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Honeywell Automation India Ltd.
NSE: HONAUTIndustrialsElectrical Equipment & Parts
- Last close
- ₹31,470.00
- Day change
- +₹240.00 (+0.77%)vs
- Market cap
- ₹28,648 crIndian rupees
- Research updated
- 1 report
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About Honeywell Automation India
Honeywell Automation India Ltd. stands as a leading provider of integrated automation and control solutions. The company's operations focus on delivering innovative technologies to enhance its clients' operational efficiencies and productivity. Serving a wide array of sectors including building automation, industrial safety, process solutions, and sustainable technologies, Honeywell Automation India plays a crucial role in transforming the dynamics of industrial operations and infrastructure management in India. Known for its comprehensive offerings, the company provides solutions ranging from building control systems to airfield lighting and process instrumentation. With a strong emphasis on research and development, Honeywell Automation India is at the forefront of adopting and implementing advanced technologies such as the Internet of Things (IoT) and artificial intelligence, significantly impacting industries like manufacturing, oil and gas, and energy. This positions the company as a pivotal contributor to India's industrial sector, helping businesses achieve energy efficiency and safety compliance. It is part of the global Honeywell group, benefiting from the parent company's extensive experience and resources, thereby enhancing its market significance and competitive edge in delivering automation solutions.
- Sector
- Industrials
- Industry
- Electrical Equipment & Parts
- Listing
- NSE: HONAUT
- Next results
- Employees
- 3,167
- Headquarters
- Pune, India
- ISIN
- INE671A01010
- Website
- honeywell.com/in/en/hail
Public research · Report of
Business model & financial foundation
Honeywell Automation India (NSE: HONAUT), Industrial and building automation, control systems and engineering services: revenue of ₹4,682 crore in FY26 (+11.8% on FY25), an EBITDA margin of 12.9% and net profit of ₹525.0 crore.
- Revenue, FY26 (₹ crore)
- 4,682
- consolidated
- Revenue growth, FY26
- +11.8%
- on FY25
- EBITDA margin, FY26
- 12.9%
- EBITDA (revenue less cost stack, pre other income) / revenue
- Net profit, FY26 (₹ crore)
- 525.0
- to owners
- Return on equity, FY26
- 12.4%
- on average equity
- Market capitalisation (₹ crore)
- 29,988
- at the close of 15 Oct 2026
Company profile
Honeywell Automation India (HAIL) is the Indian listed arm of Honeywell, 75% owned by HAIL Mauritius. It sells distributed control systems, safety systems, building management and fire/security solutions, sensing products and turnkey automation projects to Indian process industries, infrastructure and commercial buildings (about two-thirds of revenue), and exports engineering services, project management and contract manufacturing to Honeywell affiliates (about one-third). It reports one segment, Automation & Control Systems, and holds over INR 3,800 crore of bank deposits with no borrowings.
| Item | Value |
|---|---|
| Legal name | Honeywell Automation India Limited |
| Exchange and ticker | NSE: HONAUT; BSE: 517174 |
| ISIN | INE671A01010 |
| CIN | L29299PN1984PLC017951 |
| Sector | Capital Goods |
| Industry | Industrial and building automation, control systems and engineering services |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since FY26) |
| Market capitalisation | ₹29,988 crore (15 Oct 2026) |
| Shares outstanding | 0.88 crore shares (FY26) |
| Price | ₹32,925 (close, 15 Oct 2026) |
| 52-week range | ₹26,220 - ₹41,495 (to 15 Oct 2026) |
| Website | https://www.honeywell.com/in/en/hail |
Corporate structure and shareholding
Parent: HAIL Mauritius Limited (75.00%); ultimate parent Honeywell International Inc., USA.
No subsidiary is recorded.
No subsidiaries, associates or JVs. About 40% of FY26 net sales were to Honeywell group entities (exports of engineering services and contract manufacturing). Parent completed separation of Aerospace and Solstice Advanced Materials; listed parent now a focused automation company.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 75.00% | 75.00% | 75.00% | 75.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 3.46% | 3.73% | 3.94% | 4.00% |
| Domestic institutions | 11.53% | 11.28% | 11.31% | 11.49% |
| of which mutual funds | 10.26% | 10.02% | 10.05% | 10.48% |
| Retail | 8.26% | |||
| Other | 10.01% | 9.98% | 9.75% | 9.51% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Honeywell Automation India Ltd (NSE: HONAUT) is the 75%-owned listed Indian arm of Honeywell International (via HAIL Mauritius). It sells process control systems (DCS, safety, SCADA), building management, fire and security systems, sensing products and turnkey automation projects to Indian refining, chemicals, pharma, power, metals, data-centre and infrastructure customers, and exports engineering services and contract manufacturing to Honeywell affiliates. It reports one segment. FY26 revenue was INR 4,681.9 cr: manufactured products 2,680.3, traded products 645.4 and services 1,352.8; domestic 3,130.6 and exports 1,551.3 (33.1%). About 40% of sales go to Honeywell group entities, and the company buys technology, traded goods and overhead services from them (corporate allocations INR 158.2 cr in FY26). It controls execution and local engineering. It does not control product technology, transfer prices or which export work the group routes to India.
