Interim report
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22nd October 2026 The National Stock Exchange of India Limited Exchange Plaza, 5th Floor Plot No. C/1, G Block Bandra Kurla Complex Bandra (E) Mumbai- 400 051 NSE Symbol : HAVELLS BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai- 400 001 Scrip Code : 517354 Sub: Limited Reviewed Un-Audited Standalone and Consolidated Financial Results for the Second Quarter and half year ended 30th September, 2026 Dear Sir, In terms of Regulations 30, 33 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with corresponding circulars and notifications issued thereunder, please find enclosed herewith, the extracts of the Unaudited Standalone and Consolidated Financial Results of the Company for the second quarter and half year ended 30th September, 2026 as approved by the Board of Directors in its meeting held today i.e. 22nd October, 2026 which commenced at 12:00 pm and concluded at 1:45 pm. These results are limited reviewed by the Auditors of the Company. The Limited Review Report submitted by the Auditors of the Company is also enclosed with the results. The above is for your information and records. Thanking you. Yours faithfully, for Havells India Limited (Sanjay Kumar Gupta) Company Secretary Encl: as above
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Price Waterhouse & Co Chartered Accountants LLP Review Report To The Board of Directors Havells India Limited 904, 9th Floor, Surya Kiran Building, K.G. Marg, Connaught Place, New Delhi -110001 1. We have reviewed the unaudited financial results of Havells India Limited (the "Company") for the quarter ended September 30, 2026 and the year to date results for the period April 01, 2026 to September 30, 2026, and the Statement of Assets and Liabilities as on that date and the Statement of Cash Flows for the half year ended on that date which are included in the accompanying 'Statement of unaudited standalone financial results for the quarter and half year ended September 30, 2026' (the "Statement"). The Statement has been prepared by the Company pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"), which has been initialled by us for identification purposes. The Statement is the responsibility of the Company's Management and has been approved by the Board of Directors. Our responsibility is to issue a report on the Statement based on our review. 2. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. 3. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with the applicable Accounting Standards prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement. For Price Waterhouse & Co Chartered Accountants LLP Firm Registration Number: 304026£/E-300009 foz1; k¾- 0~~~~r Membership Number: 057084 UDIN: 26057084XMIABW3956 Place: Noida Date: October 22, 2026 Price Waterhouse & Co Chartered Accountants LLP, Building No. 8, 8th Floor, Tower B, DLF Cyber City Gurugram -122 002, Haryana T: +91 (124) 6169908 Registered office and Head office: Plot No. 56 & 57, Block ON, Sector-V, Salt Lake, Kolkata -700 091 Price Waterhouse & Co. (a Partnership Firm) converted into Price Waterhouse & Co Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-4362) with effect from July 7, 2014. Post its conversion to Price Waterhouse & Co Chartered Accountants LLP, its ICAI registration number is 304026E/E300009 (ICAI registration number before conversion was 304026E)
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Price Waterhouse & Co Chartered Accountants LLP Review Report To The Board of Directors Havells India Limited 904, 9th Floor, Surya Kiran Building, K.G. Marg, Connaught Place, New Delhi -110001 1. We have reviewed the consolidated unaudited financial results ofHavells India Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries hereinafter referred to as the "Group") (refer paragraph 4 below) for the quarter ended September 30, 2026 and the year to date results for the period April 01, 2026 to September 30, 2026, and the Consolidated Unaudited Statement of Assets and Liabilities as on that date and the Consolidated Unaudited Statement of Cash Flows for the half year ended on that date which are included in the accompanying 'Statement of unaudited consolidated financial results for the quarter and half year ended September 30, 2026', (the "Statement"). The Statement is being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations, 2015"), which has been initialled by us for identification purposes. 