Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹27,917Cr
Rev Gr TTM
Revenue Growth TTM
14.65%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

HONAUT
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 27.2 | 18.6 | 39.0 | 5.3 | 11.9 | 3.0 | -7.3 | 1.9 | 17.2 | 23.2 | 12.3 | 7.1 |
| 711 | 812 | 966 | 910 | 781 | 806 | 895 | 949 | 955 | 1,042 | 1,018 | 1,021 |
Operating Profit Operating ProfitCr |
| 16.3 | 12.9 | 12.5 | 15.0 | 17.9 | 16.1 | 12.6 | 13.0 | 14.3 | 12.0 | 11.4 | 12.6 |
Other Income Other IncomeCr | 27 | 33 | 40 | 28 | 42 | 44 | 41 | 50 | 47 | 42 | 44 | 34 |
Interest Expense Interest ExpenseCr | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 4 |
Depreciation DepreciationCr | 14 | 14 | 14 | 13 | 14 | 13 | 14 | 14 | 14 | 13 | 13 | 13 |
| 152 | 139 | 164 | 175 | 197 | 184 | 155 | 176 | 190 | 168 | 161 | 165 |
| 40 | 36 | 42 | 47 | 49 | 48 | 40 | 44 | 50 | 43 | 41 | 44 |
|
Growth YoY PAT Growth YoY% | 54.1 | 1.4 | 3.4 | 20.6 | 32.3 | 32.0 | -5.6 | 3.3 | -5.6 | -8.7 | 3.8 | -8.3 |
| 13.2 | 11.1 | 11.0 | 11.9 | 15.6 | 14.2 | 11.2 | 12.1 | 12.6 | 10.5 | 10.4 | 10.4 |
| 126.7 | 117.0 | 137.8 | 144.6 | 167.6 | 154.3 | 130.2 | 149.3 | 158.3 | 140.9 | 135.1 | 137.1 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | -9.0 | 10.2 | 11.6 | 18.0 | 3.6 | -7.5 | -3.1 | 16.9 | 17.7 | 3.2 | 10.2 |
| 2,192 | 1,970 | 2,124 | 2,326 | 2,671 | 2,654 | 2,454 | 2,515 | 2,929 | 3,469 | 3,605 | 4,036 |
Operating Profit Operating ProfitCr |
| 8.8 | 10.0 | 11.9 | 13.5 | 15.9 | 19.3 | 19.4 | 14.7 | 15.1 | 14.5 | 13.9 | 12.6 |
Other Income Other IncomeCr | -18 | 24 | 38 | 33 | 71 | 98 | 84 | 82 | 128 | 143 | 182 | 167 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 3 | 7 | 6 | 5 | 4 | 4 | 7 | 10 |
Depreciation DepreciationCr | 17 | 15 | 16 | 15 | 16 | 41 | 49 | 52 | 52 | 54 | 54 | 53 |
| 177 | 226 | 307 | 381 | 555 | 687 | 618 | 458 | 591 | 675 | 706 | 684 |
| 63 | 85 | 138 | 132 | 196 | 195 | 158 | 118 | 153 | 174 | 182 | 179 |
|
| | 23.6 | 20.0 | 47.4 | 43.7 | 37.0 | -6.4 | -26.3 | 29.1 | 14.5 | 4.4 | -3.5 |
| 4.8 | 6.5 | 7.0 | 9.3 | 11.3 | 14.9 | 15.1 | 11.5 | 12.7 | 12.4 | 12.5 | 10.9 |
| 129.2 | 159.7 | 191.7 | 282.4 | 405.9 | 555.9 | 520.3 | 383.6 | 495.4 | 567.1 | 592.1 | 571.4 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| 873 | 1,013 | 1,171 | 1,410 | 1,739 | 2,169 | 2,570 | 2,828 | 3,180 | 3,597 | 4,029 | 4,181 |
Current Liabilities Current LiabilitiesCr | 591 | 726 | 758 | 999 | 1,106 | 1,169 | 1,275 | 1,110 | 1,227 | 1,220 | 1,458 | 1,451 |
Non Current Liabilities Non Current LiabilitiesCr | 10 | 13 | 13 | 14 | 37 | 110 | 99 | 64 | 35 | 69 | 109 | 101 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 1,142 | 1,459 | 1,646 | 2,071 | 2,514 | 2,957 | 3,509 | 3,581 | 4,097 | 4,539 | 5,202 | 5,347 |
Non Current Assets Non Current AssetsCr | 341 | 303 | 305 | 360 | 376 | 501 | 444 | 430 | 354 | 356 | 403 | 395 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 13 | 166 | 215 | 263 | 309 | 330 | 364 | 264 | 410 | 439 | 426 |
Investing Cash Flow Investing Cash FlowCr | -140 | 46 | -85 | -174 | -443 | -227 | -303 | -109 | -129 | 2,006 | -14 |
Financing Cash Flow Financing Cash FlowCr | -11 | -13 | -11 | -11 | -34 | -70 | -89 | -99 | -102 | -106 | -110 |
|
Free Cash Flow Free Cash FlowCr | -24 | 156 | 203 | 244 | 286 | 271 | 317 | 253 | 388 | 407 | 399 |
| 11.4 | 117.8 | 127.0 | 105.3 | 86.0 | 67.1 | 79.2 | 77.7 | 93.6 | 87.5 | 81.4 |
