Who are Havells India's main competitors?

Named competitors: Polycab India (POLYCAB.NS), Crompton Greaves Consumer Electricals (CROMPTON.NS), Bajaj Electricals (BAJAJELEC.NS). The cockpit's measured peer set (industry) also includes Shenzhen Kedali Industry (002850.SZ), Ngk (5333.T), Goldenmax International (002636.SZ), Zhuzhou CRRC Times Electric (688187.SS), Hongfa Technology (600885.SS), Anji Microelectronics Technology (Shanghai) (688019.SS).

How has Havells India stock performed?

Over six months to 6 Nov 2026 the shares returned -11.1% against -32.2% for the median peer; over one year -25.1%.

← CockpitCompetitor Analysis › HAVELLS.NS Havells IndiaOpen in the cockpit ↗

Havells IndiaHAVELLS.NSCompetitor analysis, valuation and peers

India · INR·Capital Goods›Electrical Products

Indian maker of electrical equipment and consumer appliances - wires, switches, fans, lighting and home appliances - under Havells and Lloyd brands.

≈ India's Legrand/Whirlpool hybridMomentum neutral 43

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$7.47B

US dollars, full cap

Free float

36%

of shares outstanding

$/day

$11.1M

20-day average traded

Fwd P/E

44.0×

forward earnings

ROIC−WACC

+1.1 pp

WACC 14.3%

Hurdle

+23 pp

Req g minus delivered

Next earnings

76 days

21 Jan 2027

Close · INR₹1,128

1D+5.6%

1W+11.3%

1M+6.4%

3M-12.2%

6M-11.1%

YTD-20.8%

1Y-25.1%

ATR %2.9%

Beta1.01

52w lowhigh25.5% off high

What Havells India does

Indian maker of electrical equipment and consumer appliances - wires, switches, fans, lighting and home appliances - under Havells and Lloyd brands.

Sells largely through a network of electrical dealers and distributors who stock wires, switches and appliances for electricians to recommend, so trust among installers matters. Wires, cables and switchgear tie it to construction, while the Lloyd air-conditioner business bought in 2017 ties it to summer consumer spending. The Gupta family, the founding promoters, remain the controlling shareholders.

In one line: India's Legrand/Whirlpool hybrid.

Products and services

Wires & cables
Switches & switchgear
Fans & lighting
Consumer durables (Lloyd AC, appliances)

Customers

Electrical contractors/electricians
Retail consumers
Builders/real estate developers

Where it sits in the supply chain

Capital goods
Electrical equipment
Electricals & appliances - India

What could go right

Real estate/construction-driven wiring demand
Consumer durables (AC) market share gains

What could go wrong

Copper/commodity input cost volatility
Intense competition in consumer durables

Moat: narrow (brand, distribution). Strong brand trust among electricians and a wide retail distribution network built over decades.

Headquarters: Noida, India · Founded: 1958 · Employees: 35,765

Named competitors

Polycab India POLYCAB.NS
Crompton Greaves Consumer Electricals CROMPTON.NS
Bajaj Electricals BAJAJELEC.NS

Havells India at a glance

Size Havells India (HAVELLS.NS) is an India Industrials company (Electrical Products) with a market value of $7.47B, the 153rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,128 on 6 Nov 2026.

Performance Over six months the shares fell 11.1%, against -32.2% for the median peer and 0.0% for the India market (cap-weighted) — 7th highest of 20 in its peer set.

Growth Revenue grew 16.5% over the last twelve months (peer median +28.1%); the operating margin is 7.2% (peer median 11.4%).

Valuation It trades at 44.0× forward earnings against a peer median of 14.8× (4th most expensive of 20).

Price implies For today's price to make sense, revenue must grow about 40% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +23 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.

Capital Return on invested capital runs 1.1 points above its cost of capital (14.3% WACC).

Next results Next results expected around 21 Jan 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Havells India against the median of its 20 peers (local-currency closes).

Havells India financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	₹252B	₹225B	₹217B	₹186B	₹169B
Revenue growth	—	+3%	+17%	+10%	—
Gross profit	₹54.1B	₹42.1B	₹41.2B	₹35.0B	₹30.8B
EBITDA	₹22.8B	₹22.6B	₹21.9B	₹19.0B	₹16.4B
Net income	₹16.6B	₹16.9B	₹14.7B	₹12.7B	₹10.7B
Free cash flow	n/a	₹2.45B	₹9.89B	₹13.1B	₹903M
Capital expenditure	n/a	₹14.8B	₹7.66B	₹7.86B	₹5.88B
Total debt	₹2.39B	₹2.65B	₹3.19B	₹3.03B	₹2.23B

Quarterly statements and history in the cockpit →

Havells India competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Havells India is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Havells India is the large dot.

Capital: growth delivered against growth the price implies

Above the diagonal = the price needs more growth than the company has been delivering; below = the price already allows for a slowdown. Havells India is the large dot.