2. This Statement, which is the responsibility of the Holding Company's Management and has been approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting", prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements ('SRE') 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. 4. The Statement includes the results of the following entities: a) Havells India Limited (Holding Company) b) Havells Guangzhou International Limited (wholly-owned subsidiary) c) Havells International Inc. (wholly-owned subsidiary) d) Havells HVAC LLC (step-down subsidiary) and e) Havells Lighting LLC (step-down subsidiary). Price Waterhouse & Co Chartered Accountants LLP, mf'i~~F."f~ loor, Tower B, DLF Cyber City Gurugram -122 002, Haryana T: +91 (124) 6169908 Registered office and Head office: Plot No. 56 & 57, Block DN, Sector-V, Salt Lake, Kolkata -700 091 Price Waterhouse & ?o. (a Partnership Firm) converted into Price Waterhouse & Co Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-4362) with effect from July 7, 2014. Post its conversion to Price Waterhouse & Co Chartered Accountants LLP, its ICAI registration number is 304026E/E300009 (ICAI registration number before conversion was 304026E)
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5. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement has not been prepared in all material respects in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. The consolidated unaudited financial results include the interim financial information of four subsidiaries which have not been reviewed by their auditors, whose interim financial information reflect total assets of Rs. 109.21 crores and net assets of Rs. 71.26 crores as at September 30, 2026 and total revenue of Rs. 21.89 crores and Rs. 36.10 crores, total net loss after tax of Rs. 4. 78 crores and Rs. 10.82 crores and total comprehensive loss of Rs. 3.88 crores and Rs. 9.98 crores for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026, respectively, and cash flows (net) of Rs. 12.80 crores for the period from April 01, 2026 to September 30, 2026, as considered in the consolidated unaudited financial results. According to the information and explanations given to us by the Management, these interim financial information are not material to the Group. Our conclusion on the Statement is not modified in respect of the above matter. For Price Waterhouse & Co Chartered Accountants LLP Firm Registration Number: 304026E/E-300009 Soug:z!!Av~.- -Partner Membership Number: 057084 UDIN: 26057084SHAFVZ3559 Place: Noida Date: October 22, 2026
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HAVELLS INDIA LIMITED Regd. Off. : 904, 9th Floor, Surya Kiran Building, KG Marg, Connaught Place, New Delhi -110 001 Corporate Off. : QRG Towers, 2D, Sector -126, Expressway, Naida -201 304 Tel.# 0120-3331000; Fax# 0120-3332000, Email: investors@havells.com CIN:L31900DL1983PLC016304 STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 (Rs in crores) Quarter Ended Half year Ended Year Ended $.No. Particulars 30-Sep-26 30-Jun-26 30-Sep-25 30-Sep-26 30-Sep-25 31-Mar-26 Unaudited Unaudited Audited 1 Income a) Revenue from operations 6,416.62 6,509.97 4,766.63 12,926.59 10,204.44 22,465.56 b) Other lncome(refer note 4) 32.56 54.13 86.26 86.69 155.32 523.90 Total Income 6,449.18 6,564.10 4,852.89 13,013.28 10,359.76 22,989.46 2 Expenses a) Cost of raw materials and components consumed 3,447.25 4,023.54 2,686.72 7,470.79 5,698.98 12,345.89 b) Purchases of traded goods 985.68 960.51 833.46 1,946.19 1,504.40 2,935.01 c) Changes in inventories of finished goods, traded goods and work in progress 20.03 (511.21) (417.76) (491.18) (483.44) (235.81) d) Employee benefits expense 546.26 524.37 472.76 1,070.63 967.62 1,960.76 e) Finance cost 4.86 7.35 9.14 12.21 18.50 37.30 f) Depreciation and amortisation expense 127.80 119.82 105.09 247.62 210.14 429.10 g) Net impairment on financial and contract assets (1.15) 2.32 (0.99) 1.17 2.61 1.42 h) Other expenses Advertisement and sales promotion 136.33 285.73 131.00 422.06 273.30 