Havells India Ltd is a leading fast-moving electrical goods (FMEG) company and a major power distribution equipment manufacturer with a strong global footprint. In this interaction with Rakesh Rao during Elecrama 2025, Vivek Yadav, Executive Vice President, Havells India Ltd, shares insights into emerging trends in the switchgear industry and the company’s growth plans.

How has the switchgear market performed in recent years, and how has Havells performed in this business?

Over the past few years, the switchgear market has been growing at a high single-digit rate. Following the setbacks caused by the pandemic, the market has seen significant growth, particularly in the infrastructure segment, which has performed exceptionally well. Additionally, the demand for switchgear has increased in the commercial and residential building sectors. 

At Havells, we have made substantial investments over the last four to five years to upgrade our entire product portfolio. At Elecrama, we are showcasing the results of our efforts, displaying the products that have successfully made it to the market.

What are the key drivers of growth in the switchgear market?

The primary growth drivers in this industry include power gear and control gear, both of which are witnessing increasing demand due to rising electrification, particularly in smaller towns. This surge is largely driven by the need for final distribution products. Additionally, the government's strong focus on infrastructure development has significantly contributed to the expansion of the switchgear business.

The market for power gear and control gear is estimated to be around Rs 10 billion and has been growing at a high single-digit rate over the last five years. The future outlook remains positive, as India's economic growth is largely driven by rising consumer demand, a growing middle class, and a strong infrastructure push from the government.

What is your division’s contribution to the overall revenue of the group?

The overall revenue of the group has been expanding rapidly. Industrial products division has also been growing steadily. Currently, our business contributes approximately 3-4% per cent of Havells' total revenue. When considering the broader switchgear category—including consumer-side switches—this segment accounts for nearly 8% of the company's total revenue.

What are the emerging trends in the switchgear market, and how is Havells capitalizing on these opportunities?

Switchgear is becoming increasingly digitalized and more communicable. Both B2B and B2C consumers are now seeking solutions that provide real-time information accessible on mobile devices and computer screens. As a result, digitalization is playing a crucial role in the evolution of switchgear.

Are there any new innovations your division is highlighting at Elecrama?

Yes, everything I have mentioned can be seen in our latest product offerings. We are expanding our product range to stay competitive in the market. The features of our products are not only on par with the best in the industry but, in some cases, even offer a competitive edge. All our showcased products are digitized, allowing users to remotely control operations and monitor all key parameters on their mobile devices or laptops.

What is your division’s growth strategy moving forward?

Currently, Havells’ exports account for a small portion of the total business, with around 5 per cent of total. Notably, almost 50 per cent of this export revenue comes from the switchgear segment. In terms of expansion, we continue to invest in growing our capabilities. Today, we have built substantial production capacity, enabling us to meet all kinds of market demands efficiently.