Honda India Power Products Ltd(HONDAPOWER)

NSE: HONDAPOWERBSE: 522064

₹ 1,800+2.73%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,826 crWebsite: www.hondaindiapower.comUpdated: 24 Oct 2026

About

Honda India Power Products Ltd manufactures and markets portable gensets, water pumps, general purpose engines, lawn mowers, brush cutters, tillers, and marine engines from a single plant in Greater Noida, U.P. In FY26 the company posted revenue of Rs 865.45 Cr, with exports contributing 22% of total turnover across 21 countries. Honda Motor Co. Ltd., Japan holds 66.67% of the company and supplies critical proprietary components and technology under a collaboration agreement valid till March 31, 2027.^[1][2]

Product mix by turnover

Generators contributed 51% of total turnover in FY26.^[2]
Engines contributed 20% of total turnover in FY26.^[2]
Water pumps contributed 15% of total turnover in FY26.^[2]
Agricultural machinery (tillers, harvesters) contributed 7% of total turnover in FY26.^[2]

Manufacturing and operations

The company operates one plant, located at Plot No. 5, Sector 41 (Kasna), Greater Noida Industrial Development Area, Distt. Gautam Budh Nagar, U.P. - 201310.^[2]
In addition to the plant, the company maintains 16 offices nationally, covering 36 states and union territories as of FY26.^[2]
Critical and proprietary components are sourced exclusively from parent Honda Motor Co. Ltd., Japan and cannot be procured from any other source.^[2]

Export business

Export business achieved 130% of the annual plan in FY26, with exports accounting for 22% of total turnover across 21 countries.^[2]
2 - 3 kVA generator models sold to Canada, USA, Australia, Japan, Europe, and Indonesia were the major driver of genset export business in FY26.^[2]
Export models are manufactured exclusively for Honda Motor Co. Ltd. Japan based on destination-country standards and cannot be sold to any other customer.^[2]
Export commission is paid at 8% on FOB value of export sales (except exports to HM) for use of Honda's global sales and distribution channel.^[2]
The company participated in the Ethiopia Trade Expo in Addis Ababa from 4 - 8 February 2026 to showcase its portfolio for African markets.^[2]

Customers and distribution

Two major domestic customer categories are dealers (who sell to distributors/retailers) and institutional customers (government agencies and non-government entities).^[2]
Foreign exchange used in FY26 was Rs. 19,065 lakh; foreign exchange earned was Rs. 19,038 lakh - broadly balanced.^[2]

Technology and certifications

Technology collaboration agreement with Honda Motor Co. Ltd., Japan (dated 18.10.1985) is valid for 5 years till March 31, 2027.^[2]
Technology absorption ongoing for OHV engines, fuel injection systems, inverter and GCU technology, Bluetooth and CO sensor-enabled products for US/EU, and electrified power unit products.^[2]
Certifications held include ISO 9001, IS 7347 (engines), IS 11501 (water pumps), CPCB-IV+ (portable gensets), EPA & CARB (US 7 kVA genset), and CSA CoC (Canada 7 kVA genset).^[2]
Royalty is paid at 6% of net ex-factory sale price of manufactured goods; effective rate ranges from 4.0% to 4.5% of net sales.^[2]

Key operating developments

Tiller and brush cutter sales were depressed in FY26 due to delays in central and state government subsidy scheme disbursements - an ongoing risk into FY27.^[2]
Demand for portable backup power remains a driver for the generator segment, supported by weather disruptions, drone charging, mobile utility, and lifestyle use cases.^[2]
Frequent changes in US import tariffs impacted price competitiveness and order certainty for the export business in FY26.^[2]
The company had 711 associates as on March 31, 2026, compared with 727 as on March 31, 2025.^[2][3]

Expansion and capital projects

Feasibility study for a 300 kW solar power plant was completed in FY24; project implementation has been deferred to FY 2029-30.^[2]
Proposed material related-party transaction with American Honda Motor Co., Inc. for FY26-27 was raised to Rs. 15,200 lakh from the initial Rs. 8,600 lakh due to higher demand; actual FY26 transactions with AH were Rs. 5,317 lakh.^[2]

Market Cap

₹1,826 Cr

High / Low

₹2,824 / 1,654

Stock P/E

27.7

Price / Book

2.3

Book Value

₹792

EPS

₹63.3

No. of Shares

1.01 Cr

ROCE

11.5%

ROE

7.7%

OPM

10.6%

Debt / Equity

0.00

Sales

₹865 Cr

Net Profit

₹64 Cr

Promoter holding

66.7%

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