Havells India competitors and peer comparison

Head to head with its named competitors (HAVELLS.NS vs POLYCAB.NS vs CROMPTON.NS vs BAJAJELEC.NS)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Havells India HAVELLS.NS	$7.47B	-11%	+16%	7%	44.0×	39.8%
Polycab India POLYCAB.NS	$12.5B	-13%	+41%	13%	33.8×	n/a
Crompton Greaves Consumer Electricals CROMPTON.NS	$1.47B	-26%	+12%	8%	23.6×	20.5%
Bajaj Electricals BAJAJELEC.NS	$337M	-34%	-5%	2%	26.9×	14.8%

How Havells India compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Havells India against its 20 peers (data as of 6 Nov 2026)
Measure	HAVELLS.NS	Peer median	Rank in peer set
1-month return	+6.4%	-6.2%	4th highest of 21
6-month return	-11.1%	-32.2%	7th highest of 20
Distance from 52-week high	-25.5%	-45.9%	2nd highest of 21
Revenue growth (TTM)	+16.5%	+28.1%	9th lowest of 21
Operating margin	7.2%	11.4%	7th lowest of 21
Forward P/E	44.0×	14.8×	4th most expensive of 20
Growth the price implies (Req g, 7 yrs)	39.8%	9.0%	most demanding of 8
Growth delivered (Del g)	+16.6%	+17.2%	4th lowest of 8
Hurdle (Req g minus delivered)	+23.2 pp	-8.2 pp	most demanding of 8
ROIC minus cost of capital	+1.1 pp	+0.8 pp	11th highest of 21
EV / EBITDA	30.5×	13.6×	most expensive of 7
Net debt / EBITDA	-0.4×	-0.2×	3rd least indebted of 7

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Havells India HAVELLS.NS	India	$7.47B	-11%	+16%	7%	44.0×	39.8%	+16.6%
Shenzhen Kedali Industry 002850.SZ	China	$7.46B	-9%	+40%	12%	22.2×	n/a	n/a
Ngk 5333.T	Japan	$7.43B	-13%	+10%	16%	13.1×	4.4%	+8.2%
Goldenmax International 002636.SZ	China	$7.20B	+47%	+79%	30%	n/a	24.4%	+4.4%
Zhuzhou CRRC Times Electric 688187.SS	China	$7.80B	-3%	+12%	14%	14.6×	n/a	n/a
Hongfa Technology 600885.SS	China	$7.81B	+8%	+34%	14%	22.9×	9.0%	+17.2%
Anji Microelectronics Technology (Shanghai) 688019.SS	China	$7.05B	+7%	+35%	32%	31.6×	28.1%	+42.8%
Zhejiang Chint Electrics 601877.SS	China	$7.97B	-24%	+4%	14%	10.1×	-8.3%	+12.1%
Bizlink 3665.TW	Taiwan	$8.00B	-54%	+33%	17%	14.2×	5.3%	+25.9%
Shanghai Putailai New Energy Technology 603659.SS	China	$6.87B	-41%	+44%	14%	14.2×	n/a	n/a
Nkt A/s NKT.CO	Denmark	$6.73B	-15%	+2%	7%	26.4×	n/a	n/a
Sigenergy Technology 6656.HK	Hong Kong	$8.31B	-51%	+577%	36%	11.0×	n/a	n/a
China XD Electric 601179.SS	China	$8.51B	-35%	+7%	8%	36.0×	n/a	n/a
Shenzhen Megmeet Electrical 002851.SZ	China	$6.55B	-38%	+29%	1%	60.9×	n/a	n/a
Ecopro BM 247540.KS	South Korea	$6.53B	-60%	-4%	6%	965.8×	n/a	n/a
SUPCON Technology 688777.SS	China	$8.58B	-9%	-6%	-3%	116.4×	n/a	n/a
Goldwind Science & Technology 2208.HK	Hong Kong	$8.58B	-57%	+24%	6%	7.2×	n/a	n/a
Hunan Yuneng New Energy Battery Material 301358.SZ	China	$6.46B	-50%	+130%	9%	7.8×	n/a	n/a
Gotion High-tech 002074.SZ	China	$6.45B	-32%	+54%	3%	25.6×	n/a	n/a
Anker Innovations Technology 0668.HK	Hong Kong	$8.68B	n/a	+28%	11%	14.8×	22.2%	+25.8%
Furukawa Electric 5801.T	Japan	$8.75B	-54%	+13%	6%	11.9×	n/a	n/a

Questions

Who are Havells India's main competitors?: Named competitors: Polycab India (POLYCAB.NS), Crompton Greaves Consumer Electricals (CROMPTON.NS), Bajaj Electricals (BAJAJELEC.NS). The cockpit's measured peer set (industry) also includes Shenzhen Kedali Industry (002850.SZ), Ngk (5333.T), Goldenmax International (002636.SZ), Zhuzhou CRRC Times Electric (688187.SS), Hongfa Technology (600885.SS), Anji Microelectronics Technology (Shanghai) (688019.SS).
Is Havells India expensive compared with its peers?: On forward p/e it trades at 44.0× against a peer median of 14.8×, 4th most expensive of 20 in its peer set. For today's price to make sense, revenue must grow about 40% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +23 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
How has Havells India stock performed?: Over six months to 6 Nov 2026 the shares returned -11.1% against -32.2% for the median peer; over one year -25.1%.