The most common and most likely answer to this crossword clue is the 7 letter word BAHADUR
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Buddy explains!

The straight part
We know that "Honour!" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case honour! = bahadur.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does BAHADUR mean?
BAHADUR noun- A warrior, especially a Mongol.
- A Mughal honorific connoting martial courage and valor, suffixed to name or title, which it raises by half a degree. Commonly bestowed upon loyal princes and victorious military commanders by Mughal emperors, and later by their British successors.