Havells revenue up 20%, but profit slips 15% as costs bite
Advertising spend nearly doubled, raw material costs rose, and Lloyd's consumer loss widened to ₹51 crore, masking a 20% revenue jump. Renewables segment added ₹314 crore.
— 5 earlier stories on Havells India Ltd. →What's new
- Revenue rose 19.7% to ₹6,510 crore but net profit fell 15.3% to ₹298 crore.
- Lloyd Consumer segment loss widened to ₹51 crore from ₹19.7 crore a year ago.
- New renewables segment contributed ₹314 crore to the top line.
- Cables remained the largest revenue driver.
Why this matters
Havells is buying growth with ad spend, but Lloyd's widening losses and margin compression show the cost of that strategy. The new renewables business is early-stage; its profitability will matter more than the ₹314 crore top line.
What we're watching
- How Lloyd's trajectory changes through the festive season.
- Renewables segment margin evolution in coming quarters.
- Whether ad spending moderates after this quarter's near-double.
The full read
Havells posted a 19.7% revenue jump to ₹6,510 crore in Q1 FY27, but net profit slipped 15.3% to ₹298 crore as raw material costs and a near-doubling in advertising spend squeezed margins. The Lloyd Consumer segment, a perennial drag, recorded an operating loss of ₹51 crore — more than two-and-a-half times last year's ₹19.7 crore loss. The newly carved-out Renewables segment added ₹314 crore in sales, but its bottom-line contribution is yet to be seen. The cables business remained the top revenue driver. The segment-level detail adds colour, but the headline numbers were already out. The strain is real: revenue growth is costing more than before.
Questions answered
- Why did Havells' profit fall despite strong revenue growth?
- Raw material costs rose and advertising expenditure nearly doubled, squeezing operating margins. Net profit still fell 15.3% year-on-year to ₹298 crore.
- How is the Lloyd consumer business performing?
- Lloyd posted an operating loss of ₹51 crore, more than double last year's ₹19.7 crore loss, indicating deeper headwinds in the consumer durables segment.
- What is the new renewables segment?
- Havells carved out a renewables segment this quarter, reporting revenue of ₹314 crore. The segment includes solar and other clean energy businesses.
- Did the auditor raise any concerns?
- No. Price Waterhouse & Co LLP issued an unmodified limited review report for both standalone and consolidated numbers.
Havells India Ltd.
Latest quarter · Jun 2026
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All notes on HAVELLS →- 17 Jul 2026 · 3:19 PM IST Havells revenue up 20%, but profit slips 15% as costs bite
- 7d ago Havells Q1 transcript: Ad strategy detailed, no fresh surprise
- 11d ago Havells doubles ad spend to premiumise, margins feel the pinch
- 11d ago Havells revenue up 20%, profit down 15% as ad spend doubles
- 11d ago Havells sales up 20% to ₹6,510 cr, profit down 15% as costs bite