1. Tumakuru cable expansion - to 7,34,640 km by December 2027 On track - In the July 2026 announcement, Havells decided to expand cable capacity at Tumakuru from 4,59,600 km to 7,34,640 km per annum, with \~₹255 cr additional investment, completion by December 2027. As of July 2026, capacity of 4,59,600 km was achieved and the further expansion was announced, funded via internal accruals.
2. R&D campus in Noida - \~2,000 R&D professionals On track - In the FY26 Annual Report, management committed to a state-of-the-art R&D campus in Noida housing approximately 2,000 R&D professionals. At the Q4 FY26 call a big investment in a new R&D centre over 2-2.5 years was flagged, and \~₹200 cr was allocated to the R&D center in FY27 at Q1 FY27.
3. FY27 capex - \~₹1,400 cr On track - At the Q1 FY27 call, management guided FY27 capex of \~₹1,400 cr, with \~₹800 cr to cables and wires, \~₹200 cr to the R&D center and the rest to other businesses. Q1 FY27 is the first quarter of the fiscal year; no full-year capex outcome yet.
4. BEE norms cost pass-through - prices back to pre-GST levels Delivered - At the Q2 FY26 call, management said cost increases from new BEE norms will be passed on to consumers, with prices coming back to almost pre-GST-reduction levels; 5%-10% AC price increases followed in Q3 FY26. By Q1 FY27, price hikes of 5%-20% averaging 7%-8% had been taken, with the entire cost increase passed on.
5. Working capital - normalize by Q4 FY26 Delivered - At the Q2 FY26 call, management expected working capital to normalize by Q4 FY26. By Q4 FY26, net working capital days stood at 37, same as Q4 FY25, and trade receivables fell from ₹1,254 cr to ₹782 cr.
6. Goldi Solar - backward integration into cells in 18 months On track - At the Q1 FY26 call, management said Goldi Solar is going backward integration into solar cells, planned "in the next 18 months". By Q3 FY26, Goldi manufactures modules and is backward integrating into cells; the window runs to Q3 FY27.
7. Solar business - ₹1,000-1,500 cr in next couple of years On track - At the Q1 FY26 call, management said solar did about ₹500 cr last year and "could cross maybe ₹1,000 crores - ₹1,500 crores in the next couple of years", later declining quantifiable 3-5 year targets. Q1 FY27 Renewables revenue was ₹314 cr in one quarter, +235.9% YoY, after 'Others' grew \~48% in Q4 FY26 driven by solar.
8. Goldi Solar investment - strategic, grow solar faster On track - At the Q4 FY25 call, management said the ₹600 cr Goldi Solar investment is strategic, aimed at supply surety and meaningful presence in solar renewables, with focus to grow solar "at a much faster pace". ₹600 cr was invested by Q1 FY26, a ₹283 cr fair valuation gain was recognized in Q4 FY26, and Renewables became a separate segment with ₹314 cr revenue, +235.9%, in Q1 FY27.
9. FY25/FY26 capex - ₹1,000 cr each year Partial - At the Q3 FY25 call, management confirmed capex of ₹1,000 cr for the current year and next year, later revised to \~₹1,450 cr for FY25-26 combined. FY25 capex was ₹753 cr and FY26 capex ₹1,484 cr.
10. Refrigerator manufacturing facility - ₹480 cr in Ghiloth Delivered - At the Q3 FY25 call, management announced ₹480 cr capex for a new refrigerator manufacturing facility in Ghiloth, Rajasthan. The refrigerator plant at Ghiloth was commissioned in Q4 FY26.
11. Switchgear EBIT margin - 23%-24% normalized Missed - At the Q3 FY25 call, management guided normalized switchgear EBIT segment margin of "around 24%-25%", later refined to 23%-24%. FY25 switchgear segment result was 22.5% and FY26 22.8%, with Q1 FY26 at 23.4% and Q4 FY26 at 23.2%.
12. Lighting - FY26 real growth Missed - At the Q2 FY25 call, management said "next year... FY '26, we should start seeing real growth in our lighting". FY26 lighting revenue grew just +0.1%, with Q1 FY26 down 3.1% and Q4 FY26 up 0.5%.
13. Emerging categories - move 1-2 out by next year Delivered - At the Q2 FY25 call, management said "by around next year, we should be looking at moving 1 or 2 out" of the emerging category into separately tracked categories. At Q1 FY27, Renewables was established as a separate segment, with Water Purifier and Personal Grooming moved into ECD.
