Havells’ dealer network has expanded at a 12.7% CAGR over FY16–25. Retailer network has expanded to 260,000 retailers in FY25, from ~100,000 in FY16 expanding at a CAGR of 11.6%.NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.ICICI Securities ReportWe remain constructive on Havells India Ltd., as its FY25 annual report indicates aggressive investments across key business parameters such as R&D, distribution, branding and capex. Takeaways:Havells’ capex in cables and white goods augurs well. Retailer network has expanded to 260,000 in FY25, from ~100,000 in FY16 – at a CAGR of 11.6%. The electrician network has expanded from 150,000 in FY16 to 301,000 in FY25. Havells has invested Rs 6,244 million towards brand-building activities. Given its investments in BTL activities, we believe Havells has probably a higher share-of-voice than most peers.With operating leverage, cost-saving initiatives and investments in market share gains, Lloyd has turned profitable in FY25, having posted losses over FY22-24. We remain positive on Havells given its strong competitive advantages such as wide product portfolio, strong distribution network and established brand portfolio. We maintain Buy with a DCF-based target price of Rs 1,800, implying target P/E of 53x FY27E.Click on the attachment to read the full report:JSW Steel's Superior Execution, Value-Added Special Products To Drive Growth Says PL Capital— Maintains Hold DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.Users have no license to copy, modify, or distribute the content without permission of the Original Owner.. Read more on Research Reports by NDTV Profit.