Transcript of the Earnings Call held on 17th July 2026 to discuss the financial results of the Company for the first quarter ended 30th June 2026.

HAVELLS GROUP 21st July, 2026 The National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor Phiroze Jeejeebhoy Towers Plot No. C/1, G Block Dalal Street Bandra Kurla Complex Mumbai- 400 001 Bandra (E) Mumbai- 400 051 Scrip Code : 517354 NSE Symbol : HAVELLS Sub: Transcript of Earnings Call with respect to Financial Results for the first quarter ended 30th June, 2026 Dear Sir, This is with reference to the Company intimation dated 14th July, 2026 filed with the stock exchanges in terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding the conference call to discuss the financial results for the first quarter ended 30th June, 2026 scheduled for 17th July, 2026. Further to the audio recording filed with the stock exchanges already, we are enclosing the Transcript of the Earnings Call. The same is also available on the website of the Company under Financials in the Investors section. This is for your information and records. Thanking you. Yours faithfully, for Havells India Limited (Sanjay Kumar Gupta) Company Secretary Encl: As above HAVELLS INDIA LTD. Corporate Office: QRG Towers, 2D, Sector 126, Expressway, Naida -201304, U.P (INDIA). Tel: +91-120-3331000, Fax: +91-120-3332000, E-mail:marketing@havells.com,www.havells.com Registered Office: 904, 9th Floor, Surya Kiran Building, K.G. Marg, Connaught Place, New Delhi -110001. (INDIA) For CARE 360, Call us: for Havells: 08045771313, for Lloyd: 08045775666. GIN: L31900DL 1983PLC016304 M HAVELLS I LLO~!:) I HAVELLS erabtree I S STANDARD I R£ HAVELLS Havells India Limited Q1 FY27 Earnings Conference Call July 17, 2026 C H O R L L' HAVELLS /CIC/ Securities MANAGEMENT: MR. ANIL RAI GUPTA – CHAIRMAN AND MANAGING DIRECTOR – HAVELLS INDIA LIMITED MR. RAJESH KUMAR GUPTA – WHOLE-TIME DIRECTOR AND GROUP CFO – HAVELLS INDIA LIMITED MR. AMEET KUMAR GUPTA – WHOLE-TIME DIRECTOR – HAVELLS INDIA LIMITED MR. RAJIV GOEL – EXECUTIVE DIRECTOR – HAVELLS INDIA LIMITED MODERATOR: MR. ANIRUDDHA JOSHI – ICICI SECURITIES Page 1 of 16 HAVELLS Havells India Limited July 17, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Havells India Q1 FY27 Earnings Call. As a reminder, all participant lines will be in a listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference has been recorded. I now hand over the call to Mr. Aniruddha Joshi from ICICI Securities. Thank you, and you to Mr. Aniruddha Joshi. Aniruddha Joshi: Yes. Thanks, Sumit. On behalf of ICICI Securities, we welcome you all to Q1 FY27 Results Conference Call of Havells India Limited. We have with us today senior management represented by Mr. Anil Rai Gupta, Chairman and Managing Director, Mr. Rajesh Kumar Gupta, Whole-Time Director and Group CFO, Mr. Ameet Kumar Gupta, Whole-Time Director, and Mr. Rajiv Goel, Executive Director. Now I hand over the call to the management for initial comments on the quarterly performance. Then we will have the question-and-answer session. Thanks, and over to you, Anil Rai Gupta, sir. Anil Rai Gupta: Thank you. Good evening, everybody. Thank you for attending the call today. Hope you would have reviewed the results by now. We delivered strong revenue growth in the first quarter as the demand was resilient despite inflationary pressures and the uncertainties arising from the West Asia situation. During quarter 1, a decent summer supported cooling products demand, although a delayed onset restricted the full benefit of the season. Given significant raw material inflation, we undertook calibrated and staggered price hikes across the categories to offset the impact. Encouraging to see that the consumer categories held well and absorbed price hikes. Each category showed strength, and we are positive to build further from here. Renewables business continued to scale rapidly with robust growth in revenues, leveraging sector tailwinds. From this quarter, we have begun reporting Renewables as a separate segment. During the quarter, as planned, we significantly stepped up brand building efforts, led by mass media with advertising spends more than doubling year-on-year. While this front-loading of investments impacted the quarter profitability, these will normalize during the rest of the year. We expect the demand environment to improve further and have a healthy outlook on the margins. We can now move to Q&A. Moderator: Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Balasubramanian from Arihant Capital. Page 2 of 16 HAVELLS Havells India Limited July 17, 2026 Balasubramanian: Sir, on the lighting side, I think earlier you have confirmed about ASP declines have stabilized. And how is that pricing and volumes for this quarter, sir? Anil Rai Gupta: Yes. As far as lighting is concerned, we have said that the pricing has stabilized. In fact, we may start seeing some price hikes in the coming times because of the electronics. But otherwise, generally speaking, it has stabilized and hence, we are seeing some volume growth now in the business. Balasubramanian: Okay, sir. Sir, on the switchgear side, majorly impacted by West Asia export disruptions. So I'm trying to understand what is the mix of domestic and international for switchgears? And is there any margin difference profiles compared to domestic and the international side? We have seen around 260 basis point margin erosion in that segment. Anil Rai Gupta: Rajiv, would you like to take this? Rajiv Goel: Yes. The international business is normally 15%, but it varies from quarter-to-quarter. And that's why it has been impacted, but we are expecting this to rebound this quarter. It primarily happened because there are no vessels going, but things have considerably eased since then. So we are very confident that Q2 will see a good growth in the international and overall switchgear segment. The domestic demand has been fairly stable. Balasubramanian: Okay, sir. So my last question on the renewable side. I think we have seen impact on the margin side, whether it's -- if you could quantify in terms of product mix shift, higher -- in terms of like higher share of solar pumps, maybe lower margin versus other products and competitive pricing pressure on solar module market and raw material side. If you could break down those impact on the margin side. And if you could also explain whether it's a timing of the project side or is there any other reasons? Rajiv Goel: I think you're asking about renewable. Solar pumps still is not very significant in this. I think that should come in the ensuing quarters. And largely, it has been because there has been a strong demand on the panel side. And as you know, panels have slightly lower margin than the inverters. But that also we expect to improve, you see in the coming quarters. So I think renewable, we believe, is holding pretty well in the margins considering the industry scenario. And as we move more towards the consumer side of the business, we are expecting improvement in the margins on the renewable side as well. Balasubramanian: We can expect in the H2, sir? Rajiv Goel: Yes, that's right, next quarters. Moderator: The next question is from the line of Natasha Jain from PhillipCapital. Page 3 of 16 HAVELLS Havells India Limited July 17, 2026 Natasha Jain: My first question is, if I see across the major revenue contributors, which is Lloyd, ECD and cables, our top line growth has slightly lagged the industry growth. So first off, I want to understand, is it because we took sharper price hikes and therefore, maybe lost on volumes? And if that is the case, from a very medium- to long-term perspective, could you call out what is the right mix between volume and pricing, especially given that there's int [Showing first 8,000 characters — download PDF for full document]