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Honeywell Electrical Devices And Systems Unlisted Shares
DRHP Status : Not Filed
10000
Fundamentals About Honeywell Electrical Devices And Systems
Downloads & Investor Documents
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Key Financials of Honeywell Electrical Devices And Systems
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 8548 | 12140 | 15119 | 15767 |
| Cost of Material Consumed | 2237 | 3074 | 3285 | 8415 |
| Gross Margins | 73.83 | 74.68 | 78.27 | 46.63 |
| Change in Inventory | 237 | -359 | -273 | 177 |
| Employee Benefit Expenses | 2203 | 2325 | 2676 | 2761 |
| Other Expenses | 4705 | 5954 | 7150 | 2511 |
| EBITDA | -834 | 1146 | 2281 | 1903 |
| OPM | -9.76 | 9.44 | 15.09 | 12.07 |
| Other Income | 338 | 2197 | 175 | 203 |
| Finance Cost | 57 | 35 | 54 | 51 |
| D&A | 417 | 438 | 437 | 506 |
| EBIT | -1251 | 708 | 1844 | 1397 |
| EBIT Margins | -14.64 | 5.83 | 12.2 | 8.86 |
| PBT | -970 | 2870 | 1965 | 1549 |
| PBT Margins | -11.35 | 23.64 | 13 | 9.82 |
| Tax | -101 | 1326 | 369 | 405 |
| PAT | -869 | 1544 | 1596 | 1144 |
| NPM | -10.17 | 12.72 | 10.56 | 7.26 |
| EPS | -91.47 | 162.53 | 168 | 120.42 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | -9.76 | 9.44 | 15.09 | 12.07 |
| Net Profit Margin | -10.17 | 12.72 | 10.56 | 7.26 |
| Earning Per Share (Diluted) | -91.47 | 162.53 | 168 | 120.42 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 954 | 698 | 963 | 826 |
| CWIP | 0 | 0 | 36 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Trade Receivables | 2612 | 3396 | 3782 | 4489 |
| Inventory | 1449 | 1981 | 1975 | 1923 |
| Other Assets | 7754 | 8699 | 10499 | 11512 |
| Total Assets | 12769 | 14774 | 17255 | 18750 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 95 | 95 | 95 | 95 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 7607 | 9160 | 10764 | 11878 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 3397 | 3119 | 3040 | 3429 |
| Other Liabilities | 1670 | 2400 | 3356 | 3348 |
| Total Liabilities | 12769 | 14774 | 17255 | 18750 |
About Company
Honeywell Electrical Devices & Systems India Ltd (Honeywell EDS India) is a company based in Chennai, Tamil Nadu. It manufactures and supplies electrical devices, wiring accessories, switches, sockets, cable-management systems, and lighting-management products. The company was incorporated on 22 August 1984, making it a mature business in the Indian electrical components domain. Its legal identity shows that it is unlisted.
The following table shows a 10-point analysis of Honeywell Electrical Devices And Systems India Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ~₹150–160 cr FY24 Revenue ~₹159 cr PAT ~₹11–15 cr PAT margin ~7–9% |
Manufacturer of electrical wiring devices, switches, sockets, MCBs, distribution boards & modular solutions under Honeywell brand. Serves residential, commercial & industrial segments. Benefits from India's construction & electrification growth. |
| Industry & Market Position | Premium electrical switches & protection devices player Backed by Honeywell global brand |
Strong brand trust, innovation in modular/smart products & safety standards. Competes with Havells, Legrand & Schneider in organized segment. Exposed to raw material volatility (copper, plastics). |
| Revenue Growth Trend | FY23–FY25 CAGR ~4–10% FY24 ~4% YoY growth |
Steady but moderated growth driven by building sector demand and product upgrades. Slower than high-growth peers due to competitive pricing and cyclical market trends. Long-term upside from housing & infrastructure push. |
| Profitability & Margins | EBITDA margin stable PAT margin ~7–9% ROE moderate |
Healthy margins supported by brand premium & cost efficiencies. Some PAT pressure in FY24/FY25 due to input costs & competition. Earnings quality stable from recurring demand. |
| Cash Flow Quality | OCF positive Low debt reliance |
Reliable operating cash flows & efficient working capital management. Low capex requirements post scale; high quality supported by minimal leverage. |
| Balance Sheet Strength | Strong net worth Minimal Debt/Equity |
Conservative and robust balance sheet. Comfortable liquidity; strong downside protection from Honeywell parent backing. Low financial risk profile. |
| Valuation Comfort | Unlisted price ~₹5,500–8,500 (Feb 2026) EPS ~₹120 (est.) P/E ~40–70x+ Market cap ~₹800–850 cr |
Premium valuation reflecting brand strength & global parent backing. Justified by quality, scarcity & sector tailwinds. High P/B multiple consistent with stable return profile. |
| Management & Governance | Honeywell global subsidiary Professional oversight |
Multinational governance standards with transparent disclosures. Strong compliance culture; benefits from Honeywell technology & systems. |
| Growth Triggers & Catalysts | Real estate & infra revival Smart home adoption Product innovation |
Organic growth from housing boom & energy efficiency norms. Upside from new product launches & distribution expansion. No confirmed IPO/DRHP plans. |
| Liquidity & Exit Visibility | OTC liquidity only No confirmed IPO plans |
Moderate unlisted trading with liquidity constraints. Exit via OTC or potential strategic/parent-led moves. No near-term listing catalyst. |
Ownership & Parentage
- According to Transparent Capital, it is part of the Honeywell International ecosystem.
