HONAUT · Capital Goods
Honeywell Automation India Ltd. reported revenue of ₹1,114 cr for January to March 2025, +17.1% on the year and +2.1% on the quarter. It is the highest quarterly revenue in the last 8 quarters on record. Over the last four quarters revenue comes to ₹4,189 cr, +3.2% on the four before.
Operating profit (EBITDA) was ₹159 cr, a margin of 14.3%, −360 bps on the year and +126 bps on the quarter. Over the last 8 quarters the margin has ranged from 12.5% to 17.9%, averaging 14.3%. Operating costs grew +22.3%, faster than revenue at +17.1%, so operating profit grew less than sales.
Net profit was ₹140 cr, −5.4% on the year and +6.1% on the quarter, with earnings per share of ₹158.23. Profit before other income, one-offs and tax fell 7.7%, 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 ₹523 cr, +4.4% 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 ₹592.21 over the last four quarters, the stock at ₹32,115.00 trades at 54.2 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.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 14.3%, −360 bps on the year (+126 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.
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 ₹1,114 cr (+17.1% on the year) and net profit of ₹140 cr (−5.4% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved −7.7% on the year, against −5.4% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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