External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Havells’ Q1 revenue print was largely in line with our estimates with the growth (+20% YoY) being led by the summer portfolio (ECD: +20%, Lloyd: + 47%)</li><li>Barring some election-related impact, there is sustenance of momentum in the B2B portfolio while the B2C portfolio continues to see gradual improvement in consumer sentiment</li><li>However, EBITDAM expansion of 160bps YoY to 9.9% was below our expectations (10.5%), largely due to weak switchgear performance (delay in passing on cost increase and shifting of export orders)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Havells’ Q1 revenue print was largely in line with our estimates with the growth (+20% YoY) being led by the summer portfolio (ECD: +20%, Lloyd: + 47%)Barring some election-related impact, there is sustenance of momentum in the B2B portfolio while the B2C portfolio continues to see gradual improvement in consumer sentimentHowever, EBITDAM expansion of 160bps YoY to 9.9% was below our expectations (10.5%), largely due to weak switchgear performance (delay in passing on cost increase and shifting of export orders)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Havells India - Margin Improvement a Tad Below Expectation.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ICICI Securities research report onHavells We remain constructive on Havells given: (1) Lloyd reporting profits at EBIT level in Q4FY24, after losses in the past 10-quarters.</li><li>We believe the company has reached healthy market share in low double-digits; it will now focus on its dual objectives of growing market share and profitability.</li><li>(2) Commencement of new plant for cables and wires will likely allow higher growth H2FY25 onwards.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Securities research report onHavells We remain constructive on Havells given: (1) Lloyd reporting profits at EBIT level in Q4FY24, after losses in the past 10-quarters.We believe the company has reached healthy market share in low double-digits; it will now focus on its dual objectives of growing market share and profitability.(2) Commencement of new plant for cables and wires will likely allow higher growth H2FY25 onwards.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Havells - Multiple Growth Tailwinds over FY25-26

<ul><li>Havells’ Q4 revenue aligned with our estimate while it positively surprised operationally with EBITDAM expanding by 80bps to 11.7% (HSIE: 9.8%)</li><li>While the B2B portfolio continues to sustain its momentum, the B2C portfolio witnessed early signs of a revival led by a positive start to the summer season and benefits from the real estate uptick</li><li>Lloyd reported a positive EBIT margin (+2.8% vs -1.8% YoY), led by cost savings and business efficiency measures</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Havells’ Q4 revenue aligned with our estimate while it positively surprised operationally with EBITDAM expanding by 80bps to 11.7% (HSIE: 9.8%)While the B2B portfolio continues to sustain its momentum, the B2C portfolio witnessed early signs of a revival led by a positive start to the summer season and benefits from the real estate uptickLloyd reported a positive EBIT margin (+2.8% vs -1.8% YoY), led by cost savings and business efficiency measuresContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Havells India (Q4FY24): Margins on the Mend. Maintain ADD

<ul><li>Havells reported a weak Q3 print as feeble consumer sentiment and sustained investment in strategic initiatives (branding, distribution, capability) more than offset the robust momentum seen in the B2B portfolio</li><li>While urban demand has remained steady, demand from Class B/C towns has been sluggish</li><li>However, with early signs of demand recovery visible (supported by abating inflation) and the expectation of a good upcoming summer season (on a low base), we expect improvement both in revenue and profitability from here</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Havells reported a weak Q3 print as feeble consumer sentiment and sustained investment in strategic initiatives (branding, distribution, capability) more than offset the robust momentum seen in the B2B portfolioWhile urban demand has remained steady, demand from Class B/C towns has been sluggishHowever, with early signs of demand recovery visible (supported by abating inflation) and the expectation of a good upcoming summer season (on a low base), we expect improvement both in revenue and profitability from hereContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Havells India (Q3FY24): Near-Term Blip an Opportunity to ADD

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India (POLYCAB IN)</a> is in the limelight on the back of Income Tax investigation carried in December 2023 which revealed several accounted transactions.</li>
<li>In a circular, it is hinted that the IT department has detected unaccounted cash sales worth INR 10 bn, unaccounted cash payments made by distributors, and some non-genuine expenses.</li>
<li>However our forensics framework does not hint at any alarming red flags, apart from low FA turnover ratio, stock with third parties and board composition.</li>
</ul>



Polycab India (POLYCAB IN) is in the limelight on the back of Income Tax investigation carried in December 2023 which revealed several accounted transactions.
In a circular, it is hinted that the IT department has detected unaccounted cash sales worth INR 10 bn, unaccounted cash payments made by distributors, and some non-genuine expenses.
However our forensics framework does not hint at any alarming red flags, apart from low FA turnover ratio, stock with third parties and board composition.


India

Havells India Limited manufactures electrical products. The Company's products include building circuit protection equipment, industrial switchgears, energy meters, cables & wires, modular switches, fans and lighting products.

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Havells India (HAVL IN)

Havells India - Margin Improvement a Tad Below Expectation.

Havells’ Q1 revenue print was largely in line with our estimates with the growth (+20% YoY) being led by the summer portfolio (ECD: +20%, Lloyd: +...

HDFC Securities

Havells - Multiple Growth Tailwinds over FY25-26

ICICI Securities research report onHavells We remain constructive on Havells given: (1) Lloyd reporting profits at EBIT level in Q4FY24, after...

ICICI Securities Limited

Havells India (Q4FY24): Margins on the Mend. Maintain ADD

Havells’ Q4 revenue aligned with our estimate while it positively surprised operationally with EBITDAM expanding by 80bps to 11.7% (HSIE: 9.8%)

HDFC Securities

Havells India (Q3FY24): Near-Term Blip an Opportunity to ADD

We cut our FY24/25 EPS by 5/2% to reflect Q3 performance while retaining our FY26 EPS and we value the stock at 50x Dec25 EPS to arrive at a target...

HDFC Securities

Polycab India- Forensic Analysis

Polycab is under scrutiny for IT investigation that uncovered unaccounted transactions, but the forensics do give mixed signals. Attention should...

Nitin Mangal

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52-week Range

Market Cap (USDm)

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Havells India - Margin Improvement a Tad Below Expectation.

Havells’ Q1 revenue print was largely in line with our estimates with the growth (+20% YoY) being led by the summer portfolio (ECD: +20%, Lloyd: +...

HDFC Securities

Havells - Multiple Growth Tailwinds over FY25-26

ICICI Securities research report onHavells We remain constructive on Havells given: (1) Lloyd reporting profits at EBIT level in Q4FY24, after...

ICICI Securities Limited

Havells India (Q4FY24): Margins on the Mend. Maintain ADD

Havells’ Q4 revenue aligned with our estimate while it positively surprised operationally with EBITDAM expanding by 80bps to 11.7% (HSIE: 9.8%)

HDFC Securities

Havells India (Q3FY24): Near-Term Blip an Opportunity to ADD

We cut our FY24/25 EPS by 5/2% to reflect Q3 performance while retaining our FY26 EPS and we value the stock at 50x Dec25 EPS to arrive at a target...

HDFC Securities

Polycab India- Forensic Analysis

​Polycab is under scrutiny for IT investigation that uncovered unaccounted transactions, but the forensics do give mixed signals. Attention should...

Nitin Mangal

Polycab is under scrutiny for IT investigation that uncovered unaccounted transactions, but the forensics do give mixed signals. Attention should...