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Key Financials Snapshot

TTM · Standalone · ₹ in Cr
Market Cap
₹2225 Cr.
Stock P/E
27.8
P/B
2.8
Current Price
₹2193.4
Book Value
₹ 792
Face Value
10
52W High
₹3251
52W Low
₹ 1840
Dividend Yield
5.77%

Honda India Power Overview

Business

Honda India Power Products Ltd. (HIPP) is a subsidiary of Honda Motor Co., Japan, primarily engaged in the manufacturing and marketing of a wide range of power products in India. Its core business revolves around portable generators, water pumps, general-purpose engines, tillers/power weeders, and lawnmowers. The company's business model involves manufacturing these products in India, leveraging Honda's global technology and quality standards, and distributing them through an extensive dealer network across the country. It makes money by selling these products to individuals, farmers, small businesses, and institutions for various applications, including power backup, agriculture, construction, and domestic use.

Revenue Mix

While specific revenue contribution percentages are not provided in the prompt, HIPP's primary product segments include:

Portable Generators: Used for power backup in homes, shops, and small establishments.

Water Pumps: Utilized mainly in agriculture for irrigation and water transfer.

Tillers / Power Weeders: Agricultural machinery for soil preparation and weeding.

General Purpose Engines: Supplied to various OEMs for integration into different types of equipment.

Lawn Mowers & Brush Cutters: Used for gardening and landscaping purposes.

The company also offers related spare parts and after-sales service.

Industry

The Indian power products industry is characterized by significant demand from the agriculture sector, small businesses requiring reliable power backup, and a growing need for mechanization. The market is competitive, comprising both organized players (domestic and international) and a large unorganized sector. Honda India Power Products is positioned as a premium player known for its reliability, fuel efficiency, lower emissions, and strong brand reputation. It differentiates itself through product quality, technological superiority, and an extensive sales and service network, often commanding a premium over generic or unbranded alternatives.

MOAT

Brand Strength: The "Honda" brand name instills significant trust, quality assurance, and reliability in the minds of Indian consumers, built on its global reputation.

Technological Prowess: Access to Honda's global R&D and engineering expertise ensures advanced, fuel-efficient, and low-emission products, often meeting stringent environmental norms.

Distribution & Service Network: HIPP has established a wide and deep dealer and service network across India, especially in semi-urban and rural areas, which is crucial for sales and after-sales support in this product category.

Product Quality & Durability: Honda products are generally perceived as high-quality and durable, leading to lower maintenance costs and longer operational life, which attracts customers despite a higher initial price point.

Growth Drivers

Agricultural Mechanization: Increasing adoption of modern farming practices and government initiatives to boost agricultural productivity drive demand for power tillers, water pumps, and other agri-equipment.

Rural Electrification & Power Deficit: While rural electrification is progressing, the intermittent nature of grid power in many areas sustains demand for generators and portable power solutions.

Infrastructure Development: Construction activities and small-scale industries contribute to demand for power products like generators and engines.

Growing Disposable Income: Rising incomes in rural and semi-urban areas can lead to higher spending on quality power products.

Exports: Leveraging its manufacturing capabilities, HIPP may expand its export footprint to neighboring countries.

Risks

Dependence on Monsoon & Agriculture: A significant portion of demand, particularly for water pumps and tillers, is linked to agricultural output and favorable monsoon seasons. Poor monsoons can impact sales.

Intense Competition: The market faces fierce competition from domestic players, other international brands, and a large unorganized sector offering lower-priced alternatives, potentially impacting market share and margins.

Raw Material Price Volatility: Fluctuations in global commodity prices (metals, plastics) can affect manufacturing costs and profitability.

Regulatory Changes: Stricter emission norms or other product-related regulations could necessitate R&D investments and cost adjustments.

Economic Slowdown: A general economic downturn or reduced rural spending could curb demand for power products.

Management & Ownership

Honda India Power Products Ltd. is a subsidiary of Honda Motor Co., Japan. This indicates strong parentage, access to global best practices, and a culture of quality and innovation. The management team operates under the strategic direction and quality standards set by the global Honda group, typically adhering to professional corporate governance practices. The ownership structure is predominantly controlled by Honda Motor Co., Japan, providing stability and long-term vision.

