India Motor Parts & Accessories Limited

Consumer Cyclical — Auto Parts · NSE

₹1,043.00+₹39.20 (+3.91%)

DalalBaazaar Score

57 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it, with modest growth. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:46 pm

Understanding the Business

Company site ↗

The 60-second version of India Motor Parts & Accessories Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

India Motor Parts & Accessories Limited engages in the sale and distribution of automobile spare parts and accessories for the automotive aftermarket in India.

IndustryAuto Parts

SectorConsumer Cyclical

Employees906

Annual revenue₹833 Cr

How does it make money?

Turns over ₹833 Cr a year. Of every ₹100 of sales, about ₹12 reaches shareholders as profit, with ₹13 left at the operating level before interest, tax and depreciation. Each of its 906 employees supports ₹92.0 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹92.0 lakh

Who are its competitors?

The closest listed comparisons in its industry are BOSCH LIMITED, MARUTI SUZUKI INDIA LTD., TVS MOTOR COMPANY LTD, EICHER MOTORS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 4.6% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE23.0%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +15% while net margin moved +12% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+15%

Margin effect+12%

DalalBaazaar Score

57/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 4.7% — barely ahead of inflation
• Profit CAGR of 8.7%

Quality vs. Valuation

Company Quality

53/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

70/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

13.3x

3Y Median

16.4x

40 monthly readings · mean 16.7x · range 13.1x–23.1x

Sector Median

45.7x

median of 4 sector peers

🟢Current valuation is approximately 19% below its 3y median of 16.4x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 71% below the peer median of 45.7x.

vs. its own history

Fair

16.4x median over 40 months · -19%

vs. sector peers

Cheap

45.7x median of 4 peers · -71%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

12.2x

PEG

1.53

What's Good / What's Bad

🟢 What's Going Well1

Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹1 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Cheaper than its peers
It trades 71% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Growth barely outpaces inflation
Revenue compounding at 4.7% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 11%✓ 12.6%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹1 Cr
Profit that never becomes cash eventually stops being profit.
3Revenue growth stays above 4% a year✓ 4.7% CAGR
Latest reported year was 19.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4ROCE stays above 8%✗ 4.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 16.4x✓ 13.3x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

6 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 3 neutral · 3 weak

Market Cap

₹1,302 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

13.3x

Cheap

Cheap against the generic band

P/B Ratio

0.56x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹78.4

Profitable

Profitable on a per-share basis

ROE

4.2%

Weak

Weak capital efficiency

ROCE

4.6%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

19.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

6.3%

Modest

Slow profit growth

Dividend Yield

3.16%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

-₹1 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

P/E (Forward)

30.4x

Flat

At or above the trailing multiple — no earnings uplift is being priced in

Operating Margin

7.6%

Average

Average margins

Net Margin

11.2%

Good

Strong bottom-line conversion

Current Ratio

9.10

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.30

Defensive

Steadier than the market

52W Range Position

37%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

1033.9 / 1071.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

43.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹726 Cr	₹738 Cr	₹786 Cr	₹833 Cr	+4.7%
EBITDA	₹95 Cr	₹80 Cr	₹93 Cr	₹105 Cr	+3.4%
EBITDA Margin	13.0%	10.8%	11.9%	12.6%	—
PAT (Net Profit)	₹75 Cr	₹74 Cr	₹84 Cr	₹97 Cr	+8.7%
EPS	₹60.21	₹59.23	₹67.05	₹77.36	+8.7%
ROE	5.5%	3.6%	3.7%	4.2%	—
ROCE	6.5%	4.1%	4.3%	4.6%	—
Free Cash Flow	₹28 Cr	₹25 Cr	₹16 Cr	-₹1 Cr	—

🟢 Revenue has grown at 4.7% a year over 3 years.

🟢 EBITDA has grown at 3.4% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 12.6% over 3 years.

🟢 PAT (Net Profit) has grown at 8.7% a year over 3 years.

🟢 EPS has grown at 8.7% a year over 3 years.

🔴 ROE has fallen from 5.5% to 4.2% over 3 years (-1.3 pts).

🔴 ROCE has fallen from 6.5% to 4.6% over 3 years (-2.0 pts).

🔴 Free Cash Flow has turned negative, from ₹28 Cr to -₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2,540 Cr

Total Liabilities

₹231 Cr

Total Debt

—

Cash & Equivalents

₹25 Cr

Operating Cash Flow

₹5 Cr

Capex

-₹6 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

54.5%

Corporate Actions

Dividend Rate

₹33

Ex-Dividend Date

14 Jul 2026

Peer Comparison

Company	P/E	ROE
BOSCH LIMITED	56.9x	15.9%
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TVS MOTOR COMPANY LTD	56.8x	35.8%
EICHER MOTORS LTD	34.7x	23.0%

Recent News

1 positive1 mixed4 general

Indian Motor Parts & Accessories Share Price - Live NSE: IMPAL Stock Price & Chart

Upstox, 16 Oct

TSF Investments buys additional 2.8% stake in India Motor Parts & Accessories, Pari Washington sells...

Moneycontrol.com, 21 May

India Motor Parts & Accessories Ltd Declares ₹23 Dividend Per Share

HDFC Sky, 13 JulCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

India Motor Parts Q2 FY27: Date and Outlook

Univest, 10 SeptResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

IMPAL to hold 72nd AGM via video conferencing on July 21

scanx.trade, 13 Jun

How to Trade India (IMPAL.NS) While It Consolidates at ₹1075.00 2026-09-22 - Sentiment Shift

siam.in, 22 Sept

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongValuation

MiddlingBusiness Quality · Financial Health · Growth · Profitability · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 5 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