Honeywell Automation
HONAUT NSE
Honeywell Automation
Capital GoodsNSE: HONAUT BSE: 517174 Industrial Products
Key Fundamentals
SmallcapIndustrial ProductsCapital GoodsMarket Cap
₹30,136 Cr
Volatility
Low Risk
P/E Ratio
55.48
EBITDA
₹785 Cr
Return on Equity
11.76%
Debt to Equity
0.02
Book Value
₹5,048.35
EPS
₹604.64
52W High
₹41,495
52W Low
₹26,220
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 17.9%
- Company's working capital requirements have reduced from 36.9 days to 26.7 days
Weaknesses
2- The company has delivered a poor sales growth of 9.00% over past five years.
- Company has a low return on equity of 13.6% over last 3 years.
Growth Rate
Revenue Growth
11.19% higher than
3Y
Net Income Growth
0.27% lower than
3Y
Cash Flow Change
15.55% higher than
3Y
ROE
-9.33% lower than
3Y
ROCE
-8.73% higher than
3Y
EBITDA Margin (Avg.)
-7.98% lower than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAI opinion · based on fundamentals
Risk medium
Honeywell Automation India Ltd is a nearly debt-free capital goods company with a market cap of ₹30,136 Cr, trading at a PE of 54.7x. Revenue has compounded at 9% over five years with TTM sales growth of 7%, while ROE has averaged 14% over five years, declining to 13% in the last year. The stock has delivered a negative 1-year return of -7% and a negative 3-year CAGR of -5%, though its 10-year stock CAGR stands at 14%.
Bull Case 7
- The company is virtually debt-free, giving it a clean balance sheet with negligible financial risk and full flexibility to deploy capital into growth or return it to shareholders.
- Working capital efficiency has improved meaningfully, with working capital days declining from 36.9 days to 26.7 days, indicating tighter operational management and better cash conversion.
- 10-year compounded profit growth of 14% demonstrates a long track record of consistent earnings expansion over a full business cycle.
- 10-year compounded sales growth of 8% and 3-year sales CAGR of 11% show the business has been able to accelerate top-line momentum in recent years relative to its longer-term trend.
- The company maintains a healthy dividend payout ratio of 17.9%, providing a baseline of shareholder returns even if the stock price remains range-bound.
- 5-year and 10-year ROE averaging 14% and 16% respectively reflect a business that has historically generated above-cost-of-equity returns on a sustained basis.
- As a subsidiary of Honeywell International, the company benefits from access to global technology, R&D, and brand credibility in the Indian automation and capital goods market.
Bear Case 8
- The PE ratio of 54.7x is significantly elevated relative to broader market and capital goods sector averages, leaving limited room for earnings disappointment.
- 5-year compounded profit growth of just 3% is notably weak and lags the 10-year CAGR of 14%, signaling a material deceleration in earnings momentum over the medium term.
- ROE has trended down from a 10-year average of 16% to 13% in the last year, suggesting declining capital efficiency and potentially lower incremental returns on reinvested earnings.
- 5-year sales CAGR of 9% is modest for a company commanding a 54.7x PE multiple — the valuation implies significantly faster growth than what has been delivered historically.
- Stock price has delivered negative returns over 1-year (-7%), 3-year (-5% CAGR), and 5-year (-4% CAGR) horizons, indicating sustained underperformance and possible derating.
- Dividend yield of 0.32% provides negligible income support at current prices, offering little downside cushion during periods of price weakness.
- Price-to-book ratio of 6.76x implies the market is pricing in substantial future value creation, which is at odds with the recent slowdown in ROE from 16% to 13%.
- TTM sales growth of 7% has decelerated from the 3-year CAGR of 11%, raising questions about whether the recent top-line acceleration is fading.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 17d ago Positives 2
- Q1FY27 profit up 21% YoY Jul 30
Honeywell Automation India reported Q1FY27 net profit of ₹1,507 crore, up 21% YoY, with revenue growing to ₹12,508 crore.
- FY26 revenue grows 12% Jul 29
FY26 revenue rose 12% to ₹4,681.9 crore with net profit flat at ₹525 crore. Board declared ₹110 per share final dividend approved at 42nd AGM on July 29, 2026.
