Eight years ago, Havells acquired Lloyd to become a household name in consumer electronics. Today, that dream has become its biggest headache.Lloyd's revenue dropped 18% in the September quarter. Warehouses are jammed with unsold air conditioners after an unusually short summer. And, in January, new energy-efficiency rules will make clearing old stock costlier.Despite tripling revenue, Lloyd's operating margins collapsed from 17% to -7% in four years. Lloyd has consumed over 3,000 crore rupees in capital—more than all other Havells verticals combined. Yet it remains India's third-largest AC brand, exactly where it was when Havells bought it. Where does the company stand right now?Tune in.Take this survey to share your best prompt.Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.

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