Models
HONEYWELL AUTOMATION INDHONAUTIndustrial Manufacturing
₹10,284per share · Base Model Note
Revenue growth, the horizon and scenarios are yours to change. Every other input is part of the Trader plan; saving, sharing a saved link and the live-formula workbook are part of the Institutional plan.
Scenario
Value per share, your model₹10,284implied FY26 P/E 16.5× · EV/EBITDA 14.3×
Against CMP ₹34,700.00−70.4%close of 2026-09-10
Growth the CMP implies45.0%revenue, a year for 5 years, on your other inputs
Value after FY3176%share of enterprise value in the terminal
This figure is the arithmetic of your inputs and nothing else. MarketPing publishes no fair value, target or rating; the model is yours.
Where the methods land · ₹ per share · the dashed line is the CMP
DCF, rate ±1 · growth ±1your model across the sensitivity grid
₹8,098₹14,645
52-week rangetraded range, a fact not a value
₹26,220₹41,495
From enterprise to equity · ₹ crore
| PV of FY27–FY31 free cash flow | 1,996 |
| PV of terminal value | 6,489 |
| Enterprise value | 8,485 |
| less net debt | 565 |
| less non-controlling interest | 0 |
| add non-operating investments | 0 |
| Equity value | 9,050 |
| ÷ 0.88 crore shares | ₹10,284 |
76% of the value sits after FY31. Usual when return on capital sits near the cost of capital; the 5 explicit years carry little of it.
Free cash flow, filed and modelled · ₹ '000 crore
Filed, cash from operations − capexModelled free cash flow to firm
Sensitivity · ₹ per share
Down Across| WACC ↓terminal growth → | 4.0% | 4.5% | 5.0% | 5.5% | 6.0% |
|---|---|---|---|---|---|
| 10.00% | 10,604 | 11,338 | 12,220 | 13,298 | 14,645 |
| 10.50% | 9,832 | 10,442 | 11,164 | 12,029 | 13,088 |
| 11.00% | 9,171 | 9,684 | 10,284 | 10,993 | 11,843 |
| 11.50% | 8,598 | 9,036 | 9,541 | 10,129 | 10,825 |
| 12.00% | 8,098 | 8,474 | 8,904 | 9,400 | 9,978 |
The outlined cell is your model. Green figures sit above the CMP of ₹34,700.00; n/a marks a terminal growth at or above the discount rate. Steps: WACC and terminal growth ±0.5 point, growth ±2, margin ±1.
Distribution of outcomes · 4,000 draws · growth, margin and the discount rate vary together
| 10th · 50th · 90th percentile, ₹ per share | 8,530 · 10,220 · 12,300 |
| Draws below the CMP | 100% |
| Rank correlation with discount rate | −0.61 |
| Rank correlation with ebitda margin | +0.59 |
| Rank correlation with revenue growth | +0.46 |
Each driver is drawn from a PERT distribution between the lowest and highest value across your scenarios (or ±50% growth, ±20% margin when there is one scenario), with the discount rate ±1.5 points. Seeded, so the same inputs give the same picture.
Projected cash flow to the firm · ₹ crore
History Forward| ₹ crore | FY23 | FY24 | FY25 | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,448 | 4,058 | 4,190 | 4,682 | 5,244 | 5,873 | 6,578 | 7,367 | 8,251 |
| growth % | 16.9 | 17.7 | 3.2 | 11.8 | 12.0 | 12.0 | 12.0 | 12.0 | 12.0 |
| EBITDA | 519 | 589 | 585 | 593 | 666 | 746 | 835 | 936 | 1,048 |
| margin % | 15.0 | 14.5 | 14.0 | 12.7 | 12.7 | 12.7 | 12.7 | 12.7 | 12.7 |
| less depreciation | (52) | (54) | (54) | (54) | (58) | (65) | (72) | (81) | (91) |
| EBIT | 467 | 536 | 530 | 540 | 608 | 681 | 763 | 855 | 957 |
| less tax on EBIT | (140) | (158) | (176) | (198) | (221) | (248) | |||
| NOPAT | 400 | 451 | 505 | 565 | 633 | 709 | |||
| add depreciation | 52 | 54 | 54 | 54 | 58 | 65 | 72 | 81 | 91 |
| less capex | (28) | (32) | (28) | (33) | (37) | (50) | (66) | (86) | (109) |
| less working-capital build | — | (42) | (47) | (53) | (59) | (66) | |||
| Free cash flow to firm | 382 | 407 | 399 | — | 430 | 472 | 518 | 569 | 625 |
| Discount factor | 0.949 | 0.855 | 0.770 | 0.694 | 0.625 | ||||
| Present value | 408 | 404 | 399 | 395 | 391 |
History columns are the filed years (free cash flow there is cash from operations − capex, as filed); the base year and everything to its right come from the engine. Forward is the explicit horizon of the model itself: 3, 5 or 10 years, then flat.
The three statements, projected · ₹ crore · debt held at 0, dividends at 17.7% of profit
| ₹ crore | FY26 | FY27 | FY28 | FY29 | FY30 | FY31 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| EBIT | 540 | 608 | 681 | 763 | 855 | 957 |
| Interest at 8% on debt | 0 | 0 | 0 | 0 | 0 | |
| Profit before tax | 608 | 681 | 763 | 855 | 957 | |
| Profit after tax | 525 | 451 | 505 | 565 | 633 | 709 |
| Dividends | (93) | (80) | (89) | (100) | (112) | (126) |
| Balance sheet, year end | ||||||
| Cash | 565 | 914 | 1,297 | 1,716 | 2,173 | 2,672 |
| Working capital | 353 | 395 | 442 | 495 | 554 | 620 |
| Net block and other assets | 5,312 | 5,291 | 5,276 | 5,270 | 5,275 | 5,293 |
| Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity | 4,463 | 4,834 | 5,249 | 5,714 | 6,236 | 6,819 |
| Balance check | 0 | 0 | 0 | (0) | (0) | 0 |
| Cash flow | ||||||
| From operations | 466 | 522 | 585 | 655 | 734 | |
| Investing (capex) | (37) | (50) | (66) | (86) | (109) | |
| Financing (dividends) | (80) | (89) | (100) | (112) | (126) | |
| Net change in cash | 350 | 383 | 418 | 457 | 499 | |
| Free cash flow to equity | 430 | 472 | 518 | 569 | 625 | |
Other liabilities are held at their FY26 level, so the check tests only what the model moves: cash, working capital, net block and other assets, debt and equity. A non-zero check would mean the three statements no longer tie.
Scenarios side by side · ₹ per share
| Scenario | Template | Growth | Margin | Rate | Terminal | ₹ / share | vs CMP |
|---|---|---|---|---|---|---|---|
| Base · editing | DCF | 12% | 12.7% | 11.00% | 5% | ₹10,284 | (70.4)% |
A scenario is a full set of inputs under a name. Keep Base as the filed history carried forward; add Bull and Bear by saving the current inputs under those names and moving the two or three assumptions you actually hold a view on. The distribution above draws each driver between the lowest and highest value across your scenarios, so three scenarios give it a real range; with one scenario it falls back to fixed bands.