Profit after tax (PAT) | ₹1,470 Cr | ₹1,689 Cr | ₹290 Cr |
| Overall gearing (x) | 0.05× | 0.03× | — |
| Interest coverage (x) | 34.77× | 31.58× | — |
| Revenue growth (YoY) | — | 3.4% | — |
| PAT margin | 6.7% | 7.5% | 4.4% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long Term Bank Facilities | Working capital & bank lines | — | ₹500 Cr | — | AAA (Stable) | Assigned | CARE |
| Long Term Bank Facilities | Working capital & bank lines | — | ₹100 Cr | — | AAA (Stable) | Reaffirmed | CARE |
| Short Term Bank Facilities | Working capital & bank lines | — | ₹1,428 Cr | — | A1+ | Reaffirmed | CARE |
| Commercial Paper | Commercial paper | — | ₹500 Cr | — | A1+ | Reaffirmed | CARE |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹1,428 Cr | CARE A1+ |
| Buyers Credit | — | Withdrawn |
| Cash Credit | ₹100 Cr | CARE AAA; Stable |
| Commercial Paper | — | Withdrawn |
| Commercial Paper (Standalone) | ₹500 Cr | CARE A1+ |
| Fixed Deposit | — | Withdrawn |
| Issuer Ratings | — | Withdrawn |
| Long Term | — | Withdrawn |
| Term Loan | — | Withdrawn |
| Term Loan | ₹500 Cr | CARE AAA; Stable |
Lenders
| Fund-based - LT | Cash Credit | Axis Bank Ltd. |
| Fund-based - LT | Cash Credit | Citi Bank |
| Fund-based - LT | Cash Credit | DBS Bank India Ltd. |
| Fund-based - LT | Cash Credit | HDFC Bank Ltd. |
| Fund-based - LT | Cash Credit | ICICI Bank Ltd. |
| Fund-based - LT | Cash Credit | IDBI Bank Ltd. |
| Fund-based - LT | Cash Credit | IndusInd Bank Ltd. |
| Fund-based - LT | Cash Credit | Standard Chartered Bank |
| Fund-based - LT | Cash Credit | The Hongkong and Shanghai Banking Corporation Ltd. |
| Fund-based - LT | Cash Credit | Yes Bank Ltd. |
| Fund-based - LT | Term Loan | Proposed |
| Non-fund-based - ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - ST | BG/LC | ICICI Bank Ltd. |
| Non-fund-based - ST | BG/LC | IDBI Bank Ltd. |
| Non-fund-based - ST | BG/LC | Standard Chartered Bank |
| Non-fund-based - ST | BG/LC | The Hongkong and Shanghai Banking Corporation Ltd. |
| Non-fund-based - ST | BG/LC | Yes Bank Ltd. |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 86% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 86% chance the next rating action is stable or better
- Current rating AAA (investment grade)
- Interest coverage 31.58×
Rated limits by facility
Timeline
From the report
Ratings further consider HIL’s sizable scale of operations with consistent growth in total operating income (TOI), healthy profitability margins, strong growth outlook, and a sound financial risk profile characterised by a strong capital structure and healthy debt coverage metrics, backed by a strong liquidity position as characterised by debt-free status (excluding lease liabilities), minimal reliance on external borrowings with significant gross cash accruals (GCA) generations, and sizeable cash and liquid investments.
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors Not Applicable Negative factors • Significant loss in market share in its key product segments and drop in its return on capital employed (ROCE) below 20% on a sustained basis • Weakening of liquidity position with cash and cash equivalents falling below ₹500 crore on a sustained basis, alongside significantly deteriorating debt coverage indicators. • Sizeable capex or acquisition funded with debt, resulting in overall gearing beyond 0.5x on a sustained basis.
From the report
The company had free cash and liquidity available of ₹2,364 crore as on March 31, 2026, which depicts strong liquidity position of the company.
From the report
Ratings further consider HIL’s sizable scale of operations with consistent growth in total operating income (TOI), healthy profitability margins, strong growth outlook, and a sound financial risk profile characterised by a strong capital structure and healthy debt coverage metrics, backed by a strong liquidity position as characterised by debt-free status (excluding lease liabilities), minimal reliance on external borrowings with significant gross cash accruals(GCA) generations, and sizeable cash and liquid investments.
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors: Not applicable Negative factors: • Significant loss in market share in its key product segments and drop in its return on capital employed (ROCE) below 20% on a sustained basis. • Weakening of liquidity position with cash and cash equivalents falling below ₹500 crore on a sustained basis, alongside significantly deteriorating debt coverage indicators. • Sizeable capex or acquisition funded with debt , resulting in overall gearing beyond 0.5x on a sustained basis .
From the report
The company remains debt-free, with no significant interest burden, resulting in a healthy profit after tax (PAT) of ₹1,689 crore and GCA of ₹2,180 crore in FY26.
From the report
The company had free cash and liquidity available of ₹2,364 crore as on March 31, 2026, which depicts strong liquidity position of the company.
From the report
HIL’s financial profile remains sound, supported by its debt-free status (excluding lease liabilities), minimal reliance on external borrowings, and sizeable cash and liquid investments.
