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Igarashi Motors India Ltd.

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igarashimotors.comBSE: 517380NSE: IGARASHI
Market Cap₹ 1,311 Cr.
Current Price
High / Low₹ 558 / 271
Stock P/E79.9
Book Value₹ 150
Price to Book1.84
Dividend Yield0.31 %
ROCE4.7 %
ROE2.6 %
Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Automotive: 88.0% • Non-Automotive: 12.0%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence
72%
View full sector analysis →

PROS

  • Latest quarter profit grew 169.6% YoY, showing strong momentum
  • Strong cash generation - operating cash flow backs reported profits (CFO/PAT 5.19x)
  • Company has been maintaining a healthy dividend payout of 33.7%
  • Working capital cycle has improved - days down from 27 to 14
  • Company generates healthy free cash flow
  • Company maintains a comfortable, low leverage position

CONS

  • Company has a low return on equity of 3.4% over last 3 years
  • Receivables are growing faster than sales - a possible quality concern
  • Company has a low return on capital employed of 5.9%
  • Company has delivered a poor profit growth of -13.9% over past five years
  • Company's return on assets is weak at 1.5%
  • Expensive relative to growth - PEG of 2.5

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsElectric Equipment
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.ABB7269.1051.56154038.320.543623.00930.0235588.701110.3130.1812.56
2.CGPOWER910.00114.69143365.960.14308.2815.523280.8113.9927.9412.11
3.SIEMENS3960.9043.07141055.770.45214.31-49.384713.708.4421.429.14
4.POWERINDIA31415.40121.72140025.860.03294.15123.522493.6974.4628.7314.58
5.GVT&D4545.00623.18116373.150.223629.901146.5318361.401280.4275.5125.10
6.ENRIN3178.7576.08113201.810.134409.001578.3424856.001292.8140.1923.56
7.WAAREEENER2627.5019.8075580.390.15891.8715.397931.7979.2237.9218.15
8.APARINDS17496.1562.0173260.470.344674.501677.9865910.601191.3131.8411.50
9.HAVELLS1114.8042.8469960.570.90289.71-16.646518.1919.4825.747.15
10.SUZLON44.1619.3160700.730.00305.22-5.893829.0922.8335.7915.55
11.SCHNEIDER1227.70159.7529354.800.00124.40201.656513.60947.8331.015.23
12.IGARASHI416.601221.231311.250.316.77169.60250.8722.554.729.77
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
168178174205222216211189205219216226251
152161156182197190187170185196196207245
Operating Profit1617172225262420202320196
OPM %9.64%9.71%9.95%10.97%11.40%12.16%11.26%10.40%9.57%10.71%9.44%8.53%2.47%
1010100010011
Interest3343344333223
Depreciation12121212121313131414141516
Profit before Tax222811107436437
Tax %25.52%27.14%25.71%34.73%25.27%25.22%27.93%23.50%25.30%26.54%17.06%42.03%5.45%
Net Profit1125885335427
0.450.460.491.632.592.481.640.970.801.441.110.512.15

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
516671606534533556656725838866912
394513490456458509595650743783843
Operating Profit1221581177874476175968369
OPM %23.64%23.55%19.23%14.66%13.97%8.46%9.31%10.29%11.40%9.62%7.60%
1734251210782222
Interest4131615771313141210
Depreciation2238404345444749525759
Profit before Tax1141418632322914331720
Tax %33.69%32.38%33.18%7.85%21.05%48.58%42.45%31.03%25.65%26.45%19.24%
Net Profit75955730261510241216
EPS0.000.000.000.008.140.381.663.047.683.86—
Dividend Payout %26.86%19.28%26.86%12.63%18.43%0.00%60.09%32.88%32.56%33.69%—

COMPOUNDED SALES GROWTH

10 Years:
7%
5 Years:
10%
3 Years:
10%

COMPOUNDED PROFIT GROWTH

10 Years:
-15%
5 Years:
-14%
3 Years:
32%

STOCK PRICE CAGR

10 Years:
-5%
5 Years:
-4%
3 Years:
-12%
1 Year:
-16%

RETURN ON EQUITY

10 Years:
9%
5 Years:
2%
3 Years:
3%
Last Year:
3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2018

Sep 27

25:202

Bonus issue

2017

May 29

Igarashi Motors India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 27, 2017, approved the Scheme of Arrangement (Scheme) facilitating the: 1. Amalgamation of Agile Electric Sub Assembly Private Limited with the Company under section 230 read with section 232 and other applicable provisions of the Companies Act, 2013 with the appointed date of 1sl April, 2017 and; 2. Issue of bonus equity shares only to the public shareholders of the Company pursuant to the Scheme in the interest of the public shareholders and to ensure compliance of minimum public shareholding post the merger. The Scheme is subject to the approval of the Shareholders, creditors, the Hon?ble National Company Law Tribunal (?NCLT1) and all other regulatory and necessary approvals and therefore, the record date for the issue of bonus shares, which will be an integral part of the Scheme, will be fixed only post the necessary approvals are obtained.

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital31313131313131313131
335368390380402407408416434435
91051181178996118124135130
Trade Payables9091809712293114137110164
402105047554955666474
Total Liabilities504805670673700677726774775834
158320383394370378379366391413
Capital Work in Progress34219561010353950
1745034281211716171
4461627610182109113111117
0000000207173216
Cash & Bank10106331375533
115226170166209179206313934
Total Assets504805670673700677726774775834

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
117136189102418033509494
Cash from Investing-159-69-104-416-55-32-51-90-63
Cash from Financing-29-27-59-49-38-24-40-5-30
-106-1009-6-1-1-10

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
75.0075.0075.0075.0075.0075.0075.0075.0075.00
0.820.901.301.150.940.120.100.130.50
2.051.731.792.282.082.212.132.123.65
Government0.000.000.000.000.000.000.000.000.00
22.1422.3621.9121.5721.9822.6722.7622.7420.86

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-08
Shareholders meeting

2026-08-08 - Igarashi Motors India Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 07, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-07
Updates

2026-08-07 - Igarashi Motors India Limited has informed the Exchange regarding 'Outcome of 34th AGM'.

2026-08-07
Shareholders meeting

2026-08-07 - Igarashi Motors India Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 07, 2026

2026-08-07
Copy of Newspaper Publication

2026-08-07 - Igarashi Motors India Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-06
Outcome of Board Meeting

2026-08-06 - Igarashi Motors India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-14
Copy of Newspaper Publication

2026-07-14 - Igarashi Motors India Limited has informed the Exchange about Copy of Newspaper Publication

2026-07-13
Record Date

2026-07-13 - Igarashi Motors India Limited has informed the Exchange that Record date for the purpose of Dividend is 31-Jul-2026.

2026-07-13
Shareholders meeting

2026-07-13 - Igarashi Motors India Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 07, 2026

2026-07-07
Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-07 - Igarashi Motors India Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

News

Recent coverage and analyst commentary for IGARASHI

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