HONAUT
Large CapHoneywell Automation India Limited
Industrials
Honeywell Automation India Limited (HAIL) provides automation and control systems, software, and services for industrial and building solutions. It focuses on systems integration in Process Solutions and Building Solutions, and distribution of specific Building Management Systems and Sensing Solutions in India and for exports to global Honeywell affiliates.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 50/100Rev +6% YoY · PAT +14% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,181 Cr | +6.0% | +1.0% |
| EBITDA | ₹185 Cr | +16.4% | +25.0% |
| Operating margin | 16.0% | +200 bps | +300 bps |
| PAT | ₹160 Cr | +14.3% | +32.2% |
| PAT margin | 13.6% | +98 bps | +320 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
HAIL reported modest revenue growth of 3% YoY to INR 41,896 million, but Profit After Tax declined 2% YoY to INR 3,986 million for FY2024-25, despite positive macroeconomic indicators.
While revenue saw modest growth, the decline in PAT raises concerns about profitability and cost management. The company's focus on digital trends and new-age industries is positive, but execution and margin preservation will be key. Domestic business growth is a positive, but overall profitability needs monitoring.
Revenue Mix by Geography (FY2024-25)
Latest issuer-disclosed distribution across 2 reported categories.
Capitalize on Digital Trends
Focus on optimizing HAIL’s large install base with an integrated IoT platform, real-time data, edge analytics, AI/ML, and cybersecurity for Operational Technology (OT).
Automation in Asset Efficiency & Energy Transition
Strategic priority to focus on automation solutions that enhance asset efficiency and support the energy transition.
New Age Industries
Targeting growth in new age industries such as Datacenters, Giga & Semico factories, new energy, and Pharma & Life science, evidenced by recent wins.
Organic Growth Focus
The company's strategic priorities include a strong focus on organic growth initiatives.
Solar Photovoltaic Power Plant
Commissioned an On Grid Roof mount Solar Photovoltaic Power Plant at the Honeywell India factory.
India GDP Growth
India's GDP growth rate is projected at 6.4% for FY24-25 and 6.5% for FY25-26, indicating a positive economic environment.
Central Government Capex Spend
Central Government Capex Spend increased to INR 11.2 trillion in FY24-25, suggesting infrastructure development opportunities.
Manufacturing PMI
Manufacturing PMI shows positive trends, recorded at 55.8 in FY24-25.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation covers annual performance (FY2024-25) and provides historical annual data, making year-over-year comparison most relevant for assessing overall financial health and trends.
Revenue
Revenue for FY2024-25 was INR 41,896 million, a +3% YoY increase.
Profit After Tax
Profit After Tax for FY2024-25 was INR 3,986 million, a -2% YoY decrease.
Free Cash Flow
Free Cash Flow for FY2024-25 was INR 5,236 million, a +4% YoY increase.
Domestic Revenue Growth
Domestic business is growing faster, contributing 58% of total revenue in FY2024-25.
Portfolio Alignment
Management states HAIL's portfolio is aligned to global Honeywell mega trends in Automation, part of Industrial and Building Automation Strategic Business Groups.
Digital Transformation Impact
Management aims to impact enterprise outcomes like enhanced operational efficiency, sustainability, and reduced environmental impact through digital solutions.
Dividend Policy
The Board recommended a final dividend of INR 105/- per equity share for FY2024-25, reflecting consistently growing dividend and accelerated dividend growth.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Profit After Tax (PAT) Growth | -2% YoY decline in PAT for FY2024-25. | Reversal of PAT decline and sustained profitability growth in subsequent periods. |
| Domestic Revenue Share | 58% of total revenue from domestic business in FY2024-25. | Continued growth in domestic business share, indicating strong local market penetration and execution. |
| New Age Industry Project Wins | Significant wins reported in new age industries like Lithium-Ion Gigafactories and Green Hydrogen. | Consistent reporting of new project wins and increasing revenue contribution from these strategic segments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +2.6% / mo
Technical chart
HONAUTweekly · 6M+3.6%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 59.
- RSI(14) at 59 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 4% off 52W high · 34% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -451.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 4/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 82nd percentile of the scored universe and 80th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 75%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 80th pctile, median 68 · Large: 63rd pctile, median 74
20 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 75%.
- ▸Promoter pledge is zero.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.02.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 57.80
- P/B
- 6.91
- EV/EBITDA
- 46.90
- Market Cap
- 30847.00Cr
Profitability
- ROE
- 12.60%
- ROCE
- 16.80%
- ROA
- 8.43%
- Dividend Y
- 0.30%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- 3.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 7.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 60.60×
- Altman Z
- 8.33
- Book Value
- 5047.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- 493.00 Cr
- EPS TTM
- 593.79
Shareholding
- Promoter Hold
- 75.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 56%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.