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Technical Report on Havells India Limited by Shyam Advisory

January 24, 2022

Havells India Limited is a leading Fast Moving Electrical Goods (FMEG)
Company and a major power distribution equipment manufacturer with a strong
global presence.
It enjoys enviable market dominance across a wide spectrum of products, including
Industrial & Domestic Circuit Protection Devices, Cables & Wires, Motors, Fans,
Modular Switches, Home Appliances, Air Conditioners, Electric Water Heaters,
Power Capacitors, Luminaires for Domestic, Commercial and Industrial
Company is the owner of brands such as Lloyd, Crabtree, Standard, Havells & REO
functioning in different product segments.
Pan-India Distribution Network
The company has an established extensive distribution network spread across the
country with ~11,000 direct dealers, ~160,000 retailers & ~250,000 electricians. It
also owns the largest brand shop channel in the electrical industry with about 550
exclusive shops & a presence in ~300 district.
Revenue Breakup
Company earns majority of its revenues from its cables division (32%), followed by
Electrical consumer division (23%), LLoyd business (17%), Switchgears (16%) &
Lightning & Fixtures (12%) .
Product Portfolio
Switchgears – Domestic switchgears, Switches, Industrial & automated switchgears.
Cables – Power cables & flexible cables
Lightning & Fixtures – lightning strips, street light, solar light & LEDs
Electric Consumer Durables – Fans, water heaters, small domestic appliances, water
purifier & personal grooming.
Lloyd Consumers – Air conditioners, LED TVs & Washing machines.
Market Share
The company commands the following market share in the domestic market:-
MCBs – 18%
Switches – 13%
Flexible Cables – 16%
Power Cables – 11%
Lightning & Fixtures – 14%
Fans – 19%
Water Heaters – 19%
Other Appliances – 6%
It commands 1st rank in the market of MCBs & Water heaters, 2nd in Fans, 3rd in
Switches, Flexible & power cables, lightning, fixtures & other appliances.

HAVELLS 1 - Shyam Advisory
Technical View: Above said stock had negative breakout, however; It is trading on
200 EMA. We may see positive pull back from present level, RSI is indicating stock
is in to oversold zone.
Volume analysis: – 1 Day Delivery volume increased by 377.59% over 5 day
average, However; 1 Month: Delivery volume decrease by -50.43%, Hence; We
recommend BUY signal for this share only above 1241 level, Target 1306, Target
1427, Use Strict stop loss 1183.
Moving Averages: – Havells India Ltd. is trading higher than 200 day moving
averages but lower than 5 day, 20 day, 50 day and 100 day moving averages.
5 Day 1,325.00 50 Day 1,366.97 200 Day 1,219.27
20 Day 1,366.94 100 Day 1,369.56
Shareholding pattern:-

HAVELLS 2 - Shyam Advisory
Promoters holding 59.47 %, No change in Promoter holdings, No change in
Promoter pledged shares
P/E Ratio
1-Yr Return
(Best) P/E Ratio
30 DA Vol (m)
(Best) PEG Ratio
EPS (Rs.)
Shares Outstanding (cr)
Best EPS Curr (Rs.)
Price/Book Ratio
Price/Sales Ratio
Last Dividend