1. Company Overview
Honeywell Electrical Devices & Systems India Limited (HEDSIL) is an unlisted Indian public company incorporated in 1984 and headquartered in Chennai, Tamil Nadu. The company manufactures and trades electrical devices and control systems, with products covering wiring devices, switches, sockets, cable management, lighting management and circuit-protection solutions. (IndiaFilings)
The company was formerly known as Novar India Limited and is part of the Honeywell ecosystem through its holding company, Novar ED&S Limited, UK. (Planify)
2. Business & Product Portfolio
HEDSIL operates across residential, commercial and industrial electrical applications.
Major product categories
- Wiring devices
- Switches and sockets
- Smart switches
- Circuit protection
- Cable management systems
- Lighting management systems
- Electrical accessories
- Control systems
Honeywell’s current India electrical portfolio also includes smart wiring devices, circuit protection and cable-management solutions. (Honeywell)
Honeywell Electrical Products – Official Honeywell Website
3. Manufacturing & Distribution
The company combines manufacturing and trading/distribution activities.
Based on FY25 financial disclosures, manufactured products contributed approximately ₹72.6 crore, while traded products contributed approximately ₹84.8 crore to FY24 revenue from operations. (Privora Capital)
This hybrid model allows the company to combine its own manufacturing capabilities with products sourced/traded through the broader Honeywell ecosystem.
4. Financial Performance
FY21–FY26
| Particulars | FY21 | FY22 | FY23 | FY24 | FY25 | FY26* |
|---|---|---|---|---|---|---|
| Revenue | ₹85.5 Cr | ₹121.4 Cr | ₹151.2 Cr | ₹157.7 Cr | ₹157.5 Cr | ₹163.2 Cr |
| EBITDA | -₹5.0 Cr | ₹33.4 Cr | ₹22.6 Cr | ₹19.1 Cr | ₹11.2 Cr | ₹20.2 Cr |
| PBT | -₹9.7 Cr | ₹28.7 Cr | ₹19.6 Cr | ₹15.5 Cr | ₹12.0 Cr | ₹19.7 Cr |
| PAT | -₹8.7 Cr | ₹15.4 Cr | ₹15.9 Cr | ₹11.5 Cr | ₹8.9 Cr | ₹13.7 Cr |
| EPS | -₹90.9 | ₹162.2 | ₹167.4 | ₹121.1 | ₹94.7 | ₹144.2 |
The important trend is that FY26 showed a recovery in profitability after the margin compression seen during FY25.
FY25 revenue was ₹157.51 crore and PAT was ₹8.87 crore, compared with ₹157.67 crore revenue and ₹11.44 crore PAT in FY24. (Wealth Wisdom)
5. FY26 Improvement
According to the latest unlisted-market financial data:
- Revenue increased approximately 4%
- EBITDA increased approximately 80%
- PBT increased approximately 64%
- PAT increased approximately 52%
- EPS increased to approximately ₹144.21
This represents a meaningful improvement compared with FY25. (UnlistedZone)
The improvement in operating profitability is an important point to monitor because FY25 had seen considerable margin compression.
6. Balance Sheet
FY25 balance-sheet data shows:
| Particular | FY25 |
|---|---|
| Total Assets | ₹179.75 Cr |
| Equity | ₹128.50 Cr |
| Cash & Cash Equivalents | ₹81.48 Cr |
| Inventory | ₹20.61 Cr |
| Trade Receivables | ₹49.65 Cr |
| Total Debt | Very Low |
| Current Ratio | 3.10x |
The company had ₹81.48 crore of cash and cash equivalents at March 2025 against relatively modest liabilities. (Wealth Wisdom)
Its current ratio improved from 2.53x in FY24 to 3.10x in FY25, indicating a strong short-term liquidity position. (Wealth Wisdom)
7. Shareholding Pattern
The holding-company structure is particularly important for HEDSIL.
Novar ED&S Limited, UK is the principal shareholder.
The FY24 annual report records 869,100 shares held by Novar ED&S Limited out of 951,640 total shares, equivalent to approximately 91.33%. (Investkraft)
Some current unlisted-market databases report the holding at approximately 87%, indicating that the latest shareholding should be verified against the FY26 statutory filing before relying on the exact percentage.
| Shareholder | Approx. Holding |
|---|---|
| Novar ED&S Ltd., UK | ~87–91% |
| Others | ~9–13% |
8. Honeywell Connection
HEDSIL provides investors with exposure to the Honeywell brand and global technology ecosystem through its UK holding company.
However, investors should distinguish between:
Honeywell Electrical Devices & Systems India Limited
and
Honeywell International Inc.
HEDSIL is a separate Indian legal entity, with Novar ED&S Limited, UK as its holding company.