14. Switchgear growth - lower double-digit Missed - At the Q2 FY25 call, management expected "lower double-digit" growth for switchgear going forward, conditional on industrial demand picking up. Switchgear grew 6.7% in FY25 and 7.9% in FY26, and declined 3.5% in Q1 FY27.
15. Standard, REO, Lloyd - remain independent brands Delivered - At the Q1 FY25 call, management committed that Standard, REO and Lloyd "will continue to remain as independent brands even in the foreseeable future". No evidence of brand consolidation through Q1 FY27; the Q1 FY25 merger of Crabtree into "Havells Crabtree" was a separate brand action.
16. Inventory improvement - better ratios going forward Missed - At the Q1 FY25 call, management said on inventory (63 days) "there is scope for improvement" and "we should see some better sort of ratios in that going forward". Inventory days worsened to 71 in Q1 FY26 and 71 in Q4 FY26 vs 67, though channel inventory was lower than normal in Q1 FY27.
17. Large kitchen appliances - cautious entry, no heavy manufacturing Delivered - At the Q4 FY24 call, management committed to a cautious approach in large kitchen appliances - no heavy manufacturing investment, production via third-party manufacturers, treated as a "seeded business". Chimneys and hobs were added in ECD in Q2 FY26, with no disclosure of heavy manufacturing investment.
18. FY25 capex - ₹800 cr Partial - At the Q4 FY24 call, management guided FY25 capex of "around ₹800 crores as of now", reiterated at ₹800-900 cr on cash basis in Q1 FY25, then revised to \~₹1,000 cr in Q2 FY25. FY25 capex was ₹753 cr.
19. Employee cost growth - stabilize over 4-5 quarters Delivered - At the Q3 FY24 call, management said employee cost growth "will stabilize, but growth in this head will continue to be there" over the next four-five quarters, later expecting normalization over the next year. By Q3 FY26, absolute employee cost held in a narrow ₹460-490 cr range over the last 7 quarters, with growth under check since Q2 FY26.
20. Cables capacity expansion - \~25% increase On track - At the Q2 FY24 call, management said cables capacity expansion of almost 25% was underway, reiterated through Q4 FY24, with a further ₹450 cr expansion added in Q2 FY25 and doubling of underground cable capacity from FY24 to FY27. Tumkur was commissioned in September 2024, and by July 2026 capacity of 4,59,600 km was achieved with ₹285 cr invested.
21. Lloyd contribution margin - \~10% by Q4 FY24 Delivered - At the Q2 FY24 call, management said the \~10% Lloyd contribution margin goalpost "hasn't moved", expecting to see somewhere around that in Q4 FY24. Q4 FY24 Lloyd contribution margin reached double-digit levels, against a FY24 full-year figure of 7.9%.
22. LED price deflation - bottomed out, double-digit volume growth Partial - At the Q2 FY24 call, management said LED price deflation has "pretty much bottomed out" and expects double-digit volume growth to replicate in revenue going forward. Lighting volume growth was 15% in Q2 FY25 and 13%-14% in Q3 FY25, but FY26 lighting revenue grew just +0.1% amid continued price erosion.
23. Lloyd EMS/white-label export - develop over next few years Partial - At the Q1 FY24 call, management said the Lloyd EMS/white-label export business will develop over the next few years, with UL approvals targeted within 12 months and US traction "most probably next year". One range was UL-approved by Q1 FY25 and the first India-made AC consignment to the US reached in Q4 FY25, but RAC export efforts slowed after the tariff situation by Q3 FY26.
24. ECD growth - second half of FY24 Delivered - At the Q1 FY24 call, management expected the ECD business, especially Fans, to have good growth in H2 FY24. Q4 FY24 ECD grew 22%, FY24 ECD grew 5.6%, and Q1 FY25 ECD grew 20%.
25. Cables and switchgear growth - next 12-18 months Delivered - At the Q1 FY24 call, management expected good growth in both Cables and Switchgears over the next 12-18 months, driven by construction cycle revival and industrial/infrastructure demand. Cables grew 14.2% in FY24, 13.7% in FY25 and 20.8% in FY26, while switchgear grew 5.9%, 6.7% and 7.9% respectively, before a 3.5% decline in Q1 FY27.
