HONAUT · Capital Goods
Honeywell Automation India Ltd. reported revenue of ₹1,183 cr for April to June 2025, +23.2% on the year and +6.2% on the quarter. It is the highest quarterly revenue in the last 9 quarters on record. Over the last four quarters revenue comes to ₹4,412 cr, +8.0% on the four before.
Operating profit (EBITDA) was ₹142 cr, a margin of 12.0%, −404 bps on the year and −227 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 12.0% to 17.9%). Operating costs grew +29.2%, faster than revenue at +23.2%, so operating profit grew less than sales.
Net profit was ₹125 cr, −8.1% on the year and −10.7% on the quarter, with earnings per share of ₹140.93. Profit before other income, one-offs and tax fell 10.0%, so the profit growth came from the business itself. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹512 cr, −4.1% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹578.75 over the last four quarters, the stock at ₹32,115.00 trades at 55.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 12.0%, −404 bps on the year (−227 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,071 cr | ₹951 cr | ₹960 cr | ₹1,024 cr | ₹1,091 cr | ₹1,114 cr | ₹1,183 cr | ₹1,149 cr | ₹1,169 cr | ₹1,181 cr | ₹1,204 cr | ₹1,224 cr |
| YoY | — | — | +3% | −7% | +2% | +17% | +23% | +12% | +7% | +6% | +2% | +7% |
| EBITDA margin | 15.0% | 17.9% | 16.0% | 12.6% | 13.0% | 14.3% | 12.0% | 11.5% | 12.7% | 15.7% | 14.3% | 12.7% |
| Other income, % of PBT | 16% | 21% | 24% | 26% | 28% | 25% | 25% | 27% | 21% | 22% | 23% | 23% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 25% | 26% | 26% | 25% | 26% | 26% | 26% | 26% | 26% | 26% | 26% |
| Net profit | ₹128 cr | ₹148 cr | ₹136 cr | ₹115 cr | ₹132 cr | ₹140 cr | ₹125 cr | ₹120 cr | ₹121 cr | ₹160 cr | ₹151 cr | ₹134 cr |
| YoY | — | — | +32% | −6% | +3% | −5% | −8% | +4% | −8% | +14% | +21% | +12% |
| Core profit YoY | — | — | +32% | −8% | −14% | −8% | −10% | +3% | +4% | +17% | +25% | +19% |
| EPS | ₹144.66 | ₹167.62 | ₹154.39 | ₹130.18 | ₹149.41 | ₹158.23 | ₹140.93 | ₹135.16 | ₹137.08 | ₹180.63 | ₹170.45 | ₹151.22 |
| Flags | · | · | ✓ | ✓ | 1 | 1 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Honeywell Automation India Ltd. reported revenue of ₹1,183 cr (+23.2% on the year) and net profit of ₹125 cr (−8.1% on the year) for April to June 2025.
Profit before other income, exceptional items and tax moved −10.0% on the year, against −8.1% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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