Havells India Limited (HAVELLS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-5.5%

₹986.15

vs ₹1,043.00 price

Levered DCF

₹786.43

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

10.27

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	44×	63.91×	74.68×	69.46×	60.31×	62.97×	40.89×	61.71×
P/B	7.87×	11.3×	12.74×	11.24×	12.02×	12.7×	6.97×	11.5×
P/S	3.3×	4.36×	5.14×	4.43×	5.22×	6.33×	3.2×	4.85×
EV / EBITDA	27.57×	38.46×	45.39×	41.77×	37.49×	37.53×	26.23×	36.48×
Gross margin	33.1%	29.9%	29.6%	28.0%	29.5%	34.6%	44.5%	45.5%
Operating margin	7.9%	8.5%	8.5%	8.0%	11.1%	13.2%	9.2%	10.9%
Net margin	7.5%	6.8%	6.9%	6.4%	8.6%	10.1%	7.8%	7.9%
Current ratio	1.71×	1.86×	1.85×	1.84×	1.82×	1.92×	1.5×	1.51×
Debt / equity	0.03×	0.04×	0.04×	0.03×	0.1×	0.12×	0.04×	0.02×
Interest coverage	47.44×	31.97×	23.81×	29.82×	28.57×	18.31×	18.16×	20.67×
Dividend yield	0.8%	0.7%	0.5%	0.6%	0.6%	0.3%	2.1%	0.6%
Payout ratio	37.1%	42.6%	37.0%	43.9%	34.0%	18.0%	87.2%	38.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	17.9%	17.7%	17.1%	16.2%	19.9%	20.2%	17.1%	18.7%
Return on invested capital	13.2%	14.9%	14.2%	13.5%	16.2%	16.0%	14.7%	16.0%
Return on assets	11.5%	10.7%	10.2%	9.6%	11.4%	11.8%	10.4%	11.0%
Free cash flow yield	0.1%	0.8%	1.4%	-0.0%	2.0%	0.6%	1.5%	-0.0%
Earnings yield	2.3%	1.6%	1.3%	1.4%	1.7%	1.6%	2.4%	1.6%
Enterprise value	₹738.7B	₹936.1B	₹949.3B	₹742.2B	₹720.2B	₹660.2B	₹299.6B	₹479B
Net debt / EBITDA	-0.2×	-0.2×	0.02×	-0.14×	-0.08×	0.15×	-0.09×	-0.46×
Cash conversion cycle (days)	50	43	47	57	43	77	72	39