HONAUT · Capital Goods
Honeywell Automation India Ltd. reported revenue of ₹1,224 cr for July to September 2026, +6.5% on the year and +1.7% on the quarter. That is faster than this quarter has grown in recent years (+2.5% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹4,778 cr, +5.3% on the four before.
Operating profit (EBITDA) was ₹155 cr, a margin of 12.7%, +118 bps on the year and −162 bps on the quarter. Over the last 8 quarters the margin has ranged from 11.5% to 15.7%, averaging 13.3%. Operating costs grew +5.1% against revenue growth of +6.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹134 cr, +11.7% on the year and −11.3% on the quarter, with earnings per share of ₹151.22. Profit before other income, one-offs and tax grew faster, at +18.8%; other income, one-offs or tax held the headline back. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹566 cr, +9.5% on the four before.
Of the 11 companies in Capital goods and EPC that have reported Q2 FY27 so far, Honeywell Automation India Ltd. ranks 8th on revenue growth; the sector median is +25.2%. Its margin moved +118 bps on the year against a sector median of −58 bps.
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 ₹639.38 over the last four quarters, the stock at ₹32,115.00 trades at 50.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
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. 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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹1,224 cr (+6.5% on the year) and net profit of ₹134 cr (+11.7% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +18.8% on the year, against +11.7% for reported profit.
None of the 8 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.