Rajeev Mantri of Navam Capital presented his investment thesis on Havells India Limited (HIL) (India: 517354) at Asian Investing Summit 2021.

Thesis summary:

Havells India is an industry-leading, best-in-class electrical goods and consumer durables manufacturer in India with a market capitalization of INR 645 billion / US$ 8.8 billion. The company is well-positioned to capitalize on rising per-capita incomes in India, which provide a strong tailwind and should lead to higher discretionary spending on electrical goods and consumer durables.

With a strong R&D focus, a track record of profitable growth, superior financial management, and strong emphasis on nationwide distribution, HIL has the opportunity to emerge as a global-scale player in its industry while it enables the transformation and modernization of the Indian home.

Along with the rise of the domestic market and enabling government policy, HIL is also positioned to capture large export opportunities. A shakeout of subscale, non-organized sector players in the Indian electrical goods industry through the Covid crisis has strengthened HIL.

The company’s leading-edge capabilities, proven leadership, and growth headroom should lead to substantial earnings growth in the years to come.

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About the instructor:

Rajeev Mantri is managing director of Navam Capital, an India-focused investment firm. Prior to founding Navam Capital, Rajeev worked as a venture capitalist at New York-based Lux Capital, focusing on investments in energy, water and nanomaterials.

Rajeev has contributed columns and articles on technology, investing, venture capital and political economy to The Wall Street Journal, Mint, Swarajya, Financial Times, The Indian Express, The New York Times International Weekly, Roubini Global Economics, and other publications.

In August 2010, Rajeev co-founded Vyome Therapeutics, a biopharmaceuticals company, and served as Vyome’s president through the company’s formative years.

Rajeev graduated with a BS in materials science and engineering from Northwestern University, and an MBA from Columbia Business School, specializing in private equity and value investing.

Rajeev is the author (with Harsh Madhusudan) of the book, A New Idea Of India, an international bestseller on the history and future of modern India covering a diverse range of topics in economics, foreign policy and politics.

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