Havells Q2 Results, October 22, 2026: Cables Jump 48%, Profit ₹353 Crore

Havells Q2 results, approved by the board on October 22, 2026, show a company growing far faster than its margins. Standalone net revenue for the July-September quarter rose 34.6% year on year to ₹6,417 crore, against ₹4,767 crore a year ago, according to the information update Havells filed with NSE. Net profit rose a slimmer 11.1% to ₹353 crore from ₹317 crore. The gap between those two numbers is the whole story this quarter.

Havells Q2 results: the headline numbers

EBITDA came in at ₹576 crore, up 30.5% from ₹442 crore. The EBITDA margin, though, eased to 9.0% from 9.3%. Contribution margin, the company’s measure of what is left after material, manufacturing and direct selling costs, fell to 18.2% of revenue from 20.1%. Profit before tax grew 15.1% to ₹476 crore.

Part of the slower profit growth is a high base. Other income dropped to ₹28 crore from ₹77 crore, and Havells points out that last year’s September quarter included a one-time gain of ₹45.27 crore from selling the land and building of its Faridabad facility.

On a consolidated basis, the results filed with NSE show revenue from operations of ₹6,431.99 crore and profit of ₹349.22 crore, against ₹4,779.33 crore and ₹318.28 crore a year earlier.

Cables did the heavy lifting

Cables revenue jumped 47.9% to ₹2,999 crore from ₹2,028 crore. By our arithmetic, that one segment supplied about 59% of the ₹1,650 crore rise in total revenue and now makes up roughly 47% of the top line. The company credits commodity-linked price increases and a shift towards higher-sized cables.

The catch is margin. Cables contribution margin slid to 13.9% from 17.7%, which Havells blames on the fall in aluminium prices during the quarter. It says the first-half cables margin of about 15% is in line with the long-term average, so management is framing this as volatility rather than a reset. Read our KEI Industries Q2 results note for how a pure-play cable maker fared in the same quarter.

The rest of the portfolio

• Switchgears: revenue up 31.3% to ₹782 crore, with contribution margin improving to 38.1% from 37.3%. The company cites a domestic pickup and recovering exports.
• Electrical consumer durables: up 10.7% to ₹1,072 crore.
• Lighting and fixtures: up 7.0% to ₹449 crore, though margin fell to 26.6% from 30.5% because of certain project orders.
• Renewables: up 147.8% to ₹329 crore, with contribution margin at 13.5% against 10.5%.
• Lloyd consumer: up 28.4% to ₹615 crore, but still in the red at the segment level, with a loss of ₹104 crore against ₹99 crore a year ago.

Cash, working capital and capex

This is the part we would watch most closely. Operating cash flow for the first half was negative ₹160 crore, as ₹1,091 crore went into working capital. Inventory climbed to ₹4,992 crore at the end of September from ₹4,398 crore in March, mainly in cables. Cash and cash equivalents, including bank deposits, fell to ₹1,190 crore from ₹2,351 crore at the start of the year. Havells spent ₹654 crore on capex in the half and expects about ₹1,400 crore for the full year, mostly on cable capacity and a new R&D centre.

For the half year, standalone revenue rose 26.7% to ₹12,927 crore while net profit slipped 2.8% to ₹651 crore, weighed down by the June quarter’s heavy advertising spend of ₹286 crore and lower other income (₹74 crore against ₹137 crore).

What it means

Demand is clearly there, and the company says consumption held steady despite high inflation. What the market will want to see next is whether cable margins recover once aluminium prices settle, and whether Lloyd can narrow its losses. If you are new to reading results like these, our guide on how to analyse quarterly results explains why revenue growth and margin trends have to be read together.

Sources: Havells information update on Q2 FY27 results, filed with NSE on October 22, 2026; Havells standalone and consolidated financial results for the quarter ended September 30, 2026, filed with NSE.

Disclaimer: This article is for information and education only and is not investment advice. Please do your own research or consult a SEBI-registered adviser before making any investment decision.