Lloyd FY26 performance: Havells reports 23% revenue fall and loss after weak summer demand

Havells India said Lloyd faced a difficult FY26, as revenue dropped 23 per cent. The company linked the decline to weak summer demand and high inventory in the channel. Havells said lower scale led to under-absorption of fixed costs. This, it added, reduced profitability sharply during the year.

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In FY26, Lloyd posted revenue of Rs 3,932.47 crore and a loss of Rs 202.95 crore. In the previous year, revenue stood at Rs 5,111 crore. Lloyd also reported a profit of Rs 130.75 crore in that period. Havells said Lloyd still progressed towards becoming a broader home-appliances business.

Lloyd revenue and air-conditioner segment performance

Havells said Lloyd kept building its channel reach and product range. The brand focused on air conditioners while adding scale in other appliances. Havells said Lloyd expanded its presence in washing machines, refrigerators and televisions. The annual report said this supported Lloyd’s plan to become a full home-appliances player.

The company said Lloyd stayed focused on strengthening channel presence and improving brand positioning. It also continued work on a "full stack\" portfolio across categories. Havells said elevated channel inventory and slower demand weighed on volumes. Havells said this reduced factory utilisation and increased fixed-cost pressure in FY26.

Lloyd manufacturing expansion and in-house production plans

Havells acquired Lloyds in May 2017 for an enterprise value of Rs 1,600 crore. The deal helped Havells enter household appliances and consumer electronics more directly. Havells said in-house manufacturing remained important for differentiation and premiumisation. Over time, Lloyd set up plants for air conditioners and washing machines.

Lloyd commissioned a refrigerator manufacturing facility at Ghiloth in Rajasthan in March 2026, ahead of schedule. Havells said the site can produce direct-cool and frost-free refrigerators. The commissioning marked Lloyd’s entry into in-house refrigerator production. The company also planned a fully automatic front-load washing machine plant, expected by December 2026.

Lloyd retail expansion, advertising spend and brand ambassadors

Havells said Lloyd continued adding stores and counters across general trade and modern retail. It also invested in salesforce productivity and in non-air-conditioner categories. To support consumer engagement, Lloyd kept spending on advertising and marketing. Havells listed brand ambassadors as Deepika Padukone, Ranveer Singh, Sourav Ganguly and Vijay Sethupathi.

Havells said it also prepared for future capacity needs in consumer goods and home appliances. The company acquired land and received a Letter of Intent from Yamuna Expressway Industrial Development Authority. The Letter of Intent covered 50 acres in the Electronics Manufacturing Cluster at Sector 10. The site is near Noida International Airport.

Havells said it kept a debt-free balance sheet and strong cash levels during FY26. The company said it remained focused on long-term value creation and corporate governance. Lloyd’s FY26 results reflected demand and inventory pressures. Havells said the brand still advanced its wider appliances strategy while adding manufacturing capacity.

With inputs from PTI