Honda India Power Products Ltd.

•

hondaindiapower.comBSE: 522064NSE: HONDAPOWER

Market Cap₹ 2,002 Cr.

Current Price

High / Low₹ 2,992 / 1,817

Stock P/E30.4

Book Value₹ 803

Price to Book2.34

Dividend Yield6.41 %

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 6.4%
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 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ABB	7439.00	52.76	157638.64	0.53	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	POWERINDIA	32200.00	124.76	143523.01	0.02	294.15	123.52	2493.69	74.46	28.73	14.58
3.	SIEMENS	4025.00	43.76	143338.50	0.45	214.31	-49.38	4713.70	8.44	21.42	9.14
4.	CGPOWER	878.80	110.76	138450.55	0.15	308.28	15.52	3280.81	13.99	27.94	12.11
5.	ENRIN	3119.50	74.66	111091.79	0.13	4409.00	1578.34	24856.00	1292.81	40.19	23.56
6.	GVT&D	4230.00	579.99	108307.68	0.24	3629.90	1146.53	18361.40	1280.42	75.51	25.10
7.	HAVELLS	1195.00	45.92	74993.62	0.84	289.71	-16.64	6518.19	19.48	25.74	7.15
8.	WAAREEENER	2583.00	19.47	74300.34	0.15	891.87	15.39	7931.79	79.22	39.73	18.15
9.	APARINDS	16805.15	59.56	70367.09	0.36	4674.50	1677.98	65910.60	1191.31	31.84	11.50
10.	SUZLON	45.50	19.89	62542.65	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1167.70	151.94	27920.18	0.00	124.40	201.65	6513.60	947.83	31.01	5.23
12.	HONDAPOWER	1974.15	30.40	2002.39	6.41	11.10	17.09	189.25	22.17	10.31	7.62

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	210	285	263	231	144	177	204	269	155	176	270	265	189
	190	249	230	221	128	170	183	225	146	164	238	235	182
Operating Profit	20	35	33	18	16	7	21	43	8	11	8	34	14
OPM %	9.67%	12.38%	12.53%	7.96%	11.43%	3.95%	10.19%	16.15%	5.45%	6.45%	3.07%	12.72%	7.62%
Other Income	8	12	10	12	11	10	10	11	10	9	8	10	7
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	5	5	5	5	5	5	5	6	6	6	6	6	7
	23	42	38	21	22	11	26	49	13	15	23	35	15
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 Profit	17	31	28	16	16	9	19	36	9	11	17	27	11
	17	31	28	16	16	8	19	36	9	11	16	27	1
Equity Capital	10	10	10	10	10	10	10	10	10	10	10	10	10
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	702	768	816	849	939	1,156	1,246	989	794	865	900
	606	665	725	756	866	1,054	1,111	890	706	784	819
Operating Profit	112	118	109	109	87	120	154	140	130	119	—
OPM %	16	15	13	13	9	10	12	14	16	14	—
Other Income	16	15	18	16	15	17	19	42	42	37	35
Interest	1	1	1	1	1	1	1	1	1	0	0
Depreciation	23	23	21	22	20	19	21	20	22	23	24
	88	94	83	90	66	100	115	124	108	86	88
Tax %	34	35	35	26	26	26	26	25	26	25	25
Net Profit	58	61	54	67	49	75	85	92	80	64	66
EPS	0	0	0	0	48	73	84	91	79	63	—
Dividend Payout %	13	15	19	19	21	20	20	19	40	200	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	57	61	53	66	48	74	84	91	79	63	—

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:: 5%
5 Years:: 10%
3 Years:: -9%
1 Year:: -31%

