ICICI Securities Recommends 'Buy' on Havells India, Target Rs 1725

• ICICI Securities maintains a 'Buy' rating on Havells India with a revised target price of Rs 1725.
• Near-term outlook is soft due to weak AC demand and potential impact from new BEE norms (Jan 2026) on fans/ACs.
• Elevated RAC trade inventory and weak secondary sales in Q3FY26 are noted, but channel stocking is expected in Dec 2026.
• Mid-to-high single-digit price hikes are anticipated to counter commodity inflation and BEE norm changes, protecting margins.
• Havells India is projected for 11.0% revenue and 15.7% PAT CAGRs (FY25-28E) with strong free cash flow.

Why It Matters: ICICI Securities recommends 'Buy' on Havells India with a Rs 1725 target, citing strong long-term growth.