Honda India Power Products Ltd

HONDAPOWER

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Market Cap

₹ 2,367 Cr

P/E

31.18

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

LOW RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Honda India Power Products Limited specializes in manufacturing and marketing portable generators, water pumps, general-purpose engines, and related machinery, predominantly in the agricultural sector.

The company has a robust export network, reaching over 25 countries across Africa, Europe, South America, and Asia.

Recent product innovations include the transition to petrol-fueled engines and water pumps, showcasing a move towards more sustainable solutions.

A key product launch includes the first 4-stroke powered, heavy-duty brush cutter, aimed at enhancing efficiency for farmers.

The company has infused technology in its operations with initiatives like ERP implementation for streamlined business processes.

Sector

Capital Goods - Electrical Equipment

Industry

Electric Equipment - Gensets / Turbines

Market Cap

2,367 Cr

Volatility

Moderate Risk

P/E Ratio

31.2

Industry P/E

28.9

PEG Ratio

13.2

P/B Ratio

3.1

52W High

3,251.00

52W Low

1,827.20

Sales CAGR

-19.70%

-11.77%

-1.32%

10Y

1.31%

Profit CAGR

-13.31%

2.36%

3.74%

10Y

5.63%

ROE

TTM

9.98%

10.66%

10.32%

10Y

11.08%

ROCE

TTM

13.50%

14.42%

13.94%

10Y

15.66%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MARINE	204.21	2,817 Cr	60.42	6.55	0.15	10.86	16.11	6.13
MARSONS	149.85	2,579 Cr	79.29	18.46	0.00	23.29	22.93	19.45
HPL	394.50	2,534 Cr	26.42	2.65	0.25	10.04	12.96	4.25
VIKRAN	92.70	2,383 Cr	27.66	2.05	0.00	7.43	12.70	4.38
HONDAPOWER	2328.00	2,367 Cr	31.18	3.11	0.92	9.98	13.50	7.98
CNCRD	2215.00	2,264 Cr	99.93	18.46	0.00	21.92	23.79	16.35
ALPEXSOLAR	861.50	2,201 Cr	14.31	4.65	0.00	32.49	34.29	16.42

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	210	285	263	231	144	177	204	269	155	176
Expenses	190	249	230	221	128	170	183	225	146	164
Operating Profit	20	35	33	10	16	7.00	21	43	8.44	11
OPM %	9.67	12.38	12.53	4.52	11.43	3.95	10.19	16.15	5.45	6.45
Other Income	7.57	12	10	16	11	9.89	10	11	9.92	9.48
Interest	0.05	0.05	0.05	0.29	0.04	0.05	0.05	0.32	0.04	0.03
Depreciation	5.01	4.98	4.97	5.26	5.34	5.36	5.41	5.69	5.53	5.71
Profit Before Tax	23	42	38	21	22	11	26	49	13	15
Tax %	25.94	25.97	25.45	24.00	26.02	25.61	25.84	25.67	25.88	25.88
Net Profit	17	31	28	16	16	8.54	19	36	9.48	11
EPS in Rs	16.66	30.75	27.92	15.57	15.92	8.42	18.82	35.65	9.35	11.01

