NSE: HONAUT · BSE: 517174
HONEYWELL AUTOMATION IND
Manufactures, services and trades industrial automation products in India, operating as the local arm of the parent's new Honeywell Technologies business. Revenue splits into three streams: manufacturing at 57% of turnover, services at 29% and trading at 14%. Exports account for 33.13% of turnover, with the rest sold domestically. The business employs 3,119 permanent staff and 7,385 staff in total. Materials are the dominant cost at 51.3% of revenue, followed by employee costs at 17.9%, and the company carries no debt. Material related party transactions with Honeywell International Inc (up to Rs 9,500 million) and Honeywell Measurex Ireland (up to Rs 7,700 million) for FY26-27 show significant group-entity engagement. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Manufacturing (57%), Services (29%), Trading (14%). Asset-light industrial automation with zero debt, split across manufacturing, services and trading
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,948 | 3,448 | 4,058 | 4,190 | 4,682 |
| EBITDA (ex other income) | 433 | 519 | 589 | 585 | 593 |
| margin % | 14.7 | 15.0 | 14.5 | 14.0 | 12.7 |
| Owners' profit | 339 | 438 | 501 | 524 | 525 |
| EPS, as reported (₹) | 383.57 | 495.40 | 567.13 | 592.15 | 593.81 |
| ROE % · ROCE % | 12.0 · 16.0 | 13.7 · 18.5 | 13.9 · 18.5 | 13.0 · 17.2 | 11.8 · 15.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 264 | 410 | 439 | 426 | 493 |
| Capex | (13) | (28) | (32) | (28) | (33) |
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 | 1,024 | 1,091 | 1,115 | 1,183 | 1,149 | 1,169 | 1,181 | 1,204 |
| Profit before tax | 155 | 176 | 190 | 168 | 161 | 165 | 215 | 203 |
| Net profit | 115 | 132 | 140 | 125 | 120 | 121 | 160 | 151 |
| EPS (₹) | 130.18 | 149.35 | 158.26 | 140.95 | 135.13 | 137.08 | 180.60 | 170.45 |
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 | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND ◆ | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 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) | 49.1 | 26.7 | 90 of 130 | 31% |
| P/B | 6.0 | 3.1 | 81 of 112 | 28% |
| ROCE | 15.5 | 11.3 | 49 of 142 | 66% |
| ROE | 11.8 | 9.8 | 41 of 113 | 64% |
| Debt / Equity | 0.0 | 0.2 | 1 of 113 | 80% |
| EBITDA margin | 18.2 | 12.4 | 31 of 110 | 73% |
| Revenue growth | 1.8 | 20.6 | 78 of 114 | 32% |
| Profit growth | 20.9 | 17.1 | 54 of 109 | 51% |
| Market cap | 26932 | 273 | 3 of 141 | 99% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Honeywell Automation India Q2 profit rises 11.9 percent year on year | compliance | minimal | — | — |
| 27 Oct 2026 · Board appoints Pamela Banerjee as Internal Auditor | management changes | medium | — | — |
| 27 Oct 2026 · Profit rises faster than revenue as cash generation slows | results | high | — | — |
| 27 Oct 2026 · September quarter revenue up 6.5%, profit rises 11.9% | results | high | — | — |
| 5 Oct 2026 · Routine compliance certificate for share dematerialisation filed with exchanges | compliance | minimal | — | — |
| 1 Oct 2026 · Board meeting on Oct 27, 2026 to consider Q2 and H1 FY27 results | results | low | — | — |
| 28 Sept 2026 · Trading window closed ahead of Q2 and H1 FY26 results | compliance | minimal | — | — |
| 16 Sept 2026 · Honeywell Automation notifies loss of share certificates | compliance | minimal | — | — |
| 9 Sept 2026 · Notice of Lost Share Certificate by Shareholder | compliance | minimal | — | — |
| 19 Aug 2026 · Newspaper notice for loss of share certificates | compliance | minimal | — | — |
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.