Honeywell Automation India Limited submitted a revised Annual Report for the financial year ended March 31, 2026 (FY26), to the stock exchanges on July 29, 2026. The company identified a typographical error on page 16 of the previously submitted report, specifically concerning the commission payable to Independent Directors in the Notice of the 42nd Annual General Meeting. The correction ensures accurate disclosure of remuneration details for Dr. Ganesh Natarajan, the Independent Director and Non-Executive Chairman, whose commission exceeds fifty percent of the total remuneration payable to all Non-Executive Directors for FY26.

The submission was made pursuant to Regulation 34(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Indu Daryani, Company Secretary and Compliance Officer, signed the communication confirming that the only change in the revised document is the corrected text regarding the director's commission. The original Annual Report and AGM Notice had been made available to shareholders on July 7, 2026. The corrected version is now accessible on the company’s website, replacing the earlier filing to ensure regulatory compliance and transparency.

Financial Performance Context

The revision does not impact the financial results reported for FY26. Honeywell Automation India Limited recorded revenue from operations of ₹46,819 million, an 11.8% increase from ₹41,896 million in FY25. Profit after tax stood at ₹5,250 million, marginally up from ₹5,236 million in the previous year. The Board of Directors recommended a final dividend of ₹110 per equity share, subject to shareholder approval at the AGM scheduled for July 29, 2026. The company’s net worth increased by 11% to ₹44,627 million, reflecting consistent growth in retained earnings and equity.

Corporate Governance and Related Party Transactions

The AGM also seeks approval for material related-party transactions with Honeywell International Inc. and Honeywell Measurex (Ireland) Limited for FY27. Shareholders are asked to approve transactions valued at up to ₹9,500 million with the ultimate holding company and ₹7,700 million with the fellow subsidiary. These transactions involve the purchase and sale of goods, services, and fixed assets, conducted at arm’s length pricing. The Audit Committee has reviewed these proposals, confirming they are in the ordinary course of business and align with the company’s related-party transaction policy.

What the Numbers Show

The minor administrative correction in the Annual Report underscores the company’s commitment to precise regulatory disclosure, particularly concerning executive compensation. With the parent company, Honeywell Inc., having completed its portfolio transformation into Honeywell Technologies, the Indian subsidiary remains focused on automation and control systems. The stable profit growth alongside double-digit revenue expansion suggests effective cost management, although the flat net profit in prior comparisons indicates ongoing pressure on margins. The substantial related-party transaction approvals highlight the deep integration of Honeywell Automation India within the global supply chain, serving as a key captive provider for engineering services and contract manufacturing.

Honeywell Automation India Limited has fixed Friday, July 17, 2026 as the record date to determine shareholder eligibility for a final dividend of ₹110 per equity share for the financial year 2025-26. The dividend, recommended by the Board of Directors on May 20, 2026, is subject to approval by shareholders at the upcoming Annual General Meeting (AGM). If approved, the payout will be made from Wednesday, August 5, 2026, subject to tax deduction at source.

The company has scheduled its 42nd AGM for Wednesday, July 29, 2026, at 4.00 p.m. IST via Video Conferencing. The meeting will transact ordinary business, including the adoption of audited financial statements for the year ended March 31, 2026, and the re-appointment of Mr. Ashish Kumar Modi, who retires by rotation. Special business includes approving commission payments to Dr. Ganesh Natarajan, the Non-Executive Chairman, exceeding fifty percent of the total annual remuneration payable to all Non-Executive Directors.

Shareholders will vote on ordinary resolutions to approve material related party transactions for FY 2026-27. The company seeks approval for transactions with Honeywell International Inc., its ultimate holding company, for an aggregate value not exceeding ₹9,500 million. Additionally, approval is sought for transactions with Honeywell Measurex (Ireland) Limited, a fellow subsidiary, for an aggregate value not exceeding ₹7,700 million. These transactions cover the purchase and sale of goods, services, and fixed assets.

The meeting will also seek ratification for the remuneration of M/s C S Adawadkar & Co., Cost Accountants, appointed to conduct the cost audit for the financial year ending March 31, 2027. The proposed remuneration is ₹7,00,000 plus applicable taxes and reimbursement of out-of-pocket expenses.

Key AGM Dates