Igarashi Motors India Ltd
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]
Strengths
- +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
Weaknesses
- −Stock is trading at 2.59 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.
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 75% | 75% | 75% | 75% | 75% | 75% | 75% | 75% |
| FIIs | 0.82% | 0.9%▲0.1 | 1.3%▲0.4 | 1.15%▼0.2 | 0.94%▼0.2 | 0.12%▼0.8 | 0.1%▼0.0 | 0.13%▲0.0 |
| DIIs | 2.05% | 1.73%▼0.3 | 1.79%▲0.1 | 2.28%▲0.5 | 2.08%▼0.2 | 2.21%▲0.1 | 2.13%▼0.1 | 2.12%▼0.0 |
| Public | 22.13% | 22.35%▲0.2 | 21.9%▼0.5 | 21.57%▼0.3 | 21.98%▲0.4 | 22.66%▲0.7 | 22.77%▲0.1 | 22.75%▼0.0 |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 178.44 | 173.75 | 204.6 | 222.07 | 216.07 | 210.8 | 189.47 | 204.71 | 219.14 | 216.09 |
| Expenses | 161.11 | 156.46 | 182.16 | 196.75 | 189.79 | 187.06 | 169.76 | 185.1 | 195.67 | 195.69 |
| Operating Profit | 17.33 | 17.29 | 22.44 | 25.32 | 26.28 | 23.74 | 19.71 | 19.61 | 23.47 | 20.4 |
| OPM % | 9.71% | 9.95% | 10.97% | 11.4% | 12.16% | 11.26% | 10.4% | 9.58% | 10.71% | 9.44% |
| Net Profit | 1.46 | 1.56 | 5.14 | 8.16 | 7.79 | 5.16 | 3.06 | 2.51 | 4.54 | 3.5 |
| EPS ₹ | 0.46 | 0.5 | 1.63 | 2.59 | 2.47 | 1.64 | 0.97 | 0.8 | 1.44 | 1.11 |
AI Insights
TTM revenue at ₹829Cr, down 1.1% YoY. OPM at 10%.
Borrowings at ₹143Cr. Debt-to-equity ratio: 0.33x. Healthy balance sheet.
CWIP at ₹61Cr (16% of fixed assets). Moderate ongoing capital expenditure.
DIIs: 2.12% (-0.28pp change). FIIs: 0.13% (-0.11pp change). Promoters hold 75%.
ROCE declining from 27% (Mar 2014) to 8% (Mar 2025). Working capital days: 19.
PE 88.7x with 7.73% ROCE. Price is 159% above book value of ₹148. Dividend yield: 0.63%.
Recent Announcements
- Board Meeting Intimation for Board Meeting To Consider Audited Financial Results For The Year Ended March 31, 2026 As Per Indas And Recommending Of Dividend 12 May - Board to meet May 21, 2026 for audited FY26 results and possible dividend recommendation.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 27 Apr
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 7 Apr - Certificate under Reg. 74(5) of SEBI (DP) Regulations, 2018 for the quarter ended March 31, 2026
- Announcement under Regulation 30 (LODR)-Credit Rating 31 Mar - CARE reaffirmed A+ (Stable)/A1+ for Rs169.65 crore bank facilities; long-term increased to Rs41.65 crore.
- Closure of Trading Window 20 Mar - Trading window closed from April 1, 2026 until 48 hours after board meeting for FY2025-26 audited results.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse