Honda India Power Products Limited (HONDAPOWER)

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Honda India Power Products Limited (HONDAPOWER) · mywealthgrid

About

Honda India Power Products manufactures industrial products (Industrials sector); market cap ₹2,171.4 Cr, quarterly revenue ₹154–270 Cr. Debt-free balance sheet, stable promoter ownership; focused industrial-products player.

Face value: ₹10

Market cap

₹1,905 Cr

P/E

28.9×

P/B

2.4×

Dividend yield

7.8%

ROE

7.7%

ROCE

11.5%

Debt / equity

OPM

9.4%

EPS (TTM)

₹65.0

Book value

₹792.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Margin volatility: OPM swung 16.15% (Mar 2025) → 5.45% (Jun 2025) → 7.62% (Jun 2026); exposure to input costs or demand shocks.
Revenue instability: quarterly range ₹154.91–₹270.4 Cr across eight quarters; limits earnings visibility.
Valuation mismatch: PE 32.97 vs ROE 7.71%; market prices recovery. Verify demand drivers and margin sustainability.
Market repricing: −23.47% YoY from 52w high ₹3,186.7; investor concerns on margin pressure or sector headwinds.

Generated analysis · source review pending

Growth drivers

Zero debt (D/E 0) funds growth capex and working capital without dilution.
Q4 margin peaks: 16.15% (Mar 2025), 11.33% (Mar 2026); verify drivers and sustainability.
Eight quarters profit (Sep 2024–Jun 2026) funds dividends; verify reinvestment strategy for organic growth.
Industrial Manufacturing exposure: assess demand in core end-markets (power, construction, agriculture) and competitive position.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,886.3+0%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 599×
+Dividend yield of 7.8%
+High promoter holding of 66.7% with no pledge

Cons

−Low return on equity of 9.7% (3-yr avg)
−Revenue shrank over the last 5 years (-1.6% a year)

Research score

Structured signal from quality, growth, valuation and momentum.

48/100

Business quality: 49
Growth: 38
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Indo-Mim LimitedINDOMIMINDOMIM	₹62,891 Cr	₹63,981 Cr	₹4,193 Cr	₹1,071 Cr	25.5%	₹534 Cr	12.7%	29.6%	21.3%	—
Aditya Infotech LimitedCPPLUSCPPLUS	₹44,797 Cr	₹44,910 Cr	₹4,883 Cr	₹709 Cr	13.4%	₹477 Cr	8.7%	33.8%	25.5%	61
Syrma Sgs Technology LimitedSYRMASYRMA	₹33,121 Cr	₹33,474 Cr	₹5,464 Cr	₹610 Cr	11.3%	₹402 Cr	7.2%	18.7%	15%	48
Honeywell Automation India LimitedHONAUTHONAUT	₹29,454 Cr	₹29,454 Cr	₹4,703 Cr	₹637 Cr	12.9%	₹551 Cr	11.2%	16.7%	12.4%	-12
Jyoti Cnc Automation LimitedJYOTICNCJYOTICNC	₹23,470 Cr	₹24,320 Cr	₹2,191 Cr	₹535 Cr	25.2%	₹322 Cr	16.1%	25.3%	18.2%	359
Kaynes Technology India LimitedKAYNESKAYNES	₹22,773 Cr	₹23,648 Cr	₹3,899 Cr	₹609 Cr	15.8%	₹346 Cr	10%	15.4%	9.6%	193
Lmw LimitedLMWLMW	₹17,706 Cr	₹17,706 Cr	₹3,374 Cr	₹219 Cr	5.3%	₹175 Cr	4.1%	6.4%	4.6%	23
Tega Industries LimitedTEGATEGA	₹15,721 Cr	₹16,039 Cr	₹3,059 Cr	₹231 Cr	13.7%	₹21 Cr	8.4%	8.5%	5.9%	153
Lloyds Engineering Works LimitedLLOYDSENGGLLOYDSENGG	₹14,553 Cr	₹14,587 Cr	₹1,611 Cr	₹229 Cr	14.5%	₹163 Cr	15.2%	17.5%	16.4%	184
Kennametal India LimitedKENNAMETKENNAMET	₹9,411 Cr	₹9,411 Cr	₹991 Cr	₹179 Cr	18.1%	₹114 Cr	11.5%	24.5%	18.5%	170
Dynamatic Technologies LimitedDYNAMATECHDYNAMATECH	₹9,354 Cr	₹9,883 Cr	₹1,675 Cr	₹200 Cr	11.3%	₹42 Cr	2%	12.3%	4.3%	142
Standard Engineering Technology LimitedSETLSETL	₹8,318 Cr	₹8,376 Cr	₹849 Cr	₹129 Cr	15.4%	₹89 Cr	10.7%	15.5%	10.7%	335

