New Delhi, Oct. 24 -- Havells India Ltd investors had to contend with a modest earnings performance in the September quarter (Q2FY26). Continued weakness in demand for summer products and other consumer appliances led to a modest 5% year-on-year revenue growth of Rs.4,779 crore.

A shorter-than-usual summer in 2025 meant fewer cooling products flying off the shelves. Plus, there was an overhang of higher channel inventory. With a lot of air conditioners, fans and coolers left unsold, growth and margins were dented, and working capital increased. But a relief is that this may be a blip.

According to the management, it has been working closely with dealers to boost offtake, and they expect channel inventories to normalize by the end of Q3F...