← Back to Brewed Up Insights
59%

of Havells' extra sales in the September quarter came from cables

Havells' cables brought 59% of new sales, 21% of new profit

Companies No. 93 23 October 2026 · 2 min read · By

Havells India's sales rose 34.6% to ₹6,417 crore in the September quarter, its standalone results of 22 October show. Cables brought ₹971 crore of the ₹1,650 crore rise, or 59%, as cable sales grew 48%.

Profit did not keep up. Cables' segment profit (before interest, tax and head-office costs) rose just 9%, to ₹304 crore, so their margin, profit as a share of sales, fell to 10.1% from 13.7%. Cables gave only 21% of the ₹126 crore rise in segment profit. The filing does not say why their margin thinned.

Switchgear did the opposite. Its sales rose 31% but its profit rose 49%, to ₹198 crore: 52% of the profit rise from 11% of the sales rise, at a margin of 25.4%, up from 22.3%. Lloyd Consumer lost ₹104 crore, against ₹99 crore a year ago.

Profit before tax rose 15% to ₹476 crore, half the segments' 30%, because other income fell to ₹33 crore from ₹86 crore. A year ago it held a one-time ₹45 crore gain on selling the Faridabad plant's land and building. Without it, profit before tax rose 29%.

So, in one line: cables bring the sales, switchgear the profit, and last year's land sale hides how fast profit grew. Where wires sit in India's power business: Panel, Turbine, Wire, Plug.

Cables brought 59% of Havells' extra sales

Where Havells' ₹1,650 crore rise in standalone sales came from, July to September 2026 against 2025, in ₹ crore. Cables alone brought more than all the rest together.

₹ CRORE OF EXTRA SALES

  • Cables
  • Renewables
  • Switchgears
  • The other 4 segments
A bar of Havells' ₹1,650 crore sales rise split into cables ₹971 crore, renewables ₹196 crore, switchgears ₹186 crore and the other 4 segments ₹297 crore.

The other 4: Lloyd Consumer, electrical consumer durables, lighting and others.

Havells India, standalone segment results, BSE filing of 22 October 2026 · Jul-Sep 2025 and 2026

Havells' cable margin fell as switchgear's rose

Segment profit as a share of segment sales, July to September 2025 and 2026. Cables earned less on each rupee as their sales grew 48%.

Rings and arrows for 5 Havells segments: switchgears up from 22.3% to 25.4%, cables down from 13.7% to 10.1%, lighting down from 13.5% to 10.2%, renewables up from 3.8% to 8.3%, and consumer durables up from 5.2% to 6.2%.

Havells India, standalone segment results, BSE filing of 22 October 2026 · Jul-Sep 2025 and 2026

Switchgear added most to Havells' profit before tax

What moved Havells' standalone profit before tax from July to September 2025 to the same months of 2026, in ₹ crore. Lower other income took away more than cables added.

A waterfall from Havells' profit before tax of ₹413.8 crore a year ago, up ₹65.6 crore from switchgears, ₹26.0 crore from cables, ₹22.2 crore from renewables and ₹12.6 crore from the other segments, down ₹53.7 crore from lower other income and ₹10.4 crore from head office and interest, to ₹476.2 crore.

Havells India, standalone segment results, BSE filing of 22 October 2026 · Jul-Sep 2025 and 2026

Sources