{"id":325227,"date":"2026-10-23T13:25:06","date_gmt":"2026-10-23T07:55:06","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=325227"},"modified":"2026-10-23T13:25:06","modified_gmt":"2026-10-23T07:55:06","slug":"havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/","title":{"rendered":"Havells India Share Price Drops to a New 52-Week Low After Q2 Results: What Is Worrying Investors?"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Havells India share price traded at Rs 1,008.70 at about 1:15 PM on 23 Oct 2026, down 5.99% from Rs 1,073.00, after touching an intraday low of Rs 1,002.80. The company posted Q2 FY27 revenue of Rs 6,417 crore, up 34.6%, but net profit rose only 11.1% to Rs 353 crore. The contribution margin fell to 18.2% from 20.1% a year earlier.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Havells India share price is falling because profit growth lagged revenue growth in Q2 FY27, with revenue up 34.6% and net profit up just 11.1%. The contribution margin dropped by about 190 basis points to 18.2%, and first-half net profit is down 2.8%. The results were filed on 22 Oct after the market closed, so Friday is the first full session to price them in. This is an intraday view and the numbers can change by the close.<\/p>\n<\/p><\/div>\n<p>Havells India share price has been under pressure for months, and a 6% fall after results shows that the market wanted better margins. The company sells cables, switchgear, lighting, fans and appliances, and strong sales growth did not translate into equal profit growth this quarter.<\/p>\n<p>This article on Havells India share price covers today&#8217;s move, the Q2 numbers, the segment trends, the reasons investors are worried, valuation, shareholding and the levels to watch. It is educational and not a recommendation to buy or sell.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/#Havells_India_Share_Price_Today\" title=\"Havells India Share Price Today\">Havells India Share Price Today<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/#Q2_FY27_Results_Behind_the_Havells_India_Share_Price\" title=\"Q2 FY27 Results Behind the Havells India Share Price\">Q2 FY27 Results Behind the Havells India Share Price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/#Segment_Trends_Cables_Switchgear_Renewables_and_Lloyd\" title=\"Segment Trends: Cables, Switchgear, Renewables and Lloyd\">Segment Trends: Cables, Switchgear, Renewables and Lloyd<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/#What_Is_Worrying_Investors_About_Havells_India\" title=\"What Is Worrying Investors About Havells India?\">What Is Worrying Investors About Havells India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/#Havells_India_Share_Price_52-Week_Range\" title=\"Havells India Share Price: 52-Week Range\">Havells India Share Price: 52-Week Range<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/#Valuation_and_Shareholding_of_Havells_India\" title=\"Valuation and Shareholding of Havells India\">Valuation and Shareholding of Havells India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/#Havells_India_Share_Price_Questions_for_Different_Investors\" title=\"Havells India Share Price: Questions for Different Investors\">Havells India Share Price: Questions for Different Investors<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/#What_to_Watch_Next_on_the_Havells_India_Share_Price\" title=\"What to Watch Next on the Havells India Share Price\">What to Watch Next on the Havells India Share Price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/#Why_is_the_Havells_India_share_price_falling_today\" title=\"Why is the Havells India share price falling today?\">Why is the Havells India share price falling today?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/#What_were_the_Havells_India_Q2_FY27_results\" title=\"What were the Havells India Q2 FY27 results?\">What were the Havells India Q2 FY27 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/#Is_the_Havells_India_share_price_at_a_52-week_low\" title=\"Is the Havells India share price at a 52-week low?\">Is the Havells India share price at a 52-week low?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/#What_is_the_Havells_India_share_price_valuation\" title=\"What is the Havells India share price valuation?\">What is the Havells India share price valuation?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/#Which_Havells_segment_grew_fastest_in_Q2\" title=\"Which Havells segment grew fastest in Q2?\">Which Havells segment grew fastest in Q2?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/#What_is_the_Havells_India_shareholding_pattern\" title=\"What is the Havells India shareholding pattern?\">What is the Havells India shareholding pattern?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/#What_should_investors_watch_after_the_Havells_India_Q2_results\" title=\"What should investors watch after the Havells India Q2 results?\">What should investors watch after the Havells India Q2 results?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/havells-india-share-price-drops-to-new-52-week-low-after-q2-results-margin-pressure-whats-worrying-investors\/#Is_this_article_investment_advice\" title=\"Is this article investment advice?\">Is this article investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Havells_India_Share_Price_Today\"><\/span><strong>Havells India Share Price Today<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Havells India share price: point<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Level on 23 Oct 2026 (about 1:15 PM, NSE)<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Previous close<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,073.00<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Open<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,088.70<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Day high<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,091.00<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Day low<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,002.80<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Last traded price<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,008.70, down 5.99%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Volume so far<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 18.4 lakh shares<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Market cap at this price<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 63,450 crore (my calculation)<\/td>\n<\/tr>\n<\/table>\n<p>Havells India share price opened about 1.5% higher at Rs 1,088.70, touched Rs 1,091.00 and then sold off by about 8% to the day low (my calculation). That reversal in the Havells India share price after a positive opening suggests that investors looked at the margin numbers after the first few minutes of trade. The stock had closed at Rs 1,073.00 on 22 Oct, barely changed on the day the results were filed.