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors: Factors that could individually or collectively lead to positive rating action/upgrade: Not applicable Negative factors: Factors that could individually or collectively lead to negative rating action/downgrade: • Significant loss in market share in its key product segments and drop in its return on capital employed (ROCE) below 20% on sustained basis. • Weakening of liquidity position with cash and cash equivalents falling below ₹500 crore on a sustained basis, and significantly deteriorating debt coverage indicat
From the report
The company remains debt-free, with no significant interest burden, resulting in a healthy Profit After Tax (PAT) of ₹1,470 crore and gross cash accrual (GCA) of ₹1,888 crore in FY25.
From the report
The company remains debt-free, with no significant interest burden, resulting in a healthy Profit After Tax (PAT) of ₹1,470 crore and gross cash accrual (GCA) of ₹1,888 crore in FY25.
From the report
The company has free cash and liquidity available of ₹3,376 crore as on March 31, 2025, which depicts strong liquidity position of the company.
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors: NA Negative factors • Significant loss in market share in its key product segments and drop in its return on capital employed (ROCE) below 20% on sustained basis. • Weakening of liquidity position with cash and cash equivalents falling below ₹500 crore on a sustained basis, alongside significantly deteriorating debt coverage indicators. • Sizeable capex or acquisition funded with debt resulting in overall gearing beyond 0.5x on a sustained basis.
From the report
The company recorded profit after tax (PAT) and gross cash accruals (GCA) of ₹1,271 crore and ₹1,605 crore, respectively, in FY24.
From the report
The company has free cash and liquidity available of ₹3,688 crore as on June 30, 2024, which depicts strong liquidity position of the company.
From the report
Rating sensitivities: Factors likely to lead to rating actions Positive factors: NA Negative factors • Significant loss in market share in its key product segments and drop in its return on capital employed (ROCE) below 20% on sustained basis. • Weakening of liquidity position with cash & cash equivalents falling below ₹500 crore on sustained basis, alongside significant deterioration in its debt coverage indicators. • Sizeable capex or acquisition funded with debt resulting in overall gearing beyond 0.5x on sustained basis.
From the report
Besides accruals, the company had cash and cash equivalents to the tune of ₹1,974.85 crore as on March 31, 2023.
From the report
Rating sensitivities Positive factors – Factors that could lead to positive rating action/upgrade: NA Negative factors – Factors that could lead to negative rating action/downgrade: • Significant loss in market share in its key product segments and drop in its return on capital employed (ROCE) below 20% on sustained basis • Sizeable capex or acquisition funded with debt resulting in overall gearing beyond 0.5x on sustained basis. • Weakening of liquidity position with cash & cash equivalents falling below ₹ 500 crore on sustained basis, alongside significant deterioration in its debt coverage
From the report
Besides accruals, the company had cash and cash equivalents to the tune of ₹2535.84 crore as on March 31, 2022.
From the report
Liquidity : Strong HIL’s l iquidity is marked by expected strong accruals of Rs. 1428.64 crore against repayment obligations of Rs. 127.70 crore and cash and bank balance to the tune of Rs. 1622.45 crore as on March 31, 2021 .
From the report
Liquidity : Strong HIL’s l iquidity is marked by expected strong accruals of Rs. 1428.64 crore against repayment obligations of Rs. 127.70 crore and cash and bank balance to the tune of Rs. 1622.45 crore as on March 31, 2021 .
From the report
Liquidity: Strong HIL’s liquidity is strong marked cash and bank balance on standalone level stood at Rs. 1103 cr as on March 31, 2020.
From the report
Its fund based working capita l limits (sanctioned: Rs. 145 cr) are not utilized reflecting the company’s strong liquidity position.
From the report
Cash and bank balance on standalone level stood at Rs. 1450 cr as on May 31, 2020.
From the report
The company operates in a competitive industry with exposure to commodity related risks and is also dependent upon power and real estate sectors’ prospects to an extent; however, long track of operations, demonstration of stable profitability margins over the years, strong brand recall, efficient working capital management and diversified product offering mitigates these risks to a good extent. 1 CARE Ratings Limited Press Release Liquidity: Strong Cash and bank balance on standalone level stood at Rs.1,408 crore as on June 30, 2019 against the term debt of Rs. 81 cr as on June 30, 2019 reflec
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Havells
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Schneider Electric |
Electrical | se.com | — | Delhi, Global |
| Electrical Equipment, Switches & Cables · Electrical Equipment & Appliances | switchwise.com.au | — | Global | |
| Electrical Equipment, Switches & Cables · Electrical Equipment & Appliances | uswitch.com | — | Global | |
| Electrical Equipment, Switches & Cables · Electrical Equipment & Appliances | emerson.com | — | United States | |
| Part of Innogy. | vsecorp.com | — | United States | |
| Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | bhel.com | — | India | |
 Polycab India Limited |
Wires & Cables · Electrical Equipment & Appliances | polycab.com | — | Halol, Gujarat, India |
 Siemens India |
Part of Siemens. | siemens.co.in | — | Mumbai, Germany |
 ABB |
Discovered Companies · Other Industries | new.abb.com/indian-subcontinent | — | Bangalore, United States |
| Electrical Equipment, Switches & Cables · Electrical Equipment & Appliances | kei-ind.com | — | New Delhi, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
electrical device
Filings
No filings on record yet.