Uniparts India Limited

Industrials — Farm & Heavy Construction Machinery · NSE

₹738.00+₹19.80 (+2.76%)

DalalBaazaar Score

55 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Low

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:27 pm

Understanding the Business

Company site ↗

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

What does this company do?

Uniparts India Limited, together with its subsidiaries, manufactures and supplies engineering systems, solutions, and assemblies primarily for off-highway vehicles in India, the United States, the Asia Pacific, Europe, Japan, and internationally.

IndustryFarm & Heavy Construction Machinery

SectorIndustrials

Employees1,600

Annual revenue₹1,133 Cr

How does it make money?

Turns over ₹1,133 Cr a year. Of every ₹100 of sales, about ₹14 reaches shareholders as profit, with ₹23 left at the operating level before interest, tax and depreciation. Each of its 1,600 employees supports ₹70.8 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹70.8 lakh

Who are its competitors?

The closest listed comparisons in its industry are MAHINDRA & MAHINDRA LTD, ASHOK LEYLAND LTD, TATA MOTORS LIMITED, LARSEN & TOUBRO 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?Some evidence

ROCE of 22.0% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE24.4%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved -14% while net margin moved -10% 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-14%

Margin effect-10%

DalalBaazaar Score

55/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 4.8% a year
✗ Profit has declined at 8.2% a year

Quality vs. Valuation

Company Quality

55/ 100

Average

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

Valuation

58/ 100

Fair

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

18.5x

3Y Median

15.0x

40 monthly readings · mean 18.0x · range 10.7x–37.3x

Sector Median

27.6x

median of 4 sector peers

⚠️Current valuation is approximately 23% above its 3y median of 15.0x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

🟢Against its sector it trades 33% below the peer median of 27.6x.

vs. its own history

Expensive

15.0x median over 40 months · +23%

vs. sector peers

Cheap

27.6x median of 4 peers · -33%

vs. generic bands

Fair

15x–35x

EV/EBITDA

13.4x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

High return on capital employed
ROCE of 22.0% is the mark of a business that converts capital into profit efficiently.
Very low debt
Debt/Equity of 0.18x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 24.7% to 18.2% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 29.8% to 22.0% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 153% over 3 years, from ₹61 Cr to ₹155 Cr.
🟡Profit is decliningFinancial
Net profit is down 23% over 3 years.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 22.0% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Cheaper than its peers
It trades 33% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹144 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.
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?

The price already assumes success
The stock trades 23% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Returns on shareholder capital are falling
ROE has dropped from 24.7% to 18.2%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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 21%✓ 22.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹144 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 0.6x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 19%✓ 22.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 15.0x✗ 18.5x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

10 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ 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

8 good · 3 neutral · 0 weak

Market Cap

₹3,330 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

18.5x

Fair

Fairly valued against the generic band

P/B Ratio

3.83x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹39.92

Profitable

Profitable on a per-share basis

ROE

18.2%

Strong

Strong capital efficiency

ROCE

22.0%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.18x

Low

Conservative leverage

Revenue Growth (YoY)

26.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

63.6%

Healthy

Profits growing at a healthy clip

Dividend Yield

2.17%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹144 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

20.2%

Good

Healthy core-business profitability

Net Margin

14.5%

Good

Strong bottom-line conversion

Current Ratio

3.08

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.69

Defensive

Steadier than the market

52W Range Position

66%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

808.6 / 831.6

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

22.8

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹1,313 Cr	₹1,096 Cr	₹932 Cr	₹1,133 Cr	-4.8%
EBITDA	₹299 Cr	₹206 Cr	₹158 Cr	₹257 Cr	-5.0%
EBITDA Margin	22.8%	18.8%	16.9%	22.7%	—
PAT (Net Profit)	₹205 Cr	₹125 Cr	₹88 Cr	₹158 Cr	-8.2%
EPS	₹45.4	₹27.63	₹19.5	₹35.04	-8.3%
ROE	24.7%	14.4%	9.9%	18.2%	—
ROCE	29.8%	17.8%	12.7%	22.0%	—
Total Debt	₹61 Cr	₹103 Cr	₹120 Cr	₹155 Cr	+36.3%
Free Cash Flow	₹221 Cr	₹164 Cr	₹149 Cr	₹144 Cr	-13.4%

🔴 Revenue has shrunk at 4.8% a year over 3 years.

🔴 EBITDA has shrunk at 5.0% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 22.7% over 3 years.

🔴 PAT (Net Profit) has shrunk at 8.2% a year over 3 years.

🔴 EPS has shrunk at 8.3% a year over 3 years.

🔴 ROE has fallen from 24.7% to 18.2% over 3 years (-6.5 pts).

🔴 ROCE has fallen from 29.8% to 22.0% over 3 years (-7.8 pts).

🔴 Total Debt has grown at 36.3% a year over 3 years.

🔴 Free Cash Flow has shrunk at 13.4% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,255 Cr

Total Liabilities

₹384 Cr

Cash & Equivalents

₹47 Cr

Operating Cash Flow

₹174 Cr

Capex

-₹30 Cr

Shareholding (proxy)

Institutional Holding

4.4%

Insider Holding

65.9%

Corporate Actions

Dividend Rate

₹16

Ex-Dividend Date

12 Aug 2026

Peer Comparison

Company	P/E	ROE
MAHINDRA & MAHINDRA LTD	17.8x	19.7%
ASHOK LEYLAND LTD	25.2x	24.4%
TATA MOTORS LIMITED	37.1x	32.8%
LARSEN & TOUBRO LTD.	30.1x	15.2%

Recent News

3 mixed3 general

Uniparts India vs Nifty 50: 1Y Return +61.88% vs -11.35%

Univest, 13 Oct

Investors Don't See Light At End Of Uniparts India Limited's (NSE:UNIPARTS) Tunnel

Simply Wall Street, 11 Jan

Uniparts India Set To Meet Various Analysts And Investors On August 20

Sahi, 17 AugAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Trade Spotlight: How should you trade Time Technoplast, HEG, Gland Pharma, Bharti Airtel, Uniparts India,...

Moneycontrol.com, 30 Jul

Uniparts India soars after Q4 PAT jumps 124% YoY

Business Standard, 26 MayResults

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

Uniparts India Share Price Target 2027 to 2030: Analyst Outlook

Univest, 14 AugAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health

MiddlingProfitability · Valuation · Risk

WeakGrowth

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.

1 of 5 tripwires tripped — Valuation vs its own median of 15.0x · see Key things to watch ↑