TL;DR: Honeywell Automation India is delivering solid top-line growth with Q1FY27 showing strong profit expansion of 21% YoY. FY26 saw 12% revenue growth though net profit remained flat, suggesting margin pressure in the full year that appears to have eased in Q1FY27. The ₹110 dividend signals confidence in cash flows. The trend is improving if Q1FY27 margins sustain through the year.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 932 | 1,104 | 1,071 | 951 | 960 | 1,024 | 1,091 | 1,114 | 1,183 | 1,149 | 1,169 | 1,181 | 1,204 |
| Expenses | 812 | 966 | 910 | 781 | 806 | 895 | 949 | 955 | 1,042 | 1,018 | 1,021 | 996 | 1,032 |
| Operating Profit | 121 | 138 | 161 | 170 | 154 | 129 | 142 | 159 | 142 | 132 | 148 | 185 | 172 |
| OPM % | 13% | 13% | 15% | 18% | 16% | 13% | 13% | 14% | 12% | 11% | 13% | 16% | 14% |
| Other Income | 33 | 40 | 28 | 42 | 44 | 41 | 50 | 47 | 42 | 44 | 34 | 47 | 46 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 4 | 1 | 2 |
| Depreciation | 14 | 14 | 13 | 14 | 13 | 14 | 14 | 14 | 13 | 13 | 13 | 15 | 14 |
| PBT | 139 | 164 | 174 | 197 | 184 | 155 | 176 | 190 | 168 | 161 | 165 | 215 | 203 |
| Tax % | 26% | 26% | 27% | 25% | 26% | 26% | 25% | 26% | 26% | 26% | 26% | 26% | 26% |
| Net Profit | 103 | 122 | 128 | 148 | 136 | 115 | 132 | 140 | 125 | 120 | 121 | 160 | 151 |
| EPS in Rs | 117 | 138 | 145 | 168 | 154 | 130 | 149 | 158 | 141 | 135 | 137 | 181 | 170 |
Profit & Loss
| Particulars | Mar 2015 15m | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,404 | 2,188 | 2,410 | 2,690 | 3,175 | 3,290 | 3,043 | 2,948 | 3,448 | 4,058 | 4,190 | 4,682 | 4,703 |
| Expenses | 2,192 | 1,967 | 2,121 | 2,319 | 2,668 | 2,650 | 2,451 | 2,512 | 2,926 | 3,463 | 3,599 | 4,069 | 4,067 |
| Operating Profit | 212 | 221 | 289 | 371 | 506 | 640 | 592 | 436 | 521 | 595 | 590 | 613 | 636 |
| OPM % | 9% | 10% | 12% | 14% | 16% | 19% | 19% | 15% | 15% | 15% | 14% | 13% | 14% |
| Other Income | -18 | 24 | 37 | 29 | 71 | 97 | 84 | 82 | 128 | 143 | 182 | 165 | 171 |
| Interest | 0 | 3 | 3 | 4 | 6 | 10 | 9 | 9 | 6 | 9 | 12 | 16 | 10 |
| Depreciation | 17 | 15 | 16 | 15 | 16 | 41 | 49 | 52 | 52 | 54 | 54 | 54 | 54 |
| PBT | 177 | 226 | 307 | 381 | 555 | 687 | 618 | 458 | 591 | 675 | 706 | 709 | 744 |
| Tax % | 36% | 38% | 45% | 34% | 35% | 28% | 26% | 26% | 26% | 26% | 26% | 26% | — |
| Net Profit | 114 | 141 | 169 | 250 | 359 | 491 | 460 | 339 | 438 | 501 | 524 | 525 | 551 |
| EPS in Rs | 129 | 160 | 192 | 282 | 406 | 556 | 520 | 384 | 495 | 567 | 592 | 594 | 623 |
| Div. Payout % | 10% | 6% | 5% | 11% | 11% | 13% | 16% | 23% | 19% | 18% | 18% | 18% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves | 873 | 1,013 | 1,171 | 1,410 | 1,739 | 2,169 | 2,570 | 2,828 | 3,180 | 3,597 | 4,029 | 4,454 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 81 | 74 | 56 | 36 | 60 | 101 | 110 |
| Other Liabilities | 601 | 740 | 771 | 1,013 | 1,143 | 1,198 | 1,300 | 1,118 | 1,226 | 1,229 | 1,466 | 1,656 |
| Total Liabilities | 1,483 | 1,762 | 1,951 | 2,432 | 2,891 | 3,457 | 3,953 | 4,011 | 4,450 | 4,895 | 5,605 | 6,229 |
| Fixed Assets | 85 | 84 | 79 | 84 | 85 | 193 | 217 | 181 | 151 | 170 | 202 | 202 |
| CWIP | 7 | 2 | 3 | 1 | 8 | 14 | 2 | 2 | 2 | 2 | 3 | 3 |
| Investments | 76 | 79 | 83 | 78 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 1,315 | 1,597 | 1,787 | 2,269 | 2,797 | 3,250 | 3,734 | 3,828 | 4,297 | 4,723 | 5,400 | 6,024 |
| Total Assets | 1,483 | 1,762 | 1,951 | 2,432 | 2,891 | 3,457 | 3,953 | 4,011 | 4,450 | 4,895 | 5,605 | 6,229 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 13 | 166 | 215 | 263 | 312 | 330 | 364 | 264 | 410 | 439 | 426 | 493 |
| Investing | -140 | 46 | -85 | -172 | -443 | -212 | -307 | -106 | -118 | 2,008 | -8 | -2,942 |
| Financing | -11 | -13 | -11 | -11 | -34 | -70 | -89 | -99 | -102 | -106 | -110 | -116 |
| Net Cash Flow | -138 | 199 | 119 | 80 | -165 | 48 | -32 | 59 | 190 | 2,342 | 308 | -2,566 |
| Free Cash Flow | -24 | 156 | 203 | 244 | 289 | 271 | 317 | 253 | 388 | 407 | 399 | 460 |
| CFO/OP | 43 | 117 | 120 | 114 | 103 | 83 | 80 | 96 | 90 | 94 | 104 | 118 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 52 | 84 | 76 | 80 | 72 | 80 | 115 | 84 | 99 | 83 | 98 | 90 |
| Inventory Days | 33 | 29 | 27 | 21 | 23 | 27 | 23 | 23 | 33 | 25 | 34 | 27 |
| Days Payable | 114 | 153 | 161 | 201 | 184 | 188 | 261 | 169 | 144 | 120 | 137 | 130 |
| Cash Conversion Cycle | -28 | -40 | -58 | -100 | -89 | -81 | -124 | -62 | -12 | -12 | -4 | -12 |
| Working Capital Days | 39 | 47 | 34 | 21 | 21 | 30 | 52 | 58 | 52 | 45 | 39 | 27 |
| ROCE % | 26% | 24% | 28% | 30% | 35% | 35% | 26% | 17% | 20% | 20% | 18% | 17% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Honeywell Automation insights
60 extracted metrics + investor summaries across FY05–FY26.
