Havells: Capacity No Longer an Issue, But Copper Prices Threaten Demand

• Havells India has overcome capacity constraints in its cables and wires segment due to ongoing expansion, with more CapEx planned.
• Despite global trade tensions and competition, Havells focuses on overseas markets (US) and strengthening its domestic organized play.
• Q3FY26 saw revenue rise to ₹5,573 crore, net profit to ₹301 crore, and improved EBITDA margin to 9.40%.
• Soaring copper prices (up 50% in a year, 25% in a month) are being passed on, but may hurt short-term demand and impact margins.
• Havells is expanding into the solar business, aiming for it to become a significant unit (5-10% of sales) within 3-5 years.

Why It Matters: Havells resolves capacity issues but faces demand challenges from unprecedented copper price hikes and competition.