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Consumer electricals Historical case study · data as of 13 Jul 2026 · published 16 Oct 2026 (95 days later)

Havells India — 100-point case study

How Havells India looked on 50 technical and 50 fundamental measures on 13 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: HAVELLS · BSE: 517354
Close on 13 Jul 2026	₹1,178.80
Market cap then	₹74,176 crore
Valuation	P/E 43.5× · P/B 7.83×
Momentum	RSI (14) 48 · 1-year return -22.8%
Next 3 months	-5.0% vs Nifty 50 -6.6% (to 14 Oct 2026)

Scorecard

Technical — 50 points

3 bullish · 23 neutral · 1 caution · 22 bearish — the picture leaned negative.

Fundamental — 50 points

12 bullish · 31 neutral · 5 caution · 1 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: Fundamentals use Screener's standalone figures because the consolidated page was out of date.

Technical analysis — 50 points

Calculated by code from daily prices up to 13 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope +0.06%/day	Neutral	Over the last 20 sessions the regression line of closing prices was rising about 0.06% a day — a flat, sideways phase. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return -6.2%	Bearish	The 100-session trend line was down (-0.20%/day) and the stock was -6.2% over three months, so the medium-term picture was bearish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -22.8%	Bearish	Compared with a year earlier the price was -22.8%. A weak year for the stock. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 1,179.48 / 30W 1,278.67	Bearish	On the weekly chart the stock showed a weekly close below the 10-week average, which sat below the 30-week. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 1,219.40→1,209.10; lows 1,125.50→1,140.30	Neutral	The two most recent swing points showed a lower high but a higher low — mixed structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	15.5	Neutral	ADX at 15.5 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 20.1 / –DI 23.3	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	1,184.18 (-0.5%)	Bearish	Close of 1,178.80 was 0.5% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	1,191.52 (-1.1%)	Bearish	Close of 1,178.80 was 1.1% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	1,347.58 (-12.5%)	Bearish	Close of 1,178.80 was 12.5% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 1,188.51 / 21E 1,185.25	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 07 Jul 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bearish	The 50-day average was 11.6% below the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	-2.5% in 20 sessions	Bearish	The 50-day average fell 2.5% over the past month — declining. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	1,184 / 1,192 / 1,253 / 1,348	Bearish	The 20/50/100/200-day averages were perfectly stacked bearish (20 < 50 < 100 < 200). Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	1,194.93 (-1.4%)	Bearish	Anchored to the start of July, the volume-weighted average price was 1,194.93; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	47.8	Neutral	RSI at 47.8 was in the neutral 45–55 zone. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 1.13 / signal -1.21	Bullish	MACD was above its signal line — momentum turning or staying positive. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	6.05 → 2.34	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	1.13	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 48.8 / %D 60.6	Bearish	Slow stochastic at 48.8 was mid-range with %K below %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-58.9	Neutral	%R of -58.9 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-61	Neutral	CCI at -61 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	+2.0%	Neutral	Price changed +2.0% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.41 (bands 1,153.70–1,214.67)	Neutral	%B of 0.41 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 5.1% (1st pct of 6M)	Caution	Band width was at the 1st percentile of the last six months. A squeeze like this often precedes a larger move (direction unknown). How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹29.35 (2.5% of price)	Neutral	A typical day's range was about ₹29.35, or 2.5% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	24.6% vs 1Y 23.9%	Neutral	Annualised 30-day volatility was 24.6%, close to the one-year level of 23.9%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	1,125.86–1,244.63	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.08	Neutral	A beta of 1.08 means the stock tended to move roughly in line with the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 2.02× / 5-day 1.95×	Neutral	The final session traded 2.02× its 20-day average volume and the last five sessions averaged 1.95× — heavier than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 0.64	Bearish	Average volume on up days was 0.64× that on down days — distribution-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price rose — volume diverged from price. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.17	Bearish	CMF at -0.17 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	38.3	Bearish	MFI, a volume-weighted RSI, was 38.3. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹128 cr/day	Neutral	About ₹128 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	1,176.30 / 1,132.97	Neutral	Nearest support (prior swing lows) sat at 1,176.30, 0.2% below the close, then 1,132.97. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	1,216.32 / 1,283.50 / 1,433.50	Neutral	Nearest resistance (prior swing highs) sat at 1,216.32, 3.2% above the close, then 1,283.50, 1,433.50. How to read: Information only.
40	Monthly pivot points (for next month)	P 1,191.47 \| R1 1,221.33 \| S1 1,148.93	Neutral	Classic pivots from July's high/low/close gave a pivot of 1,191.47; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 1,216 \| 38.2% 1,273 \| 50.0% 1,319 \| 61.8% 1,365	Neutral	Measuring the 6-month fall from 1,514.70 to 1,123.60, the close was nearest the 23.6% retracement at 1,215.90. How to read: Information only.
42	52-week high / low	H 1,621.10 / L 1,123.60	Bearish	The close was 27.3% below the 52-week high and 4.9% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	2 open; latest gap-down 11 May at 1,252.00	Neutral	There were 2 unfilled gap(s). The latest, a gap-down on 11 May 2026, left an open level at 1,252.00 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	counter-trend bounce inside a larger downtrend	Neutral	Rule-based pattern scan: counter-trend bounce inside a larger downtrend. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 1,134.50–1,234.00	Neutral	The close was inside the prior 20-day range of 1,134.50–1,234.00. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Doji	Neutral	On 13 Jul the candle opened 1,180.90, ranged 1,161.60–1,187.90 and closed 1,178.80: Doji — indecision. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 1,189.22–1,267.15; Tenkan 1,197.80 / Kijun 1,179.75	Bearish	Price was below the cloud and the Tenkan line was above the Kijun line — a bearish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -0.1% / 3M -8.1%	Bearish	The stock underperformed the Nifty 50 by 8.1 points over three months and underperformed by 0.1 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M -10.1%	Bearish	No sector index in today's data set, so we show the 6-month comparison instead: 10.1 points behind the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	3 bullish · 22 bearish · 23 neutral · 1 caution	Bearish	Across the 49 readings the technical picture leaned negative. Levels that mattered: support 1,176.30, resistance 1,216.32. This is a description of the chart on 13 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 13 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 13 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	43.5×	Neutral	At ₹1,178.80 the market valued the company at about ₹74,176 crore, or 43.5× the ₹1,704 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	7.83×	Neutral	Market cap was 7.83× the Mar 2026 book value (equity + reserves) of ₹9,477 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	3.30×	Neutral	The company was valued at 3.30× its trailing-12-month sales of ₹22,466 crore. How to read: Information only.
