Financials Havells India Limited

Equities

HAVELLS

INE176B01034

Electrical Components & Equipment

Market Closed - NSE India S.E. 07:43:47 2024-04-26 am EDT 5-day change 1st Jan Change
1,640 INR +5.09% Intraday chart for Havells India Limited +9.21% +19.89%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 483,178 300,667 657,564 721,846 744,607 1,027,944 - -
Enterprise Value (EV) 1 470,438 289,303 644,793 700,442 763,226 1,002,933 996,248 987,207
P/E ratio 61 x 41 x 63.2 x 60.4 x 69.3 x 84.5 x 64.8 x 53.1 x
Yield 0.58% 0.83% 0.62% 0.65% 0.63% 0.5% 0.6% 0.72%
Capitalization / Revenue 4.8 x 3.19 x 6.31 x 5.2 x 4.41 x 5.51 x 4.84 x 4.27 x
EV / Revenue 4.68 x 3.07 x 6.18 x 5.04 x 4.52 x 5.38 x 4.69 x 4.1 x
EV / EBITDA 39.5 x 28.2 x 41.2 x 39.9 x 47.6 x 56.1 x 43.6 x 36 x
EV / FCF 4,709 x 62.4 x 158 x 47.1 x -3,314 x 127 x 85.1 x 64.3 x
FCF Yield 0.02% 1.6% 0.63% 2.12% -0.03% 0.79% 1.18% 1.55%
Price to Book 11.4 x 6.98 x 12.7 x 12.1 x 11.3 x 14 x 12.4 x 10.8 x
Nbr of stocks (in thousands) 625,473 625,803 626,013 626,303 626,510 626,776 - -
Reference price 2 772.5 480.4 1,050 1,153 1,188 1,640 1,640 1,640
Announcement Date 5/29/19 5/12/20 5/20/21 5/4/22 5/3/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 100,576 94,292 104,279 138,885 168,684 186,422 212,419 240,570
EBITDA 1 11,922 10,274 15,653 17,576 16,030 17,877 22,831 27,420
EBIT 1 10,436 8,095 13,164 14,968 13,068 14,837 19,517 23,926
Operating Margin 10.38% 8.58% 12.62% 10.78% 7.75% 7.96% 9.19% 9.95%
Earnings before Tax (EBT) 1 11,553 9,017 14,316 16,038 14,502 16,350 21,319 25,888
Net income 1 7,915 7,330 10,396 11,947 10,750 12,148 15,873 19,279
Net margin 7.87% 7.77% 9.97% 8.6% 6.37% 6.52% 7.47% 8.01%
EPS 2 12.66 11.71 16.61 19.08 17.16 19.42 25.31 30.91
Free Cash Flow 1 99.9 4,638 4,080 14,861 -230.3 7,919 11,711 15,344
FCF margin 0.1% 4.92% 3.91% 10.7% -0.14% 4.25% 5.51% 6.38%
FCF Conversion (EBITDA) 0.84% 45.15% 26.07% 84.55% - 44.3% 51.29% 55.96%
FCF Conversion (Net income) 1.26% 63.28% 39.25% 124.39% - 65.19% 73.78% 79.59%
Dividend per Share 2 4.500 4.000 6.500 7.500 7.500 8.125 9.853 11.85
Announcement Date 5/29/19 5/12/20 5/20/21 5/4/22 5/3/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 49,423 31,658 33,312 25,982 32,210 58,192 36,522 44,170 42,301 36,689 78,991 41,197 48,496 48,237 41,163 45,256 54,591 54,846
EBITDA 1 - 5,081 5,056 3,531 4,436 - 4,403 5,205 3,614 2,871 6,485 4,237 5,308 4,024 4,171 4,700 5,490 -
EBIT 1 - 4,437 4,407 2,915 3,813 - 3,742 4,498 2,893 2,150 - 3,492 4,534 3,261 3,604 3,876 4,671 5,387
Operating Margin - 14.01% 13.23% 11.22% 11.84% - 10.24% 10.18% 6.84% 5.86% - 8.48% 9.35% 6.76% 8.76% 8.56% 8.56% 9.82%
Earnings before Tax (EBT) 1 - 4,677 4,544 3,148 4,034 - 4,106 4,749 3,266 2,515 - 3,818 4,904 3,823 3,729 4,214 4,999 -
Net income 1 3,553 3,491 3,023 2,343 3,016 5,359 3,059 3,530 2,424 1,869 4,293 2,839 3,617 2,874 2,838 3,203 3,775 -
Net margin 7.19% 11.03% 9.07% 9.02% 9.36% 9.21% 8.38% 7.99% 5.73% 5.09% 5.43% 6.89% 7.46% 5.96% 6.89% 7.08% 6.92% -
EPS 2 - 5.580 4.830 3.740 4.810 - 4.880 5.640 3.870 2.980 - 4.530 5.770 4.590 4.653 5.245 5.935 6.950
Dividend per Share - - 3.500 - - - - 4.500 - - - - - - - - - -
Announcement Date 10/23/19 1/20/21 5/20/21 7/21/21 10/20/21 10/20/21 1/20/22 5/4/22 7/20/22 10/19/22 10/19/22 1/19/23 5/3/23 7/20/23 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - 18,619 - - -
Net Cash position 1 12,740 11,364 12,771 21,403 - 25,011 31,696 40,737
Leverage (Debt/EBITDA) - - - - 1.162 x - - -
Free Cash Flow 1 99.9 4,638 4,080 14,861 -230 7,919 11,711 15,344
ROE (net income / shareholders' equity) 19.8% 17.3% 22% 21.4% 17.1% 17.3% 20.3% 21.5%
ROA (Net income/ Total Assets) 11.5% 10.3% 13.1% 12.4% 9.93% 10.1% 12.2% 12.2%
Assets 1 68,601 70,867 79,340 96,627 108,242 120,842 130,114 157,988
Book Value Per Share 2 67.80 68.80 82.50 95.60 106.0 117.0 133.0 152.0
Cash Flow per Share 2 8.190 13.20 10.50 27.90 9.020 27.20 30.50 37.40
Capex 1 5,025 3,609 2,499 2,583 5,878 6,099 4,954 4,603
Capex / Sales 5% 3.83% 2.4% 1.86% 3.48% 3.27% 2.33% 1.91%
Announcement Date 5/29/19 5/12/20 5/20/21 5/4/22 5/3/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

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B+
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