Havells India reported a 9.7% year-on-year increase in consolidated net profit to ₹349.22 crore for the second quarter of FY2026-27, while revenue from operations jumped 34.6% to ₹6,431.99 crore. The electrical equipment maker’s results, announced on October 22, 2026, were supported by strong growth in cables, switchgear and renewables. However, higher raw-material costs and continued losses at its Lloyd Consumer business remain important factors for investors to watch.
The quarter also highlights a difference between revenue growth and profitability. Cables remained Havells’ largest business segment, with revenue rising 47.9%, while its renewables segment recorded higher revenue and profit. Lloyd Consumer revenue grew 28.5% but continued to report a segment loss of ₹105.51 crore. For the first half of FY2026-27, revenue increased 26.5% to ₹12,950.18 crore, yet net profit declined 4% to ₹638.93 crore, reflecting the pressure of rising costs and lower other income.
Key Takeaways
- Net profit increases 9.7%: Consolidated profit reached ₹349.22 crore in Q2 FY27, compared with ₹318.28 crore a year earlier.
- Revenue grows 34.6%: Revenue from operations rose to ₹6,431.99 crore.
- Cables lead segment growth: Revenue from cables increased 47.9% to ₹2,998.90 crore.
- Renewables business expands: The segment generated ₹329.16 crore in revenue and ₹27.25 crore in segment profit.
- Expenses rise alongside sales: Total expenses increased 34.5% to ₹5,991.98 crore, largely reflecting higher material costs.
- Lloyd Consumer remains loss-making: Revenue increased 28.5%, but the segment reported a loss of ₹105.51 crore.
- First-half profit declines: Despite higher revenue, net profit for the first six months of FY27 fell 4% year on year.
Havells India Q2 FY27 Results: Revenue and Profit
Havells delivered double-digit revenue growth in the September quarter, supported by demand across several electrical and consumer-durable categories. Consolidated net profit also increased, although the pace of profit growth was considerably slower than revenue growth.
| Financial metric | Q2 FY27 | Q2 FY26 | Year-on-year change |
|---|---|---|---|
| Revenue from operations | ₹6,431.99 crore | ₹4,779.33 crore | +34.6% |
| Net profit | ₹349.22 crore | ₹318.28 crore | +9.7% |
| Earnings per share | ₹5.57 | ₹5.09 | Higher |
| Total expenses | ₹5,991.98 crore | ₹4,455.00 crore approximately | +34.5% |
| Other income | ₹32.61 crore | ₹86.26 crore | Lower |
Source: Havells India’s Q2 FY27 results as reported by Financial Express. Figures are rounded where appropriate.
The figures show that the company generated substantially more revenue, but expenses rose at a similar pace. That limited the amount of additional sales that flowed through to net profit.
Other income also fell sharply. The year-ago quarter included a one-time gain of ₹45.27 crore from the sale of land and a building at Havells’ Faridabad facility. The absence of that gain affected the year-on-year comparison.
Consequently, the headline profit increase reflects both operating performance and changes in non-operating income. Investors will need to assess segment margins and recurring earnings to understand the underlying trend.
Cables Business Leads Havells’ Growth
Cables remained Havells India’s largest reported business segment during the quarter. Revenue increased 47.9% year on year to ₹2,998.90 crore, while segment profit rose to ₹304.26 crore from ₹278.22 crore.
The segment benefited from demand for electrical infrastructure and wiring products. Cables are used across residential construction, commercial buildings, industrial facilities and infrastructure projects, giving the business exposure to several areas of economic activity.
However, profitability did not rise as quickly as revenue. Based on the reported figures, segment profit as a share of revenue declined to approximately 10.1%, from about 13.7% a year earlier. This suggests that higher sales did not translate proportionately into segment profit.
Raw-material prices and the product mix can influence cable margins. Copper and other input costs are particularly relevant to electrical cable manufacturers, while competition can limit how quickly companies pass higher costs on to customers.
The segment’s strong revenue growth is therefore encouraging, but its ability to preserve margins will be an important indicator in subsequent quarters.
Switchgear and Consumer Durables Also Record Growth
Havells’ switchgear business reported revenue growth of 31.3% to ₹781.74 crore. Segment profit increased to ₹198.46 crore from ₹132.81 crore in the year-ago quarter.
Switchgear products help control, protect and isolate electrical circuits. Demand is linked to residential and commercial construction, industrial activity and electrical infrastructure investment.
The Electrical Consumer Durables segment recorded revenue of ₹1,072.11 crore, an increase of 10.7% year on year. Segment profit stood at ₹66.95 crore.
This category includes products such as fans and other electrical appliances. Its growth was slower than the cables and switchgear businesses, but it continued to contribute to Havells’ overall revenue base.
Lighting and Fixtures revenue increased 7.3% to ₹459.50 crore. Segment profit, however, declined to ₹45.53 crore from ₹54.57 crore. The divergence between revenue and profit shows that sales growth alone does not guarantee stronger profitability across every product category.
Renewables Segment Emerges as a Growth Area
Havells introduced renewables as a separate reporting segment from April 1, 2026. The segment combines its solar, solar-pump and electric-vehicle charging equipment businesses, which were previously included in other reporting categories.