602.26 Others 705.89 750.66 619.68 1,458.55 1,279.30 2,642.77 Total Expenses 5,972.96 6,163.09 4,439.10 12,138.04 9,471.41 20,718.70 3 Profit before exceptional Item and tax (1-2) 478.23 401.01 413.79 877.24 888.35 2,270.78 4 Exceptional ltem(refer note 3) -46.03 5 Proffl before tax (3-4) 476.23 401.01 413.79 877.24 888.36 2,226.73 6 Income tax expense a) Current tax 114.41 101.95 96.00 216.36 222.06 461.05 b) Deferred tax {( Credit)/ Charge) 8.99 0.63 0.31 9.62 (3.53) 59.26 Total tax expense 123.40 102.58 96.31 226.98 218.53 520.31 7 Proffl for the period (5-6) 362.83 298.43 317.48 651.26 669.82 1,706.42 8 Other Comprehensive tncome/(Loss), for the pertod Items that will not be reclassified to profit or loss Re-measurement gain / (loss) on defined benefit plans 0.75 0.75 (1.50 1.50 (3.01) 11.69 Income tax effect on the above (0.19) (0.19) 0.38 (0.38) 0.76 (2.94) Other Comprehensive lncome/{Loss) for the period, net or tax 0,56 0.56 (1.12) 1.12 (2.25) 8.75 9 Total comprehensive Income for the period, net of tax (7+8) 353.39 298.99 316.36 652.38 667.57 1,714.17 10 Paid up equity share capital (Face value of Re.1/-each) 62.76 62.76 62.72 62.76 62.72 82.73 11 Other equity 9,413.56 12 Earnings per equity share (EPS) (not annualised ror quarter and half year): a) Basic EPS (Rs.) 5.62 4.76 5.06 10.38 10.68 27.19 b) Diluted EPS (Rs.) 5.62 4.75 5.06 10.37 10.68 27.18 Notes: 1 These standalone financial results have been prepared in accordance with Indian Accounting Standards (Ind-AS) as prescribed under section 133 of Companies Act 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules 2015 and relevant amendment thereafter. 2 The above financial results have been reviewed by the Aud~ Committee. These results have been approved by the Board of Directors at their meeting held on October 22, 2026. Limited review under regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been carried out by the statutory auditors of the Company. The auditors have issued an unmodified report on the above results. 3 Pursuant to the notification of the 'New Labour Codes' as issued in November 2025, the Company reassessed its employee benefit obligations in accordance with the revised definition of wages and accordingly, an incremental liability of Rs. 45.03 crores had been recognised as an "Exceptional Item" in financial year 2025-26. 4 Other Income for the quarter and half year ended September 30, 2025 includes a one-time gain of Rs. 45.27 crores on sale of land and building of Faridabad facility. Further, Other income for the year ended March 31, 2026, includes a fair value gain of Rs 282. 74 crores on investment. ~ For and on beha~ of the Board r, ~~s. Havells India Limited "td~ I . Place : Neida (Anil Rai Gupta) Date : October 22, 2026 Chairman and Managing Director
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HAVELLS INDIA LIMITED Regd. Off. : 904, 9th Floor, Surya Kiran Building, KG Marg, Connaught Place, New Delhi -110 001 Corporate Off.: QRG Towers, 2D, Sector -126, Expressway, Neida -201 304 Tel.# 0120-3331000; Fax# 0120-3332000, Email: investors@havells.com CIN: L31900DL 1983PLC016304 STATEMENT OF UNAUDITED STANDALONE SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 (Rs in crores) S.No Particulars Quarter Ended Half vear Ended Year Ended 30-Seo-26 I 30-Jun-26 I 30-Seo-25# 30-Seo-26 I 30-Seo-25# 31-Mar-26# Unaudited Unaudited Audited 1 Segment Revenue (:sales and other operating revenueJ a) Switchgears 781.74 607.63 595.42 1,389.37 1,224.99 2,584.56 b) Cables 2,998.90 2,455.62 2,028.23 5,454.52 3,961.45 8,676.70 c) Lighting & Fixtures 449.04 390.27 419.82 839.31 793.36 1,654.68 d) Electrical Consumer Durables 1,072.11 1,113.07 968.17 2,185.18 1,961.65 4,309.20 e) Lloyd Consumer 614.50 1,459.62 478.63 2,074.12 1,740.48 3,948.00 f) Renewables 329.16 314.34 132.83 643.50 226.42 651.07 g) Others 171.17 169.42 143.53 340.59 296.09 641.35 Total 6,416.62 6,509.97 4,766.63 12,926.59 10,204.44 22,465.56 Less : Inter Segment Revenue ----. - Total Segments Revenue 6,416.62 6,509.97 4,766.63 12,926.59 10,204.44 22,465.56 2 ! Segment Results a) Switchgears 198.44 126.68 132.80 325.12 280.30 589.74 b) Cables 304.26 254.52 278.22 558.78 520.85 1,137.63 c) Lighting & Fixtures 45.94 44.44 56.52 90.38 102.71 248.00 