Outlook

Honda India Power Products is well-positioned to benefit from India's long-term growth trends in agriculture mechanization, rural development, and the ongoing need for reliable power solutions. Its strong brand, established distribution, and focus on quality and efficiency provide a competitive edge. However, the company faces headwinds from intense price competition, susceptibility to agricultural cycles and monsoon variability, and potential raw material cost pressures. The ability to maintain its premium positioning while expanding market reach in price-sensitive segments and adapting to evolving customer needs and regulatory environments will be crucial for sustained growth.

Honda India Power Share Price

Live · BSE / NSE · Inception: 1985
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Standalone · annual

Honda India Power Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 263 231 144 177 204 269 155 176 270 265
Other Income 10 12 11 10 10 11 10 9 8 10
Total Income 273 243 155 187 215 280 165 185 279 274
Total Expenditure 230 221 128 170 183 225 146 164 238 235
Operating Profit 43 22 27 17 31 55 18 21 40 40
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 5 5 5 5 5 6 6 6 6 6
Exceptional Income / Expenses 0 4 0 0 0 0 0 0 -12 2
Profit Before Tax 38 21 22 11 26 49 13 15 23 35
Provision for Tax 10 5 6 3 7 12 3 4 6 8
Profit After Tax 28 16 16 9 19 36 9 11 17 27
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 28 16 16 9 19 36 9 11 17 27
Adjusted Earnings Per Share 27.9 15.6 15.9 8.4 18.8 35.7 9.3 11 16.4 26.5

Honda India Power Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 631 673 702 768 816 849 939 1156 1246 989 794 866
Other Income 8 13 16 15 18 16 15 17 19 42 42 37
Total Income 639 685 718 783 834 864 953 1173 1265 1031 837 903
Total Expenditure 561 586 606 665 725 756 866 1054 1111 890 707 783
Operating Profit 77 100 112 118 109 109 87 120 154 141 130 119
Interest 1 1 1 1 1 1 1 1 1 1 1 0
Depreciation 21 24 23 23 21 22 20 19 21 20 22 24
Exceptional Income / Expenses 3 0 0 0 -4 4 0 0 -18 4 0 -10
Profit Before Tax 59 75 88 94 83 90 66 100 115 124 108 86
Provision for Tax 20 26 30 33 29 24 17 26 30 32 28 21
Profit After Tax 39 49 58 61 54 67 49 75 85 92 80 64
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 39 49 58 61 54 67 49 75 85 92 80 64
Adjusted Earnings Per Share 38.1 48.1 57 60.6 53.4 65.6 48 73.5 83.9 90.9 78.8 63.2

Honda India Power Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 325 367 423 474 517 570 606 670 737 812 864
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 143 162 1 1 -3 -4 -4 -5 -13 429 375
Total Current Liabilities 140 149 111 121 138 144 183 190 191 179 184
Total Liabilities 608 677 535 596 652 710 785 854 916 1420 1422
Fixed Assets 123 112 107 101 95 98 91 87 91 98 107
Other Non-Current Assets 181 202 86 74 65 56 95 144 75 553 500
Total Current Assets 304 363 342 421 493 556 599 624 750 769 816
Total Assets 608 677 535 596 652 710 785 854 916 1420 1422

Honda India Power Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 21 15 23 41 21 18 35 80 122 115 106
Cash Flow from Operating Activities 43 101 40 55 21 -18 152 37 157 106 22
Cash Flow from Investing Activities -44 -86 -13 -65 -13 47 -92 16 -150 -99 -70
Cash Flow from Financing Activities -5 -7 -8 -9 -11 -13 -14 -11 -16 -18 -28
Net Cash Inflow / Outflow -5 7 19 -20 -3 17 45 42 -9 -11 -76
Closing Cash & Cash Equivalent 15 23 41 21 18 35 80 122 115 106 31

