Havells India Limited, a fast-moving electrical goods company, manufactures, trades, and sells various consumer electrical and electronic products in India and internationally. It operates through six segments: Switchgears, Cables, Lighting and Fixtures, Electrical Consumer Durables, Lloyd Consumer, and Others. The company offers switches; switchgears, such as circuit breakers, energy savers, human safety equipment, distribution boards, surge protection devices, and control and monitoring devices, as well as magnetic contractor, thermal overload relays, and starters; lighting products; appliances, including cooking, food preparation, brewing, garment care, and climate control appliances; air purifiers; and flexible, power, control, and fire survival cables. It also provides fans comprising ceiling, table, pedestal, wall, ceiling mounting, personal, and domestic exhaust fans; storage, instant, instantaneous gas, solar, linea online, heat pump, and auto immersion water heaters; centrifugal, mono block, submersible, borewell and sewage submersible, and pressure pumps; water purifiers; air conditioners; televisions; refrigerator; washing machines; dishwashers; air circulators; heavy duty exhaust fans; and air coolers. In addition, the company crane duty, smoke, brake, inverter duty, and energy efficient motors; reactive power solutions; personal grooming products; solar rooftop on grid, solar off grid, solar portables, and solar on grid inverter solutions; and power solutions, including power capacitors, IOT enabled IPFC relays, HD harmonic detuned reactors, IOT enabled APFC panels, high PIV thyristor switches, SVG and active harmonic filters, and hybrid panels. The company offers its products under the Havells, Lloyd, Crabtree, Standard, and REO brands. It also exports its products to approximately 70 countries. Havells India Limited was founded in 1958 and is based in Noida, India.

BUILD UP FREE CASH	2023-03-31 (A)	2024-03-31 (A)	2025-03-31 (A)	2026-03-31 (E)	2027-03-31 (E)	2028-03-31 (E)	2029-03-31 (E)	2030-03-31 (E)
Revenue	169,107.3	185,900.1	217,780.6	230,617.5	266,093.4	303,172.7	303,172.7	303,172.7
Revenue % Chg.	21.3%	9.9%	17.1%
EBIT	13,031.1	15,041.2	17,455.6	18,718.3	24,109.8	28,557.6	28,557.6	28,557.6
EBIT Margin	7.7%	8.1%	8%
Tax Rate	25.9%	25.6%	26.1%
NOPAT	9,651.2	11,194.9	12,893.3	13,975.1	17,969	21,268.2	21,268.2	21,268.2
NOPAT Margin	5.7%	6%	5.9%	6.1%	6.8%	7%	7%	7%
D&A	2,887	3,306	3,915.9	4,437.8	4,992.2	5,545.6	5,545.6	5,545.6
D&A / Revenue	1.7%	1.8%	1.8%
Capex	-5,877.9	-7,860.7	-7,659.5	-12,352.4	-9,455.6	-8,781.7	-8,781.7	-8,781.7
Capex / Revenue	-3.5%	-4.2%	-3.5%
Chg. NWC	-7,104.6	4,271.5	-2,437.8	-2,323.8	-2,681.2	-3,054.9	-3,054.9	-3,054.9
Chg. NWC / Revenue	-4.2%	2.3%	-1.1%
Unlevered FCF (UFCF)	-444.3	10,911.7	6,711.9	3,736.7	10,824.3	14,977.3	14,977.3	14,977.3
UFCF % Chg.	-103.1%	-2,555.8%	-38.5%	-44.3%	189.7%	38.4%	0%	—
PV of UFCF	—	—	—	3,336.9	8,631.8	10,665.6	9,524.4	8,505.3
Sum of PV of UFCF	—	—	—	3,336.9	11,968.7	22,634.3	32,158.7	40,664

Cost of Debt
Tax Rate
After Tax Cost of Debt	8.5%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	12%
Total Debt	3,185.4
Market Cap	891,081.1
Total Capital	894,266.5
Debt Weighting	0.4%
Equity Weighting	99.6%
WACC	12%

Exit Multiple EV/FCF
Terminal Value	879,493
PV of Terminal Value	446,002.4
Cumulative PV of UFCF	40,664
Net Debt	-11,756.7
Equity Value	498,423.1
Shares Outstanding	627.3
Implied Share Price	794.6
Current Share Price	1,433.5
Implied Upside / (Downside)	-44.6%