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Model Note · HONEYWELL AUTOMATION IND · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
HONEYWELL AUTOMATION IND Discounted cash flow · base FY26
HONEYWELL AUTOMATION IND
Value per share, this model₹10,284
CMP 2026-09-10₹34,700.00
Difference(70.4)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of HONEYWELL AUTOMATION IND, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
12% a year
FY26 11.8% · 5-yr CAGR 9.0%
EBITDA margin
12.7%
FY26 12.7% · 5-yr average 14.2%
Depreciation · capex, % of revenue
1.1% · 0.7%, fading to 1.2× depreciation
FY26 1.1% · 0.7%
Working capital, % of added revenue · tax
7.5% · 25.9%
28 working-capital days · effective 25.9%
Discount rate
11.00%
1-yr beta 0.8
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(565) · ₹0 · ₹0 cr
FY26 net debt ₹(565) cr
Shares
0.88 crore
0.88 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
4,682
5,244
5,873
6,578
7,367
8,251
growth %
11.8
12.0
12.0
12.0
12.0
12.0
EBITDA
593
666
746
835
936
1,048
Depreciation
(54)
(58)
(65)
(72)
(81)
(91)
NOPAT
400
451
505
565
633
709
less capex
(33)
(37)
(50)
(66)
(86)
(109)
less working-capital build
—
(42)
(47)
(53)
(59)
(66)
Free cash flow to firm
—
430
472
518
569
625
Present value
408
404
399
395
391
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · HONEYWELL AUTOMATION IND · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,996
PV of the terminal value (76% of EV)
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
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
10,604
11,338
12,220
13,298
14,645
10.5%
9,832
10,442
11,164
12,029
13,088
11.0%
9,171
9,684
10,284
10,993
11,843
11.5%
8,598
9,036
9,541
10,129
10,825
12.0%
8,098
8,474
8,904
9,400
9,978
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