Honda India Power Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 38.08 48.14 56.98 60.56 53.4 65.6 48 73.5 83.92 90.94 78.84
CEPS(Rs) 59.09 71.62 80.11 82.76 74.24 87.38 67.98 91.77 104.41 110.88 100.34
DPS(Rs) 6 6 7.5 9 10 12.5 10 15 16.5 17.5 31.5
Book NAV/Share(Rs) 320.48 361.4 416.68 467.9 509.96 561.75 597.15 660.63 726.57 800.9 851.61
Core EBITDA Margin(%) 10.54 12.33 13.07 13.2 11.14 10.97 7.73 8.88 10.85 10 11.05
EBIT Margin(%) 9.02 10.76 12.09 12.22 10.28 10.74 7.12 8.73 9.31 12.56 13.63
Pre Tax Margin(%) 8.93 10.63 11.97 12.14 10.21 10.66 7.04 8.65 9.26 12.51 13.56
PAT Margin (%) 5.85 6.91 7.85 7.9 6.64 7.84 5.18 6.45 6.83 9.32 10.07
Cash Profit Margin (%) 9.09 10.29 11.03 10.79 9.23 10.44 7.34 8.05 8.49 11.37 12.81
ROA(%) 6.73 7.6 9.54 10.86 8.68 9.77 6.51 9.09 9.62 7.9 5.62
ROE(%) 12.48 14.12 14.64 13.69 10.92 12.24 8.28 11.69 12.1 11.91 9.54
ROCE(%) 19.22 21.97 22.55 21.18 16.92 16.77 11.37 15.84 16.5 16.05 12.92
Receivable days 21.62 18.61 14.88 21.12 28.47 24.35 25.62 26.74 23.13 22.43 38.79
Inventory Days 62.36 53.47 51.92 49.67 45.28 69.4 72.22 53.17 50.28 56.81 59.69
Payable days 60.04 60.14 58.45 59.09 58.02 61.96 60.6 57.87 51.64 59.14 74.57
PER(x) 29.47 27.25 23.52 22.01 20.34 12.73 19.96 16.77 23.99 24.4 25.71
Price/Book(x) 3.5 3.63 3.22 2.85 2.13 1.49 1.6 1.87 2.77 2.77 2.38
Dividend Yield(%) 0.53 0.46 0.56 0.68 0.92 1.5 1.04 1.22 0.82 0.79 1.55
EV/Net Sales(x) 1.7 1.75 1.73 1.51 1.28 0.96 0.89 0.84 1.26 1.73 1.91
EV/Core EBITDA(x) 13.89 11.78 10.83 9.87 9.59 7.45 9.6 8.14 10.19 12.16 11.64
Net Sales Growth(%) 16.51 6.67 4.31 9.41 6.26 4.02 10.64 23.15 7.78 -20.64 -19.7
EBIT Growth(%) 102.39 27.7 17.13 6.78 -11.71 8.66 -26.7 51.16 14.91 7.07 -12.91
PAT Growth(%) 105.63 26.42 18.33 6.28 -11.82 22.84 -26.83 53.13 14.17 8.37 -13.31
EPS Growth(%) 105.63 26.42 18.37 6.28 -11.82 22.84 -26.83 53.13 14.17 8.37 -13.31
Debt/Equity(x) 0 0 0 0 0 0 0 0 0 0 0
Current Ratio(x) 2.17 2.44 3.08 3.47 3.57 3.86 3.27 3.29 3.92 4.3 4.45
Quick Ratio(x) 1.33 1.85 1.99 2.72 2.76 2.4 2.39 2.36 3.04 3.51 3.8
Interest Cover(x) 107.77 84.76 102.28 141.81 147.16 128.37 99.72 108.59 178.54 234.45 208.12
Total Debt/Mcap(x) 0 0 0 0 0 0 0 0 0 0 0

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -20% -12% -1% +2%
Operating Profit CAGR -8% +3% +4% +5%
PAT CAGR -13% +2% +4% +7%
Share Price CAGR -24% 0% +15% +6%
ROE Average +10% +11% +11% +12%
ROCE Average +13% +15% +15% +17%

Honda India Power Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 66.67 %
FII 1.05 %
DII (MF + Insurance) 18.27 %
Public (retail) 33.33 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 66.6766.6766.6766.6766.6766.6766.6766.6766.6766.67
FII 1.591.451.421.411.361.371.171.11.091.05
DII 14.8215.3116.9217.9518.1818.1818.2318.2318.2318.27
Public 33.3333.3333.3333.3333.3333.3333.3333.3333.3333.33
Others 0000000000
Total 100100100100100100100100100100

Honda India Power Peer Comparison

Electric Equipment Edit Columns

Honda India Power Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Honda India Power Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Company has a low return on equity of 11% over the last 3 years.
  • Debtor days have increased from 59.14 to 74.57days.
  • The company has delivered a poor profit growth of 3% over past five years.
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