Hold Honeywell Automation India: target of Rs 31,400: ICICI Securities

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26 Aug, 2025 12:21

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ICICI Securities research report on Honeywell Automation India

Honeywell Automation India (HAIL) is a domestic leader in process automation and pioneer in related technologies. HAIL also has presence in building automation and has built a global engineering services business, which caters largely to the parent (US-based Honeywell International Inc.) and its overseas subsidiaries. Leveraging on the parent’s expertise, HAIL has market leadership in the domestic oil & gas space, both in the refinery segment and retail stations. Export segment has become a major growth driver and this is likely to sustain.

Outlook

Taking cognisance of the differentiated nature of the export and the domestic automation segments, we value HAIL at an SoTP-based target price of Rs31,400 and initiate coverage with a HOLD rating.

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