I think the challenge Havells is facing recently are mainly:
- Polycab taking more business in wires and cables business.
- The growth in the Lloyd part of business is slow.
- Also there are many new entrants in the lighting category.
So I see them as continuous headwinds for a company asking such high PE.
I was invested in Havells, but moved out 6 months back and moved to Polycab instead whose earnings are growing at fast face and the valuations are still in affordable range.