India Motor Parts & Accessories Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

India Motor Parts & Accessories Ltd trades at ₹1,099, in a confirmed uptrend and 4 weeks into that stage. That is +3.8% against its own 200-day average. It sits at 73% of a 52-week range of ₹970 to ₹1,146. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 4 of stage 2, confirmed. At ₹1,099 it trades +3.8% versus its 200-day average and sits at 73% of its 52-week range (₹970–₹1,146).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +146% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 50th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

India Motor Parts & Accessories Ltd trades at 17.1× P/E, mid-range by its own standards (50th percentile). Its long-run median P/E is 17.1×, measured across 10.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 17.1× is mid-range by its own standards (50th percentile), against a long-run median of 17.1× measured over 10.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved −1.6% against a −2.1% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +7.3%/yr price move, ~+8.2%/yr came from earnings growth and ~−0.9 pp from the multiple (roughly flat); over 10y, of the +8.3%/yr price move, ~+11.5%/yr came from earnings growth and ~−3.2 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

India Motor Parts & Accessories Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 5.0% — the per-curve reads carry the story. The read is built from 8 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

52.0/100 — rank 3 of 4 in Auto Ancillaries - Spare Parts Accessories · 55% evidence confidence

India Motor Parts & Accessories Ltd scores 52.0 out of 100 against the 4 companies it is compared with in Auto Ancillaries - Spare Parts Accessories, ranking 3. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 16.8 + 11.3 + 9.6 + 14.3 = 52. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

India Motor Parts & Accessories Ltd reported ₹190 Cr of revenue in the Sep 24 quarter, +4.4% year on year. That is the 3rd straight quarter of year-on-year growth. Over 8 years it has compounded at 5.0% a year. The last full year, FY24, came in at ₹741 Cr. The last four reported quarters add to ₹753 Cr.

India Motor Parts & Accessories Ltd reported ₹190 Cr of revenue in the Sep 24 quarter, +4.4% year on year. That is the 3rd straight quarter of year-on-year growth. Over 8 years it has compounded at 5.0% a year. The last full year, FY24, came in at ₹741 Cr. The last four reported quarters add to ₹753 Cr.

FY24 revenue came in at ₹741 Cr (+2.1% on the year), capping 8 years at 5.0% compound. The latest quarter (Sep 24) printed ₹190 Cr, +4.4% year on year — the 3rd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +2.1% growth against the decade's 5.0% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +2.0% over the last 4 quarters against +1.9%/yr over the last 8 — stabilising; TTM profit +2.6% vs +4.7%/yr — stabilising.

→ Revenue grew — did margins hold as it scaled? Next: 8.0% this quarter (+0.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

India Motor Parts & Accessories Ltd's operating margin is 8.0% in the Sep 24 quarter, +0.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 6.0% to 9.0%. The current quarter sits inside that band.

India Motor Parts & Accessories Ltd's operating margin is 8.0% in the Sep 24 quarter, +0.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 6.0% to 9.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 8.0%, +0.0 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 6.0%–9.0%.

Why the margin moved: operating margin went +0.0 pp year on year while gross margin went +0.3 pp — the gain came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit +9.5% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

India Motor Parts & Accessories Ltd earned ₹23.0 Cr of net profit in the Sep 24 quarter, +9.5% year on year. It is the 2nd consecutive quarter of growth. Full-year FY24 profit was ₹74.0 Cr. The 8-year compound rate is 13.4%. That is 12.1% of the quarter's revenue. The same quarter a year earlier earned ₹21.0 Cr.

India Motor Parts & Accessories Ltd earned ₹23.0 Cr of net profit in the Sep 24 quarter, +9.5% year on year. It is the 2nd consecutive quarter of growth. Full-year FY24 profit was ₹74.0 Cr. The 8-year compound rate is 13.4%. That is 12.1% of the quarter's revenue. The same quarter a year earlier earned ₹21.0 Cr.

Sep 24 profit was ₹23.0 Cr, +9.5% year on year — the 2nd consecutive quarter of growth. On the full year, FY24 printed ₹74.0 Cr (−1.3%), and the 8-year compound rate is 13.4%.

Why profit moved: revenue contributed +4.4% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +5.4% vs revenue +2.1%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 27% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 27% of India Motor Parts & Accessories Ltd's reported profit arrived as operating cash — a gap worth watching. In FY24 that was ₹27.0 Cr of operating cash against ₹74.0 Cr of profit. After ₹2.0 Cr of capital spending, ₹25.0 Cr was left as free cash.

FY24: operating cash of ₹27.0 Cr against reported profit of ₹74.0 Cr, leaving free cash of ₹25.0 Cr after ₹2.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 27% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 27%: the cash cycle held roughly steady between FY19 and FY24 — so conversion tracks profitability rather than the cycle. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 2.0× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹6.0 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

India Motor Parts & Accessories Ltd's cash conversion cycle runs 58 days in FY24, down from 62 days in FY19. Capital spending ran ₹6.0 Cr over the last 3 years. At FY24 sales of ₹741 Cr each day of that cycle holds about ₹2.0 Cr, so roughly ₹118 Cr sits inside the business at any moment.

FY24: debtors at 48 days, inventory at 45 days — roughly 1.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 58 days, tighter than FY19's 62.

The full loop: cash goes out to suppliers and production on day 0; stock waits 45 days to sell; customers pay about 48 days after that; and suppliers themselves are paid at 36 days — netting out to the 58-day cycle.

In money terms: at FY24 sales of ₹741 Cr, each day of the cycle holds about ₹2.0 Cr — so the 58-day loop keeps roughly ₹118 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹6.0 Cr over the last 3 fiscal years against ₹3.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY24) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 5% and the ROIC − WACC spread is −9.7 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

India Motor Parts & Accessories Ltd earns a ROCE of 5% in FY24. That is up from a trough of 5% in FY18. Return on invested capital clears the cost of that capital by −9.7 percentage points, so growth here is not yet paying for the capital it uses.

FY24 ROCE is 5%, recovered from a FY18 trough of 5% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY24): 10.0% net margin × 0.32× asset turns × 1.12× balance-sheet leverage ≈ 3.6% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 2.3% − 12.0% = a −9.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.00.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

India Motor Parts & Accessories Ltd carries ₹0.0 Cr of borrowings against ₹2,070 Cr of equity in FY24, a debt-to-equity of 0.00. Over 5 years borrowings went from ₹14.0 Cr to ₹0.0 Cr. Capital spending ran ₹6.0 Cr across the last 3 of those years.

FY24: borrowings of ₹0.0 Cr against equity of ₹2,070 Cr — a debt-to-equity of 0.00. Over 5 years borrowings went from ₹14.0 Cr to ₹0.0 Cr while capital spending ran ₹6.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 7.3 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 7.3 points of India Motor Parts & Accessories Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 0.8% of the company. Promoters moved +4.5 points over the same window, to 35.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −7.3 points over 8 quarters to 0.8%; Promoters: +4.5 points over 8 quarters to 35.2%; Domestic institutions: −2.5 points over 8 quarters to 0.0%.

🚨 Why the register moved: foreign institutions drove it (−7.3 points), absorbed on the other side by promoters (+4.5 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

India Motor Parts & Accessories Ltd: the Z-score reads 4.28. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 4.28 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 4.28.

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