4	EV / EBITDA (approx.)	33.6×	Neutral	Enterprise value (market cap + ₹265 cr borrowings; cash not netted) was 33.6× trailing operating profit of ₹2,214 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	2.3%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹2.3 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	2.62	Caution	P/E of 43.5 divided by 3-year profit growth of 16.6% a year gives a PEG of 2.62. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Note: the Mar 2026 quarter carried unusual other income of ₹326 crore — a one-off that distorts year-on-year profit comparisons. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	0.85%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹10 a share, a 0.85% yield on the ₹1,178.80 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹74,176 cr	Neutral	At about ₹0.74 lakh crore the company was a mid-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹302.93 vs ₹1,178.80	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹302.93; the price was 289% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+3.3%	Neutral	Revenue for FY26 was ₹22,466 crore, +3.3% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+2.4%	Neutral	The Jan–Mar 2026 quarter brought ₹6,688 crore of revenue, +2.4% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+14.5%	Caution	FY26 net profit was ₹1,705 crore, +14.5% on FY25's ₹1,489 crore. Note: the Mar 2026 quarter carried unusual other income of ₹326 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+40.6%	Caution	Quarterly profit was ₹734 crore versus ₹522 crore a year earlier (+40.6%). Note: the Mar 2026 quarter carried unusual other income of ₹326 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	10.0%	Neutral	Revenue compounded at 10.0% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	16.6%	Caution	Net profit compounded at 16.6% a year from FY23 to FY26. Note: the Mar 2026 quarter carried unusual other income of ₹326 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	16.6%	Bullish	Over five years (FY21–FY26) revenue compounded at 16.6% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+14.5%	Caution	Reported EPS went from ₹23.75 to ₹27.19 (+14.5%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Note: the Mar 2026 quarter carried unusual other income of ₹326 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	10%	Neutral	Operating profit (EBITDA) was 10% of sales in FY26 versus 10% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	10% → 9% → 9% → 11%	Neutral	Quarterly margins moved from 10% to 11% over the last four quarters — broadly stable. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	7.6%	Neutral	₹7.6 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	19.1%	Bullish	FY26 profit was 19.1% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	25%	Bullish	Return on capital employed (debt + equity) was 25% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	11.58%	Neutral	Net profit was 11.58% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	23%	Neutral	The company paid about 23% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	22%	Neutral	Non-operating 'other income' of ₹479 crore made up 22% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.03	Bullish	Borrowings of ₹265 crore were 0.03× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	0.12×	Bullish	Debt equalled 0.12 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	29.5×	Bullish	Earnings before interest and tax covered interest cost 29.5 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+13.8%	Bullish	Shareholders' equity grew +13.8% from ₹8,331 crore to ₹9,477 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹443 cr (8% of fixed assets)	Neutral	Projects under construction (CWIP) were 8% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	14 days	Neutral	Working capital tied up equalled 14 days of sales (FY25: 12). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	50 days	Neutral	It took 50 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	13 (FY25 21)	Neutral	Customers took 13 days on average to pay, versus 21 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹1,587 cr	Bullish	The business generated ₹1,587 crore of operating cash in FY26 versus ₹1,568 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹170 cr	Bullish	After capital spending, free cash flow was ₹170 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	0.93×	Neutral	Operating cash flow was 0.93× reported profit — reasonable cash backing. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	0.2%	Neutral	FY26 free cash flow was 0.2% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹2,195 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹2,195 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹1,417 cr	Neutral	Implied capital expenditure was about ₹1,417 crore, 6.3% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	37%	Neutral	The company paid out about 37% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	44% / 42% / 37%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹63 cr → ₹63 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	59.38% (-0.03 pts YoY)	Neutral	Promoters owned 59.38% at Mar 2026 versus 59.41% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	16.93% (-5.38 pts YoY)	Bearish	FIIs held 16.93% at Mar 2026, down from 22.31% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	17.50% (+4.87 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 17.50%, up from 12.63%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	2.7 lakh (+11.2% YoY)	Neutral	The shareholder count moved from 2.5 lakh to 2.7 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	6/8	Neutral	Passed: positive profit, positive operating cash flow, leverage fell, operating margin improved, ROA improved, no meaningful dilution (<3%). Failed: CFO > net profit, asset turnover improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	2 strength(s) · 1 weakness(es)	Neutral	Strengths: Company is almost debt free; Company has been maintaining a healthy dividend payout of 41.1%. Weaknesses: Stock is trading at 7.39 times its book value. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	12 bullish · 1 bearish · 31 neutral · 5 caution	Bullish	On the numbers published by 13 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 43.5×, P/B 7.83×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 13 Apr 2026 – 13 Jul 2026 that an investor could have known on the snapshot date.

