NSE: IGARASHI · BSE: 517380
IGARASHI MOTORS INDIA LTD
Makes electric micro motors for engine air management and BLDC ceiling fans, generating 88% of segment revenue from the Automotive segment (EBIT margin 13.6% in FY26) and 12% from Non-automotive products (EBIT margin -2.0%). Revenue grew 3.3% to ₹865.92 crore in FY26, but net profit fell 49.7% to ₹12.15 crore on tariff pressures, commodity volatility and demand softness. Raw materials are the biggest cost at 65.6% of revenue, followed by employee costs at 10% and depreciation at 6.6%. Capex was 9.2% of revenue in FY26. Two reporting segments carry the business: Automotive, selling electric micro motors to auto OEMs, and Non-automotive, selling BLDC ceiling fans and other products. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Automotive (88%), Non-automotive (12%). Auto component manufacturer with significant export exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 556 | 656 | 725 | 838 | 866 |
| EBITDA (ex other income) | 46 | 60 | 74 | 95 | 83 |
| margin % | 8.3 | 9.2 | 10.2 | 11.3 | 9.6 |
| Owners' profit | 1 | 5 | 10 | 24 | 12 |
| EPS, as reported (₹) | 0.38 | 1.66 | 3.04 | 7.68 | 3.86 |
| ROE % · ROCE % | 0.3 · 1.8 | 1.2 · 4.3 | 2.1 · 5.2 | 5.2 · 9.0 | 2.6 · 5.4 |
| Debt / equity (x) | 0.18 | 0.21 | 0.25 | 0.28 | 0.28 |
| Cash from operations | 73 | 34 | 50 | 94 | 94 |
| Capex | 0 | (36) | (54) | (90) | (80) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 216 | 211 | 189 | 205 | 219 | 216 | 226 | 251 |
| Profit before tax | 10 | 7 | 4 | 3 | 6 | 4 | 3 | 7 |
| Net profit | 8 | 5 | 3 | 3 | 5 | 4 | 2 | 7 |
| EPS (₹) | 2.48 | 1.64 | 0.97 | 0.80 | 1.44 | 1.11 | 0.51 | 2.15 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Automotive | 762 | 88.0 |
| Non-automotive | 104 | 12.0 |
| Total, before eliminations | 866 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 70.4 | 25.3 | 105 of 119 | 12% |
| P/B | 2.5 | 3.2 | 50 of 117 | 58% |
| ROCE | 3.3 | 12.6 | 106 of 125 | 15% |
| ROE | 2.6 | 11.7 | 100 of 117 | 15% |
| Debt / Equity | 0.3 | 0.3 | 61 of 117 | 48% |
| EBITDA margin | 10.2 | 12.2 | 79 of 118 | 33% |
| Revenue growth | 22.6 | 20.2 | 48 of 113 | 58% |
| Profit growth | 169.6 | 24.4 | 16 of 115 | 87% |
| Market cap | 1155 | 1460 | 68 of 126 | 46% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to review Q2 and half-year results on November 5, 2026 | results | low | — | — |
| 8 Oct 2026 · RTA certificate for demat compliance Q2 FY27 | compliance | minimal | — | — |
| 17 Sept 2026 · Trading Window Closure Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 8 Aug 2026 · Igarashi Motors AGM 2026: all 6 resolutions passed, Rs 1.30 dividend approved | compliance | minimal | — | — |
| 7 Aug 2026 · 34th AGM held; Rs 1.30 dividend, key resolutions tabled | board shareholder meetings | low | — | — |
| 7 Aug 2026 · 34th AGM outcome: dividend Rs 1.30/share approved, all resolutions passed | board shareholder meetings | low | — | — |
| 7 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 6 Aug 2026 · Igarashi Motors Q1 FY27 results: revenue up 22.5%, PAT jumps over 2.5x | results | high | — | — |
| 27 Jul 2026 · Board meeting on Aug 6 to consider Q1 FY27 results | results | low | — | — |
| 14 Jul 2026 · Igarashi Motors 34th AGM on August 7, 2026 via video conferencing | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.