| Peer | Why the dossier compares them |
|---|---|
| ABB India (ABB) | Listed MNC subsidiary in process and building automation, drives and electrification; closest automation peer |
| Siemens (SIEMENS) | Listed MNC subsidiary in digital industries and smart infrastructure automation |
| Schneider Electric Infrastructure (SCHNEIDER) | MNC subsidiary in electrical distribution and energy automation |
| 3M India (3MINDIA) | |
| Thermax (THERMAX) | Indian engineering and projects company serving the same process industries |
| Rishabh Instruments (RISHABH) | Indian test, measurement and industrial control products |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,937 | 3,448 | 4,058 | 4,190 | 4,682 |
| Cost of revenue (vendor classification) * | 1,545 | 1,833 | 2,311 | 2,546 | 2,879 |
| Other operating costs (vendor classification) * | 378.8 | 428.8 | 462.9 | 280.2 | 311.3 |
| EBITDA (vendor classification) * | 530.9 | 664.8 | 750.3 | 798.5 | 815.9 |
| EBIT * | 463.1 | 595.3 | 678.5 | 712.3 | 718.5 |
| Finance costs | 5.49 | 4.00 | 3.60 | 6.70 | 9.70 |
| Profit before tax | 457.6 | 591.3 | 674.9 | 705.6 | 708.8 |
| Tax expense | 118.5 | 153.3 | 173.5 | 182.0 | 183.8 |
| Profit for the period | 339.1 | 438.0 | 501.4 | 523.6 | 525.0 |
| Diluted EPS (INR) | 383.6 | 495.4 | 567.1 | 592.2 | 593.8 |
| Materials consumed + traded purchases + inventory change | 1,833 | 2,311 | 2,546 | 2,879 | |
| Employee benefits expense | 625.9 | 660.0 | 725.6 | 838.7 | |
| Other expenses (net) | 469.6 | 497.6 | 333.1 | 358.8 | |
| EBITDA (revenue less cost stack, pre other income) | 518.9 | 589.4 | 584.6 | 605.5 | |
| Other income (net) | 128.3 | 142.8 | 182.1 | 179.0 | |
| Depreciation and amortisation | 51.9 | 53.7 | 54.4 | 53.7 | |
| Exceptional items (signed; charge negative) | 0.00 | 0.00 | 0.00 | -12.3 | |
| Profit attributable to owners | 438.0 | 501.4 | 523.6 | 525.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 2,837 | 3,189 | 3,606 | 4,038 | 4,463 |
| Borrowings * | 55.7 | 36.3 | 59.6 | 100.9 | 110.5 |
| Cash and cash equivalents * | 290.7 | 480.9 | 2,822 | 3,130 | 564.7 |
| Trade receivables * | 675.1 | 937.8 | 926.1 | 1,127 | 1,161 |
| Inventories * | 98.6 | 164.6 | 159.1 | 237.2 | 216.8 |
| Trade payables * | 722.4 | 724.7 | 761.3 | 952.9 | 1,026 |
| Net property, plant and equipment * | 50.4 | 30.8 | 169.8 | 201.3 | 201.6 |
| Capital work in progress * | 2.14 | 2.40 | 1.90 | 3.20 | 2.90 |
| Total assets * | 4,011 | 4,451 | 4,895 | 5,605 | 6,229 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operations | 435.6 | 212.4 | 438.7 | 426.3 | 492.6 |
| Free cash flow (vendor definition) * | 250.9 | 381.8 | 406.7 | 398.4 | 459.6 |
| Dividends paid | -75.1 | -79.6 | -84.0 | -88.4 | -92.8 |
| Payments for property, plant and equipment | -10.8 | -21.6 | -32.0 | -27.6 | -32.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 0.88 | 0.88 | 0.88 | 0.88 | 0.88 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,024 | 1,091 | 1,115 | 1,183 | 1,149 | 1,169 | 1,181 | 1,204 |
