Sharekhan's research report on Honeywell Automation India
Honeywell’s Q3FY2025 numbers saw a miss on estimates on all fronts, impacted by weak execution, softer demand, and accounting treatment change. The company reported revenue/operating profit/Adj. PAT of Rs. 1091/142/132 crore for a growth of 2%/-12%/3%, respectively. The company is a leading player and well positioned to drive growth in pharma, specialty chemicals, and cyber security.
Outlook
With the visibility of slower growth and premium valuations, we downgraded to Hold on Honeywell with a revised PT of Rs. 39,000. The stock is expected to report a revenue/PAT CAGR of 8%/14%, respectively, over FY2024-FY2027E.
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