d) Electrical Consumer Durables 66.95 58.33 50.24 125.28 129.00 360.45 e) Lloyd Consumer (103.65) (51.02) (98.85) (154.67) (118.56) (202.95) f) Renewables 27.25 8.35 5.01 35.60 16.25 21.19 g} Others 10.49 7.94 (0.75) 18.43 4.36 21.57 Total 549.68 449.24 423.19 998.92 934.91 2,175.63 Add : (i) Other un-allocable income(refer note 4) 32.56 54.13 86.26 86.69 155.32 523.90 Less: (i} Finance cost (4.86) (7.35} (9.14) (12.21) (18.50} (37.30) (ii) Other un-allocable expenses (101.15) (95.01) (86.52) (196.16) (183.38) (391.47) (iii) Exceptional item(refer note 3) -----(45.03) Total Profit before tax 476.23 401.01 413.79 877.24 888.35 2 225.73 3 Segment Assets a) Switchgears 858.80 839.48 812.23 858.80 812.23 779.53 b} Cables 3,849.69 3,727.88 2,916.04 3,849.69 2,916.04 2,848.54 c} Lighting & Fixtures 575.80 581.78 591.83 575.80 591.83 524.24 d) Electrical Consumer Durables 1,609.83 1,444.75 1,578.07 1,609.83 1,578.07 1,397.51 e) Lloyd Consumer 4,161.60 4,199.30 4,315.55 4,161.60 4,315.55 4,470.35 f) Renewables 243.89 211.73 233.07 243.89 233.07 157.12 g) Others 184.45 196.99 181.40 184.45 181.40 173.70 Total 11,484.06 11,201.91 10,628.19 11,484.06 10,628.19 10,350.99 h} Unallocable assets 3,244.69 3,613.05 2,982.68 3,244.69 2,982.68 4,373.05 Total Assets 14,728.75 14,814.96 13,610.87 14,728.75 13,610.87 14,724.04 4 Segment Liabilities a} Switchgears 528.74 505.78 543.54 528.74 543.54 573.78 b} Cables 1,186.64 1,207.79 1,171.80 1,186.64 1,171.80 1,091.58 c} Lighting & Fixtures • 389.06 390.43 404.41 389.06 404.41 347.40 d) Electrical Consumer Durables 973.23 925.14 1,017.23 973.23 1,017.23 903.01 e) Lloyd Consumer 696.24 1,087.61 756.74 696.24 756.74 1,112.81 f) Renewables 130.17 184.80 82.12 130.17 82.12 87.48 g) Others 117.31 123.47 113.52 117.31 113.52 118.94 Tolal 4,021.39 4,425.02 4,089.36 4,021.39 4,089.36 4,235.00 h) unallocable 11ao111t1es 905.17 944.10 844.80 905.17 844.80 1,012.75 Total Liabilities 4,926.56 5,369.12 4,934.16 4,926.56 4,934.16 5,247.75 # Effective April 1, 2026, the Company has reviewed and revised its reportable segments. Pursuant to this review, the Company has introduced new segment as "Renewables" and have carved out Solar, Solar Pump and EVSE businesses from 'Others' and 'Switchgears'. Further, Water Purifier and Personal Grooming businesses have also been reclassified from 'Others' segment to the 'Electrical Consumer Durables'. Accordingly, the comparative information for earlier periods has been reclassified. ~
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HAVELLS INOIA LIMITED STATEMENT OF UNAUDITED STANDALONE ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2026 (Rs. in crores) As at As at September 30, 2026 March 31, 2026 Unaudited Audited A ASSETS 1 Non-current assets Property, plant and equipment 4,208.92 3,812.15 Capital work in progress 500.63 439.49 Goodwill 310.47 310.47 Other intangible assets 1,197.01 1,195.65 Intangible assets under development 1.43 3.04 Financial assets (i) Investment in subsidiaries and associate 92.27 73.23 (ii) Other Investments 882.74 882.74 (iii) Other financial assets 74.87 64.62 Other non-current assets 150.19 164.64 Non-current tax asset(net) 17.66 17.64 Total non current assets 7,436.19 6,963.67 2 Current assets Inventories 4,991.90 4,398.30 Financial assets (i) Trade receivables 809.09 781.59 (ii) Cash and cash equivalents 475.78 778.12 (iii) Bank balances other than (ii) above 706.61 1,572.88 (iv) Other financial assets 4.48 8.83 Contract assets 13.14 1.01 Other current assets 291.06 216.19 Total current assets excluding assets classlfled as held for sale 7,292.06 7,756.92 3 Assets classified as held for sale 0.50 3.45 Total current assets 7,292.56 7,760.37 Total assets 14,728.75 14,724.04 B EQUITY ANO LIABILITIES 1 Equity Equity share capital 62.76 62.73 Other equity 9,739.43 9,413.56 Total equity 9,802.19 9,476.29 2 Liabilities Non-current liabilities Financial liabilities (i) Lease liabilities 163.49 187.96 (ii) Other financial liabilities 14.67 16.51 Contract liabilities 13.47 11.49 Provisions 38.18 31.55 Deferred tax liabilities (net) 444.20 434.57 Other non-current liabilities 1.20 2.26 Total non current liabilities 675.21 684.34 Current liabilities Financial liabilities (i) Lease liabilities 75.27 77.24 (ii) Trade payables a) Total outstanding dues of micro enterprises and small enterprises; and 251.73 223.24 b) Total outstanding dues of creditors other than micro enterprises and small enterprises 2,516.58 2,679.64 (iii) Other financial liabilities 814.34 868.30 Contract liabilities 130.36 140.28 Provisions 259.23 276.96 Current tax liabilities (net) 69.88 11.11 Other current liabilities 133.96 286.64 Total Current liabilities 4,251.35 4,563.41 Total liabilities 4,926.56 5,247.75 Total equity and liabilities 14,728.75 14,724.04
