India Motor Parts & Accessories Limited (IMPAL) AI Stock Analysis

• Market Cap: ₹12.48B
• Dividend Yield: 2.86%
• Average Volume (3M): 210.00
• Price to Earnings (P/E): 18.9
• Beta (1Y): 0.80
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 872
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Parts
• EPS (TTM): 13.77
• Shares Outstanding: 12,480,000
• 10 Day Avg. Volume: 238
• 30 Day Avg. Volume: 210
• PEG Ratio: 1.11
• Price to Book (P/B): 0.55
• Price to Sales (P/S): 1.55
• P/FCF Ratio: 24.87
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: ₹1,148.00 ▲(10.04% Upside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is primarily supported by strong financial health (especially the very conservative balance sheet) and steady profitability, tempered by cash flow volatility and a recent gross margin decline. Technical indicators are neutral-to-slightly weak, while valuation and dividend yield provide moderate support.

India Motor Parts & Accessories Limited Business Overview & Revenue Model

Company Description

India Motor Parts & Accessories Limited sells and distributes automobile spare parts and accessories in India. The company primarily offers oil seals; gaskets; hydraulic brake parts and brake fluid products; clutch cover assembly and clutch driven plate products; car fuel system components; fuel injection parts; crown wheel pinions; differential and transmission gears; auto cables; fan belts; radiators; shock absorbers, struts, engine bearings, Purolator filters, and PCVL rings; brake drums; head and tail lamps; axles shafts; and auto electrical components. It also provides clutch plates and cover assemblies; instrument clusters and dashboard instruments; rod ends and steering joints; valves and valve guides; automotive bearings; brake and clutch facings; air brake components; high tensile fasteners, socket head cap screws, powders, and metallurgy products; water and oil pumps; automotive rubber components; tires and tubes; turbos chargers; spokes, nipples and kits; UJ crosses; wheel rims; prop shafts and components; and steering assembly and components. The company was incorporated in 1954 and is based in Chennai, India.

How the Company Makes Money

IMPAL makes money primarily by buying automotive spare parts and accessories from component manufacturers (principals) and selling them to customers such as dealers/retailers, workshops, fleets, and other institutional buyers. Its core revenue stream is product sales revenue, earned through the gross margin (the spread between procurement cost and selling price), supported by working-capital management and inventory availability across its distribution network. Additional earnings can come from supplier-related distribution arrangements (e.g., being an authorized distributor/stockist for multiple OEM-component brands), where IMPAL’s scale and branch network enable it to aggregate demand and provide pan-India reach for manufacturers. If applicable in its operations, the company may also generate ancillary income tied to distribution services (such as logistics/handling, warehousing-related recoveries, or other operating income recorded alongside trading activity); specific line-item contributions are null.

India Motor Parts & Accessories Limited Financial Statement Overview

Summary

Strong balance sheet with near-zero leverage (high financial resilience) and steady revenue growth with solid ~10% net margins. Offsetting factors are the recent gross margin decline and historically uneven cash flow conversion, which adds variability to near-term performance.

Income Statement

Revenue has grown steadily over the past several years, with a particularly strong step-up in the latest annual period (2025 vs. 2024). Profitability is solid, with net profit margin around ~10% in the last two years and EBIT/EBITDA margins in the low-teens. The key weakness is margin volatility: gross margin fell noticeably in 2025 versus 2024, suggesting higher costs or pricing pressure despite higher sales.

Balance Sheet

The balance sheet is very conservative, with effectively no debt in most years and a debt-to-equity ratio near zero, which materially reduces financial risk. Equity and total assets have expanded over time, supporting balance sheet strength. The main drawback is modest profitability on equity (mid-single-digit return on equity), indicating the company is not generating particularly high returns despite the strong capital position.

Cash Flow

Cash generation is positive in the most recent year, with free cash flow close to net income, which is a good quality-of-earnings signal. However, cash flow has been uneven historically, including a year with negative operating and free cash flow (2022) and generally inconsistent operating cash flow relative to net income across periods. Overall, cash conversion is acceptable recently but not consistently strong.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	7.96B	7.89B	7.41B	7.26B	6.46B	5.32B
Gross Profit	1.07B	888.70M	801.40M	1.21B	1.08B	895.20M
EBITDA	1.03B	1.06B	922.00M	946.50M	733.10M	678.20M
Net Income	861.40M	836.70M	739.20M	751.40M	607.50M	528.90M
Balance Sheet
Total Assets	28.65B	25.05B	23.11B	15.02B	13.69B	16.31B
Cash, Cash Equivalents and Short-Term Investments	1.35B	1.13B	1.01B	954.30M	1.37B	2.50B
Total Debt	0.00	0.00	0.00	0.00	53.30M	0.00
Total Liabilities	3.08B	2.59B	2.40B	1.34B	1.34B	1.89B
Stockholders Equity	25.57B	22.46B	20.70B	13.68B	12.34B	14.41B
Cash Flow
Free Cash Flow	128.20M	492.50M	248.20M	277.80M	-32.60M	912.40M
Operating Cash Flow	137.60M	509.40M	268.30M	319.40M	-23.70M	914.40M
Investing Cash Flow	55.00M	-202.90M	150.70M	32.10M	-66.70M	-733.40M
Financing Cash Flow	-249.60M	-349.40M	-299.50M	-327.90M	-77.50M	-135.80M

India Motor Parts & Accessories Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JAYBARMARU	74 Outperform	₹9.34B	13.37	―	0.74%	4.76%	150.94%
IMPAL	70 Outperform	₹12.48B	18.86	―	2.86%	―	―
MUNJALSHOW	66 Neutral	₹4.80B	11.32	―	3.69%	―	―
TALBROAUTO	65 Neutral	₹14.79B	15.60	―	0.32%	0.74%	-17.90%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
RML	57 Neutral	₹20.39B	18.11	―	1.07%	54.17%	1117.99%
IGARASHI	55 Neutral	₹9.70B	98.19	―	0.57%	0.94%	-32.59%