Igarashi Motors India Ltd(IGARASHI)

NSE: IGARASHIBSE: 517380

₹ 359.1+0.90%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,130 crWebsite: www.igarashimotors.com/Updated: 27 Oct 2026

About

Igarashi Motors India Ltd (IMIL) designs and manufactures precision actuator DC motors for automotive applications and BLDC ceiling fan motors for consumer appliances, operating 9 manufacturing plants in Chennai. In FY26, the company reported revenue of Rs 865.92 Cr, with exports accounting for 57% of total turnover across 7 countries. IMIL holds an estimated ~13% global and ~42% domestic market share in Engine Air Management motors, and ~22% of the domestic BLDC ceiling fan electronics market.^[1][2][3]

Business segments

Automotive segment contributed 88% of FY26 revenue (Rs 761.78 Cr), covering precision actuator DC motors for engine, exhaust, turbo actuation, parking brake, body and chassis applications.^[3]
Non-automotive segment contributed 12% of FY26 revenue (Rs 104.14 Cr), covering BLDC ceiling fan motors for energy-efficient consumer appliances.^[3]
The automotive segment's revenue share declined by 1.5 percentage points over the FY2022 - FY26 window as the non-automotive business grew.^[3]

Products

Automotive DC motor portfolio spans Engine Air Management (EAM), Electronic Parking Brake (EPB), Park Lock Actuator (PLA), Gearbox Actuator (GBA), ABS, Trunk Opening and Closing Device (TOCD), and Seat motors.^[1]
Consumer segment produces BLDC ceiling fan motors with integrated PCB electronics; ESDM facility has delivered over 5 million PCB solutions over 8 years via high-speed dual-lane EMS machines.^[1]

Market position

In FY26, IMIL held an estimated ~13% global and ~42% domestic market share in Engine Air Management motors.^[1]
In FY26, IMIL held an estimated 6% global market share in Electronic Parking Brake applications.^[1]
In FY26, IMIL held an estimated 3% global market share in Trunk Opening and Closing Devices.^[1]
In FY26, IMIL held an estimated 31% domestic market share in Window Lift Motor sub-assemblies and approximately 24% in Fuel Pump Motor sub-assemblies.^[1]
In FY26, IMIL held an estimated ~22% share of the domestic BLDC ceiling fan electronics market through partnerships with seven key OEM customers.^[1]

Operations

IMIL operates 9 manufacturing plants and 1 office in India, all located in MEPZ-SEZ (Tambaram, Chennai) and Maraimalai Nagar; there are no international manufacturing locations.^[1]
The company operates 2 modern logistics warehouses in MEPZ-SEZ, Chennai, serving all Indian states domestically and 7 countries internationally.^[1]
As of March 31, 2026, IMIL had 774 permanent employees and a total workforce (permanent employees plus workers) of 1,810.^[1]
IMIL has cumulatively populated ~625 million DC motors since 1996 and ~6 million BLDC motor solutions since 2020.^[1]

Customers and distribution

EPB customers are global automotive Tier-1 suppliers in Korea, India, and Europe; the BLDC ceiling fan business serves seven key OEM customers in India.^[1]
In FY26, exports were 57% of total turnover; geography mix: India 45%, United States 29%, Europe 13%, Korea 7%, China 6%, across 7 countries.^[1]
EAM business pipeline spans approximately 13 programs with over 9 Tier-1 partners globally.^[1]

Order book and program pipeline

EAM pipeline: ~13 programs with over 9 Tier-1 partners globally; expected cumulative volume of ~12 - 15 million motors over the next 3 - 5 years.^[1]
Body systems: 9 ongoing programs for trunk actuation and seat operation; expected cumulative volumes of ~9 - 12 million motors over the next 3 years.^[1]
BLDC ceiling fan motor: 10 programs with 6 major customers; expected cumulative volumes of ~7 - 8 million units over the next 3 - 5 years.^[1]
TOCD: completed next-generation development and rollout in late 2024; reached ~1 million cumulative units; targeting 6 million cumulative units over the next 3 - 5 years across 4 new programs.^[1]

Raw materials and supply chain

IMIL manages commodity price volatility through pass-through arrangements with key customers for agreed base price increases or decreases.^[1]
In FY26, IMIL reduced steel coil consumption by 168 tons through DD cutting scrap reduction initiatives.^[1]

Ownership structure

Igarashi Electric Works (IEWL) of Japan holds 12.60% directly in IMIL and 89.72% in Agile Electric Sub Assembly Pvt Ltd (AESPL), which in turn holds 54.46% in IMIL.^[1]

Market Cap

₹1,130 Cr

High / Low

₹539 / 272

Stock P/E

68.0

Price / Book

2.4

Book Value

₹148

EPS

₹3.9

No. of Shares

3.15 Cr

ROCE

4.6%

ROE

2.6%

OPM

3.2%

Debt / Equity

0.28

Sales

₹866 Cr

Net Profit

₹12 Cr

Promoter holding

75.0%

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Igarashi Motors India Ltd(IGARASHI)

About

Business segments

Products

Market position

Operations

Customers and distribution

Order book and program pipeline

Raw materials and supply chain

Ownership structure

Signal history

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