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HAVELLS INDIA LIMITED STATEMENT OF UNAUDITED STANDALONE CASH FLOWS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2026 (Rs. in crores) Half Year ended September 30, 2026 September 30, 2025 Unaudited A. CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 877.24 888.35 Adjustments for Depreciation and amortisation expense 247.62 210.14 Loss /(gain) on disposal of property, plant and equipment (net) 2.22 (45.27) Unrealized foreign exchange loss /(gain) (net) (4.97) (9.03) Net impairment on financial and contract assets 1.17 2.61 Interest income (59.51) (83.53) Finance cost 12.21 18.34 Employee stock purchase plan expense 15.66 11.12 Operating Profit before working capital changes 1,091.64 992.73 Changes in operating assets and liabilities (Increase)/ Decrease in trade receivables (23.64) 418.35 (Increase)/ Decrease in contract assets (12.13) 6.66 (Increase)/ Decrease in other financial assets 3.79 (16.88) (Increase)/ Decrease in non current assets 3.45 (2.93) (Increase)/ Decrease in other current assets (74.88) (211.94) (Increase)/ Decrease in inventories (593.60) (800.00) Increase/ (Decrease) in trade payables (133.20) (292.06) Increase/ (Decrease) in financial liabilities (86.93) (63.90) Increase/ (Decrease) in other current liabilities (153.72) (150.83) Increase/ (Decrease) in contract liabilities (7.93) 20.42 Increase/ (Decrease) in provisions (11.76) (37.88) Cash inflow/(outflow) from operations 1.09 (138.26) Income tax paid (net of refunds) (157.96) (231.91) Net cash inflow/(outflow) from operating Activities (A) (156.87) (370.17) B. CASH FLOWS FROM INVESTING ACTIVITIES Payment for property, plant and equipment and intangible assets (653.98) (696.78) Investment in subsidiary (19.05) - Proceeds from sale of property, plant and equipment 6.31 65.75 Investment in fixed deposits with bank 855.15 1,692.32 Payment for other investments -(600.00) Interest on fixed deposits received 60.94 113.79 Net Cash Inflow /(outflow) used in Investing Activities (B) 249.37 575.08 C. CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from exercise of employee stock purchase plan -share capital and securities premium 34.40 43.33 Payment of principal portion of lease liabilities (41.13) (35.58) Payment of interest portion of lease liabilities (10.75) (13.00) Interest paid (0.94) (0.08) Dividend paid to Company's shareholders (376.60' (376.32) Net cash Inflow /(outflow) from Financing Activities (C) (395.02) (381.65) Net increase I (decrease) in cash and cash equivalents (A+B+C) (302.52) (176.74) Cash and cash equivalents at the beginning of the period 778.12 781.72 Effect of foreign exchange rate changes on cash and cash equivalents held in foreign currency 0.18 (0.88) Cash and Cash Equivalents at the end of the period 475.78 604.10 Non Cash investing activities Acauisition of riqht-of-use-assets 15.18 7.69
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HAVELLS INDIA LIMITED Regd. Off.: 904, 9th Floor, Surya Kiran Building, KG Marg, Connaught Place, New Delhi-110 001 Corporate Off. : QRG Towers, 20, Sector-126, Expressway, Noida -201 304 Tel.