Unclassified · NSE: HAVELLS
Havells India share analysis
Fair value, business quality, the case for and against, and the risks — computed by VestCall from reported data, updated 14 October 2026.
Havells India in one paragraph
Havells India (NSE: HAVELLS) was trading at ₹1,080.9 on 14 October 2026. VestCall scores its business health 67/100 (healthy). On valuation, the price sits in the “Valuation Premium” zone (₹1,046.31 and above) — above the modelled fair-value range. This is a reading of the evidence, not a buy or sell recommendation.
- Share price₹1,080.9
- Business health67/100
- Growth64/100
- Financial strength72/100
- Valuation99/100 · Fair
- Valuation zoneValuation Premium
- RiskMedium
Is Havells India overvalued or undervalued?
At ₹1,080.9, Havells India sits in VestCall’s “Valuation Premium” zone (₹1,046.31 and above): above the modelled fair-value range. Its valuation scores 99/100 (fair) against Unclassified peers. Zones describe where the price sits against modelled value; they are not an instruction to buy or sell.
| Valuation zone | Price band | What it means |
|---|---|---|
| Deeply Discounted | ₹879.09 – ₹935.05 | Furthest below the modelled fair-value range |
| Attractive Valuation | ₹935.05 – ₹1,015.91 | Below the modelled fair-value range |
| Fairly Valued | ₹1,015.91 – ₹1,046.31 | Inside the modelled fair-value range |
| Valuation Premium (current) | ₹1,046.31 and above | Above the modelled fair-value range |
The case for and against Havells India
What supports the case
- Capital Allocation · 89/100.
- Shareholding Quality · 84/100.
- Financial Strength · 72/100.
- Management Stability · 67/100.
- Growth · 61/100.
What needs proof
- Business Quality · 59/100.
Havells India key ratios
| Ratio | Havells India | Unclassified median |
|---|---|---|
| P/E | 9.6x | — |
| P/B | 5.28x | — |
| P/S | 2.17x | — |
| Return on equity (ROE) | 17.8% | — |
| Return on capital employed (ROCE) | 23.3% | — |
| Operating margin | 9.6% | — |
| Net margin | 7.3% | — |
| Current ratio | 1.7x | — |
Havells India growth
Growth scores 64/100, with a stable trend, measured Mar 2023 to Mar 2026.
| Measure | Reading |
|---|---|
| Revenue CAGR | 10.4% |
| Net profit CAGR | 16.4% |
| EPS CAGR | 16.4% |
| Revenue growth, latest year | 4.3% |
| Profit growth, latest year | 14.9% |
Havells India bull, base and bear case
Modelled annual return under three sets of stated assumptions over 5 years. These are model outputs, not a forecast or a promise of return.
| Scenario | Modelled CAGR | Weight | Assumption |
|---|---|---|---|
| Bear | +0.9% | 24% | Growth decelerates to 4.9% and the multiple de-rates toward the cohort's trough. |
| Base | +13.7% | 52% | Earnings compound near the measured 13.7% and the multiple drifts toward its quality-adjusted warranted level. |
| Bull | +22.7% | 24% | Growth holds at 19.2% and the market pays the full premium the measured quality supports. |
Risks to watch in Havells India
| Review trigger | Current | Threshold | Status |
|---|---|---|---|
| Drawdown from the 52-week high exceeds tolerance | 28.39% | at or beyond 25% | low · breached |
| Return on equity falls below the quality floor | 17.83% | below 15% | high · armed |
| Revenue growth falls below the thesis floor | 10.45% | below 8% | high · armed |
| Promoter holding drops materially | 59.35% | below 56.35%, 3 points under the Jun 2026 filing | high · armed |
| Price runs more than two sigma above its own trend | 1080.9 | at or above 1802.03 | medium · armed |
| Leverage doubles from the level underwritten today | No leverage line in the balance sheet | unavailable | high · unmeasurable |
| Promoter pledge rises above tolerance | No pledge disclosed (the NSE filing for HAVELLS could not be read either (nse_session_unavailable)) | above 10% | high · unmeasurable |
| Valuation reaches the top of its own cohort | No cohort multiple to rank against | at or above the 95th percentile | medium · unmeasurable |
An armed trigger is watched and has not fired; a breached one has.
How Havells India shares have traded
| Measure | Reading |
|---|---|
| 52-week range | ₹1,016 – ₹1,509.4 |
| Distance from 52-week high | −28.4% |
| Return, 3 months | −9.0% |
| Return, 12 months | −27.8% |
| Trend | Downtrend |
| Annualised volatility | 24.5% |
| Deepest drawdown, 2 years | −51.2% |
Questions about Havells India shares
Is Havells India overvalued or undervalued?
At ₹1,080.9, Havells India sits in VestCall’s “Valuation Premium” zone (₹1,046.31 and above): above the modelled fair-value range. Its valuation scores 99/100 (fair) against Unclassified peers. Zones describe where the price sits against modelled value; they are not an instruction to buy or sell.
Is Havells India fundamentally strong?
VestCall scores Havells India’s business health 67/100 (healthy). The strongest measured pillars are capital allocation and shareholding quality. The ones that need proof are business quality. Each pillar is computed from reported financials, and a pillar whose inputs were not reported is excluded rather than scored as zero.
What is Havells India’s P/E ratio?
Havells India trades at a P/E of 9.6x, on VestCall’s latest read. A multiple only means something against the business it buys: the quality-adjusted fair value on this page weighs it against Havells India’s returns and growth.
What are the risks of investing in Havells India?
The review triggers VestCall watches for Havells India are: drawdown from the 52-week high exceeds tolerance (drawdown from 52-week high at or beyond 25%); return on equity falls below the quality floor (roe below 15%); revenue growth falls below the thesis floor (revenue cagr below 8%). On the fundamentals, business quality is the weakest measured pillar at 59/100. A trigger is a named condition that would change the reading, published so the case against the stock is as visible as the case for it.
Is this a recommendation to buy or sell Havells India?
No. VestCall states where Havells India’s price sits against modelled value, what supports the case and what would break it, with every figure sourced. It does not issue buy, sell or hold calls or price targets. Vestmind is not a SEBI-registered investment adviser or research analyst, and nothing on this page is personalised investment advice.
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