Documents
1
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
30 Apr - Company says SEBI large corporate initial disclosure not applicable for FY 2026-27. 30 Apr - Company says SEBI large corporate initial disclosure not applicable for FY 2026-27.
2
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
30 Apr - Company says SEBI large corporate initial disclosure not applicable for FY 2026-27. 30 Apr - Company says SEBI large corporate initial disclosure not applicable for FY 2026-27.
3
Board Meeting Intimation for Financial Results Of The Company For The Quarter And Financial Year Ended March 31, 2026 And Recommendation Of Dividend, If Any, For The Financial Year Ended March 31, 2026
20 Apr - Board meeting on May 20, 2026 to approve FY26 audited results and consider dividend. 20 Apr - Board meeting on May 20, 2026 to approve FY26 audited results and consider dividend.
4
Announcement under Regulation 30 (LODR)-Change in Management
20 Apr - Pulkit Goyal's CFO tenure extended to May 20, 2026; resignation effective May 21, 2026. 20 Apr - Pulkit Goyal's CFO tenure extended to May 20, 2026; resignation effective May 21, 2026.
5
Board Meeting Intimation for Financial Results Of The Company For The Quarter And Financial Year Ended March 31, 2026 And Recommendation Of Dividend, If Any, For The Financial Year Ended March 31, 2026
9h - Board meeting on May 20, 2026 to approve FY26 audited results and consider dividend. 9h - Board meeting on May 20, 2026 to approve FY26 audited results and consider dividend.
Frequently Asked Questions about Honeywell Automation
What does Honeywell Automation India Ltd do?
Honeywell Automation India Limited (HAIL)was started in the year 1987 as a JV between Tata and Honeywell. It was known as Tata Honeywell Limited each holding 39.54% stake. Later in 2004 Honeywell Asia Pacific Inc. bought Tata's stake and the name was changed to Honeywell Automation India Limited....
Where is Honeywell Automation India Ltd (HONAUT) listed?
Honeywell Automation India Ltd trades as HONAUT on the NSE and under code 517174 on the BSE.
Which sector does Honeywell Automation India Ltd belong to?
Honeywell Automation India Ltd is classified under the Capital Goods sector, in the Industrial Products industry.
What is the market capitalisation of Honeywell Automation India Ltd?
Honeywell Automation India Ltd has a market capitalisation of ₹30,136 Cr, which places it in the Large Cap band.
What is the PE ratio of Honeywell Automation India Ltd?
Honeywell Automation India Ltd trades at a PE ratio of 55.48, on earnings per share of ₹604.64, against a book value of ₹5,048.35 per share.
What is the 52-week high and low of Honeywell Automation India Ltd?
Over the last 52 weeks Honeywell Automation India Ltd has traded between ₹26,220 and ₹41,495.
Does Honeywell Automation India Ltd pay dividends?
Honeywell Automation India Ltd has a dividend yield of 0.32%.
What is the Return on Equity (ROE) of Honeywell Automation India Ltd?
Honeywell Automation India Ltd reported a return on equity of 11.76%. Its debt-to-equity ratio is 0.02.
Company Information
Honeywell Automation India Limited (HAIL)was started in the year 1987 as a JV between Tata and Honeywell. It was known as Tata Honeywell Limited each holding 39.54% stake. Later in 2004 Honeywell Asia Pacific Inc. bought Tata's stake and the name was changed to Honeywell Automation India Limited. [1] HAIL is engaged primarily in the business of Automation & Control systems on turnkey basis and others. [2]
CEO Mr. Atul Vinayak Pai
Employees 3,140
Listed 2003-07-18
Face Value ₹ 10
Issued Size 88,41,523
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