| Cost of revenue (vendor classification) * | 632.8 | 705.6 | 673.3 | 740.7 | 718.4 | 696.6 | 710.7 | |
| Other operating costs (vendor classification) * | 82.6 | 59.7 | 103.3 | 84.0 | 88.3 | 93.5 | 88.4 | |
| EBITDA (vendor classification) * | 170.2 | 192.0 | 206.0 | 183.3 | 193.1 | 232.3 | 218.9 | |
| EBIT * | 156.7 | 178.2 | 192.1 | 169.9 | 169.0 | 216.7 | 205.4 | |
| Finance costs | 1.40 | 2.20 | 1.90 | 1.90 | 2.20 | 4.10 | 1.40 | 2.30 |
| Profit before tax | 155.3 | 176.0 | 190.2 | 168.0 | 160.7 | 164.9 | 215.3 | 203.1 |
| Tax expense | 40.2 | 43.9 | 50.3 | 43.4 | 41.2 | 43.7 | 55.6 | 52.4 |
| Profit for the period | 115.1 | 132.1 | 139.9 | 124.6 | 119.5 | 121.2 | 159.7 | 150.7 |
| Diluted EPS (INR) | 130.2 | 149.4 | 158.3 | 141.0 | 135.1 | 137.1 | 180.6 | 170.5 |
| Materials consumed + traded purchases + inventory change | 632.8 | 705.6 | 673.3 | 740.7 | 723.2 | 718.4 | 696.6 | 710.7 |
| Employee benefits expense | 179.5 | 183.5 | 178.5 | 216.9 | 201.6 | 214.4 | 205.8 | 232.8 |
| Other expenses (net) | 82.6 | 59.7 | 103.3 | 84.0 | 93.0 | 88.3 | 93.5 | 88.4 |
| EBITDA (revenue less cost stack, pre other income) | 129.0 | 142.0 | 159.4 | 141.5 | 131.6 | 147.6 | 184.8 | 172.5 |
| Other income (net) | 41.2 | 50.0 | 46.6 | 41.8 | 44.2 | 45.5 | 47.5 | 46.4 |
| Depreciation and amortisation | 13.5 | 13.8 | 13.9 | 13.4 | 12.9 | 12.7 | 14.7 | 13.5 |
| Exceptional items (signed; charge negative) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -11.4 | -0.90 | 0.00 |
| Profit attributable to owners | 115.1 | 132.1 | 139.9 | 124.6 | 119.5 | 121.2 | 159.7 | 150.7 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -2.5% | 17.4% | 17.7% | 3.2% | 11.8% |
| EBITDA margin | 15.1% | 14.5% | 14.0% | 12.9% | |
| Net margin | 12.7% | 12.4% | 12.5% | 11.2% | |
| Return on equity | 14.5% | 14.8% | 13.7% | 12.4% | |
| Return on capital employed | 16.7% | 19.5% | 19.7% | 18.3% | 16.5% |
| Return on assets | 10.4% | 10.7% | 10.0% | 8.9% | |
| Borrowings less cash (₹ crore) | -234.9 | -444.6 | -2,763 | -3,030 | -454.2 |
| Borrowings less cash / EBITDA | -0.86x | -4.69x | -5.18x | -0.75x | |
| Interest cover | 84.4x | 148.8x | 188.5x | 106.3x | 74.1x |
| Asset turnover | 0.74x | 0.81x | 0.87x | 0.80x | 0.79x |
| Receivable days | 84 | 99 | 83 | 98 | 91 |
| Inventory days (on revenue) | 12 | 17 | 14 | 21 | 17 |
| Payable days (on revenue) | 90 | 77 | 68 | 83 | 80 |
| Cash conversion | 0.48x | 0.87x | 0.81x | 0.94x | |
| Capex intensity | 0.4% | 0.6% | 0.8% | 0.7% | 0.7% |
| Free cash flow (₹ crore) | 424.8 | 190.8 | 406.7 | 398.7 | 459.7 |
| Dividend payout | 18.2% | 16.8% | 16.9% | 17.7% | |
| EPS, diluted (₹) | 383.6 | 495.4 | 567.1 | 592.2 | 593.8 |
| Book value per share (₹) | 3,208 | 3,606 | 4,078 | 4,567 | 5,047 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less cost stack, pre other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (revenue less cost stack, pre other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Honeywell Automation India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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