RETURN ON EQUITY

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

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	10	10	10	10	10	10	10	10	10	10
	412	464	507	559	595	660	727	802	853	793
Trade Payables	72	76	83	87	115	118	95	100	81	107
	41	46	52	53	65	67	84	508	477	479
Total Liabilities	535	596	652	710	785	854	916	1,420	1,422	1,390
ASSETS	-	-	-	-	-	-	-	-	-	-
	107	101	95	98	91	87	91	98	107	132
Capital Work in Progress	0	1	3	2	2	12	9	7	6	43
	121	91	112	211	160	176	167	141	119	150
	0	0	0	0	0	0	0	51	118	158
Cash & Bank	142	192	61	35	136	277	468	541	542	79
	165	212	381	364	395	302	180	583	530	827
Total Assets	535	596	652	710	785	854	916	1,420	1,422	1,390
Total Debt	0	0	0	0	0	0	0	0	0	0
Net Working Capital	231	300	355	412	416	434	558	590	632	538
Contingent Liabilities	86	102	112	74	83	115	141	175	201	166
Book Value per Share	416.68	467.90	509.96	561.75	597.15	660.63	726.57	800.90	851.61	792.28
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	40	55	21	-18	152	37	157	106	22	-11
Cash from Investing	-13	-65	-13	47	-92	16	-150	-99	-70	172
Cash from Financing	-8	-9	-11	-13	-14	-11	-16	-18	-28	-126
	19	-20	-3	17	45	42	-9	-11	-76	35
Free Cash Flow	40	40	13	-36	150	21	139	86	1	-92
OCF / Net Profit	0.69	0.90	0.38	-0.26	3.11	0.50	1.85	1.15	0.28	-0.17
Cumulative 5-Year FCF	0	0	0	0	206	187	286	359	396	154

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	56.98	60.56	53.40	65.60	48.00	73.50	83.92	90.94	78.84	63.35
Book Value (₹)	416.68	467.90	509.96	561.75	597.15	660.63	726.57	800.90	851.61	792.28
Dividend per Share (₹)	7.50	9.00	10.00	12.50	10.00	15.00	16.50	17.50	31.50	126.50
Cash EPS (₹)	80.11	82.76	74.24	87.38	67.98	91.77	104.41	110.88	100.34	86.27
PROFITABILITY
Operating Margin %	15.27%	15.12%	13.30%	12.83%	9.27%	10.34%	12.38%	10.00%	11.05%	9.45%
Net Margin %	7.85%	7.90%	6.64%	7.84%	5.18%	6.45%	6.83%	9.32%	10.07%	7.42%
ROE %	14.64%	13.69%	10.92%	12.24%	8.28%	11.69%	12.10%	11.91%	9.54%	7.71%
ROCE %	22.55%	21.18%	16.92%	16.77%	11.37%	15.84%	16.50%	16.05%	12.92%	10.31%
	9.54%	10.86%	8.68%	9.77%	6.51%	9.09%	9.62%	7.90%	5.62%	4.57%
EFFICIENCY
Debtor Days	15	21	28	24	26	27	23	22	39	58
Inventory Days	52	50	45	69	72	53	50	57	60	57
Payable Days	58	59	58	62	61	58	52	59	75	68
	8	12	16	32	37	22	22	20	24	47
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	102.28x	141.81x	147.16x	128.37x	99.72x	108.59x	178.54x	234.45x	208.12x	343.76x
	3.08x	3.47x	3.57x	3.86x	3.27x	3.29x	3.92x	4.30x	4.45x	3.36x
GROWTH
Revenue Growth %	4.31%	9.41%	6.26%	4.02%	10.64%	23.15%	7.78%	-20.64%	-19.70%	8.97%
Operating Profit Growth %	12.67%	4.53%	-7.67%	0.31%	-20.01%	37.26%	29.14%	-8.96%	-7.46%	-8.34%
Net Profit Growth %	18.33%	6.28%	-11.82%	22.84%	-26.83%	53.13%	14.17%	8.37%	-13.31%	-19.64%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.37%	-13.31%	-19.64%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	24.40x	25.71x	29.32x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.77x	2.38x	2.34x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.79%	1.55%	6.81%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	12.16x	11.64x	15.14x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	66.67	66.67	66.67	66.67	66.67	66.67	66.67	66.67	66.67
	1.42	1.41	1.36	1.37	1.16	1.10	1.09	1.05	0.98
	16.92	17.95	18.18	18.18	18.23	18.23	18.23	18.27	18.27
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	14.99	13.98	13.79	13.79	13.94	14.01	14.02	14.02	14.09

Documents

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

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

2026-07-31

Record Date

2026-07-31 - Honda India Power Products Limited has informed the Exchange that Record date for the purpose of Dividend is 19-Aug-2026.