- As per its annual report, it is a subsidiary of Novar ED&S Ltd, UK.
Manufacturing & Footprint
- It operates manufacturing units (plastic injection moulding, wiring devices) in Chennai and Dehradun.
- It has a strong dealer and distribution network in India, reaching commercial, industrial, and residential customers.
Business Model & Revenue Drivers
- Wiring Devices & Accessories: A major chunk of its business comes from switches, sockets, and related accessories used in homes, offices, and industrial settings.
- Cable Management Systems: Products that help in organising and managing electrical cables in buildings.
- Lighting Management: Solutions for efficient lighting using control systems, especially for commercial buildings.
- Control Systems: For building automation, helping customers optimise energy usage and improve safety.
- Exports and OEMs: The manufacturing strength allows it to supply components for OEMs and possibly export segments.
Financial Performance & Key Metrics
- The company’s paid-up capital is ₹9.52 million, and it is relatively small in balance-sheet size for an industrial manufacturing company
- In its FY 2022 annual report, the company declared its product portfolio and financials; however, specific modern “scale-up” growth numbers are not very high-growth, this is more of a stable components business.
- The company has around 400 employees in India.
Strengths & Growth Opportunities
- Brand Strength: Backed by Honeywell / Novar, the company has strong technical credibility and global design standards.
- Product Diversification: Not just wiring devices, it also does lighting management and control systems for automation.
- Manufacturing Capability: Injection-moulding expertise and production scale in India give a cost and quality advantage.
- Energy Efficiency Demand: With building automation rising in India and a global push for energy efficiency, its control systems could find more demand.
- CSR & Sustainability: It supports community initiatives under Honeywell India’s Hometown Solutions, reflecting a commitment to sustainability.
Risks & Challenges
- Competition: Faces strong competition from Indian wiring and electrical component players (Havells, Schneider, Legrand, etc.).
- Raw Material Risk: Plastic, metals and other input costs may fluctuate.
- Regulation & Standards: Electrical component manufacturers must comply with safety and quality standards; any issue can be reputational.
- Market Saturation: In mature segments (switches/sockets), growth could be limited unless automation product lines expand strongly.
- Scaling Risk: Newer business lines like lighting control or export could require capex and sales investments.
Quick Summary
Honeywell Electrical Devices & Systems India Ltd is an established player in India’s electrical accessories and control systems space. With strong manufacturing capability, backing from Honeywell / Novar, and a diversified product mix (from switches to building automation), it is well-positioned to benefit from increased building automation and energy-efficient infrastructure. However, it operates in a competitive and cost-sensitive market.
Shareholding Pattern of Honeywell Electrical Devices And Systems
| Name | Holding |
|---|---|
| Novar ED&S Limited, U.K. (Holding Company) | 91% |
| Other Investors | 9% |
Promoters of Honeywell Electrical Devices And Systems
| Name | Role | Linkedin Profile |
|---|---|---|
| Honeywell International Inc. | Parent / Promoter |  |
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Frequently Asked Questions
Honeywell Electrical Devices and Systems Ltd unlisted shares refer to equity in a private company (Honeywell’s joint venture in electrical devices and systems) that is not listed on NSE or BSE. These shares are available through private investment platforms such as UnlistedKraft.
Yes, UnlistedKraft provides access to verified deals in Honeywell Electrical Devices and Systems Ltd unlisted shares. After completing your KYC and placing your order, the shares will be delivered to your demat account, typically within 24 hours.
Unlisted shares carry some risks including lower liquidity and reduced public disclosure. However, Honeywell’s JV in electrical devices is well-backed with strong technology and market reputation. Investing via UnlistedKraft ensures secure, verified, and transparent transactions.
The price is based on recent private transactions, demand and supply in the unlisted market, company performance, and valuation trends. UnlistedKraft keeps share pricing updated regularly to ensure fairness and transwerparency.
Yes, you must have an active demat account in order to receive and hold unlisted shares such as those of Honeywell Electrical Devices and Systems Ltd.
There is no mandatory holding period unless the company goes public. Most investors choose to hold these shares until a liquidity event, such as an IPO or strategic sale, for long-term gain potential.
Yes, you can resell your shares through UnlistedKraft’s resale facilitation channel, subject to buyer demand and prevailing market conditions.
Yes. SEBI regulations require a six-month lock-in for all pre-IPO investments once the company is listed.
If you hold the shares for over two years, long-term capital gains are taxed at 20% with indexation. If sold within two years, gains are considered short-term and taxed as per your income tax slab.
UnlistedKraft offers trusted, verified access to private-deal shares like Honeywell Electrical Devices and Systems Ltd, along with transparent pricing, expert support, secure transactions, and prompt allocation to your demat account.
+91-9599071664
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