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Track Havells India share price and set alerts on the Univest screeners page<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Q2_FY27_Results_Behind_the_Havells_India_Share_Price\"><\/span><strong>Q2 FY27 Results Behind the Havells India Share Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Havells India share price: Q2 FY27 metric<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Q2 FY27<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Change YoY<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 6,417 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 34.6% from Rs 4,767 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 576 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 30.5% from Rs 442 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Profit before tax<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 476 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 15.1% from Rs 414 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net profit<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 353 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 11.1% from Rs 317 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Contribution margin<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">18.2%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Down from 20.1%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA margin (my calculation)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 9.0%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">From about 9.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net profit margin (my calculation)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 5.5%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">From about 6.6%<\/td>\n<\/tr>\n<\/table>\n<p>Revenue growth of 34.6% behind the Havells India share price is strong for a company of this size, but each stage below it grows slower. EBITDA grew 30.5%, PBT grew 15.1% and net profit grew 11.1%, which means costs below the operating line and a weaker contribution margin ate into the growth. The prior-year quarter also included a one-time gain of Rs 45.27 crore from the sale of land and a building in Faridabad, so the PBT comparison is harder than it looks.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to get stock alerts and track results season picks.<\/em><\/p>\n<p><strong>Data note:<\/strong> Figures are from the results filed on 22 Oct 2026 as reported by Kotak Neo. Data providers show slightly different quarter totals, with data provider figures showing revenue of about Rs 6,465 crore and net profit of about Rs 349 crore, so verify against the exchange filing.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Segment_Trends_Cables_Switchgear_Renewables_and_Lloyd\"><\/span><strong>Segment Trends: Cables, Switchgear, Renewables and Lloyd<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Havells India share price: segment (Q2 FY27)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Revenue<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Growth YoY<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Cables<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 2,999 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 47.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Switchgear<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 782 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 31.3%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Renewables<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 329 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 147.8%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Lloyd Consumer<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 615 crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Up 28.4%<\/td>\n<\/tr>\n<\/table>\n<p>For the Havells India share price, cables are almost half of the revenue shown in the table and they grew 47.9% on commodity-linked price increases and a shift to larger cables. Lower aluminium prices weighed on cable margins, and lighting margins were softer because of certain project orders. Renewables grew fastest at 147.8% but from a small base of Rs 329 crore.<\/p>\n<p>Management of the company behind the Havells India share price said consumption demand stayed steady despite high inflation, and switchgear benefited from domestic demand and an export recovery after a weak Q1. Cost control supported EBITDA even with weaker contribution margins. Capex guidance for FY27 is Rs 1,400 crore, mostly for cable capacity and a new R&#038;D centre, and cash stood at Rs 1,190 crore at the end of Q2.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_Is_Worrying_Investors_About_Havells_India\"><\/span><strong>What Is Worrying Investors About Havells India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><strong>Margins did not keep pace.<\/strong> The contribution margin fell from 20.1% to 18.2%, and the net profit margin is lower than a year ago by my calculation.<\/li>\n<li><strong>First half profit is down.<\/strong> Net profit for H1 FY27 was Rs 651 crore, down 2.8%, even though first-half revenue grew 26.7% to Rs 12,927 crore.<\/li>\n<li><strong>Cable margins depend on metal prices.<\/strong> Lower aluminium prices hurt the cable segment margins, and copper and aluminium swings can change profit quickly.