Honeywell Electrical Devices and Systems India Ltd

Indicative price history

Key highlights

• FY26 audited: revenue ₹163.24 Cr, PBT ₹19.68 Cr, PAT ₹13.73 Cr (+55%); EPS ₹143.8; book value ₹1,491 a share.
• ₹99.23 Cr cash and bank balances, zero borrowings; net worth ₹142.42 Cr on just 9,55,055 shares.
• 91% held by Novar ED&S Ltd (Honeywell International Inc.); 9% legacy public float from MK Electric India days.
• UnlistedZone indicative ₹8,500 (lot 10): market cap about ₹812 Cr, 59x FY26 earnings, 5.7x book; no dividend.

About Honeywell Electrical Devices

Honeywell Electrical Devices and Systems India Limited manufactures and trades electrical wiring devices and control systems — switches, sockets, cable-management systems, lighting-management systems and other wiring accessories — sold in India under the MK (MK Electric) and Honeywell brands to builders, electrical contractors and distributors. The company is the Indian successor of MK Electric (India), the British wiring-devices maker that passed to Novar plc and then to Honeywell International Inc. in 2005; its single factory is at Khasra No. 323, Central Hopetown, Selaqui Industrial Area, Dehradun (Uttarakhand), with the registered office at KRM Plaza, Chetpet, Chennai. It employed about 174 people in 2025 (EMIS). Demand is tied to premium residential and commercial construction; management says FY26 demand was broadly stable, with the premium residential segment outperforming and a push into healthcare, pharmaceutical and circuit-protection verticals.

The company is an unlisted public limited company whose 41st annual general meeting is being held on 30 September 2026, which places incorporation in 1985 (exact date and CIN not retrieved — see verification). Novar ED&S Limited, UK, a 100% subsidiary of Honeywell International Inc., holds 8,69,100 of the 9,55,055 equity shares of ₹10 (91%); the remaining 9% sits with legacy public shareholders from the MK Electric India era and trades off-market. The board comprises Nagendranath Shankarappa (DIN 10186938) and Sameer Mahajan (DIN 11089242, appointed June 2025) as Honeywell nominee directors and Harish Maganlal Baijal (DIN 09393000, independent from 10 June 2025) and Sanjeev Kumar Jain (DIN 05325926, independent from 12 August 2026). Walker Chandiok & Co LLP, Pune is the statutory auditor; Citibank is the banker. Employees receive Honeywell International stock awards.

Audited FY26 results (annual report approved 27 August 2026): revenue from operations ₹163.24 Cr (+3.6%), other income ₹5.53 Cr (mostly interest on deposits), total expenses ₹147.73 Cr including materials ₹39.13 Cr, traded goods ₹39.48 Cr, employee cost ₹35.38 Cr, depreciation ₹4.59 Cr and finance cost ₹0.14 Cr; an exceptional gratuity past-service cost of ₹1.36 Cr; profit before tax ₹19.68 Cr (₹11.91 Cr in FY25), tax ₹5.95 Cr and profit after tax ₹13.73 Cr (₹8.87 Cr in FY25, +55%). The balance sheet at 31 March 2026 shows equity of ₹142.42 Cr (share capital ₹0.95 Cr, other equity ₹141.47 Cr), no borrowings apart from ₹0.64 Cr of lease liabilities, cash and bank balances of ₹99.23 Cr, receivables ₹52.24 Cr and inventories ₹15.97 Cr. Operating cash flow swung to +₹19.41 Cr from −₹13.17 Cr in FY25 (which had absorbed a working-capital build and ₹5.26 Cr of tax). No dividend has been paid for FY25 or FY26; profits are retained. FY25 revenue was ₹157.51 Cr against ₹85 Cr in FY21 (Precize), so the business has nearly doubled in five years while moving from loss to profit.

Recent developments: the board was refreshed in 2025–26 with two independent directors appointed (Baijal in June 2025, Jain in August 2026) and Sameer Mahajan replacing an earlier nominee; a cost auditor was appointed; the Selaqui plant cut energy use 10.8% in FY26; management flagged first-quarter FY26 disruption from Operation Sindoor but resilient demand thereafter. There is no stated plan to list, buy back minorities or pay dividends; the ₹99 Cr cash pile (70% of net worth) is the most obvious lever for either.

Valuation at the listed rate: UnlistedZone shows an indicative ₹8,500 a share (23 December 2025, lot 10, market cap shown as ₹809 Cr); Sharescart ₹8,500 (lot 10), Planify ₹8,495 (14 June 2026, lot 36) and wwipl ₹8,000. On 9,55,055 shares, ₹8,500 implies a market capitalisation of about ₹812 Cr — roughly 59 times FY26 earnings (EPS ₹143.8), 5.7 times March 2026 book value (₹1,491 a share) and about 50 times earnings after netting the ₹99 Cr cash. Listed wiring-device peers Havells and Polycab trade at 40–60 times, so the quote already prices the Honeywell parentage and the possibility of a buy-out; without a dividend, the return depends on earnings growth or a corporate action by the parent.

Verification status (10 Oct 2026): the FY26 and FY25 financial statements, board with DINs, auditor, registered office, plant, shareholding (Novar ED&S 91%) and share count are taken from the audited annual reports for 2025-26 and 2024-25 downloaded from a public filings bucket. The CIN, exact incorporation date, employee count (EMIS 2025), the FY24 line items and filing dates are not verified or are estimates. The rate is UnlistedZone's indicative level from December 2025 and may be stale; Planify's June 2026 quote is within ₹5 of it.

Where the revenue comes from

• Switches, sockets & wiring accessories (own manufacture, Selaqui)50%

  MK and Honeywell branded modular switches, sockets and plates (estimate)

• Traded Honeywell/MK products40%

  Purchases of stock-in-trade were ₹39.5 Cr in FY26 (estimate of revenue share)

• Cable & lighting management systems10%

  Cable trunking, conduits and lighting-control systems for commercial projects (estimate)

Products & services