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	736	777	816	849	939	1,156	1,246	989	794	805
Expenses	606	666	725	756	867	1,054	1,111	890	707	725
Operating Profit	130	112	90	93	72	102	135	99	88	80
OPM %	17.69	14.38	11.08	10.92	7.68	8.84	10.84	10.01	11.04	9.89
Other Income	16	15	14	20	15	17	1.67	45	42	41
Interest	0.40	0.24	0.12	0.30	0.28	0.48	0.58	0.44	0.46	0.46
Depreciation	23	23	21	22	20	19	21	20	22	22
Profit Before Tax	88	94	83	90	66	100	115	124	108	99
Tax %	34.42	34.91	35.00	26.44	26.41	25.51	26.27	25.47	25.78	25.73
Net Profit	58	61	54	67	49	75	85	92	80	73
EPS in Rs	56.78	60.39	53.40	65.58	47.98	73.48	83.89	90.90	78.81	74.83
Dividend Payout %	13.16	14.87	18.73	19.06	20.84	20.41	19.67	19.25	27.28	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	10	10	10	10	10	10	10	10	10	10
Reserves	356	412	464	507	559	595	660	727	802	853
Borrowings	0.00	0.00	0.00	0.00	1.19	1.44	1.23	0.81	0.47	0.10
Other Liabilities	110	111	122	138	144	184	190	193	179	184
Total Liabilities	476	534	597	655	715	791	861	930	992	1,048
Fixed Assets	112	107	101	95	98	91	87	91	98	107
CWIP	0.49	0.33	0.94	3.44	1.89	2.47	13	9.24	7.38	7.83
Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	363	427	495	557	616	697	762	830	887	933
Total Assets	476	534	597	655	715	791	861	930	992	1,048

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	101	40	55	21	-18	152	37	157	106	22
Cash from Investing Activity	-86	-13	-65	-13	47	-92	16	-150	-99	-70
Cash from Financing Activity	-7.32	-7.73	-9.40	-11	-13	-14	-11	-16	-18	-28
Net Cash Flow	7.46	19	-20	-3.17	17	45	42	-8.73	-11	-76

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	66.67%	66.67%	66.67%	66.67%	66.67%	66.67%	66.67%	66.67%	66.67%	66.67%	66.67%	66.67%
FIIs	1.53%	1.72%	1.73%	1.79%	1.59%	1.45%	1.42%	1.41%	1.36%	1.37%	1.17%	1.10%
DIIs	13.30%	13.46%	14.41%	14.72%	14.82%	15.31%	16.92%	17.95%	18.18%	18.18%	18.23%	18.23%
Public	18.50%	18.16%	17.20%	16.82%	16.93%	16.57%	14.99%	13.98%	13.79%	13.79%	13.94%	14.01%
Total Shareholders	17,985	17,937	17,389	16,485	20,177	20,762	18,210	19,092	20,607	22,706	23,419	25,094

Projection

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Presentations

Concalls

Reports

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Overview

Detailed Summary

The company has a robust export network, reaching over 25 countries across Africa, Europe, South America, and Asia.

Recent product innovations include the transition to petrol-fueled engines and water pumps, showcasing a move towards more sustainable solutions.

A key product launch includes the first 4-stroke powered, heavy-duty brush cutter, aimed at enhancing efficiency for farmers.

The company has infused technology in its operations with initiatives like ERP implementation for streamlined business processes.

Sector

Capital Goods - Electrical Equipment

Industry

Electric Equipment - Gensets / Turbines

Market Cap

2,367 Cr

Volatility

Moderate Risk

P/E Ratio

31.2

Industry P/E

28.9

PEG Ratio

13.2

P/B Ratio

3.1

52W High

3,251.00

52W Low

1,827.20

Sales CAGR

-19.70%

-11.77%

-1.32%

10Y

1.31%

Profit CAGR

-13.31%

2.36%

3.74%

10Y

5.63%

ROE

TTM

9.98%

10.66%

10.32%

10Y

11.08%

ROCE

TTM

13.50%

14.42%

13.94%

10Y

15.66%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MARINE	204.21	2,817 Cr	60.42	6.55	0.15	10.86	16.11	6.13
MARSONS	149.85	2,579 Cr	79.29	18.46	0.00	23.29	22.93	19.45
HPL	394.50	2,534 Cr	26.42	2.65	0.25	10.04	12.96	4.25
VIKRAN	92.70	2,383 Cr	27.66	2.05	0.00	7.43	12.70	4.38
HONDAPOWER	2328.00	2,367 Cr	31.18	3.11	0.92	9.98	13.50	7.98
CNCRD	2215.00	2,264 Cr	99.93	18.46	0.00	21.92	23.79	16.35
ALPEXSOLAR	861.50	2,201 Cr	14.31	4.65	0.00	32.49	34.29	16.42