<\/li>\n<li><strong>Heavy capex ahead.<\/strong> The Rs 1,400 crore capex plan for FY27 will weigh on free cash flow in the near term.<\/li>\n<li><strong>Valuation still rich.<\/strong> The P\/E is close to 39 times trailing earnings by my calculation, so the market expects margin recovery.<\/li>\n<\/ol>\n<p>These are my reading of the results that moved the Havells India share price and not statements from the company, and I did not find brokerage target changes in the sources I checked. Reactions like this one often reflect a gap between what investors hoped for and what the numbers showed.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Havells_India_Share_Price_52-Week_Range\"><\/span><strong>Havells India Share Price: 52-Week Range<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Havells India share price: reference<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Level<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Gap to Rs 1,008.70 (my calculation)<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">52-week high<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,520.95<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price is about 33.7% below<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Previous 52-week low (28 Sep 2026)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,074.30<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price is about 6.1% below<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Day low on 23 Oct<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,002.80<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price is about 0.6% above<\/td>\n<\/tr>\n<\/table>\n<p>MarketsMojo reported a 52-week low of Rs 1,074.30 on 28 Sep 2026 and a 52-week high of Rs 1,520.95, and today&#8217;s Havells India share price is below that earlier low. The stock was down about 28% over the year to 28 Sep, against a 9.5% fall in the Sensex over the same period. Please check the exchange data for the exact 52-week low after today&#8217;s session.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Valuation_and_Shareholding_of_Havells_India\"><\/span><strong>Valuation and Shareholding of Havells India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Havells India share price: measure<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Figure<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Trailing EPS<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 26.00<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">P\/E at Rs 1,008.70<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 38.8 times (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Industry P\/E<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">43.13 times<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Book value per share<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 150.67<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price to book at Rs 1,008.70<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 6.7 times (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Return on equity<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">17.88%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Debt to equity<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">0.03<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Dividend per share (FY26)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 10, about 1.0% yield at this price (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Promoter holding (Sep 2026)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">59.35%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">FII holding<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">14.47%, down from 19.28% in Sep 2025<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">DII holding<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">19.86%, up from 15.52% in Sep 2025<\/td>\n<\/tr>\n<\/table>\n<p>The P\/E of about 38.8 times for the Havells India share price is below the industry multiple of 43.13, and the balance sheet is almost debt free. Foreign institutional holding has fallen for four straight quarters while domestic institutions have raised their stake, which shows that sellers and buyers have swapped places. The trailing EPS is from the data provider and may not yet include the Q2 profit.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Havells_India_Share_Price_Questions_for_Different_Investors\"><\/span><strong>Havells India Share Price: Questions for Different Investors<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Havells India share price: investor type (my reading)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Points to weigh<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Long-term investor<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">A debt-free balance sheet, a return on equity near 18% and strong cable and switchgear growth support the case, but the margin trend needs to improve<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Short-term trader<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">The stock needs to hold the day low of Rs 1,002.80 and reclaim Rs 1,073 before the picture improves<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Cautious investor<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Waiting for the next quarter&#8217;s margin data and the closing price today gives more information than a midday move<\/td>\n<\/tr>\n<\/table>\n<p>This is an educational view and not advice. The Havells India share price shows that a company with strong sales growth can still disappoint if profits do not follow, and the market often reacts quickly to that gap.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_Watch_Next_on_the_Havells_India_Share_Price\"><\/span><strong>What to Watch Next on the Havells India Share Price<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li>The closing price against the day low of Rs 1,002.80 and the previous close of Rs 1,073.00<\/li>\n<li>Brokerage notes and target changes after the Q2 results<\/li>\n<li>Copper and aluminium prices, which drive cable margins<\/li>\n<li>The contribution margin in Q3 FY27 against the 18.2% in Q2<\/li>\n<li>Delivery volumes and the next shareholding pattern for FII and DII changes<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Havells India share price fell about 6% to Rs 1,008.70 by early afternoon on 23 Oct after Q2 FY27 revenue rose 34.6% but net profit grew only 11.1%. A lower contribution margin, a 2.8% fall in first-half profit and a rich valuation explain the worry. Read the filings, track margins and decide on your own horizon.