Prabhudas Lilladher Recommends 'Accumulate' Havells India; Target Rs 1634

• Havells India reported moderate growth in Q3FY26, primarily driven by a 32.8% increase in the W&C segment.
• The company maintained market share in key categories and likely gained share in lighting products.
• Heating products saw strong demand due to winter, while cooling product inventory is normalizing; old RAC and fan inventory expected to clear by May’26.
• Havells plans a 5-10% price hike in RAC in Q4FY26, offset by GST reduction, and guided for ~Rs10bn capex in FY27 for R&D and W&C.
• Prabhudas Lilladher maintains an 'Accumulate' rating with a target price of Rs 1634, implying 48x FY28E earnings.

Why It Matters: Prabhudas Lilladher recommends accumulating Havells India, setting a target price of Rs 1634 based on strong growth prospects.