Havells India Limited (HAVELLS) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Havells India Limited ₹353, price ₹1,097, upside -67.9%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹947.67 – ₹2,053 · fair‑value band ₹175.22 – ₹578.71 · the ₹1,097 price screens above the ₹352.53 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Havells India Limited, a fast-moving electrical and electronic durables company, manufactures, trades in, and sells various consumer electrical and electronic products in India and internationally. The company operates through six segments: Switchgears, Cables, Lighting and Fixtures, Electrical Consumer Durables, Lloyd Consumer, and Others.
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Havells India Limited, a fast-moving electrical and electronic durables company, manufactures, trades in, and sells various consumer electrical and electronic products in India and internationally. The company operates through six segments: Switchgears, Cables, Lighting and Fixtures, Electrical Consumer Durables, Lloyd Consumer, and Others. It offers switches; switchgears, such as circuit breakers, energy savers, human safety equipment, distribution boards, surge protection devices, and control and monitoring devices, as well as magnetic contractor, thermal overload relays, switchgear, circuit breakers, and starters; lighting products; and home appliances, including air conditioners, LED televisions, washing machines, refrigerators, air coolers and purifiers, appliances, personal grooming products, water heaters and purifiers, and geysers. The company also provides flexible, power, control, and fire survival cables; fans comprising ceiling, table, pedestal, wall, ceiling mounting, personal, and domestic exhaust fans; centrifugal, mono block, submersible, borewell and sewage submersible, pressure, and shallow well jet pumps; dishwashers; air circulators; and heavy-duty exhaust fans. In addition, it offers crane duty, smoke, brake, inverter duty, and energy motors; solar rooftop on grid, solar off grid, and solar on grid inverter solutions; power solutions, including power capacitors, IOT enabled IPFC relays, HD harmonic detuned reactors, IOT enabled APFC panels, and high PIV thyristor switches; and smart home automation solutions that connects lights, curtains, air conditioners, and other devices to control them through smart phone, tablet or wall panel, as well as smart modular switches and accessories. The company offers its products under the Havells, Lloyd, Havells Crabtree, REO, and Havells Studio brands. Havells India Limited was founded in 1958 and is based in Noida, India.
Stock analysis
Havells India Limited (HAVELLS) currently trades at ₹1,097, while our model-based Fair Value estimate is ₹352.53, implying the stock looks roughly 211.0% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹521.25 per share, and 0 of the 25 models we run sit above the ₹1,097 price.
Bear case: the Growth DCF group reads lowest at ₹50.70, and 25 of the 25 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹175.22 (bear) to ₹578.71 (bull), the price of ₹1,097 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Havells India Limited reported revenue of ₹225B in FY2026 versus ₹138B in FY2022, a compound +13.0%/yr. Reported net income was ₹16.9B in FY2026, compounding +9.0%/yr from FY2022.
Key figures
Market cap ₹745B (≈ $7.8B) · P/E ratio 40.6 · P/S ratio 3.05 · EPS (TTM) ₹26.98 · Dividend yield 0.9% · Net margin 7.5% · Return on equity 19.0% · Return on assets (EBIT) 12.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).
What moves the price
The share trades about 30% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −36% fair-value upside, at −68%, HAVELLS screens richer than that median.
Fair Value models
Bear ₹175.22Fair Value ₹352.53Bull ₹578.71
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹8.23 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+4.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.8%
Start year 2021 (pandemic). Over 10 years: +11.5% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+18.3%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+11.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.1%
Dividend (yield on the price)0.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.10% vs 13%, steady
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.13% → 8%
Start year 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
more than +80 %
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+11.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +7.5% a year for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electrical Equipment & Parts · 550 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−68% · Bottom 25%
Profitability
Return on equity (TTM)19% · Top 25%
Return on assets8% · Top 25%
Net margin (TTM)8% · Above median
Operating margin (TTM)9% · Above median
Growth and dividend
Revenue growth3% · Below median
Dividend yield (TTM)0.9% · Below median
Valuation Multiplesvs Electrical Equipment & Parts median · lower = cheaper
P/E (TTM)40.6× · Pricier than median
P/B7.88× · Priciest 25%
P/S (TTM)3.31× · Pricier than median
P/FCF8.9× · Pricier than median
EV/EBITDA34.8× · Priciest 25%
PEG0.20× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)13· sector 58
PAST (return on equity)76· sector 26
HEALTH (low debt)100· sector 97
DIVIDEND (yield)18· sector 23
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Havells India Limited Fair Value". https://www.fairvalue-calculator.com/stock/HAVELLS
Frequently asked questions
Is Havells India Limited (HAVELLS) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹352.53 versus a price of ₹1,097, about −68% upside (overvalued).
What is the fair value of HAVELLS?
Our model-based fair value for Havells India Limited is ₹352.53 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹1,097.
What is the quality score of HAVELLS?
Havells India Limited has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Havells India Limited (HAVELLS)?
Our model-based price target is the fair value of ₹352.53 (as of Sep 24, 2026) from 25 valuation models. Cautious scenario ₹175.22, optimistic scenario ₹578.71. It is a calculation from audited fundamentals, not an analyst target.
What is the Havells India Limited stock forecast for 2026?
