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Havells Share Price: Havells India's Q3 results for FY25 revealed a 1.7% dip in net profit at Rs 283 crore but an 11% increase in net revenue at Rs 4,883 crore. Segmental growth was notable in Switchgears, cables, and Electrical Consumer Durables. Brokerages are mixed in their outlook, with UBS suggesting a 'Buy,' while JP Morgan remains 'Neutral.'
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Consequently, the market is likely to become more stock-specific and we anticipate that high-valuation sectors may consolidate in the near term if they lack new earnings growth drivers. Nonetheless, we continue to find opportunities across the market.
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The Indian market has entered 2025 with a sense of caution, reflecting both domestic and global uncertainties. PL values NIFTY at a 2.5% discount to the 15-year average PE, which is 18.5x compared to the average 19.0x.
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