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Honda India Power Products Ltd.

•
hondaindiapower.comBSE: 522064NSE: HONDAPOWER
Market Cap₹ 1,986 Cr.
Current Price
High / Low₹ 2,949 / 1,817
Stock P/E30.1
Book Value₹ 803
Price to Book2.34
Dividend Yield6.46 %
ROCE10.3 %
ROE7.7 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2012 • Domestic: 86.1% • Export: 13.9%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence
72%
View full sector analysis →

PROS

  • Company is almost debt free
  • Company has a consistent dividend-paying track record
  • Working capital cycle has improved - days down from 291 to 227
  • Offers a healthy dividend yield of 6.5%
  • Company generates healthy free cash flow

CONS

  • Operating cash flow has been negative in recent years
  • A large part of profit comes from other income (43.6% of PBT)
  • Receivables are growing faster than sales - a possible quality concern
  • Recent results are weak - TTM profit is down 11.3% versus prior year
  • Company has a low return on equity of 9.7% over last 3 years
  • Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.50x)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsElectric Equipment
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.ABB7269.1051.56154038.320.543623.00930.0235588.701110.3130.1812.56
2.CGPOWER910.00114.69143365.960.14308.2815.523280.8113.9927.9412.11
3.SIEMENS3960.9043.07141055.770.45214.31-49.384713.708.4421.429.14
4.POWERINDIA31415.40121.72140025.860.03294.15123.522493.6974.4628.7314.58
5.GVT&D4545.00623.18116373.150.223629.901146.5318361.401280.4275.5125.10
6.ENRIN3178.7576.08113201.810.134409.001578.3424856.001292.8140.1923.56
7.WAAREEENER2627.5019.8075580.390.15891.8715.397931.7979.2237.9218.15
8.APARINDS17496.1562.0173260.470.344674.501677.9865910.601191.3131.8411.50
9.HAVELLS1114.8042.8469960.570.90289.71-16.646518.1919.4825.747.15
10.SUZLON44.1619.3160700.730.00305.22-5.893829.0922.8335.7915.55
11.SCHNEIDER1227.70159.7529354.800.00124.40201.656513.60947.8331.015.23
12.HONDAPOWER1957.5030.151985.516.4611.1017.09189.2522.1710.317.62
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
210285263231144177204269155176270265189
190249230221128170183225146164238235182
Operating Profit20353310167214381132308
OPM %9.67%12.38%12.53%4.52%11.43%3.95%10.19%16.15%5.45%6.45%11.83%11.33%4.06%
812101611101011109-3117
Interest0000000000000
Depreciation5555555666667
Profit before Tax23423821221126491315233515
Tax %25.94%25.97%25.45%24.00%26.02%25.61%25.84%25.67%25.88%25.88%26.66%23.30%26.49%
Net Profit173128161691936911172711
16.6630.7527.9215.5715.928.4218.8235.659.3511.0116.4326.5410.94

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
7027688168499391,1561,246989794865900
6066657257568661,0541,111890706784819
Operating Profit9610391937310313599888281
OPM %13.72%13.36%11.14%10.97%7.73%8.88%10.84%10.00%11.05%9.45%9.00%
161514201517246422725
Interest11111111100
Depreciation2323212220192120222324
Profit before Tax88948390661001151241088688
Tax %34.42%34.91%35.00%26.44%26.41%25.51%26.27%25.47%25.78%25.03%25.16%
Net Profit5861546749758592806466
EPS0.000.000.000.0047.9973.4883.8990.9478.8463.35—
Dividend Payout %13.16%14.86%18.73%19.05%20.83%20.41%19.66%19.24%39.96%199.67%—

COMPOUNDED SALES GROWTH

10 Years:
3%
5 Years:
-2%
3 Years:
-11%

COMPOUNDED PROFIT GROWTH

10 Years:
3%
5 Years:
6%
3 Years:
-9%

STOCK PRICE CAGR

10 Years:
4%
5 Years:
10%
3 Years:
-10%
1 Year:
-32%

RETURN ON EQUITY

10 Years:
11%
5 Years:
11%
3 Years:
10%
Last Year:
8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Aug 19

₹ 2.30

Rs.23.0000 per share(230%)Dividend

2026

Feb 18

₹ 0.35

Interim Dividend

2025

Aug 21

₹ 10

Interim Dividend

2025

Feb 18

₹ 1

Special Dividend

2024

Aug 29

₹ 1.75

Rs.17.5000 per share(175%)Final Dividend

2023

Aug 3

₹ 1.65

Rs.16.5000 per share(165%)Final Dividend

2022

Sep 16

₹ 1.50

Rs.15.0000 per share(150%)Dividend

2021

Sep 13

₹ 1

Rs.10.0000 per share(100%)Dividend

2020

Sep 11

₹ 1.25

Rs.12.5000 per share(125%)Dividend

2018

Aug 3

₹ 0.90

Rs.9.0000 per share(90%)Dividend

2017

Jul 27

₹ 0.75

Rs.7.5000 per share(75%)Dividend

2016

Aug 3

₹ 0.60

Rs.6.0000 per share(60%)Dividend

2025

May 19

₹ 2.15

Rs.21.5000 per share(215%)Final Dividend

2026

Jul 31

₹ 2.30

Rs.23.0000 per share(230%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital10101010101010101010
412464507559595660727802853793
0001111000
Trade Payables727683871151189510081107
41465252636683508477479
Total Liabilities5355966527107858549161,4201,4221,390
107101959891879198107132
Capital Work in Progress013221297643
12191112211160176167141119150
000000051118158
Cash & Bank142192613513627746854154279
165212381364395302180583530827
Total Assets5355966527107858549161,4201,4221,390

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
77936081706421310222-1
Cash from Investing-13-65-1347-9216-150-99-70172
Cash from Financing-8-9-11-13-14-11-16-18-28-126
19-20-3174542-9-11-7635

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
66.6766.6766.6766.6766.6766.6766.6766.6766.67
1.421.411.361.371.161.101.091.050.98
16.9217.9518.1818.1818.2318.2318.2318.2718.27
Government0.000.000.000.000.000.000.000.000.00
14.9913.9813.7913.7913.9414.0114.0214.0214.09

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09
Action(s) initiated or orders passed

2026-09-09 - Honda India Power Products Limited has informed the Exchange about Action(s) initiated or orders passed

2026-08-31
Appointment

2026-08-31 - Honda India Power Products Limited has informed the Exchange regarding Appointment of Mr Hideki Sawauchi as Senior Management Personnel ( SMP ) of the company w.e.f. August 31, 2026.

2026-08-27
Shareholders meeting

2026-08-27 - Honda India Power Products Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 26, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-26
Change in Director(s)

2026-08-26 - Honda India Power Products Limited has informed the Exchange regarding Change in Director(s) of the company.

2026-08-26
Shareholders meeting

2026-08-26 - Honda India Power Products Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 26, 2026

2026-08-07
Copy of Newspaper Publication

2026-08-07 - Honda India Power Products Limited has informed the Exchange about Copy of Newspaper Publication regarding Special Window for Transfer and Dematerialisation of Physical Securities

2026-08-01
Copy of Newspaper Publication

2026-08-01 - Honda India Power Products Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-01
Copy of Newspaper Publication

2026-08-01 - Honda India Power Products Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-31
General Updates

2026-07-31 - Honda India Power Products Limited has informed the Exchange about General Updates

News

Recent coverage and analyst commentary for HONDAPOWER

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