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	661	199	199	816	849	939	1,156	1,246	989	794	865
COGS	-399	116	116	501	502	608	732	750	601	444	505
Gross profit	—	82	82	315	346	331	424	496	388	350	360
	983	62	62	225	254	259	322	361	289	263	279
	77	20	20	90	93	72	102	135	99	88	82
OPM %	11.6%	10.1%	10.1%	11.1%	10.9%	7.7%	8.8%	10.8%	10%	11%	9.4%
Depreciation	24	6	6	21	22	20	19	21	20	22	23
Interest	—	0	0	0	0	0	0	1	0	0	0
	11	4	4	14	20	15	17	2	45	42	27
Profit before tax	75	18	18	83	90	66	100	115	124	108	86
Tax	26	6	6	29	24	17	26	30	32	28	21
Tax %	35%	33.6%	33.6%	35%	26.4%	26.4%	25.5%	26.3%	25.5%	25.8%	25%
	49	12	12	54	67	49	75	85	92	80	64
PAT margin %	7.4%	6%	6%	6.6%	7.8%	5.2%	6.5%	6.8%	9.3%	10.1%	7.4%
EPS (₹)	48.2	11.7	11.7	53.4	65.6	48	73.5	83.9	90.9	78.8	63.3
EPS adjusted (₹)	48.2	11.7	—	—	—	48	73.5	83.9	90.9	78.8	63.4
	12.5%	63.9%	76.7%	18.7%	19.1%	20.8%	20.4%	19.7%	30.2%	27.3%	199.7%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	10	10	10	10	10	10	10	10
Reserves	356	414	595	660	727	802	853	793
	—	—	0	0	0	0	0	0
	110	108	185	192	193	180	184	228
Total equity & liabilities	476	532	791	861	930	992	1,048	1,032
	—	—	91	87	91	94	107	132
CWIP	0	0	2	12	9	7	6	43
Investments	—	—	0	0	0	0	0	0
	476	532	697	763	830	891	934	857
Total assets	476	532	791	861	930	992	1,048	1,032

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Ratios

Annual operating, return, leverage and working-capital ratios.

Standalone figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	38.6%	40.8%	35.2%	36.7%	39.8%	39.3%	44.1%	41.6%
EBITDA margin %	11.1%	10.9%	7.7%	8.8%	10.8%	10%	11%	9.4%
EBIT margin %	8.5%	8.3%	5.5%	7.2%	9.2%	8%	8.3%	6.8%
PAT margin %	6.6%	7.8%	5.2%	6.5%	6.8%	9.3%	10.1%	7.4%
Working capital
Receivable days	—	—	32	27	21	19	54	66
Inventory days	—	—	96	88	81	86	98	109
Payable days	—	—	69	59	46	61	67	78
NWC days	—	—	60	57	56	44	85	98
Leverage
Current ratio	—	—	3.27	3.29	3.92	4.3	4.45	3.36
Debt to EBITDA	—	—	0	0	0	0	0	0
Debt to equity	—	—	0	0	0	0	0	0
Interest coverage	724.4	287.9	237.2	209.5	230.1	273.2	235.1	599
Asset turnover	—	—	1.19	1.34	1.34	1	0.76	0.84
Return ratios
Return on assets %	—	—	6.2%	8.7%	9.1%	9.3%	7.6%	6.2%
Return on capital employed %	—	—	10.9%	15.7%	18.9%	15.5%	12.9%	11.5%
Return on equity %	—	—	8%	11.1%	11.5%	11.4%	9.3%	8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	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%	66.67%	66.67%	66.67%
	1.79%	1.59%	1.45%	1.42%	1.41%	1.36%	1.37%	1.17%	1.1%	1.09%	1.05%	0.98%
	14.72%	14.82%	15.31%	16.92%	17.95%	18.18%	18.18%	18.23%	18.23%	18.23%	18.27%	18.27%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	16.82%	16.92%	16.57%	14.99%	13.97%	13.79%	13.78%	13.93%	14%	14.01%	14.01%	14.08%
No. of shareholders	—	—	—	—	—	—	—	—	25,094	25,084	25,273	25,099

Promoter holding up 0 percentage points since Sep 2023.