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Why_is_the_Havells_India_share_price_falling_today\"><\/span><strong>Why is the Havells India share price falling today?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The stock fell about 6% to Rs 1,008.70 by 1:15 PM on 23 Oct after Q2 FY27 results showed revenue up 34.6% but net profit up only 11.1%. The contribution margin dropped to 18.2% from 20.1%, and first-half net profit is down 2.8%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_were_the_Havells_India_Q2_FY27_results\"><\/span><strong>What were the Havells India Q2 FY27 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue was Rs 6,417 crore, up 34.6%, EBITDA was Rs 576 crore, up 30.5%, and net profit was Rs 353 crore, up 11.1%. Cables grew 47.9% to Rs 2,999 crore and renewables grew 147.8%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_the_Havells_India_share_price_at_a_52-week_low\"><\/span><strong>Is the Havells India share price at a 52-week low?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The headline reports a new 52-week low, and the day low of Rs 1,002.80 is below the 52-week low of Rs 1,074.30 reported by MarketsMojo on 28 Sep. Check the exchange data for the exact figure after the session.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Havells_India_share_price_valuation\"><\/span><strong>What is the Havells India share price valuation?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The P\/E is about 38.8 times at Rs 1,008.70 by my calculation, against an industry P\/E of 43.13 times, and the price to book is about 6.7 times. Return on equity is 17.88% and debt to equity is 0.03.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_Havells_segment_grew_fastest_in_Q2\"><\/span><strong>Which Havells segment grew fastest in Q2?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Renewables grew fastest at 147.8% to Rs 329 crore, followed by cables at 47.9% to Rs 2,999 crore. Switchgear grew 31.3% and Lloyd Consumer grew 28.4%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_Havells_India_shareholding_pattern\"><\/span><strong>What is the Havells India shareholding pattern?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> As of Sep 2026 promoters hold 59.35%, FIIs hold 14.47% and DIIs hold 19.86%. FII holding has fallen from 19.28% in Sep 2025 while DII holding has risen from 15.52%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_should_investors_watch_after_the_Havells_India_Q2_results\"><\/span><strong>What should investors watch after the Havells India Q2 results?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Watch the closing price against Rs 1,002.80, brokerage target changes, copper and aluminium prices and the Q3 contribution margin. The Rs 1,400 crore capex plan also matters for cash flow.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_article_investment_advice\"><\/span><strong>Is this article investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Why is the Havells India share price falling today?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The stock fell about 6% to Rs 1,008.70 by 1:15 PM on 23 Oct after Q2 FY27 results showed revenue up 34.6% but net profit up only 11.1%. The contribution margin dropped to 18.2% from 20.1%, and first-half net profit is down 2.8%.\"}},{\"@type\":\"Question\",\"name\":\"What were the Havells India Q2 FY27 results?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue was Rs 6,417 crore, up 34.6%, EBITDA was Rs 576 crore, up 30.5%, and net profit was Rs 353 crore, up 11.1%. Cables grew 47.9% to Rs 2,999 crore and renewables grew 147.8%.\"}},{\"@type\":\"Question\",\"name\":\"Is the Havells India share price at a 52-week low?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The headline reports a new 52-week low, and the day low of Rs 1,002.80 is below the 52-week low of Rs 1,074.30 reported by MarketsMojo on 28 Sep. 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Margins, segments, valuation, shareholding and levels to watch.<\/p>\n","protected":false},"author":28,"featured_media":325226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[4214,5324,15218,15219,15216,2750,15222,15217,15220,15221],"class_list":["post-325227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cable-stocks","tag-consumer-durables-stocks","tag-havells-52-week-low","tag-havells-fall-reason","tag-havells-india-share-price","tag-havells-q2-results","tag-havells-share-news","tag-havells-share-price-today","tag-havells-target-price","tag-switchgear-stocks"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["325226"],"rank_math_title":["Havells India Share Price Hits 52-Week Low After Q2: Why?"],"rank_math_description":["Havells India share price fell about 6% on 23 Oct to a fresh 52-week low after Q2 FY27 results. See profit, margins, segment data, valuation and levels to watch next."],"rank_math_focus_keyword":["Havells India share price"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/havells-india-share-price-drops-to-a-new-52-week-low-after-q2-results-what-is.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/325227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/28"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=325227"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/325227\/revisions"}],"predecessor-version":[{"id":325228,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/325227\/revisions\/325228"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/325226"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=325227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=325227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=325227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}