22 Apr 2026 Havells India reports Q4 FY26 results; board recommends Rs 6 final dividend — Consolidated net profit rose about 39.6% YoY to Rs 723 crore on revenue of Rs 6,705 crore (up about 2.5%). The board recommended a Rs 6 final dividend in addition to the Rs 4 interim dividend. source
22 Apr 2026 Havells board appoints Varun Berry as independent director; Vivek Mehra resigns — Alongside the FY26 audited results, the board appointed Varun Berry as an Independent Director for five years and noted Vivek Mehra's resignation effective April 22, 2026. Price Waterhouse & Co LLP was reappointed as statutory auditor through 2031. source
23 Apr 2026 Havells shares fall about 6.5% after Q4 results — The stock fell to about Rs 1,260 on NSE after Q4 results in which profit growth was driven mainly by a Rs 283 crore fair-value gain on its Goldi Solar investment, while revenue grew 2.5% and EBITDA declined. Lloyd consumer durables revenue fell about 19%. source
29 Apr 2026 Havells fixes record date and book closure for FY26 final dividend; AGM on June 19 — Havells set May 24, 2026 as the record date for the Rs 6 per share final dividend, with book closure from May 25 to May 29, 2026. Its 43rd AGM was scheduled for June 19, 2026. source
06 Jul 2026 Havells schedules board meeting on July 17 to approve Q1 FY27 results — Havells India informed exchanges that its board would meet on July 17, 2026 to consider unaudited results for the April-June 2026 quarter. source

What happened next (13 Jul 2026 → 14 Oct 2026)

Price went from ₹1,178.80 to ₹1,119.90 by 14 Oct 2026 (-5.0%) while the Nifty 50 moved -6.6% — outperforming by 1.6 points.
Highest ₹1,315.00 on 17 Aug 2026; lowest ₹1,015.10 on 30 Sep 2026.
S1 1,176.30: broken on a closing basis on 16 Jul 2026.
S2 1,132.97: broken on a closing basis on 09 Sep 2026.
R1 1,216.32: cleared on a closing basis on 21 Jul 2026.
R2 1,283.50: cleared on a closing basis on 03 Aug 2026.
200-day SMA: price was below it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 17 Jul 2026): revenue ₹6,510 crore (+19.7% YoY), net profit ₹298 crore (-15.3% YoY), operating margin 7% vs 10% a year earlier (Screener consolidated figures).

Later news

16 Jul 2026 Havells to expand Tumakuru cable capacity with about Rs 255 crore investment — Havells plans to raise annual cable capacity at its Tumakuru, Karnataka plant from about 4.6 lakh km to about 7.3 lakh km, with completion expected by December 2027, funded from internal resources. source
17 Jul 2026 Havells Q1 FY27 standalone profit falls 17.6% to Rs 298 crore; revenue up 19.7% — Standalone net profit for the June 2026 quarter fell 17.63% YoY to Rs 298.43 crore while revenue from operations rose 19.72% to Rs 6,509.97 crore. Renewables segment revenue rose to Rs 314 crore from Rs 94 crore. source
17 Jul 2026 Havells Q1 FY27 consolidated profit at Rs 290 crore on revenue of Rs 6,518 crore — Consolidated revenue from operations was Rs 6,518.19 crore and consolidated profit Rs 289.71 crore for the quarter ended June 30, 2026. source
28 Sep 2026 Havells shares touch new 52-week low — Havells shares fell about 1.1% to around Rs 1,083, touching a 52-week low of Rs 1,081.15 intraday; the report did not identify a company-specific cause. source

Educational summary. On 13 Jul 2026 the technical picture leaned negative and the fundamental picture leaned positive. Over the next three months the stock moved -5.0% against -6.6% for the Nifty 50. Here the chart's message lined up with what followed. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Havells India today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 16 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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