Igarashi Motors India Limited is an India-based company, primarily engaged in the production and export of permanent magnet direct current (DC) motors and motor accessories mainly for the automotive sector. These motors are used for air management including powertrain and seat applications. The Company also manufactures components for non-automotive sectors. Established on January 10, 1992, the company is headquartered in Chennai, India.
Operating primarily in the automotive components manufacturing space, Igarashi Motors India Limited (IMIL) sees the Igarashi group of Japan, a global player in DC motors, along with its subsidiaries, holding the majority stake. The Indian operations are overseen by a professional board. IMIL's core business revolves around manufacturing micro motors and their accessories, predominantly for the automotive industry.
The Company specializes in the production and export of Permanent Magnet DC Motors for critical automotive applications such as Actuation in Air Management (including Electronic Throttle Control (ETC), Exhaust Gas Recirculation (EGR), Crankcase Ventilation (CCV), Variable Geometry Turbocharger (VGT), Wastegate Actuator (WGA)) and Safety applications (Electric Parking Brake, Park Lock Actuators). Additionally, it provides solutions for Body systems (Trunk Opening & Closing devices) and Sub-assemblies for seat applications, fuel pumps, window lifts, and coolant control hubs.
Its product portfolio includes:
- Electric Parking Brake (EPB)
- Trunk Opening and Closing Device (TOCD)
- Park Lock Actuators (PLA)
- Electric Vacuum Pump (EVP)
- Head Rest Actuators
- Electronic System Design & Manufacturing (ESDM)
- Energy-Efficient BLDC motors for the consumer appliance segment, among others.
Igarashi Motors India Ltd. is also a brushless DC Motor (BLDC) solutions provider in Fast Moving Electrical Goods (FMEG). Its standard printed circuit boards (PCB) are supplied with RF remote and Internet of Things (IoT)-enabled features. The company manufactures micro motors and precision components specifically for automotive applications, with a growing focus on motors for electric and hybrid vehicles, serving both domestic and global markets through innovation and performance.
Igarashi Motors India started as a contract manufacturer in 1992 and significantly expanded its capabilities by venturing into the design and development of critical automotive applications starting in 2000. IMIL has notably developed an actuator motor, a type of DC motor, for the Electronic Throttle Control (ETC) application. The company operates with vertically integrated operations, establishing a presence across Tier-2, Tier-3, and Tier-4 segments of the auto business.
In 2007-08, the Company promoted a Joint Venture named Bosch Electrical Drives India Private Limited in India, in collaboration with Robert Bosch GmbH, Germany. This JV aimed at developing, manufacturing, and selling DC Motors and Systems for Wiper, HVAC, Engine Cooling, and Window lift applications for the rapidly growing Indian automotive market. However, during the financial year 2020-21, the Company disinvested its entire 9.20% stake in Bosch Electrical Drives India Private Limited (BEDPL) in favor of Robert Bosch Investment Netherland B.V, Netherlands.
Igarashi Motors India Limited's manufacturing facilities and two logistics warehouses are strategically located at MEPZ-SEZ, Chennai, and the Domestic Tariff Area Unit at Maraimalai Nagar. The company has built a strong operational footprint supported by quality certifications and has consistently expanded its production capacity. In 1997-98, the company increased its Rotors capacity by 1.5 million units, reaching 3.5 million units, and further expanded to 6 million units in 1998-99. The company achieved QS 9000 certification in November 1998, and its Quality System was subsequently upgraded to conform to the latest edition of QS 9000 from January 2000.
As of July 2025, the current market capitalization of Igarashi Motors India Ltd (IGARASHI) stands at ₹1,614.04 crores. The company's 52-week high share price is ₹848.00, and its 52-week low share price is ₹401.65. IGARASHI reached its all-time high on June 16, 2017, with a price of ₹1,000.85, while its all-time low was ₹5.85, recorded on May 13, 1997.
For the financial year ending March 2025:
- Net profit rose 152.56% to ₹24.17 crore, compared to ₹9.57 crore in the previous year (March 2024).
- Sales increased 15.64% to ₹838.42 crore, up from ₹725.04 crore in the previous year (March 2024).
For the quarter ending March 2025:
- Net profit declined 40.47% to ₹3.06 crore, as against ₹5.14 crore in the previous quarter (March 2024).
- Sales declined 7.39% to ₹189.47 crore, compared to ₹204.60 crore in the previous quarter (March 2024).
- Operating Revenue (TTM): ₹838.42 Cr.
- PE Ratio: 66.85
- PB Ratio: 3.47
- EBITDA: ₹950.47 Million INR (EBITDA margin: 11.34%)
- Dividend: The Board of Directors recommended a final dividend of ₹2.5 per equity share (25%) on May 22, 2025, subject to shareholder approval.
Promoter holding in Igarashi Motors India Ltd has remained stable at 75.00% as of December 2024, consistent with March 2024 figures. This stability indicates consistent promoter confidence in the company's operations and future prospects.
Igarashi Motors India Ltd operates within the auto components sector and is categorized under the Consumer Discretionary Automobile and Auto Components segment, specifically Auto Components & Equipments. Its top 5 peers in the Engineering sector include Jyoti Structures, Salzer Electron., IKIO Lighting, and Kirl.
From an O'Neil Methodology perspective:
- EPS Rank: 36 (POOR score, indicating inconsistency in earnings).
- RS Rating: 35 (POOR, indicating underperformance compared to other stocks).
- Buyer Demand: B (evident from recent demand for the stock).
- Group Rank: 55 (indicates it belongs to a fair industry group of Auto/Truck-Original Eqp).
- Master Score: C (fair, but indicates room for improvement).
The company remains dedicated to innovation and expanding its product portfolio to cater to both domestic and international automotive markets, solidifying its position as a significant player in the DC motor manufacturing space for automotive applications.