26. Lighting contribution margin - 30%-31% Delivered - At the Q1 FY24 call, management expected Lighting contribution margin to be "around 30%-31%", later framed as a normalized 30%-32% band. FY24 lighting contribution margin was 30.1%, FY25 32.6%, FY26 32.3%, and Q4 FY26 37.2%.
27. Havells standalone EBITDA margin - 13%-15% Delivered - At the Q1 FY24 call, management stated the Havells stand-alone (ex-Lloyd) EBITDA margin range is 13%-15%. Ex-Lloyd margins were back to 13%-14% by Q2 FY24; company-level OPM was 9.91% in FY24, 9.78% in FY25 and 9.76% in FY26, lower due to Lloyd drag.
28. Tumkur cables facility - operational in next 12 months Partial - At the Q4 FY23 call, management said the Tumkur cables & wires facility would be operational in the next 12 months, with commissioning later specified for June 2024 and sales starting within Q2 FY25. The plant was commissioned in September 2024, roughly three months after the June 2024 deadline, and started contributing to power cables growth in Q3 FY25.
29. FY24 capex - ₹600 cr Delivered - At the Q4 FY23 call, management guided FY24 capex of about ₹600 cr, reiterated in Q1 FY24 and Q2 FY24. FY24 capex was ₹786 cr.
30. Lloyd normalized margins - Q4 FY23 Missed - At the Q1 FY23 call, management expected 100% normalized margins for Lloyd in Q4 FY23, with double-digit contribution margin by Q4, later softening to "don't hold me to double digit". Q4 FY23 Lloyd contribution margin was 6.2%; double-digit contribution margin arrived only in Q4 FY24, with FY24 full-year at 7.9%.
31. Lloyd return on capital - mid-teens over 4-5 years Missed - At the Q4 FY22 call, management endorsed mid-teens return on capital for Lloyd over four-five years as reasonable: "we would be definitely expecting at least that much". By Q4 FY26, \~₹4,000 cr of capital was deployed in Lloyd, "barely generating any profitability", with FY25 segment profit of ₹131 cr turning to a FY26 segment loss of ₹203 cr.
32. Exports - 10% of Havells revenue in a few years Missed - At the Q4 FY22 call, management reiterated the medium-term strategy for exports to go up to 10% of Havells revenue, later reframed as an aspiration with no medium-term targets. Exports were \~₹550 cr and flat in FY23, \~3% in Q1 FY25 and 3%-3.5% internationally in Q4 FY25, with RAC export efforts slowing by Q3 FY26.
33. FY23 capex - ₹700-800 cr Partial - At the Q4 FY22 call, management guided FY23 capex of approximately ₹700-800 cr, reiterated in Q1 FY23 and refined to \~₹700 cr by Q3 FY23. FY23 capex was ₹588 cr.
34. Sri City AC facility - operational by end of FY23 Delivered - At the Q4 FY22 call, management guided the new Sri City AC facility "should be operational by the end of the financial year" (FY23), with a March-April start flagged in Q3 FY23. Production commenced at Sri City in March 2023, doubling AC capacity to 0.2 cr units per year, confirmed in the FY23 Annual Report.
35. Lloyd market share - top 3 in ACs Delivered - At the Q2 FY22 call, management's stated focus was gaining healthy market share in each Lloyd category, with the aim to remain amongst top 3 AC players restated at Q4 FY23. Lloyd was among top 3 from H1 CY22 through Q1 FY26, with \~40% growth in Q4 FY25 and share maintained or gained over H1 CY25, and share at least retained per Q4 FY26.
36. Lloyd brand investment - continue for 2-3 years Delivered - At the Q3 FY22 call, management committed that Lloyd will continue to invest in brand building "over the next two or three years", with elevated A&P extended "for the next couple of years" at Q1 FY27. Lloyd A&P exceeded ₹140-150 cr in Q1 FY24, ran at 4%-4.5% of sales in Q1 FY25, FY25 total A&P was ₹622 cr, and Q1 FY27 A&P more than doubled YoY.
37. BEE energy ratings readiness - new compliant range by early 2022 Delivered - At the Q1 FY22 call, management said Havells was already ready with a fully compliant new range for fans, ACs and refrigeration ahead of BEE ratings expected from early 2022. All new AC production was on new ratings by Q1 FY23, the fans and ACs transition was complete by Q3 FY23, and the FY23 Annual Report confirms fans registered within the stipulated timeline and all AC SKUs upgraded.