CFO To EBITDA CFO To EBITDA% | 6.1 | 76.3 | 75.3 | 72.3 | 61.3 | 51.9 | 61.9 | 60.8 | 79.0 | 74.4 | 72.9 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 7,520 | 7,647 | 9,105 | 14,906 | 19,668 | 22,941 | 41,916 | 35,012 | 32,207 | 34,167 | 29,742 |
Price To Earnings Price To Earnings | 82.3 | 54.2 | 53.7 | 59.7 | 54.8 | 46.7 | 91.1 | 103.2 | 73.2 | 67.8 | 56.5 |
Price To Sales Price To Sales | 3.1 | 3.5 | 3.8 | 5.5 | 6.2 | 7.0 | 13.8 | 11.9 | 9.3 | 8.4 | 7.1 |
Price To Book Price To Book | 8.5 | 7.5 | 7.7 | 10.5 | 11.3 | 10.5 | 16.3 | 12.3 | 10.1 | 9.4 | 7.3 |
| 34.4 | 33.4 | 29.8 | 38.7 | 36.6 | 33.8 | 68.3 | 76.3 | 57.5 | 53.3 | 45.4 |
Profitability Ratios Profitability Ratios |
| 43.5 | 41.7 | 46.0 | 47.9 | 48.1 | 50.1 | 49.7 | 47.6 | 46.8 | 43.0 | 39.2 |
| 8.8 | 10.0 | 11.9 | 13.5 | 15.9 | 19.3 | 19.4 | 14.7 | 15.1 | 14.5 | 13.9 |
| 4.8 | 6.5 | 7.0 | 9.3 | 11.3 | 14.9 | 15.1 | 11.5 | 12.7 | 12.4 | 12.5 |
| 20.1 | 22.2 | 26.1 | 26.9 | 31.9 | 30.7 | 23.5 | 16.0 | 18.5 | 18.5 | 17.2 |
| 12.9 | 13.8 | 14.4 | 17.6 | 20.5 | 22.6 | 17.8 | 11.9 | 13.7 | 13.9 | 13.0 |
| 7.7 | 8.0 | 8.7 | 10.3 | 12.4 | 14.2 | 11.6 | 8.5 | 9.8 | 10.2 | 9.3 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Honeywell Automation India Limited (HAIL) is a key operational arm of Honeywell International Inc. in India, serving as a strategic hub for the company’s global Industrial and Building Automation initiatives. Aligned with Honeywell’s overarching megatrends—**automation, energy transition, and digital transformation**—HAIL operates under the **'Automation and Control Systems'** business segment as defined by Indian Accounting Standards (Ind-AS). Despite global portfolio simplification at the parent level, HAIL remains unaffected due to its focus on automation, with no overlap in Aerospace or Advanced Materials.
With over 80 years of presence in India, HAIL employs approximately **13,000 people** across major cities including Bengaluru, Pune, Chennai, Hyderabad, and Gurugram. The company leverages three advanced manufacturing and engineering facilities and four global Centers of Excellence (CoE) to drive innovation, engineering services, and contract manufacturing for both domestic and international markets.
---
### **Core Business Segments & Offerings**
#### **1. Process Solutions (HPS)**
A global CoE for **end-to-end project execution** in process automation, safety systems, environmental controls, and industrial software. HPS delivers integrated solutions across:
- Oil & Gas, Refining, Petrochemicals
- Power, Water & Chemicals
- Life Sciences, Pharmaceuticals, Metals & Mining
- Renewable Energy (Hydrogen, Biogas, Ethanol)
- Battery Energy Storage Systems (BESS)
**Key Initiatives:**
- **Digitization & Sustainability**: Leveraging Honeywell Forge and industrial IoT platforms for real-time data analytics, AI/ML, and lifecycle optimization.
- **Energy Transition**: Offering automation solutions for **1G/2G ethanol, compressed biogas, green hydrogen**, and **carbon-neutral operations**.
- **Project Execution**: Turnkey heat pump systems (e.g., pharmaceutical case study achieving **1,700 MT CO₂ reduction**), remote commissioning, and factory acceptance testing.
- **Capex & Localization**: Investments in local engineering, R&D, and manufacturing to accelerate 'Make in India' goals and enhance cost competitiveness.
