Honeywell Automation India Ltd

Honeywell Automation India Ltd

₹ 35,520 -1.82%
29 May - close price
About

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]

Key Points

Leader in Integrated Automation Solutions
The company is a leader in providing integrated automation and software solutions, including process and building solutions. It is a Fortune India 500 company offering Automation and Control Systems across various business operations. [1]

  • Market Cap 31,400 Cr.
  • Current Price 35,520
  • High / Low 41,600 / 26,220
  • Stock P/E 58.8
  • Book Value 5,047
  • Dividend Yield 0.30 %
  • ROCE 16.8 %
  • ROE 12.6 %
  • Face Value 10.0

Pros

  • 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

Cons

  • Stock is trading at 7.04 times its book value
  • 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.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Figures in Rs. Crores

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
850 932 1,104 1,071 951 960 1,024 1,091 1,114 1,183 1,149 1,169 1,181
711 812 966 910 781 806 895 949 955 1,042 1,018 1,021 996
Operating Profit 139 121 138 161 170 154 129 142 159 142 132 148 185
OPM % 16% 13% 13% 15% 18% 16% 13% 13% 14% 12% 11% 13% 16%
27 33 40 28 42 44 41 50 47 42 44 34 47
Interest 0 1 1 1 1 1 1 2 2 2 2 4 1
Depreciation 14 14 14 13 14 13 14 14 14 13 13 13 15
Profit before tax 152 139 164 174 197 184 155 176 190 168 161 165 215
Tax % 26% 26% 26% 27% 25% 26% 26% 25% 26% 26% 26% 26% 26%
112 103 122 128 148 136 115 132 140 125 120 121 160
EPS in Rs 126.68 116.95 137.87 144.66 167.62 154.39 130.18 149.41 158.23 140.93 135.16 137.08 180.63
Raw PDF

Profit & Loss

Figures in Rs. Crores

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
2,404 2,188 2,410 2,690 3,175 3,290 3,043 2,948 3,448 4,058 4,190 4,682
2,192 1,967 2,121 2,319 2,668 2,650 2,451 2,512 2,926 3,463 3,599 4,076
Operating Profit 212 221 289 371 506 640 592 436 521 595 590 606
OPM % 9% 10% 12% 14% 16% 19% 19% 15% 15% 15% 14% 13%
-18 24 37 29 71 97 84 82 128 143 182 167
Interest 0 3 3 4 6 10 9 9 6 9 12 10
Depreciation 17 15 16 15 16 41 49 52 52 54 54 54
Profit before tax 177 226 307 381 555 687 618 458 591 675 706 709
Tax % 36% 38% 45% 34% 35% 28% 26% 26% 26% 26% 26% 26%
114 141 169 250 359 491 460 339 438 501 524 525
EPS in Rs 129.16 159.69 191.65 282.45 405.86 555.88 520.32 383.57 495.39 567.10 592.21 593.79
Dividend Payout % 10% 6% 5% 11% 11% 13% 16% 23% 19% 18% 18% 18%
Compounded Sales Growth
10 Years: 8%
5 Years: 9%
3 Years: 11%
TTM: 12%
Compounded Profit Growth
10 Years: 14%
5 Years: 3%
3 Years: 7%
TTM: 2%
Stock Price CAGR
10 Years: 15%
5 Years: -4%
3 Years: -4%
1 Year: -8%
Return on Equity
10 Years: 16%
5 Years: 14%
3 Years: 14%
Last Year: 13%

Balance Sheet

Figures in Rs. Crores

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
0 0 0 0 0 81 74 56 36 60 101 110
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
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
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 Flows

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
13 166 215 263 312 330 364 264 410 439 426 493
-140 46 -85 -172 -443 -212 -307 -106 -118 2,008 -8 -2,964
-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 -2,587
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% 120%

Ratios

Figures in Rs. Crores

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 93 90
Inventory Days 33 29 27 21 23 27 23 23 33 25 34 27
Days Payable 114 153 161 201 184 188 261 169 144 120 123 130
Cash Conversion Cycle -28 -40 -58 -100 -89 -81 -124 -62 -12 -12 5 -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

In beta
Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Domestic Revenue Mix
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Export Revenue Mix
%
Health, Safety and Environment (HSE) Balance Score Card
Score (out of 2.0)
Order Book Growth Rate
%
R&D Expenditure (Percentage of Turnover)
%

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Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00%
2.94% 3.15% 2.91% 2.76% 2.72% 2.68% 2.50% 2.60% 2.76% 3.00% 3.46% 3.74%
12.44% 12.23% 11.91% 12.20% 12.40% 12.54% 12.51% 12.35% 12.15% 11.99% 11.53% 11.28%
9.62% 9.63% 10.16% 10.03% 9.87% 9.78% 9.98% 10.05% 10.06% 10.00% 9.98% 9.96%
No. of Shareholders 31,94330,94435,49633,18630,02031,09734,29334,80935,22634,84034,76334,974

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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