Why Havells Fell Despite Higher Profits

. shares declined sharply on 20 and 21 January 2026, slipping to a 23-month low despite a reported profit increase in Q3. The market reacted negatively to margin disappointment and cautious management commentary. EBITDA margins fell short of expectations, restricting operating leverage even as topline growth remained steady. EPS growth failed to gain momentum, with losses in the Lloyd segment offsetting strong performance in cables. Near-term pressure in consumer durables continues to weigh on sentiment. On the technical front, the stock failed to hold the crucial 1380 support level. The breakdown below this level after the Q3 results triggered selling pressure, accelerating the bearish move and reinforcing negative momentum. 📌 Disclaimer: This content is for information only and not investment advice. Investments in securities market are subject to market risks. Read all the related documents carefully before investing. Please consult a SEBI-registered advisor before making any investment decisions. I, Akhilesh Jat (SEBI Registered Research Analyst – INH000016649), do not have any position in the mentioned scrip.