Igarashi Motors India Ltd

Igarashi Motors Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Igarashi Motors India Ltd

₹ 498 0.87%
17 Sep - close price
igarashimotors.com BSE: 517380 NSE: IGARASHI
About

Igarashi Motors India Ltd is engaged in the production and export of Permanent Magnet DC Motors for the Automotive Sector especially for the passenger vehicle sector[1]
It was incorporated as CG Igarashi Motors Limited in 1992 as a JV between Crompton Greaves Ltd(India), Igarashi Electric Works Ltd, Japan, and International Components Corporation, USA.
Over a period, IEWL consolidated its stake in the Company by acquiring a stake of exited JV Partners. [2]

Key Points

Business Overview[1]
The company started as a contract manufacturer in 1992, and ventured into the design and development of critical automotive applications since 2000. IMIL has developed an actuator motor, a type of DC motor, for the Electronic Throttle Control (ETC) application. IMIL has a presence in Tier-2, Tier-3 and Tier-4 of auto business, with vertically integrated operations in a single company.
The Igarashi group of Japan- a global player in DC motors, along with its subsidiaries holds the majority stake in IMIL, and the India operations are overseen by a professional board.

Website BSE NSE
  • Market Cap ₹ 1,567 Cr.
  • Current Price ₹ 498
  • High / Low ₹ 849 / 401
  • Stock P/E 84.6
  • Book Value ₹ 148
  • Dividend Yield 0.50 %
  • ROCE 7.73 %
  • ROE 5.30 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 41.8%
  • Company's working capital requirements have reduced from 33.0 days to 18.6 days

Cons

  • Stock is trading at 3.37 times its book value
  • The company has delivered a poor sales growth of 9.43% over past five years.
  • Company has a low return on equity of 2.91% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Automobile and Auto Components Auto Components Auto Components & Equipments

Part of BSE SmallCap BSE Allcap BSE Consumer Discretionary

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025
142.61 173.73 166.98 172.93 168.25 178.44 173.75 204.60 222.07 216.07 210.80 189.47 204.71
134.78 158.38 151.67 151.06 152.04 161.11 156.46 182.16 196.75 189.79 187.06 169.76 185.10
Operating Profit 7.83 15.35 15.31 21.87 16.21 17.33 17.29 22.44 25.32 26.28 23.74 19.71 19.61
OPM % 5.49% 8.84% 9.17% 12.65% 9.63% 9.71% 9.95% 10.97% 11.40% 12.16% 11.26% 10.40% 9.58%
0.31 0.59 3.80 3.33 0.90 0.46 0.73 0.34 1.37 0.33 0.37 0.31 0.80
Interest 2.50 3.11 3.35 3.18 3.07 3.38 3.51 2.78 3.38 3.55 3.83 2.63 3.17
Depreciation 11.26 12.07 11.88 11.94 12.12 12.41 12.41 12.13 12.39 12.64 13.12 13.39 13.87
Profit before tax -5.62 0.76 3.88 10.08 1.92 2.00 2.10 7.87 10.92 10.42 7.16 4.00 3.37
Tax % -25.27% 38.16% 65.46% 24.31% 26.04% 27.00% 25.71% 34.69% 25.27% 25.34% 28.07% 23.50% 25.22%
-4.20 0.47 1.34 7.63 1.43 1.46 1.56 5.14 8.16 7.79 5.16 3.06 2.51
EPS in Rs -1.33 0.15 0.43 2.42 0.45 0.46 0.50 1.63 2.59 2.47 1.64 0.97 0.80
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
361 385 445 516 671 606 534 533 556 656 725 838 821
292 305 337 394 513 490 456 458 509 595 650 743 732
Operating Profit 69 80 108 122 158 117 78 74 47 61 75 96 89
OPM % 19% 21% 24% 24% 24% 19% 15% 14% 8% 9% 10% 11% 11%
18 17 14 17 34 25 12 10 7 8 2 2 2
Interest 13 7 6 4 13 16 15 7 7 13 13 14 13
Depreciation 16 19 19 22 38 40 43 45 44 47 49 52 53
Profit before tax 58 72 97 114 141 86 32 32 2 9 14 33 25
Tax % 21% 32% 35% 34% 32% 33% 8% 21% 48% 42% 31% 26%
46 49 64 75 95 57 30 26 1 5 10 24 19
EPS in Rs 13.49 14.23 18.50 21.90 27.69 18.24 9.50 8.14 0.38 1.66 3.04 7.68 5.88
Dividend Payout % 20% 28% 26% 27% 19% 27% 13% 18% 0% 60% 33% 33%
Compounded Sales Growth
10 Years: 8%
5 Years: 9%
3 Years: 15%
TTM: 5%
Compounded Profit Growth
10 Years: -7%
5 Years: -4%
3 Years: 173%
TTM: 13%
Stock Price CAGR
10 Years: -1%
5 Years: 10%
3 Years: 5%
1 Year: -26%
Return on Equity
10 Years: 10%
5 Years: 3%
3 Years: 3%
Last Year: 5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 30 31 31 31 31 31 31 31 31 31 31 31
Reserves 189 220 264 335 368 398 391 408 407 408 416 434
51 58 44 22 140 118 124 95 100 121 138 151
89 132 133 117 266 122 126 165 138 166 189 158
Total Liabilities 360 440 471 504 805 670 673 700 677 726 774 775
126 121 138 158 320 383 394 370 378 379 366 391
CWIP 1 1 12 3 44 23 11 10 11 13 35 43
Investments 21 26 34 174 50 34 28 1 21 17 16 17
212 292 288 169 391 231 240 320 267 318 357 323
Total Assets 360 440 471 504 805 670 673 700 677 726 774 775

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
45 59 64 82 94 164 90 41 73 34 50 94
-30 -14 20 -159 -69 -104 -41 6 -55 -32 -51 -90
20 -6 -49 -29 -27 -59 -49 -38 -24 -4 0 -5
Net Cash Flow 35 39 34 -106 -1 0 0 9 -6 -1 -1 -1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 70 74 70 73 92 85 94 114 88 98 104 76
Inventory Days 38 51 47 54 62 67 89 115 81 91 86 75
Days Payable 67 105 94 110 92 87 113 139 92 95 103 74
Cash Conversion Cycle 42 20 24 17 61 66 69 91 77 94 87 76
Working Capital Days 76 56 12 26 -40 23 20 53 43 41 40 19
ROCE % 27% 27% 32% 32% 33% 19% 9% 7% 2% 4% 5% 8%

Shareholding Pattern

Numbers in percentages

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025
75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00%
0.10% 0.08% 0.08% 0.24% 0.14% 0.86% 0.89% 0.82% 0.90% 1.30% 1.15% 0.94%
1.80% 1.68% 1.94% 2.40% 2.62% 1.90% 1.87% 2.05% 1.73% 1.79% 2.28% 2.08%
23.11% 23.23% 22.98% 22.36% 22.24% 22.23% 22.25% 22.13% 22.35% 21.90% 21.57% 21.98%
No. of Shareholders 25,31023,98723,46922,75722,83624,01124,10923,73027,50526,29325,23825,263

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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