Guidance ledger · Q4 FY26

Havells India Ltd HAVELLS

4 revisions on record · 0 lowered · 0 raised — the strikethrough is what management used to say

refuses forward guidance · held across quarters

Holding view → · latest concall · The pulse

→ narrowed FY27 volume / value growth outlook Q3 FY26 → Q4 FY26

~~directional 'good growth' on low base (Q3FY26)~~ → no number - war / cost uncertainty

“right now it would not be right for me to give any number”

↔ widened Weighted-average price hike magnitude Q3 FY26 → Q4 FY26

~~5% to 10% (Q3FY26)~~ → 5% to 20% across product ranges

“in many product ranges, it ranges between 5% to 20%”

→ narrowed Solar / renewables 3-5 year revenue framework Q1 FY26 → Q3 FY26

~~INR1,000-1,500 cr in next couple of years (soft)~~ → no targets - qualitative growth conviction only

“We generally don't keep any targets. We do believe in no targets in the company.”

↔ widened Switchgear contribution margin band Q1 FY26 → Q2 FY26

~~38% to 40%~~ → 37% to 40%

“37% to 40% is the right range to assume, depending upon the product mix in a particular quarter”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.