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Swing Capital

Honda India Power Products Ltd

NSE: HONDAPOWER BSE: 522064Energy

Honda India Power Products Ltd is engaged in manufacturing and marketing of portable gensets, water pumps, general purpose engines, lawn mowers, brush cutters and tillers.[1]

₹2,131
52W: ₹1817 — ₹3256
PE 26.3 · Book ₹750 · +184% vs book
Market Cap₹2,161 Cr
Stock P/E26.3Price to Earnings
ROCE12.8%Return on Capital
ROE9.47%Return on Equity
Div. Yield4.85%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Stock is providing a good dividend yield of 4.88%.
  • +Company has been maintaining a healthy dividend payout of 22.1%

Weaknesses

  • −The company has delivered a poor sales growth of -1.32% over past five years.
  • −Company has a low return on equity of 11.4% over last 3 years.
  • −Debtor days have increased from 31.2 to 54.2 days.

Shareholding Pattern

Promoters66.67%
FIIs1.05%
DIIs18.27%
Public14.02%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters66.67%66.67%66.67%66.67%66.67%66.67%66.67%66.67%
FIIs1.42%1.41%▼0.01.36%▼0.01.37%▲0.01.16%▼0.21.1%▼0.11.09%▼0.01.05%▼0.0
DIIs16.93%17.95%▲1.018.18%▲0.218.18%18.23%▲0.118.23%18.23%18.27%▲0.0
Public15%13.97%▼1.013.8%▼0.213.78%▼0.013.95%▲0.214.01%▲0.114.02%▲0.014.02%

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales285263231144177204269155176270
Expenses249230221128170183225146164238
Operating Profit353310167214381132
OPM %12%13%5%11%4%10%16%5%6%12%
Net Profit312816169193691117
EPS ₹30.7527.9215.5815.928.4218.8235.659.3511.0116.43

AI Insights

Revenue Trend

TTM revenue at ₹870Cr, up 9.6% YoY. OPM at 11%.

Debt Position

Borrowings at ₹0Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹19Cr (18% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 18.27% (+3.87pp change). FIIs: 1.05% (-0.68pp change). Promoters hold 66.67%.

Margin & Efficiency

ROCE improving from 13% (Mar 2014) to 13% (Mar 2025). Working capital days: 46.

Valuation

PE 26.3x with 12.8% ROCE. Price is 184% above book value of ₹750. Dividend yield: 4.85%.

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