Havells India shares fell 3.5% to Rs 1,762.9 in Friday’s trade on BSE after reporting a 7.5% YoY increase in profit after tax (PAT) to Rs 267.77 crore for the quarter ended September 2024, compared to Rs 249.08 crore in the same period last year.Revenue from operations surged 16.4% YoY to Rs 4,539.31 crore from Rs 3,900.33 crore. However, on a quarter-on-quarter (QoQ) basis, PAT declined 34.3% from Rs 407.51 crore, while revenue fell nearly 22%. The company posted EBITDA growth of 1.7% at Rs 380 crore.The company reported decent growth in switches and domestic switchgear. However, industrial switchgear (IP) growth was impacted by a higher base due to large institutional orders last year.Strong volume growth in the cable segment was predominantly driven by wire, which was also aided by spillover from Q1 destocking and a robust volume growth sustained in the lighting segment with the pricing gradually stabilising.Should you buy, sell, or hold Havells' stock? Here's what analysts say:JefferiesJefferies maintained a 'Hold' rating while slightly cutting the target price to Rs 1870 from Rs 1880, as a margin miss offsets healthy sales growth.Sales were driven by Cables & Wires (C&W), Electrical Consumer Durables (ECD), and Lloyd, while performance in Switchgears and Lighting remained tepid. Margins in several segments declined due to advanced advertising and promotional (A&P) expenses, influenced by the festive season shift and volatile commodity prices. Jefferies has also cut FY25-27 EPS estimates by 4-5%, now expecting a 19% EPS CAGR.InvestecInvestec maintained a 'Hold' rating while cutting the target price to Rs 1850 from Rs 1910, citing a margin miss despite decent performance from Lloyd. The firm has lowered its margin expectations for FY25-27, leading to a 3-5% reduction in EPS estimates.Goldman SachsGoldman Sachs maintained a 'Buy' rating and raised the target price to Rs 2100 from Rs 1900 following an earnings review that showed strong growth but lagging margins.Lloyd delivered a positive surprise even in a seasonally soft quarter, though weak EBIT margins point to rising competition. Despite margin concerns, Goldman expects an earnings inflection soon, anticipating the stock will outperform its peers.