Havells' Q1FY27 margin slips 230bps to 7.2% on A&P surge despite 20% revenue growth
Revenue rose 20% YoY to ₹6,518 crore led by cables (+27%) and renewables (+236%), but EBITDA margin fell to 7.2% as A&P spend hit ₹286 crore. Recovery bets on A&P normalizing to 2.7-2.8% of revenue and 7-8% price hikes (up to 20% in some categories) in FY27, alongside ₹1,400 crore capex plan.
Havells India's Q1FY27 revenue rose 20% but Ebitda margin fell to 7.2% on higher A&P spend; price hikes and normalized A&P expected to aid FY27 margin recovery.