# 0120-3331000; Fax# 0120-3332000, Email: investors@havells.com CIN: L31900DL 1983PLC016304 STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 (Rs in crores' Quarter Ended Half Year Ended Year Ended S.No Particulars 30-Sep-26 I 30-Jun-26 30-Sep-25 30-Sep-26 30-Sep-25 31-Mar-26 Unaudited Unaudited Audited 1 Income a) Revenue from operations 6,431.99 6,518.19 4,779.33 12,950.18 10,234.68 22,527.77 b) Other Income (refer note 4) 32.61 54.16 86.26 86.77 155.44 494.39 Total Income 6,464.60 6,572.35 4,865.59 13,036.95 10,390.12 23,022.16 2 Expenses a) Cost of raw materials and components consumed 3,447.25 4,023.54 2,686.72 7,470.79 5,698.98 12,345.89 b) Purchases of traded goods 991.34 967.75 843.84 1,959.09 1,528.17 2,972.54 c) Changes in inventories offinished goods, traded goods and work in progress 17.91 (512.95) (422.76) (495.04) (488.27) (238.89) d) Employee benefits expense 553.89 531.44 478.77 1,085.33 978.30 1,983.74 e) Finance cost 4.75 7.46 9.14 12.21 18.50 37.30 f) Depreciation and amortisation expense 128.57 120.57 105.78 249.14 211.52 431.92 g) Net impairment on financial and contract assets (0.83) 1.23 (0.95) 0.40 2.65 1.88 h) Other expenses Advertisement and sales promotion 137.59 286.51 131.78 424.10 274.68 606.57 Others 711.51 754.51 623.50 1,486.02 1,286.07 2,656.39 Total Expenses 5,991.98 6,180.06 4,455.82 12,172.04 9,510.60 20,797.34 3 Profit before excepttonal Item, share of profit In investment accounted using equity 472.62 392.29 409.77 864.91 879.52 2,224.82 method and tax (1-2) 4 Share of profit in investment accounted using equity method -4.82 -4.82 29.78 5 Profit before exceptional Item and tax (3+4) 472.62 392.29 414.59 864.91 864.34 2,254.60 6 Exceptional item (refer Note 3) . . . -45.03 7 Profit before tax (5-6) 472.62 392.29 414.59 864.91 864.34 2,209.57 8 Income tax expense a) Current tax 114.41 101.95 96.00 216.36 222.06 461.06 b) Deferred tax ((Credit) / Charge) 8.99 0.63 0.31 9.62 (3.53) 59.26 Total tax expense 123.40 102.58 96.31 225.98 218.63 520.32 9 Profit for the period (7-8) 349.22 289.71 318.28 638.93 665.81 1,689.25 10 Other comprehensive lncome/(loss), for the period A Items that will not be reclassified to profit or loss Re-measurement gains/(loss) on defined benefit plan 0.75 0.75 (1.50) 1.50 (3.01) 11.69 Income tax effect on the above (0.19) (0.19) 0.38 (0.38) 0.76 (2.94) Share of other comorehensive incomel(fossl in investment accounted usina eauitv method -(0.01 -(0.01 B Items that may be reclassified to profit or loss Exchanae differences on translation of foreian ooerations 0.90 (0,06 2.51 0.84 1.62 1.22 Income tax effect on the above Share of other comprehensive income !(loss) in investment accounted using equity method -0.02 . 0.02 - Other Comprehensive lncome/(Loss) for the period, net of tax 1.46 0.50 1.40 1.96 (0.62) 9.97 11 Total comprehensive Income for the period, net of tax (9+10) 350.68 290.21 319.68 640.89 665.19 1,699.22 12 Profit for the period attributable to: Owners of the parent 349.52 290.38 319.00 639.90 666.72 1,690.56 Non-controllina interest ro.3m l0.67 (0.72 l0.97 (0.91 (1.31 13 Other comnrehenslve Income for the neriod attributable to: Owners of the oarent 1.27 0.50 0.80 1.77 (1.21 9.46 Non-controllina interest 0.19 -0.60 0.19 0.59 0.51 14 Total comorehenslve Income for the neriod attributable to: Owners of the oarent 350.79 290.88 319.80 641.67 665.51 1,700.02 Non-controllina interest (0.11 (0.67) (0.12) (0.78) (0.32) (0.80) 15 Paid up equity share capital (Face value of Re. 1/-each) 62.76 62.76 62.72 62.76 62.72 62.73 16 Other eauitv 9,392.74 17 Earnings per equity share (EPS) (not annualised for quarter and half year): a) Basic EPS (Rs.) 5.57 4.63 5.09 10.20 10.63 26.95 b) Diluted EPS (Rs.) 5.57 4.62 5.08 10.19 10.63 26.94 Notes: 1 These consolidated financial results have been prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under section 133 of Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendments thereafter. 2 The above consolidated financial results have been reviewed by the Audit Committee. These consolidated results have been approved by the Board of Directors at their meeting held on October 22, 2026. Limited review under regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been carried out by the statutory auditors of the holding company. The auditors have issued an unmodified report on the above results. 3 Pursuant to the notification of the 'New Labour Codes' as issued in November 2025, the Group reassessed its employee benefit obligations in accordance with the revised definition of wages and accordingly, an incremental liability of Rs. 45.03 crores had been recognised as an "Exceptional Item" in financial year 2025-26. 4 Other Income for the quarter and half year ended September 30, 2025 includes a one-time gain of Rs. 45.27 crores on sale of land and building of Faridabad facility. Further, Other income for the year ended March 31, 2026, includes a fair value gain of Rs 282.74 crores on Investment. .. ea~., For and on behalf of the Board ~_,a~IM, P.;j•fJ ~" Havells India Limited ~ "" °\ C}spta) ~ - ~~ ~: .-!it; .104021 1t.'Y>.-~ <f' Place : Naida ,.,*Curugr.1f1\• Date : October 22, 2026 Chairman and Managing Director
