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At least three downgrades after Q4 results take Havells India shares down by 6%Despite the downgrades, 29 out of the 39 analysts who cover the stock have a "buy" rating, while only three have a "sell" rating. Seven have a "hold" recommendation.By Upasana Bhatt   |  Hormaz Fatakia   April 23, 2026, 10:04:25 AM IST (Updated)2 Min ReadShares of Havells India Ltd. are the worst performers on the Nifty 500 index on Thursday, April 23, after some cautious management commentary after its March quarter results prompted at least three analysts to downgrade the stock.

Despite the downgrades, 29 out of the 39 analysts who cover the stock have a "buy" rating, while only three have a "sell" rating. Seven have a "hold" recommendation.

Brokerage firm Morgan Stanley downgraded the stock to "underweight" from its earlier rating of "equalweight", and cut its price target to ₹1,171 from ₹1,532 earlier.

HDFC Research has also downgraded the stock to "add" from its earlier rating of "buy" and cut its price target to ₹1,470 from ₹1,520.

The third downgrade came from JM Financial, who also downgraded it to "add" from "buy" and cut its price target to ₹1,490 from ₹1,750 earlier.

During its earnings call, the management of Havells expressed a cautious outlook, citing sharp raw material inflation across categories. It said that although the summers have begun on a good note, demand is yet to pick up.

The management also said that gas availability remains an issue on the production side and that the company is taking steps to mitigate the same.

CLSA maintained its "outperform" rating on the stock with a price target of ₹1,535. The brokerage said that unseasonal rains, slow onset of summer and pre-buying have impacted Havells' cooling products business, but low base and harsher summer augurs well for growth in the first quarter of the new financial year.

HSBC also maintained its "buy" rating on Havells and cut its price target to ₹1,560 from ₹1,700 earlier. The brokerage cut its growth estimates for Havells, mainly in ECD and Lloyd segments.

Nomura has also retained its "buy" rating on Havells but cut revenue estimates by 4% and margin estimates by 60 basis points to 10.7% for financial year 2027, leading to a 11% cut in estimates for Earnings Per Share (EPS).

Shares of Havells are trading 5.4% lower on Thursday at ₹1,275.3. The stock is now down 10% so far this year.Continue ReadingFirst Published: Apr 23, 2026 9:59 AM ISTTagsHavells IndiaQ4 resultsshare market today