Havells revenue jumps 35% on cable sales, but profit rises only 10%

Havells India, the electrical goods maker behind the Havells and Lloyd brands, reported a jump of about 35% in revenue for the July to September 2026 quarter, but its profit grew far more slowly, in results reported on Thursday, October 22, 2026. Consolidated revenue from operations rose 34.6% from a year earlier to about Rs 6,432 crore, led by a near 48% rise in cable sales. Net profit rose roughly 10% to about Rs 349 crore, from Rs 318 crore a year earlier, as margins softened and the Lloyd consumer durables business stayed in the red.

Havells is one of the clearest windows into how Indian households and builders are spending on electrical goods. Its products run from the wires inside walls and the switches and circuit breakers that protect them, to fans, lights, water heaters and air-conditioners. When construction, infrastructure and housing are busy, demand for cables and switchgear rises; when consumers feel confident, sales of appliances follow.

This quarter's numbers show that the building and infrastructure side is strong. Cable sales rising by almost half in a year point to heavy demand from power, real-estate and infrastructure projects. Part of the jump also reflects higher prices, because cable prices move with the cost of copper and aluminium, and reports noted commodity-linked price changes and demand for higher-capacity cables as reasons for the growth. Switchgear, which goes into the same buildings, grew by almost a third.

The weak spot is Lloyd. Lloyd sells air-conditioners and other appliances, a crowded market where brands compete hard on price. Revenue grew in the quarter, but the segment still lost more than Rs 100 crore. The gap between fast-growing revenue and slow-growing profit, overall, shows that Havells is selling more but earning less on each rupee of sales, because of softer margins and a high base of other income in the same quarter last year, according to reports.

The renewables growth is small in absolute terms but worth watching. A near 150% rise in a single year shows how quickly that business is expanding from a small base.

Short-term: Investors will weigh strong sales growth against thinner profitability and the continuing loss at Lloyd. The festive season, with Diwali on November 8, is an important test for appliance and lighting sales in the current quarter.

Long-term: Strong demand for cables and switchgear depends on India's infrastructure and housing spending continuing. Havells' ability to turn Lloyd profitable, and to grow its renewables business, will decide whether profit growth can catch up with sales growth.

Who is affected: Havells' shareholders and employees; electricians, dealers and distributors across India; real-estate and infrastructure builders who buy cables and switchgear; and households buying fans, lights and air-conditioners.

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