Havells partners Norway's Pixii to enter battery energy storage systems in India

Havells India ties up with Pixii AS to launch battery energy storage systems for small-scale, commercial and industrial segments, with a phased roadmap toward local manufacturing. Q4 EBITDA fell 4.5% YoY to ₹727 crore at a 10.8% margin.

— Source publishedThu, 9 Jul, 2026, 17:26 IST·First seen Thu, 9 Jul, 2026, 17:34 IST·Source CNBC-TV18 · Companies

What happened

Havells India partners Norway's Pixii AS to enter battery energy storage systems for the Indian market, targeting small-scale, commercial and industrial

Key facts

  • EBITDA ₹727 crore
  • EBITDA down 4.5% YoY
  • EBITDA margin 10.8%
  • cable revenue up 14%
  • share ₹1,191.50 down 1.40%

Why this matters

The Pixii AS partnership signals a technology-access entry model with a localization endgame—track milestone triggers on the phased India manufacturing roadmap and potential deepening toward JV or M&A.

What to watch

  • First BESS order wins or pilot deployments disclosed
  • Local manufacturing capex announcement and site selection
  • Government ACC/energy-storage incentive or tender activity
  • Q1/Q2 FY26 margin trajectory vs the 10.8% base
  • Competitor moves (Tata, Exide, Amara Raja, Reliance) in Indian BESS
  • Havells announces initial product SKUs and target segments (residential storage, C&I peak shaving)
  • Distribution tie-ups with EPC/solar installers to bundle BESS with existing solar/switchgear lines
  • Guidance update on capex earmarked for a local BESS assembly line and PLI application
  • Cost-control focus to arrest EBITDA margin slide seen in Q4

Also reported by