38. Cash flows - improvement over next three quarters Delivered - At the Q1 FY22 call, management said "we are confident that the things will improve over the next three quarters" on cash flows. By Q2 FY22, working capital had normalized and free cash flow came back in H1; operating cash flow was ₹1,988 cr in FY24, ₹1,535 cr in FY25 and ₹1,557 cr in FY26.
39. Rural expansion - 3,000 towns below 50,000 population Pending - At the Q1 FY22 call, management said 3,000 towns with population below 50,000 had been identified and would be covered "in a short period of time". 250+ UTSAV stores were added in rural markets in FY24, Lloyd products were set to launch through the Utsav channel by Q1 FY26, and rural contribution stayed \~5%-6% of consumer revenues, with no confirmation of 3,000-town coverage.
40. Lloyd washing machines and refrigerators - meaningful contribution in 2-3 years Partial - At the Q1 FY22 call, management said new Lloyd washing machine and refrigerator ranges would take "at least two or three years" to make a meaningful contribution, with a comprehensive range in both categories committed by end of FY23. The washing machine plant was commissioned in Q3 FY22, but refrigerator manufacturing was still under evaluation in Q3 FY24 until the ₹480 cr Ghiloth plant, announced Q3 FY25, was commissioned in Q4 FY26.
41. Lloyd margins - good traction from next year Partial - At the Q1 FY22 call, management said "from next year we should see good traction of margins in Lloyd", with the goalpost later moving through normalized margins in Q4 FY23 to double-digit contribution margin "sooner than later" at Q1 FY27. FY24 contribution margin was 7.9% with a ₹164 cr segment loss, FY25 reached 13.5% with ₹131 cr profit, and FY26 slipped back to 8.4% with a ₹203 cr loss.
42. E-commerce and rural channels - meaningful share of sales in 1-2 years Missed - At the Q1 FY22 call, management said e-commerce and rural channels would become "meaningful in terms of the share of the sales in the next year or two". Rural contribution remained \~5%-6% of consumer revenues through FY26 and e-commerce was \~5% of AC revenue in Q3 FY24.
43. ECD margins - improvement in coming quarters Partial - At the Q1 FY22 call, management said ECD margins (11.7% EBIT) would go up in coming quarters, with the normalized EBIT band later stated as 13%-15% and contribution margins guided to \~24%-24.5%. ECD segment result margin was 11.1% in FY24, 10.0% in FY25 and 8.9% in FY26, while contribution margins reached 23.5%, 23.8% and 23.0% respectively.
44. Advertising spend - normalize to 3%-3.5% of sales Delivered - At the Q1 FY22 call, management said advertising spend at 1.7% of sales would increase and may return fully to normalized 3%-3.5% levels "in the next one or two quarters", with normal-year A&P later framed at 2.5%-3% of revenues. FY24 A&P was 2.8% of revenue, FY25 saw ₹622 cr invested, and Q1 FY26 and Q4 FY26 each ran at 2.6%.
45. Switchgear contribution margins - 38%-40% band Partial - At the Q1 FY22 call, management stated switchgear margins have generally remained in the 38%-40% band, reaffirmed as the strive-for level through Q1 FY26 even as the EBIT margin was guided to 23%-24%. Contribution margin was 40.2% in FY24, 37.9% in FY25 and 36.9% in FY26, with Q4 FY26 at 36.0% and a \~260 bps erosion in Q1 FY27.
46. Cables and wires margins - return to normalized levels Delivered - At the Q1 FY22 call, management said cables and wires margins, expanded by low-cost stock, should "come back to normalized levels" over the next one or two quarters, with the normal band later stated as 14%-16% and 15%-16% at Q2 FY26. Margins were back to normalized levels by Q3 FY23, with contribution margin at 15.0% in FY24, 14.1% in FY25 and 16.9% in FY26.
47. Capex - ₹500 cr FY22 and ₹1,000 cr over two years Partial - At the Q1 FY22 call, management reiterated capex guidance of ₹500 cr for FY22 and ₹1,000 cr over the next two years, with the caveat that it would continue to evaluate as markets open; FY22 capex was later revised down to ₹300-350 cr and then ₹250-275 cr. FY22 capex came in at ₹140 cr in H1 and FY23 capex was ₹588 cr, short of the revised ₹700-800 cr range.