NSE: HONDAPOWER · BSE: 522064
HONDA I POWER PRODUCT LTD
Manufactures industrial power products in India under the Honda brand, operating in the Industrial Products segment with FY26 revenue of Rs 865.45 crore. Material related party transactions involve Honda Motor Co. Japan and American Honda Motor, including export sales to Honda Japan whose limit was raised to Rs 10,500 lakhs for FY27 from Rs 4,500 lakhs. The workforce stood at 1,118 workers and staff as of the FY26 BRSR filing. Materials are the largest cost input at 49.4% of revenue, followed by employee costs at 16.1% and other operating expenses at 16.0%. FY26 net profit was Rs 64.24 crore on total assets of Rs 1,031.82 crore, with an EBITDA margin of 12.6%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Industrial power products, Exports (22%). Industrial manufacturing with Honda group related party exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,156 | 1,246 | 989 | 794 | 865 |
| EBITDA (ex other income) | 102 | 118 | 103 | 88 | 72 |
| margin % | 8.8 | 9.4 | 10.4 | 11.0 | 8.3 |
| Owners' profit | 75 | 85 | 92 | 80 | 64 |
| EPS, as reported (₹) | 73.48 | 83.89 | 90.91 | 78.81 | 63.33 |
| ROE % · ROCE % | 11.1 · 15.0 | 11.5 · 15.7 | 11.4 · 15.3 | 9.3 · 12.5 | 8.0 · 10.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 37 | 157 | 106 | 22 | (11) |
| Capex | (15) | (28) | (22) | (40) | (51) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 177 | 204 | 269 | 155 | 176 | 270 | 265 | 189 |
| Profit before tax | 11 | 26 | 49 | 13 | 15 | 23 | 35 | 15 |
| Net profit | 9 | 19 | 36 | 9 | 11 | 17 | 27 | 11 |
| EPS (₹) | 8.42 | 18.82 | 35.65 | 9.35 | 11.01 | 16.43 | 26.54 | 10.94 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.9 | 26.5 | 68 of 130 | 47% |
| P/B | 2.3 | 3.1 | 47 of 112 | 59% |
| ROCE | 10.7 | 11.3 | 77 of 142 | 46% |
| ROE | 8.0 | 9.8 | 69 of 113 | 39% |
| Debt / Equity | 0.0 | 0.2 | 1 of 113 | 80% |
| EBITDA margin | 11.6 | 12.4 | 60 of 110 | 46% |
| Revenue growth | 22.2 | 20.6 | 55 of 114 | 52% |
| Profit growth | 17.1 | 17.1 | 55 of 109 | 50% |
| Market cap | 1835 | 279 | 35 of 141 | 76% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board meeting scheduled for November 5, 2026 | results | low | — | — |
| 7 Oct 2026 · Quarterly RTA compliance certificate filed for July-September 2026 | compliance | minimal | — | — |
| 6 Oct 2026 · Newspaper ad on SEBI special window for dematerialisation of physical shares | compliance | minimal | — | — |
| 24 Sept 2026 · Trading window closed for Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Trading Window Closure Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 9 Sept 2026 · Income tax assessment order for AY 2023-24 with Rs 29.82 Cr demand; no material impact cited | business updates | medium | — | — |
| 31 Aug 2026 · Honda India Power Products appoints Hideki Sawauchi as Senior Management Personnel | management changes | medium | — | — |
| 27 Aug 2026 · Honda India Power Products: 41st AGM voting results - all 10 resolutions passed | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Honda India Power: Sameer Jain appointed Whole-Time Director for 5 years | management changes | medium | — | — |
| 26 Aug 2026 · Honda India Power Products appoints Sameer Jain as Whole-Time Director | management changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.