Havells India Shares Edge Up After Q1 Results; Anand Rathi Holds Buy, Trims Target

Havells India Limited (HI01) nudged about a percent higher on the trading floor after it released its first‑quarter FY 27 numbers. The numbers were a mixed bag – revenue surged close to 20% year‑on‑year, yet profit after tax slipped roughly 17%.

What really caught analysts’ eyes was the spike in the company’s advertising and promotion outlay. Management said the spend “more than doubled” versus the same quarter last year, a move that helped push the brand forward but also ate into EBITDA margins.

Looking beyond the quarter, Anand Rathi Securities stuck with its Buy recommendation but trimmed the target price to ₹1,379 from ₹1,447. The brokerage argued that while the top line is likely to keep growing at an estimated 13% CAGR through FY 28, earnings may only climb at about an 8% compound rate.

In short, the market seemed to give a tentative nod – the stock rose roughly 1% as investors digested the upbeat revenue story, even as they remained wary of the profit dip and the heavier spend on ads.

For investors keeping an eye on Indian consumer durables, the takeaway is clear: Havells is still expanding, but the path to higher profits may be a bit more winding than the headline growth suggests.