The business is expanding into **underpenetrated Indian regions** via **OEM and channel partnerships**, with a strong focus on sustainability-driven projects in EMEA and APAC.
---
#### **2. Building Solutions (HBS)**
HAIL is a market leader in **smart, safe, and sustainable buildings** in India, delivering integrated automation systems through its **Enterprise Building Integrator™ (EBI)** platform.
**Sectors Served:**
- Airports, Metro Stations, Railways, and Safe Cities
- Data Centers, IT Parks, Giga-Factories
- Pharmaceuticals, Healthcare, Hospitality, and Residential
**Key Offerings:**
- Building Management Systems (BMS) with focus on **Healthy Buildings, HVAC, and energy optimization**
- Integrated Security: Fire detection, access control, video analytics
- **Airfield Ground Lighting (AGL)** systems for aviation safety
- After-sales services, maintenance plans, and operations support
**Growth Drivers:**
- Government infrastructure push (ports, airports, Smart Cities, Nirbhaya Fund projects)
- Surge in private investments in **data centers, semiconductors, and EV manufacturing**
- Expansion in **connected buildings**, cybersecurity-hardened systems, and **analytics-driven energy efficiency**
In 2021, HAIL secured a **₹496.57 crore Safe City project** across eight Indian cities, including Bengaluru, featuring AI-powered video analytics, drones, and a command center.
---
#### **3. Honeywell Sensing & IoT Solutions (HSS / SST / AST)**
Focused on high-reliability sensors and switches for mission-critical applications. Products include:
- Pressure, airflow, temperature, and humidity sensors
- Oxygen and breath sensors for medical devices
- Safety sensors for **EVs, battery systems, defense, and aerospace**
**Recent Developments:**
- Expansion into **medical equipment, water management, and machine safety**
- Strengthened **defense portfolio** with participation in government military programs
- **Localization at Pune plant**: Enhanced supply chain resilience with in-house manufacturing of sub-components (e.g., stalk controls, pressure switches)
- Digitized sales through **master distributor model**, application engineering support, and technology day events
The sensing business has pivoted toward **emerging technologies** like electric mobility, green hydrogen, and connected healthcare.
---
#### **4. Global Engineering Services & Contract Manufacturing**
HAIL serves as a **global delivery hub** for Honeywell’s engineering and manufacturing needs.
**Engineering Services:**
- Full project lifecycle support: basic & detailed engineering, software development, commissioning, lifecycle services
- Expertise in **process and building automation**, DevOps, Lean, and IIoT
- Supports global Honeywell units with capabilities from **Pune-based Global Services**
**Contract Manufacturing:**
- Delivers high-quality, engineered-to-order products for Indian and international markets
- Uses **Honeywell Accelerator framework** for Built-In Quality and Continuous Improvement
- Focused on automation, capacity expansion, and localization to reduce costs and lead time
This vertical has demonstrated resilience during global supply chain disruptions and continues to drive operational efficiency for Honeywell’s global businesses.
---
### **Digital & Sustainability Leadership**
HAIL is advancing an **integrated, cross-industry IoT platform** built on its large installed base, delivering:
- Real-time data analytics and AI-driven insights
- Cybersecurity for Operational Technology (OT)
- Sustainability monitoring and carbon footprint tracking
- Enterprise-wide operational efficiency gains
The company is enabling digital transformation across traditional (oil & gas, chemicals) and new-age sectors (datacenters, semiconductors, life sciences). Its **Honeywell Forge** and **Honeywell Accelerator** platforms support scalable, secure, and sustainable operations.
---
### **Strategic Focus Areas (2024–2025)**
1. **Industrial & Building Automation**:
- Expansion in pharma, healthcare, and datacenter verticals
- Commercial excellence: optimized sales, channel development, and pipeline growth
2. **Energy Transition**:
- Automation for **renewables, biogas, hydrogen, and BESS**
- Support for India’s energy security and decarbonization goals
3. **Localization & 'Make in India'**:
- Product development, manufacturing, and supply chain localization
- Increased focus on government defense and infrastructure programs
4. **Digital Transformation**:
- Adoption of AI, IoT, cloud, and cybersecurity in industrial operations
- Growth in software-as-a-service (SaaS) and connected solutions
---
### **Financial & Market Performance**
- **FY 2023–24**: Achieved **record sales of ₹40,582 million** (17.7% YoY growth) with a **post-tax profit margin of 12.4%**
- Strong order book and project pipeline in mission-critical sectors
- Strategic capital and operational investments in automation, digitalization, and infrastructure
---
### **Leadership**
- **Mr. Akshay Bellare**: President, Honeywell India (since Oct 2019), overseeing all SBGs in India
- **Mr. Ashish Gaikwad**: Managing Director, HAIL & VP & GM, HPS India (since 2016), with 30 years of experience in process automation
---