HONEYWELL AUTOMATIONHoneywell Automation India LimitedNSE:HONAUTTechnicalAnalystSucritHoneywell Automation India Ltd. (CMP ₹39,015.00, NSE: HONAUT) Prepared by Sucrit Patil | The SmartWay Research Desk | 25 June 2026 A Pune‑based automation and technology company, incorporated in 1984. Honeywell Automation India operates across industrial automation, building technologies, process solutions, and software‑driven IoT platforms, serving manufacturing, energy, infrastructure, and smart city projects. Promoter Holding (Mar 2026): Honeywell Asia Pacific — 75.00% stake (no pledges) FY22–FY26 Snapshot Revenue Growth: FY26 revenue ₹5,842 Cr vs ₹5,112 Cr in FY25 (+14.2% YoY). → Good Net Profit: FY26 PAT ₹812 Cr vs ₹712 Cr in FY25 (+14.0% YoY). → Good Operating Margin: FY26 EBITDA ₹1,312 Cr, margin 22.4% vs 21.6% last year (+80 bps). → Good Equity Capital: Stable, face value ₹10. → Good Dividend Policy: Dividend ₹95.00/share declared for FY26. → Good Asset Building: Investments in IoT, AI‑driven automation, and smart building solutions. → Good Sales: Strong demand from industrial automation and smart city projects. → Good Expense: R&D spend ~9% of revenue; manageable. → Good EPS: FY26 EPS ₹820.25 vs ₹720.10 last year (+13.9%). → Good Institutional Interest & Ownership Trends (Mar 2026) Promoter Holding: 75.00% (no pledges) FII Holding: 8.12% DII Holding: 10.34% Retail & Others: 6.54% Strategic Moves & Innovations Expansion in IoT‑enabled automation and AI platforms. Focus on energy efficiency and smart building technologies. Partnerships with government smart city initiatives. Diversification into digital twin and predictive analytics solutions. Cash Flow & Balance Sheet Strength Market cap ~₹43,800 Cr. Debt‑to‑equity ratio ~0.10 (low leverage). Book value per share ₹1,215.00; P/B ~32.1. EPS (TTM) ₹820.25; P/E ~47.6. Risk Factors High P/E ratio ~47.6, indicating premium valuations. Dependence on industrial and infrastructure capex cycles. Exposure to global technology competition. Competition from ABB India, Siemens India, and Schneider Electric. Investor Takeaway Honeywell Automation India has delivered robust FY26 performance, supported by automation, IoT, and smart city demand. With strong promoter backing, dividend payouts, and leadership in industrial technology, Honeywell remains a premium play on India’s automation and smart infrastructure growth story. At CMP ₹39,015.00, valuations are expensive (P/E ~47.6, P/B ~32.1), reflecting high growth expectations but also significant risk.