Igarashi Motors India Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Automotive: 88.0% • Non-Automotive: 12.0%
AI Sector View
AI GENERATEDCapital Goods
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ABB | 7269.10 | 51.56 | 154038.32 | 0.54 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| CGPOWER | 910.00 | 114.69 | 143365.96 | 0.14 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| SIEMENS | 3960.90 | 43.07 | 141055.77 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| POWERINDIA | 31415.40 | 121.72 | 140025.86 | 0.03 | 294.15 | 123.52 | 2493.69 | 74.46 | 28.73 | 14.58 |
| GVT&D | 4545.00 | 623.18 | 116373.15 | 0.22 | 3629.90 | 1146.53 | 18361.40 | 1280.42 | 75.51 | 25.10 |
| ENRIN | 3178.75 | 76.08 | 113201.81 | 0.13 | 4409.00 | 1578.34 | 24856.00 | 1292.81 | 40.19 | 23.56 |
| WAAREEENER | 2627.50 | 19.80 | 75580.39 | 0.15 | 891.87 | 15.39 | 7931.79 | 79.22 | 37.92 | 18.15 |
| APARINDS | 17496.15 | 62.01 | 73260.47 | 0.34 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| HAVELLS | 1114.80 | 42.84 | 69960.57 | 0.90 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| SUZLON | 44.16 | 19.31 | 60700.73 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1227.70 | 159.75 | 29354.80 | 0.00 | 124.40 | 201.65 | 6513.60 | 947.83 | 31.01 | 5.23 |
| IGARASHI | 416.60 | 1221.23 | 1311.25 | 0.31 | 6.77 | 169.60 | 250.87 | 22.55 | 4.72 | 9.77 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 168 | 178 | 174 | 205 | 222 | 216 | 211 | 189 | 205 | 219 | 216 | 226 | 251 | |
| 152 | 161 | 156 | 182 | 197 | 190 | 187 | 170 | 185 | 196 | 196 | 207 | 245 | |
| Operating Profit | 16 | 17 | 17 | 22 | 25 | 26 | 24 | 20 | 20 | 23 | 20 | 19 | 6 |
| 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% |
| 1 | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | |
| Interest | 3 | 3 | 4 | 3 | 3 | 4 | 4 | 3 | 3 | 3 | 2 | 2 | 3 |
| Depreciation | 12 | 12 | 12 | 12 | 12 | 13 | 13 | 13 | 14 | 14 | 14 | 15 | 16 |
| Profit before Tax | 2 | 2 | 2 | 8 | 11 | 10 | 7 | 4 | 3 | 6 | 4 | 3 | 7 |
| 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 Profit | 1 | 1 | 2 | 5 | 8 | 8 | 5 | 3 | 3 | 5 | 4 | 2 | 7 |
| 0.45 | 0.46 | 0.49 | 1.63 | 2.59 | 2.48 | 1.64 | 0.97 | 0.80 | 1.44 | 1.11 | 0.51 | 2.15 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 516 | 671 | 606 | 534 | 533 | 556 | 656 | 725 | 838 | 866 | 912 | |
| 394 | 513 | 490 | 456 | 458 | 509 | 595 | 650 | 743 | 783 | 843 | |
| Operating Profit | 122 | 158 | 117 | 78 | 74 | 47 | 61 | 75 | 96 | 83 | 69 |
| OPM % | 23.64% | 23.55% | 19.23% | 14.66% | 13.97% | 8.46% | 9.31% | 10.29% | 11.40% | 9.62% | 7.60% |
| 17 | 34 | 25 | 12 | 10 | 7 | 8 | 2 | 2 | 2 | 2 | |
| Interest | 4 | 13 | 16 | 15 | 7 | 7 | 13 | 13 | 14 | 12 | 10 |
| Depreciation | 22 | 38 | 40 | 43 | 45 | 44 | 47 | 49 | 52 | 57 | 59 |
| Profit before Tax | 114 | 141 | 86 | 32 | 32 | 2 | 9 | 14 | 33 | 17 | 20 |
| Tax % | 33.69% | 32.38% | 33.18% | 7.85% | 21.05% | 48.58% | 42.45% | 31.03% | 25.65% | 26.45% | 19.24% |
| Net Profit | 75 | 95 | 57 | 30 | 26 | 1 | 5 | 10 | 24 | 12 | 16 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 8.14 | 0.38 | 1.66 | 3.04 | 7.68 | 3.86 | — |
| 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
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 | 31 |
| 335 | 368 | 390 | 380 | 402 | 407 | 408 | 416 | 434 | 435 | |
| 9 | 105 | 118 | 117 | 89 | 96 | 118 | 124 | 135 | 130 | |
| Trade Payables | 90 | 91 | 80 | 97 | 122 | 93 | 114 | 137 | 110 | 164 |
| 40 | 210 | 50 | 47 | 55 | 49 | 55 | 66 | 64 | 74 | |
| Total Liabilities | 504 | 805 | 670 | 673 | 700 | 677 | 726 | 774 | 775 | 834 |
| 158 | 320 | 383 | 394 | 370 | 378 | 379 | 366 | 391 | 413 | |
| Capital Work in Progress | 3 | 42 | 19 | 5 | 6 | 10 | 10 | 35 | 39 | 50 |
| 174 | 50 | 34 | 28 | 1 | 21 | 17 | 16 | 17 | 1 | |
| 44 | 61 | 62 | 76 | 101 | 82 | 109 | 113 | 111 | 117 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 207 | 173 | 216 | |
| Cash & Bank | 10 | 106 | 3 | 3 | 13 | 7 | 5 | 5 | 3 | 3 |
| 115 | 226 | 170 | 166 | 209 | 179 | 206 | 31 | 39 | 34 | |
| Total Assets | 504 | 805 | 670 | 673 | 700 | 677 | 726 | 774 | 775 | 834 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 117 | 136 | 189 | 102 | 41 | 80 | 33 | 50 | 94 | 94 | |
| Cash from Investing | -159 | -69 | -104 | -41 | 6 | -55 | -32 | -51 | -90 | -63 |
| Cash from Financing | -29 | -27 | -59 | -49 | -38 | -24 | -4 | 0 | -5 | -30 |
| -106 | -1 | 0 | 0 | 9 | -6 | -1 | -1 | -1 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Igarashi Motors India Limited has informed the Exchange regarding 'Outcome of 34th AGM'.
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 - Igarashi Motors India Limited has informed the Exchange about Copy of Newspaper Publication
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 - Igarashi Motors India Limited has informed the Exchange about Copy of Newspaper Publication
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 - Igarashi Motors India Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on August 07, 2026
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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