Uniparts India Ltd(UNIPARTS)

NSE: UNIPARTSBSE: 543689

₹ 690.75+0.68%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 3,120 crWebsite: www.unipartsgroup.comUpdated: 24 Oct 2026

About

Uniparts India Ltd, established in 1994, is a global manufacturer of engineered systems and solutions - primarily three-point linkage (3PL) systems and precision machined parts (PMP) - for off-highway OEMs and the aftermarket across agriculture, construction, forestry and mining. The company reported FY26 revenue of INR 1,170.4 crore, growing 21% year-on-year, and derives 83% of revenues from international markets across more than 25 countries. It holds the top share of the global three-point linkage market for tractors and leads the worldwide precision machined parts space in construction, forestry and mining equipment.^[1][2][3]

Product mix

In FY26, PMP accounted for 51.5% of product-wise revenue and 3PL for 46.6%, with PTO applications at 1.1% and Fabrication & Others at 0.8%.^[1]
By end-market in FY26, Agriculture was 61.3% of revenue and Construction, Forestry & Mining (CFM) was 38.7%; CFM share has risen from 37% in FY24 to 45% of Q1 FY27 revenue.^[1][4][5]
OEM customers generated ~85% of FY26 revenues; the aftermarket segment contributed ~15% in FY26, declining to 12% of Q1 FY27 revenues as OEM grew faster.^[1][4]
3PL and PMP product segments reached an approximately 50-50 revenue split by end of FY26, up from a historically 3PL-dominant mix.^[3]

Manufacturing and warehousing footprint

The Group operates seven manufacturing facilities: three in Ludhiana (commissioned 1990, 1993, 2023), two in Visakhapatnam (commissioned 2006 and 2009), one in Noida (commissioned 2000), and one in Eldridge, Iowa, USA (acquired 2005).^[1]
Warehousing and distribution centres operate in Augusta, USA (commissioned 2005), Hennef, Germany (commissioned 2010), and a distribution centre in Noida; a Mexico nearshoring warehouse became operational in October 2025.^[1][6]
Ludhiana specialises in 3PL, PMP, PTO, fabrications and houses a state-of-the-art 3PL life-cycle testing facility; Visakhapatnam specialises in 3PL, PMP and hydraulics; Noida and Eldridge specialise in PMP.^[1]
All seven manufacturing facilities are certified under ISO 9001:2015; select facilities carry ISO 14001:2015, ISO 45001:2018 and ISO 3834 certifications.^[1]

Geographic revenue mix

In FY26, Americas contributed INR 602.49 crore, Europe INR 279.28 crore, India INR 161.94 crore, Japan INR 59.2 crore, Asia Pacific INR 18.61 crore, and Rest of World INR 11.2 crore.^[1]
83% of FY26 revenues were derived from international markets; products supplied to customers across more than 25 countries in North America, Europe and Asia-Pacific.^[1]
Europe's share of revenue grew from 23% in H1 FY25 to 25% in H1 FY26; Japan's share grew from 5% to 6% over the same period; Americas declined from 55% to 52%.^[6]

Delivery channel and key operating metrics

In FY26, 51% of revenue flowed through warehousing sales, 26% from direct exports, and 23% from local deliveries; warehouse share rose to ~56% in Q1 FY27 from ~50 - 52% in Q1 FY26.^[1][4]
Trailing 12-month new business order book exceeded INR 225 crore as of Q1 FY27, with wins split roughly equally between Europe and US and between agriculture and construction.^[4]
Top-5 customer revenue concentration stood at 64% in FY26; the single largest customer accounted for 27% of H1 FY26 revenues.^[3][6]
Net working capital days were 139 days in Q1 FY27, improving from 144 days in Q3 FY26 and 155 days in Q2 FY26.^[4][5][6]

Market position

Uniparts holds the top share of the global three-point linkage market for tractors; its share in tractors stood at 16.68% and in construction, forestry and mining at 5.92% as of fiscal 2022.^[1]
Uniparts received the Supplier Excellence Recognition (SER) certification from one of the largest US construction equipment manufacturers for the third consecutive year in FY26.^[1]

Customers and distribution

In FY25, Uniparts established a relationship with the second-largest farm retail chain in North America for aftermarket, complementing its existing relationship with the market leader; business with one of the world's largest construction equipment manufacturers grew 45% in FY25.^[1]
Aftermarket represented 12% of Q1 FY27 revenues, down from 20% in FY25 and 15% in FY26, as tariff-driven price volatility led channel partners to moderate purchasing; management expects normalization over the next 12 months.^[4]

Expansion and capex

Mexico warehousing facility is on track with first customer deliveries expected in Q3 FY27; FY27 Mexico revenue guided at mid-single-digit million dollar level; Phase 2 will consider manufacturing in Mexico.^[4]
Organic capex is guided at 2.5% - 3.5% of revenue; Q1 FY27 capex was INR 12 crore.^[4]
Fabrication vertical expected to become a meaningful revenue contributor within 18 - 24 months through OEM customer partnerships.^[4]
Approximately half a dozen acquisition targets are under active evaluation in hydraulics, PTOs and fabrication; criteria are ROCE/ROE accretion within 18 - 30 months, no distressed assets.^[4]

Recent developments

A fire on 27 December 2025 impacted the surface finishing area of a Ludhiana factory; operations resumed within five days via sister company and qualified outsourcing partners; the incident is fully covered under insurance and a claim was filed in Q3 FY26.^[5][3]
Net cash position reached INR 190 crore by end of Q1 FY27, substantially restoring the INR 210 crore balance that preceded the INR 101 crore special dividend paid in October 2025.^[4]
Total dividends distributed for FY26 were INR 170 crore, including a special interim dividend of INR 101.55 crore (INR 22.50 per share) paid in October 2025.^[3][6]
India's reciprocal tariff was reduced to 18% versus China at 45%; management expects stalled China Plus One projects in aftermarket and precision machine parts to resume as a result.^[5]

Market Cap

₹3,120 Cr

High / Low

₹913 / 400

Stock P/E

17.2

Price / Book

3.6

Book Value

₹193

EPS

₹35.1

No. of Shares

4.51 Cr

ROCE

21.9%

ROE

18.0%

OPM

18.5%

Debt / Equity

0.11

Sales

₹1,170 Cr

Net Profit

₹158 Cr

Promoter holding

65.8%

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