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HAVELLS INDIA LIMITED Regd. Off.: 904, 9th Floor, Surya Kiran Building, KG Marg, Connaught Place, New Delhi-110 001 Corporate Off. : QRG Towers, 20, Sector -126, Expressway, Naida -201 304 Tel.# 0120-3331000; Fax# 0120-3332000, Email: investors@havells.com CIN: L31900DL1983PLC016304 STATEMENT OF UNAUDITED CONSOLIDATED SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 (Rs in crores) Quarter Ended Half Year Ended Year Ended S.No Particulars 30-Seo-26 30-Jun-26 30-Seo-25# 30-Seo-26 30-Seo-25# 31-Mar-26# Unaudited Unaudited Audited 1 Segment Revenue ( Sales and other operating revenue) a) Switchgears 781.74 607.68 595.54 1,389.42 1,225.37 2,585.09 b) Cables 2,998.90 2,455.62 2,028.23 5,454.52 3,961.45 8,676.70 c) Lighting & Fixtures 459.50 400.62 428.41 860.12 808.56 1,687.87 d) Electrical Consumer Durables 1,072.11 1,113.07 968.62 2,185.18 1,963.51 4,311.32 e) Lloyd Consumer 619.41 1,457.44 482.16 2,076.85 1,753.27 3,974.37 f) Renewables 329.16 314.34 132.83 643.50 226.42 651.07 g) Others 171.17 169.42 143.53 340.59 296.09 641.35 Total 6 431.99 6 518.19 4 779.32 12 950.18 10,234.67 22 527.77 Less : Inter Segment Revenue . -. - -. Total Segments Revenue 6,431.99 6,518.19 4,779.32 12,950.18 10,234.67 22,527.77 2 Segment Results a) Switchgears 198.46 126.67 132.81 325.13 280.37 589.78 b) Cables 304.26 254.52 278.22 558.78 520.85 1,137.63 c) Lighting & Fixtures 45.53 41.49 54.57 87.02 100.09 243.75 d) Electrical Consumer Durables 66.95 58.33 50.11 125.28 128.76 360.00 e) Lloyd Consumer (105.51) (56.26) (105.97) (161.77) (126.89) (214.42) f ) Renewables 27.25 8.35 5.01 35.60 16.25 21.19 g) Others 10.20 8.23 4.07 18.43 9.18 21.57 Total 547.14 441.33 418.82 988.47 928.61 2,159.50 Add : (i) Other un-allocable lncome(refer note 4) 32.61 54.16 86.26 86.77 155.44 524.17 Less (i) Finance cost (4.75) (7.46) (9.14) (12.21) (18.50) (37.30) (ii) Other unallocable expenses (102.38) (95.74) (81.35) (198.12) (181.21) (391.77) (iii) Exceptional Item (refer note 3) --. -. (45.03) Total Profit before tax 472.62 392.29 414.59 864.91 884.34 2,209.57 3 Segment Assets a) Switchgears 858.80 839.48 812.23 858.80 812.23 779.53 b) Cables 3,849.69 3,727.88 2,916.04 3,849.69 2,916.04 2,848.54 c) Lighting & Fixtures 640.75 642.80 651.17 640.75 651.17 588.89 d) Electrical Consumer Durables 1,609.83 1,444.75 1,578.07 1,609.83 1,578.07 1,397.51 e) Lloyd Consumer 4,179.17 4,214.40 4,336.04 4,179.17 4,336.04 4,488.03 f) Renewables 243.89 211.73 233.07 243.89 233.07 157.12 g) Others 184.45 196.99 186.23 184.45 186.23 173.70 Total 11,566.58 11,278.03 10,712.85 11,566.58 10,712.85 10,433.32 h) Un-allocable assets 3,176.57 3,552.45 2,934.15 3,176.57 2,934.15 4,312.93 Total Assets 14,743.15 14,830.48 13,647.00 14,743.15 13,647.00 14,746.25 4 Segment Llabllltles a) Switchgears 528.74 505.78 543.64 528.74 543.64 573.78 b) Cables 1,186.64 1,207.79 1,171.80 1,186.64 1,171.80 1,091.58 c) Lighting & Fixtures 415.84 411.52 423.26 415.84 423.26 368.90 d) Electrical Consumer Durables 973.23 925.14 1,017.23 973.23 1,017.23 903.01 e) Lloyd Consumer 699.57 1,088.55 757.44 699.57 757.44 1,113.41 f ) Renewables 130.17 184.80 82.12 130.17 82.12 87.48 g) Others 117.31 123.47 113.52 117.31 113.52 118.94 Total 4,051.50 4,447.05 4,109.01 4,051.50 4,109.01 4,257.10 h) Un-allocable 11ab1llt1es 906.36 951.77 850.50 906.36 850.50 1,020.48 Total Liabilities 4,957.86 5,398.82 4,959.51 4,957.86 4,959.51 5,277.58 # Effective April 1, 2026, the Group has reviewed and revised its reportable segments. Pursuant to this review, the Group has introduced new segment as "Renewables" and have carved out Solar, Solar Pump and EVSE businesses from 'Others' and 'Switchgears'. Further, Water Purifier and Personal Grooming businesses have also been reclassified from 'Others' segment to the 'Electrical Consumer Durables'. Accordingly, the comparative information for earlier periods has been reclassified.