4 deals · 29 Aug 2024 – 21 May 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
21 May 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	51,043	₹3,008.91	₹15.36 Cr
21 May 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	51,043	₹3,005.85	₹15.34 Cr
29 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	81,853	₹4,062.37	₹33.25 Cr
29 Aug 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	81,853	₹4,057.59	₹33.21 Cr

1–4 of 4

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. Shigeki IwamaExecutive Director-Chairperson-CEO-MD
Mr. Ravi Prakash MehrotraNon-Executive - Independent Director
Ms. Anuradha DuttNon-Executive - Independent Director
Mr. Nitin SavaraNon-Executive - Independent Director
Mr. Balachandran DharmanNon-Executive - Independent Director
Mr. Vinay MittalExecutive Director
Mr. Akihiro SakuraiExecutive Director
Mr. Yasuhiro TakabatakeNon-Executive - Non Independent Director
Sunita GanjooCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 3 fund houses

Held by these funds

14.06%

of the company's equity

All mutual funds

18.26%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

3 schemes · 3 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	8.99 L	181.36	0.22%	8.898%	-0
SMALL CAP FUND	Tata Mutual Fund	5.21 L	105.14	0.8%	5.158%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	10	0	0%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

26 announcementsExport CSV

1 Aug 2026, 12:05 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

1 Aug 2026, 11:50 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

31 Jul 2026, 11:41 amCompany Update

Intimation Under Regulation 30 SEBI (LODR), Regulations , 2015

General PDF

31 Jul 2026, 11:36 amCorp. Action

Intimation Of Book Closure For The AGM

Book Closure PDF

31 Jul 2026, 11:32 amCorp. Action

Record Date Fixed For Payment Of Final Dividend

Record Date PDF

31 Jul 2026, 11:23 amOthers

Business Responsibility and Sustainability Reporting (BRSR)

Business Responsibility and Sustainability Reporting (BRSR) PDF

31 Jul 2026, 11:19 amOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

31 Jul 2026, 11:10 amAGM/EGM

Notice Of 41St Annual General Meeting And Annual Report For The FY 2025-26

AGM PDF

Date	Category	Subject	Filing
1 Aug 2026, 12:05 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
1 Aug 2026, 11:50 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	38.6%	40.8%	35.2%	36.7%	39.8%	39.3%	44.1%	41.6%
EBITDA margin %	11.1%	10.9%	7.7%	8.8%	10.8%	10%	11%	9.4%
EBIT margin %	8.5%	8.3%	5.5%	7.2%	9.2%	8%	8.3%	6.8%
PAT margin %	6.6%	7.8%	5.2%	6.5%	6.8%	9.3%	10.1%	7.4%
Working capital
Receivable days	—	—	32	27	21	19	54	66
Inventory days	—	—	96	88	81	86	98	109
Payable days	—	—	69	59	46	61	67	78
NWC days	—	—	60	57	56	44	85	98
Leverage
Current ratio	—	—	3.27	3.29	3.92	4.3	4.45	3.36
Debt to EBITDA	—	—	0	0	0	0	0	0
Debt to equity	—	—	0	0	0	0	0	0
Interest coverage	724.4	287.9	237.2	209.5	230.1	273.2	235.1	599
Asset turnover	—	—	1.19	1.34	1.34	1	0.76	0.84
Return ratios
Return on assets %	—	—	6.2%	8.7%	9.1%	9.3%	7.6%	6.2%
Return on capital employed %	—	—	10.9%	15.7%	18.9%	15.5%	12.9%	11.5%
Return on equity %	—	—	8%	11.1%	11.5%	11.4%	9.3%	8%

₹ Cr	Mar 2016	Mar 2017	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	101	39	152	37	157	106	22	-11
	-86	-13	-92	16	-150	-99	-70	172
	-7	-7	-14	-11	-16	-18	-28	-126
Net cash flow	7	19	45	42	-9	-11	-76	35
Free cash flow	—	—	137	22	129	84	-18	-62
CFO / Operating profit %	132%	196.2%	210%	36.1%	116.5%	106.7%	25.2%	-13.1%

Honda India Power Products Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Events

Announcements

Not in the F&O segment

23

1

Announcements

Annual reports

Compounded sales growth

Compounded profit growth

Return on equity

Honda India Power Products Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

Dividends23

Board meetings1

Announcements

Annual reports

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

23

1