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56% Buy 👍 Sector logoElectric Equipment
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Shareholding Info
  • Promoters
    59.43 %
  • Foreign institutions-FII
    23.79 %
  • Other domestic institutions
    6.31 %
  • Retail and other
    6.99 %
  • Mutual Funds
    3.47 %

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Key Indices in BSE

Havells overview


Havells India Ltd. manufactures electrical consumer products and power distribution tools. It offers circuit protection devices for domestic and industrial use. The company also offers cables, motors, fans, power capacitors, compact fluorescent lamps, luminaries and modular switches for domestic and commercial electrical applications.
The company's product line consists of Crabtree, Sylvania, Concord, Luminance and Linolite. Its manufacturing facilities are situated in Haridwar, Baddi, Noida, Sahibabad, Alwar, Neemrana and Faridabad. Havells also has production plants in parts of Europe, Latin America and Africa. Havells Pvt Ltd. was founded In August 1983. In March 1992, it was converted into a public company. The firm embarked on a technical collaboration with German company Christian Geyer to build miniature circuit breakers in India.

Havells journey


The following are key milestones since inception:
  • 1996: A joint venture between the company and the Rajasthan State Industrial Development and Investment Corporation was established. This initiative was implemented to manufacture low-tension power cables at a current cable manufacturing plant in Alwar, Rajasthan.
  • 2003: Launch of fans, CFLs and lighting.
  • 2004: Havells establishes a manufacturing plant for domestic switchgear at Baddi, Himachal Pradesh. The company receives a CE certificate for CFL.
  • 2005: The company establishes a fan production plant in Haridwar and a Research and Development center in Noida. Havells also receives certification from The Dutch Council.
  • 2006: Havells becomes the first company to receive ISI certification for its complete range of CFLs.
  • 2010: Launch of the Havells brand in Mexico and USA.
  • 2021: The company received the Red Dot Award for Vogue Highbay Light and Good Design Japan for Nu Bulb + Lamp. It was also awarded the India Design Mark for Freedom Adaptable Architectural Light.

Havells - Initial Public Offering (IPO)


Havells listed its IPO on NSE on March 21, 2001. The face value of the company is ₹1 a piece. The company is trading at a PE multiple of 67.88.

Havells products


The company has showrooms for its electrical products called ‘Havells Exclusive Brand Stores.’ The company has over 700 Havells Exclusive Brand Stores across the country, selling products for both domestic and commercial use. Havells became the first FMEG Company to offer doorstep service via an initiative known as ‘Havells Connect.’ Some of the top products that Havells deals in include solar power setups, lighting, air conditioners, fans, geysers, switchgear, pumps, etc. As part of their 1991-92 expansion plans, the company added facilities for manufacturing plastic distribution boards (PDBs) and earth-leakage circuit-breakers (ELCBs). Havells entered into a technical collaboration with Schiele Industriwerke Germany to manufacture ELCBs. Havells stock price return in 5 years – 139.94%.

Havells business highlights


The company’s revenue breakdown is given below. The values are mentioned in crore.

Income Statement

2022

2021

2020

2019

2018

Revenue 

₹13,889

₹10,428 

₹9,429 

₹10,058

₹8,260

Net Profit 

₹1,195

₹1,040

₹733

₹792

₹713

EPS 

₹19

₹17

₹12

₹13

₹11


Havells performance highlights


3-year CAGR (revenue)

11.27%

EBITDA (FY2021-22)

₹896 crore

Profit (FY2021-22)

₹1,195 crore

Share price return in last 3 years

83.96%

ROCE (FY2021-22)

27%

ROE (FY2021-22)

20% 


Havells management

  • Chairman And Managing Director: Anil Rai Gupta
  • Non-Executive Non-Independent Director: Surjit Kumar Gupta
  • Whole-Time Director: Ameet Kumar Gupta
  • Whole-Time Director (Finance) and Group CFO: Rajesh Kumar Gupta
  • Independent Director: Jalaj Ashwin Dani
  • Non-Executive Non-Independent Director: T.V. Mohandas Pai
  • Non-Executive Non-Independent Director: Puneet Bhatia
  • Independent Director: Upendra Kumar Sinha
  • Whole-Time Director: Siddhartha Pandit
  • Independent Director: Subhash S Mundra
  • Independent Director: B Prasada Rao
  • Independent Director: Vivek Mehra
  • Independent Director: Namrata Kaul
  • Independent Director: Ashish Bharat Ram

Indian FMEG industry overview


The following are the key players in the FMEG industry -

Key Players

Mcap (in lakh)

Dixon

₹26,00,092

Havells

₹78,18,842

Orient Electric Ltd

₹6,06,568

PG Electroplast Ltd

₹2,16,132


Size of the Indian FMEG industry


  • During FY2020-21, India produced heavy electrical equipment worth ₹1,68,949 crore (USD 21.15 billion).
  • Compared to USD 48-50 billion in 2021, the electrical equipment market is expected to grow at 12% CAGR to USD 72 billion by 2025.
  • The market evaluation for electrical equipment exports in 2021 was USD 8.62 billion. By 2025, the market is expected to reach USD 13 billion.
  • A total of ₹6,602 crores (USD 879.38 million) and ₹12,036 crore (USD 1.6 billion) were produced and consumed by Indian machine tools in FY2020-21, respectively. The exports were valued at ₹531 crore (USD 66.48 million).
  • It is estimated that the boiler industry's market size will reach USD 194 million by 2025, with a CAGR of 6%. From April to November 2020, boiler exports reached USD 106.53 million, with 72 million units shipped.
  • The value of engineering goods exported by India in FY2021-22 increased by 45.5% year over year to USD 111.63 billion.

Industry growth prospects

  • It is expected that the domestic electrical equipment market will reach USD 72 billion by 2025, growing at an annual rate of 12%.
  • India's largest industrial sector is engineering. A total of 27% of the factories in the industrial sector and 63% of the total foreign collaborations are based here.
  • FMEG (Fast Moving Electric Goods) is one of the fastest-growing industries in India. Electric appliances are consumed in residential, commercial and industrial areas as a result of the growth in infrastructure.

Havells growth prospects

  • Based on December 2018 projections, the company announced an investment of ₹1,500 crore (USD 213.74 million) over five years.
  • ₹400 crore investment is planned by Havells India in Sri City - a town on the border of Andhra Pradesh and Tamil Nadu. The facility will have a capacity of 5 lakh units per year, when it becomes operational.
  • Along with the 10 lakh units manufactured at the Ghelot facility in Rajasthan, this will increase the company's total production capacity to 15 lakh units per annum.

Risks and concerns


  • The industry faces key challenges like low capacity utilizations, especially in the transmission and distribution (T&D) segment, and low-cost imports.
  • Global competition has begun to impact the health of the industry due to increasing supply and demand challenges.

Registrar


Link Intime India Private Limited
Noble Heights, 1st Floor, Plot NH 2
C-1 Block LSC, Near Savitri Market
Janakpuri, New Delhi – 110058
Telephone: 011-41410592, 011-41410593

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