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HAVELLS INDIA LIMITED STATEMENT OF UNAUDITED CONSOLIDATED ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2026 (Rs. in crores) Asat As at September 30, 2026 March 31, 2026 Unaudited Audited A ASSETS 1 Non-current assets Property, plant and equipment 4,209.79 3,813.02 Capital work in progress 500.63 439.49 Goodwill 310.47 310.47 Other intangible assets 1,219.61 1,219.38 Intangible assets under development 1.43 3.04 Financial assets (i) Investments in associate 5.63 5.63 (ii) Other Investments 882.74 882.74 (iii) Other financial assets 75.13 64.97 Other non-current assets 150.19 164.64 Non-current tax asset(net) 17.66 17.64 Total non current assets 7,373.28 6,921.02 2 Current assets Inventories 5,038.38 4,440.67 Financial assets (i) Trade receivables 812.67 789.77 (ii) Cash and cash equivalents 501.09 790.62 (iii) Bank balances other than (ii) above 706.61 1,572.88 (iv) Other financial assets 4.48 8.82 Contract assets 13.14 1.01 Other current assets 293.00 218.01 Total current assets excluding assets classified as held for sale 7,369.37 7,821.78 3 Assets classified as held for sale 0.50 3.45 Total current assets 7,369.87 7,825.23 Total assets 14,743.15 14,746.25 B EQUITY AND LIABILITIES 1 Equity Equity share capital 62.76 62.73 Other equity 9,710.12 9,392.74 Equity attributable to equity holders of parent company 9,772.88 9,455.47 Non-controlling interest 12.41 13.20 9,785.29 9,468.67 2 Liabilities Non-current liabilities Financial liabilities (i) Lease liabilities 163.49 187.96 (ii) Other financial liabilities 23.31 25.03 Contract liabilities 13.47 11.49 Provisions 38.18 31.55 Deferred tax liabilities (net) 444.20 434.57 Other non-current liabilities 1.20 2.26 Total non-current liabilities 683.85 692.86 Current liabilities Financial liabilities (i) Lease liabilities 75.27 77.24 (ii) Trade payables a) Total outstanding dues of micro enterprises and small enterprises; and 251.73 223.24 b) Total outstanding dues of creditors other than micro enterprises and small enterprises 2,519.18 2,685.16 (iii) Other financial liabilities 828.44 880.26 Contract liabilities 136.21 142.89 Provisions 259.23 276.96 Current tax liabilities (net) 69.88 11.11 Other current liabilities 134.07 287.86 Total current liabilities 4,274.01 4,584.72 Total liabilities 4,957.86 5,277.58 Total equitv and liabilities ,,.-.. c•~~ 14,743.15 14,746.25 ~ "Y'" -~J:J ~\) Cr5-:. " J0402, .~ .... ~.:- Curu1tr-'l'tl* 1
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HAVELLS INDIA LIMITED STATEMENT OF UNAUDITED CONSOLIDATED CASH FLOWS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2026 (Rs. in crores) Half year ended September 30, 2026 I September 30, 2025 Unaudited A. CASH FLOWS FROM OPERATING ACTIVITIES Profit before tax 864.91 884.34 Adjustments for Share of profit in•investment accounted using equity method . (4.82) Depreciation and amortisation expense 249.14 211.52 Loss /(gain) on disposal of property, plant and equipment (net) 2.22 (45.27) Unrealized foreign exchange loss /(gain) (net) (4.97) (9.03) Exchange difference on translation of financial statement of foreign operations 3.07 . Net impairment on financial and contract assets 0.40 2.65 Interest income (59.59) (83.65) Finance cost 12.21 18.34 Employee stock purchase plan expense 15.66 11.12 Operating Profit before working capital changes 1,083.05 985.20 Changes in operating assets and liabilities (Increase)/ Decrease in trade receivables (18.26) 424.70 (Increase)/ Decrease in contract assets . (12.13) 6.66 (Increase)/ Decrease in other financial assets 3.94 (16.82) (Increase)/ Decrease in non current assets 3.45 (2.93) (Increase)/ Decrease in other current assets (75.01) (211.72) (Increase)/ Decrease in inventories (597.71) (805.21) Increase/ (Decrease) in trade payables (136.12} (297.63) Increase/ (Decrease) in financial liabilities (85.09) (62.89) Increase/ (Decrease) in other current liabilities (154.00) (151.21) Increase/ (Decrease) in contract liabilities (4.70) 22.95 Increase/ (Decrease) in provisions (11.76) (37.87) Cash inflowl(outflow) from operations (4.34) (146.77) Income tax paid (net of refunds) (157.96) (231.91) Net Cash Inflow/ (outflow) from Operating Activities (A) (162.30) (378.68) B. CASH FLOWS FROM INVESTING ACTIVITIES Payment for property, plant and equipment and intangible assets (654.79) (696.79) Proceeds from sale of property, plant and equipment 6.31 65.75 Investment in fixed deposits with bank 855.15 1,692.32 Interest on fixed deposits received 60.94 113.79 Payment for other investments . (600.00) Net cash inflow/ (outflow) in Investing Activities (B) 267.61 575.07 C. CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from exercise of employee stock purchase plan -share capital and securities premium 34.40 43.33 Payment of principal portion of lease liabilities (41.13) (35.58) Payment of interest portion of lease liabilities (10.75) (13.00) Interest paid (0.94) (0.08) Dividend paid to Group's shareholders (376.60) (376.32) Net cash inflow/ (outflow) from Financing Activities (C) (395.02) (381.65) Net increase/ (decrease) in cash and cash equivalents (A+B+C) (289.71) (185.26) Cash and cash equivalents at the beginning of the period 790.62 807.25 Effect of foreign exchange rate changes on cash and cash equivalents held in foreign currency 0.18 0.82 Cash and cash equivalents at the end of the period 501.09 622.81 Non Cash investing activities Acquisition of right-of-use-assets 15.18 7.69