Company Valuation: Honeywell Automation India Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 350,184 322,121 341,733 297,473 232,945 296,174 - -
Change - -8.01% 6.09% -12.95% -21.69% 27.14% - -
Enterprise Value (EV) 321,116 317,311 314,099 297,473 232,945 296,174 296,174 296,174
Change - -1.18% -1.01% -5.29% -21.69% 27.14% 0% 0%
P/E 103x 73.5x 68.2x 56.8x 44.4x 44.9x 39.2x 33.8x
PBR 12.3x 10.1x 9.43x 7.33x 5.2x 5.89x 5.25x 4.65x
PEG - 2.5x 4.7x 12.87x 158.38x 1.7x 2.7x 2.1x
Capitalization / Revenue 11.9x 9.34x 8.42x 7.1x 4.98x 5.59x 4.93x 4.32x
EV / Revenue 0x 0x 0x 0x 0x 5.59x 4.93x 4.32x
EV / EBITDA 0x 0x 0x 0x 0x 39.9x 35.5x 30.1x
EV / EBIT 0x 0x 0x 0x 0x 42.9x 38x 31.9x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 90 95 100 105 110 144 150.4 193.8
Rate of return 0.23% 0.26% 0.26% 0.31% 0.42% 0.43% 0.45% 0.58%
EPS 2 383.6 495.4 567.1 592.2 593.8 746.4 854.3 992.3
Distribution rate 23.5% 19.2% 17.6% 17.7% 18.5% 19.3% 17.6% 19.5%
Net sales 1 29,483 34,476 40,582 41,896 46,819 52,988 60,067 68,632
EBITDA 1 4,332 5,189 5,894 5,846 6,055 7,432 8,345 9,853
EBIT 1 3,808 4,670 5,357 5,302 5,518 6,897 7,793 9,292
Net income 1 3,391 4,380 5,014 5,236 5,250 6,585 7,536 8,754
Net Debt -29,068 -4,809 -27,634 - - - - -
Reference price 2 39,606.75 36,432.70 38,650.90 33,645.00 26,346.65 33,498.05 33,498.05 33,498.05
Nbr of stocks (in thousands) 8,842 8,842 8,842 8,842 8,842 8,842 - -
Announcement Date 5/12/22 5/17/23 5/15/24 5/13/25 5/20/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
33.09x6.17x18.81x0.68% 208B
59.11x7.39x25.31x0.74% 137B
34.07x12.1x22.1x0.81% 122B
13.44x0.31x6.77x3.74% 110B
40.09x6.57x21.48x0.87% 93.38B
25.58x9.18x18.65x0.5% 81.63B
72.95x7.81x36.16x0.19% 83.01B
19.55x3.29x12.61x1.37% 61.55B
17.99x1.07x12x0.71% 60.71B
Average 35.10x 5.99x 19.32x 1.07% 106.39B
Weighted average by Cap. 36.34x 6.35x 19.69x 1.06%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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