Motilal Oswal Maintains 'Neutral' on Havells India, Sets Target at INR 1590

• Havells India's Q3FY26 earnings fell short of Motilal Oswal's estimates.
• Weak performance from Lloyd and lower margins in cable & wire and lighting segments impacted results.
• EBITDA grew 21% YoY to INR 5.2 billion, but was 7% below estimates.
• Operating Profit Margin improved by 50 basis points YoY to 9.2%, yet 1.1 percentage points below estimates.
• Adjusted PAT increased 20% YoY to INR 3.3 billion, missing estimates by 15%.

Why It Matters: Motilal Oswal reiterates a 'Neutral' rating for Havells India with a target price of INR 1,590.