9. Current Unlisted Share Price
As of September 2026, available unlisted-market sources indicate a price around ₹8,000–₹8,500 per share.
For example:
- WWIPL: ₹8,000
- UnlistedZone: ₹8,500
- Safal Capital: ₹8,500
- Neoma Capital: ₹8,415 as of 10 September 2026
These are indicative OTC/unlisted-market prices and not NSE/BSE prices. Different intermediaries may quote different prices depending on liquidity, lot size and buyer/seller demand. (Wealth Wisdom)
10. Valuation
At approximately ₹8,500 per share:
- Equity shares: 9,51,640
- Implied market capitalisation: approximately ₹809 crore
- Face value: ₹10
- FY26 EPS: approximately ₹144.21
- Indicative P/E: approximately 59x
- ISIN: INE848Y01014
- Minimum lot: generally around 10 shares, although platform-specific lot sizes can differ.
At this valuation, the market is assigning a substantial premium to the company’s book value and current earnings.
Therefore, the key question for investors is not merely whether the business is profitable, but whether future earnings growth can justify the valuation of the unlisted shares.
11. Key Growth Drivers
Smart Electrical Products
Increasing adoption of smart switches and connected electrical products can expand the addressable market.
Premium Wiring Devices
The Honeywell brand provides positioning in the premium electrical and building-solutions segment.
Building Automation
Integration of electrical products with broader building-management and automation systems can create additional opportunities.
Product Innovation
Honeywell highlights continuous product innovation and modern design across its electrical portfolio. (Honeywell)
Healthcare & International Expansion
Current unlisted-market research identifies expansion into healthcare and international markets as areas being explored by the company. (Safal Capital India Ltd.)
Strong Balance Sheet
The FY25 balance sheet had substantial cash and a strong current ratio, providing financial flexibility. (Wealth Wisdom)
12. Key Risks
High Valuation
At an indicative ₹8,500, the valuation is considerably higher than the company’s FY25 earnings would suggest. The investment case therefore depends heavily on sustained earnings improvement.
Margin Volatility
EBITDA declined sharply from FY23 levels through FY25 before recovering in FY26. Sustaining the FY26 improvement will be important.
Small Scale
With annual revenue of around ₹160 crore, HEDSIL is relatively small compared with large listed electrical-equipment companies.
Holding Company Dependence
The company’s business and brand positioning are closely linked to the Honeywell/Novar ecosystem.
Unlisted Liquidity
There is no continuous NSE/BSE trading market. Investors may face difficulty finding a buyer at the desired price.
IPO Uncertainty
The company is unlisted and there is no confirmed IPO date currently reported. Investors should not assume that buying the shares guarantees a future listing. (Safal Capital India Ltd.)
13. Corporate Details
| Particular | Details |
|---|---|
| Company | Honeywell Electrical Devices & Systems India Ltd |
| Former Name | Novar India Limited |
| Incorporated | 22 August 1984 |
| CIN | U31901TN1984PLC011107 |
| ISIN | INE848Y01014 |
| Face Value | ₹10 |
| Paid-up Capital | ₹95.16 lakh |
| Equity Shares | 9,51,640 |
| Registered Office | Chennai, Tamil Nadu |
| Status | Unlisted Public Company |
| Holding Company | Novar ED&S Limited, UK |
MCA-derived company records confirm the company is an active, unlisted public company with ₹95.16 lakh paid-up capital. (IndiaFilings)
14. UnlistedCart Takeaway
Honeywell Electrical Devices & Systems India is a niche unlisted electrical-equipment company with exposure to wiring devices, circuit protection, cable management and smart electrical products.
The interesting part of the story is the combination of:
Honeywell brand + electrical products + smart-building opportunity + FY26 earnings recovery + strong liquidity
However, investors should also consider:
high unlisted valuation + small revenue base + historical margin pressure + limited liquidity + uncertainty around any future IPO.
At an indicative price around ₹8,000–₹8,500, valuation becomes a major factor. The FY26 recovery in EBITDA and PAT is encouraging from an operating perspective, but investors should assess whether that improvement is sustainable before comparing the valuation with larger listed electrical-equipment companies.
15. Important Links
Honeywell Electrical Products – Official Honeywell Website
Honeywell Electrical Devices – Company Information
Annual Reports & Financial Information
Honeywell Electrical Unlisted Share Information
Disclaimer
This report is for informational and educational purposes only and should not be considered investment advice or a recommendation to buy or sell securities. Unlisted shares involve liquidity, valuation, business and exit risks. Indicative OTC prices can vary significantly between transactions and platforms. Investors should independently verify the latest audited financial statements, shareholding, transaction price and regulatory information before investing.
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