Havells Breaks Long-Term Trendline as Momentum Turns

continues to have a strong franchise in the Indian electrical and consumer-durables market, supported by its established brands, extensive distribution network and diversified presence across cables, switchgears, lighting, appliances and consumer products. FY26 consolidated revenue increased to about ₹22,528 crore from ₹21,778 crore, while EBITDA grew around 3% to ₹2,200 crore and adjusted PAT rose about 4% to ₹1,520 crore. The cables and wires business remains a key growth engine, while newer categories and the company's wider home-solutions strategy provide additional avenues for expansion. However, the fundamental picture is not without challenges. Consumer demand has been uneven, particularly in air-conditioners and other discretionary categories, while elevated inventory in the RAC business has increased working-capital requirements. Return ratios also moderated during FY26, with RoE and RoCE declining to roughly 16% and 15% respectively. The longer-term story remains constructive, but a sustained improvement in consumer demand, margins and asset utilisation will be important for the next phase of earnings growth. On the technical front, Havells has produced an important breakout from the long-standing descending trendline that had been connecting the major highs since late 2024. The stock spent several months making lower highs and lower lows, but the recent recovery from the ₹1,150–₹1,200 region has changed the short-term structure. The move above the falling trendline around ₹1,250–₹1,270 signals that selling pressure from the broader downtrend is beginning to ease