Street View- Havells India slides as margin concerns overshadow revenue beat

** Havells India HVEL.NS reported a 9.72% y/y rise in Q2 profit, while EBITDA margin narrowed to 9% from 9.3% a year earlier as rising input costs weighed on profitability.

** Shares of co fall 6.12% to 1,008.60 rupees

MARGIN RECOVERY REMAINS KEY CONCERN

** Nomura ("neutral"; cuts TP to 1,232 rupees from 1,361 rupees) flags rising competition and cost pressures, cutting FY27-FY29 earnings estimates by 1%-2% and lowering margin forecasts despite stronger revenue expectations

** JM Financial ("add"; cuts TP to 1,230 rupees from 1,300 rupees) cuts FY27-FY29 EPS estimates by 1%-5%, citing weaker margins in cables and wires, lighting and Lloyd consumer durables business

** UBS ("neutral", TP: 1,200 rupees) says higher advertising and research spending under co's distribution strategy could limit meaningful margin recovery in the near term

** HSBC ("buy", TP: 1,400 rupees) expects further price hikes of 5%-7% in Q3FY27 to help offset commodity inflation and support margin recovery; says Lloyd's performance and rising competition in cables and wires remain key risks