Is Havells India overvalued or undervalued?

As of 4 November 2025, Havells India has moved from expensive to fair in its valuation grade. The company is currently fairly valued, with a PE ratio of 63.59, an EV to EBITDA ratio of 37.13, and a Price to Book Value of 1.07. These ratios indicate that while the company is not undervalued, it is also not excessively priced compared to its recent history.
In comparison to its peers, Havells India has a significantly higher PE ratio than Polycab India, which stands at 46.24, and KEI Industries at 48.3, both of which are considered expensive. Notably, Finolex Cables, categorized as attractive, has a much lower PE ratio of 19.53, highlighting the relative valuation landscape within the industry. Despite recent underperformance against the Sensex over the past year, where Havells has returned -8.91% compared to the Sensex's 5.94%, its long-term growth potential remains promising with a 497.50% return over the last decade.