Havells

Havells India Limited announced plans to expand its washing machine production capacity at its Ghiloth manufacturing plant. The company will add 1,50,000 units per annum to its existing capacity of 6,80,000 units per annum. The expansion requires an investment of approximately ₹60 crores, which will be funded through internal accruals. The capacity addition is expected to be completed by December 2026. The company's existing capacity utilization stands at 52% based on production volume. The expansion aims to cater to the market with a complete range of washing machines.

Havells India Limited has appointed Pankaj Mohan Arora as Executive President - Finance, effective October 27, 2025. Arora brings extensive experience from his role as Managing Director at Russell Reynolds Associates for over six years, where he led the consumer sector practice and worked in the Board and CEO practice. He previously served as a Partner with KPMG India for over five years in their Governance, Risk, and Compliance practice, where he established and led their Board Leadership Centre. Arora also held the position of Managing Director at Protiviti Consulting and began his career in 1996 with Arthur Andersen, later working with EY and American Express Financial Advisors. He holds a Bachelor of Commerce with Honours from Shri Ram College of Commerce and is a Chartered Accountant, having achieved all India ranks in both intermediate and final examinations.

Havells India delivered decent overall performance in Q2 FY26 but faced challenges in summer products including air conditioners, fans and coolers which experienced revenue decline year-on-year due to shorter summer season and elevated channel inventories. The company expects channel inventories to normalize by end of Q3. Cables business maintained steady growth momentum driven by strong power cables performance, with the company acquiring 39 acres of land adjacent to existing Alwar facility for capacity expansion. LED price stabilization in lighting showed initial pickup in residential demand. Lloyd segment faced significant decline in contribution margins due to customer support schemes offered to clear channel inventories, though these schemes have been withdrawn following GST changes. Higher working capital levels, especially for cables and Lloyd, led to reduced cash balances and lower interest income. The company remains optimistic about second half performance following recent GST rate reductions on air conditioners, TVs and solar products. Management indicated capex of INR 1,450 crores for FY26 and estimated INR 1,000 crores for FY27, with focus on premiumization strategy across product categories.