Our models put fair value at ₹352.53, about −68% upside versus a price of ₹1,097 (overvalued). Cautious scenario ₹175.22, optimistic scenario ₹578.71. The calculation is refreshed regularly with new filings.
What is the revenue of Havells India Limited (HAVELLS)?
Havells India Limited reported trailing-twelve-month revenue of about ₹225B (latest available figure, as of Sep 24, 2026).
Does Havells India Limited pay a dividend?
Havells India Limited currently shows a dividend yield of about 0.91% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Havells India Limited (HAVELLS)?
For today's price to be fair in a discounted-cash-flow model, Havells India Limited would have to grow free cash flow by more than 80 % per year for five years (discount rate 10.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of HAVELLS use?
Our models discount Havells India Limited at 10.9 %: a base by market capitalisation (mid), damped by beta 0.23, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Havells India Limited that is more than 80 % per year a year over ten years, using the same discount rate (10.9 %) and the same formula as our fair value.
How much growth has Havells India Limited (HAVELLS) delivered so far?
Over the past 5 years revenue at Havells India Limited grew +16.8 % a year. The price currently implies more than 80 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Havells India Limited (HAVELLS) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Havells India Limited (more than 80 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Havells India Limited (HAVELLS)?
The free-cash-flow yield on the price is 0.13 %: that much free cash flow Havells India Limited produces per unit of market value. When it exceeds the discount rate of our models (10.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Havells India Limited (HAVELLS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Havells India Limited it is ₹352.53 per share (as of Sep 24, 2026), against a price of ₹1,097. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Havells India Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, HAVELLS trades above its calculated fair value: price ₹1,097, fair value ₹352.53, a gap of about −68% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HAVELLS?
No. The price is what the market pays today (₹1,097); the fair value is what the company's own numbers justify (₹352.53). For Havells India Limited the two are ₹743.97 per share apart. That gap is exactly why we show both numbers side by side.
How much is Havells India Limited worth?
The market values Havells India Limited at about ₹745B (market capitalisation, as of Sep 24, 2026). Per share that is ₹1,097; our models calculate a fair value of ₹352.53 per share.
What do the bullish and bearish scenarios say about HAVELLS?
Our models span a range for Havells India Limited: cautious scenario ₹175.22, base ₹352.53, optimistic ₹578.71 per share (as of Sep 24, 2026, price ₹1,097). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HAVELLS?
Havells India Limited trades at a price-to-earnings ratio of 40.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹352.53 is built from several models across several years. Other multiples: PEG 0.2, P/B 7.9, P/S 3.3, EV/EBITDA 34.8.
What is the PEG ratio of HAVELLS?
The PEG ratio of Havells India Limited is 0.20 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Havells India Limited (HAVELLS)?
Balance-sheet figures for Havells India Limited (as of Sep 24, 2026): return on equity 19.0%. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is HAVELLS from its 52-week high?
Havells India Limited trades at ₹1,097, about 30% below its 52-week high of ₹1,560 and 1% above the low of ₹1,087 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ₹352.53 is for.
Which stocks are comparable to Havells India Limited?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Delta Electronics (Thailand) Public Company, Vertiv Holdings, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Havells India Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹1,097, calculated fair value ₹352.53 (−68%), Quality Score 60/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HAVELLS calculated?
We run Havells India Limited through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹352.53, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Havells India Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Havells India Limited (HAVELLS)?
The closing price on Sep 23, 2026 was ₹1,097. Our model-based fair value is ₹352.53, about −68% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Havells India Limited right now?
The price sits above even our optimistic bull case (₹578.71). The favourable scenario is already priced in. The model range is unusually wide (₹175.22 to ₹578.71). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Havells India Limited (HAVELLS) come from?
Earnings per share at Havells India Limited grew +8.2 % a year from 2015 to 2026. Broken into its drivers: revenue per share +12.2 %, EBIT margin −1.3 %, tax rate −0.4 %, residual (interest, one-offs) −1.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Havells India Limited
How large is the market capitalisation of Havells India Limited (HAVELLS)?
The market capitalisation of Havells India Limited is ₹745B (≈ $7.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Havells India Limited (HAVELLS)?
The price-to-sales ratio of Havells India Limited is 3.05 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Havells India Limited (HAVELLS)?
Earnings per share at Havells India Limited are ₹26.98 (price ÷ EPS = P/E 40.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Havells India Limited (HAVELLS)?
The dividend yield of Havells India Limited is 0.9% (payout 37.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Havells India Limited (HAVELLS)?
The net margin of Havells India Limited is 7.5% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Havells India Limited (HAVELLS)?
The return on equity (ROE) of Havells India Limited is 19.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Havells India Limited (HAVELLS)?
On an EBIT basis the return on assets of Havells India Limited is 12.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Havells India Limited (HAVELLS)?
The operating margin of Havells India Limited is 9.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Havells India Limited (HAVELLS)?
Revenue at Havells India Limited is growing +2.5% versus a year earlier (3y avg +10.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Havells India Limited (HAVELLS)?
Earnings per share at Havells India Limited are growing +39.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Havells India Limited (HAVELLS) hold?
Havells India Limited holds more cash than debt, ₹5.3B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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