India bucked seasonal trends with a robust 20% year-on-year rise in net profit to ₹319.80 crore for the July-September quarter of FY26, up from ₹267 crore in the prior year. Revenue from operations grew a modest 5% to ₹4,779.33 crore, driven by steady demand in core segments despite broader market headwinds. However, analysts tempered optimism. Citi highlighted softness in the Lloyd appliances and electrical consumer durables divisions, alongside an unfavorable product mix and elevated valuations, prompting a target price cut to ₹1,600 from ₹1,750 while holding a 'neutral' stance—suggesting over 7% upside from recent levels. Nomura stuck with its 'Buy' call but trimmed its target to ₹1,769, citing demand weakness that overshadowed the earnings beat, implying nearly 19% potential gains. Havells shares edged higher in early trade, buoyed by the profit growth but shadowed by valuation concerns in a competitive consumer electronics landscape.

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