In Q2 FY27, renewables revenue reached ₹329.16 crore, compared with ₹132.83 crore in the restated year-ago comparison. Segment profit increased to ₹27.25 crore from ₹5.01 crore.
The expansion reflects Havells’ participation in areas connected to electrification, distributed energy and the adoption of electric vehicles.
Solar products and pumps can benefit from demand for renewable-energy installations, while electric-vehicle supply equipment serves charging infrastructure needs. The pace of growth in these markets can depend on government policies, project execution, consumer adoption and competition.
Separating renewables into its own reporting category also gives investors a clearer view of the business’s contribution. However, the segment is still smaller than cables and other established divisions, so its future importance will depend on sustained revenue growth and profitability.
Lloyd Consumer Continues to Weigh on Performance
Lloyd Consumer, Havells’ consumer-durables business that includes air conditioners and other home appliances, recorded revenue growth of 28.5% to ₹619.41 crore.
Despite higher sales, the segment reported a loss of ₹105.51 crore, compared with a loss of ₹105.97 crore in the corresponding quarter last year. The loss therefore remained broadly unchanged.
This business is important because it exposes Havells to the competitive consumer-appliance market, where product launches, pricing, distribution, advertising and seasonal demand can affect profitability.
Air conditioners, refrigerators and washing machines compete against established domestic and international brands. Building market share may require continued spending on marketing, distribution and product development, which can place pressure on margins.
The latest results show that revenue expansion has not yet translated into a meaningful reduction in Lloyd Consumer’s segment loss. Investors will watch whether the business can improve margins as sales grow and operating costs are managed more effectively.
Rising Costs Limit Profit Growth
Havells’ total expenses increased approximately 34.5% year on year to ₹5,991.98 crore. The cost of raw materials and components consumed rose to ₹3,447.25 crore from ₹2,686.72 crore.
Employee expenses also increased to ₹553.89 crore from ₹478.77 crore. These costs are part of the normal requirements of a growing manufacturing and distribution business, but they can limit profit expansion when they rise alongside sales.
The company reported finance costs of ₹4.75 crore during the quarter. Other income fell to ₹32.61 crore from ₹86.26 crore in the year-ago period, partly because of the one-time property-sale gain recorded previously.
The combination of rising input costs and lower other income helps explain why net profit growth lagged revenue growth.
For investors, the key question is whether Havells can improve its product mix, operating efficiency and pricing to preserve profitability. Sustained revenue growth would be more valuable if accompanied by stable or improving margins.
First-Half FY27 Performance: Revenue Up, Profit Down
Havells’ first-half results provide a broader view of its performance across the six months ended September 30, 2026.
Revenue from operations increased 26.5% to ₹12,950.18 crore. Net profit, however, declined 4% to ₹638.93 crore from ₹665.81 crore in the corresponding period a year earlier. Earnings per share fell to ₹10.20 from ₹10.63.
The divergence reflects the fact that stronger sales have not translated into comparable bottom-line growth. Costs, margins across individual segments and changes in other income can all affect the final result.
The first-half numbers also underline the importance of looking beyond a single quarter. A company can report strong quarterly revenue growth while still experiencing pressure on cumulative earnings.
The Bigger Picture
Havells India’s Q2 FY27 results show solid demand across its core electrical businesses, with cables, switchgear and renewables recording strong growth. The company’s revenue increased 34.6%, while net profit rose 9.7%. The results also highlight the importance of business mix: growth in some segments is offset by margin pressure and continuing losses in others.
The next challenge is converting sales momentum into stronger and more consistent profitability. Investors will watch raw-material costs, cable margins, renewables growth and Lloyd Consumer’s performance in upcoming quarters. If Havells can improve operating efficiency while sustaining demand, it may be better positioned to turn revenue growth into durable earnings expansion.
FAQs
1. What was Havells India’s Q2 FY27 net profit?
Havells India reported consolidated net profit of ₹349.22 crore for Q2 FY27, up 9.7% from ₹318.28 crore in the same quarter a year earlier.
2. How much did Havells India’s revenue increase?
Revenue from operations increased 34.6% year on year to ₹6,431.99 crore.
3. Which Havells segment grew the fastest?
Cables was the largest segment and reported revenue growth of 47.9% to ₹2,998.90 crore. The renewables segment also recorded strong growth compared with its restated year-ago figures.
4. Why did profit grow more slowly than revenue?
Total expenses increased 34.5%, driven partly by higher raw-material and component costs. Other income also declined because the year-ago quarter included a one-time gain from a property sale.
5. Is Lloyd Consumer profitable?
No. Lloyd Consumer reported revenue of ₹619.41 crore in Q2 FY27 but recorded a segment loss of ₹105.51 crore, broadly unchanged from the previous year.
Looking Ahead
Havells’ performance in the coming quarters will depend on demand across electrical infrastructure, consumer durables and renewables, along with its ability to manage material costs. Cables and switchgear remain major contributors, while the separately reported renewables business offers a clearer view of the company’s exposure to solar products, pumps and EV charging equipment.
Investors will also look for evidence that Lloyd Consumer can reduce its losses and that revenue growth is translating into stronger margins. The latest quarter demonstrates that Havells can grow sales rapidly, but sustained earnings improvement will depend on cost control, product mix and consistent profitability across its businesses.
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