Uniparts India Ltd
UNIPARTSUniparts India Ltd's price has outrun its earnings. +118.1% in a year against EPS +79.8% — the market is paying now for delivery later.
The sharpest disagreement: the price moved +118.1% in a year while annual EPS moved +79.8% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (51 weeks in) while the P/E sits at the 99th percentile of its own 4-year range. Underneath, the last four quarters read improving — profit +67.6% year on year, and 150% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.
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.
Uniparts India Ltd trades at ₹897, in a confirmed uptrend and 51 weeks into that stage. That is +44.5% against its own 200-day average. It sits at 100% of a 52-week range of ₹414 to ₹897. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 32 straight weeks.
Today the stock is in a confirmed uptrend — week 51 of stage 2, confirmed. At ₹897 it trades +44.5% versus its 200-day average and sits at 100% of its 52-week range (₹414–₹897).
Against the market, two honest reads. Cumulative: over the last 3.7 years the stock moved +57% while the NIFTY 500 moved +47% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 32 straight weeks — 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.
Story check
Uniparts India Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: Expansion. Our fortnightly research layers last read it on 22 August 2026.
Our read, 22 August 2026. Uniparts is executing a dual-engine earnings recovery where warehouse-led delivery and expanding precision machine parts drive 24% operating margins and 68% profit growth, though a trailing PE at the 94th percentile demands flawless volume execution to absorb the multiple.
From the numbers. The stock is in an early expansion stage where earnings momentum is driven by operational leverage and product diversification. Institutional ownership shows FII participation standing at 2.45% and DII holdings at 4.89%…
From the price. Price stage 2, week 51 — above its 200-day line, relative strength rising.
From the research. Uniparts is executing a dual-engine earnings recovery where warehouse-led delivery and expanding precision machine parts drive 24% operating margins and 68% profit growth, though a trailing PE at the 94th percentile…
🚨 Where they disagree. The stock is in an early expansion stage where earnings momentum is driven by operational leverage and product diversification. Institutional ownership shows FII participation standing at 2.45% and DII holdings at 4.89% in Dec 2025 with promoter ownership stable at 65.89%. The expansion setup is confirmed by four consecutive quarters of double-digit revenue expansion and operating margins sustaining above 20%.
What is proven. Uniparts is executing a dual-engine earnings recovery where warehouse-led delivery and expanding precision machine parts drive 24% operating margins and 68% profit growth, though a trailing PE at the 94th percentile demands flawless volume execution to absorb the multiple.
What is not proven yet. Operating margin falling below 19.5% for two consecutive quarters combined with trailing 12-month new business order intake rolling over below ₹180 Cr, signaling that margin gains were transitory inventory/FX artifacts rather than structural warehouse mix improvements.
🚨 What would change our mind. Operating margin falling below 19.5% for two consecutive quarters combined with trailing 12-month new business order intake rolling over below ₹180 Cr, signaling that margin gains were transitory inventory/FX artifacts rather than structural warehouse mix improvements.
Layer 1 read, 22 August 2026 — KEEP. Margin gain is fixed-cost leverage on real volume, not a commodity windfall — and the turn is only six quarters old. Uniparts grew revenue 26.6% and profit 67.6% in the June quarter, with operating margin up to 23.6% from 19.0%. I checked where that margin came from: gross margin moved only about one percentage point, so most of the improvement is fixed costs spread over more volume — real operating leverage, backed by warehouse-led delivery now above half of sales and an order book over 225 crore that management says existing plants can absorb. Earnings bottomed only six quarters ago and large farm equipment is still at an industry low, so the recovery has fuel left; the price has already risen 94% in a year, which is the main thing keeping conviction honest.
What would change Layer 1’s mind. One number: September-quarter revenue below the 347 crore just delivered. Because roughly four-fifths of the margin gain is fixed-cost absorption, flat or falling volume reverses it just as fast as growth created it — that is this thesis's real kill switch, sharper than the timeline's own version. Concretely: operating margin under 19.5% for two straight quarters together with the order-book run-rate rolling below 180 crore, or working-capital days pushing past about 190 from today's 168 while…
Layer 2 read, 22 August 2026 — ADVANCE. The sector independently confirms Uniparts' earnings turn, while falling industry spending limits oversupply risk. Uniparts says scale and warehouse sales lifted its margin, and the sector review names the company as a direct example of the same mechanism. Industry capex and work in progress are falling rather than flooding supply [sector_capital_flows: Castings, Forgings & Fastners]. The rich PE is a real warning, so ADVANCE means deeper review, not permission to buy.
What would change Layer 2’s mind. DROP if two consecutive reported quarters show operating margin below 19.5%, because that would break the scale benefit confirmed in C031.
Layer 3 read, 22 August 2026 — DEPLOY. Clean management and hard order wins justify entry, but the high valuation demands flawless delivery. The PE signal is genuinely extreme at the 94th percentile, and the ⚠ modelled normalized PE does not reveal hidden cheapness. L3 still DEPLOYs because more than Rs 225 crore of awards, available capacity and warehouse-led sales above half of revenue give a specific earnings path, while the Mexico delay remains a monitored risk.
What would change Layer 3’s mind. Two quarters below 19.5% operating margin with new-order intake below Rs 180 crore would flip DEPLOY to BENCH or DROP.
CIO read, 22 August 2026 — BENCH. NOT ADMITTED (incoming, benched) · forward-asymmetry 47/100 · CLEAR_NO_CONTEST. NO CONTEST — I judge deliverable EPS growth at 22%, giving a 10.9-point cushion over the model's 11.1% requirement. But the rating is stretched at the 94th percentile after a 94% one-year price rise, so much of the recovery is already banked despite strong management quality.
The test written in advance. Operating margin falling below 19.5% for two consecutive quarters combined with trailing 12-month new business order intake rolling over below ₹180 Cr, signaling that margin gains were transitory inventory/FX artifacts rather than structural warehouse mix improvements. — the thesis as written as stated by the next result.
The test written in advance. Multiple De-rating on Cycle Deceleration — Multiple De-rating on Cycle Deceleration Sequential quarterly revenue flattening below ₹340 Cr or OPM contracting below 21.0%. by the next result.
The test written in advance. Prolonged Slump in Global Agricultural Equipment — Prolonged Slump in Global Agricultural Equipment OEM quarterly production schedules for tractor platforms above 70 HP showing extended curtailments. by the next result.
What the company does. Operating leverage and warehouse-led sales (over 50% of revenue) expanded operating margins to 23.6% in Jun 2026, delivering ₹57 Cr quarterly profit (+67.6% YoY). New business order wins above ₹225 Cr and near-shoring delivery via the Mexico warehouse provide revenue visibility to support management's upgraded FY27 growth guidance above 21%. Valuation has re-rated to 20.1x trailing PE (94th percentile of 10-year range) and 22.4x normalized PE; forward returns require delivery on the ₹225 Cr order pipeline rather than multiple expansion.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Warehouse Fulfillment Channel Mix Expansion | in play | — | Warehouse-led delivery route expanded above 50% of revenue, lifting unit gross margins and embedding vendor integration. | OEM clients push back on consignment inventory terms or channel mix shifts back toward lower-margin direct export routes below 45%. |
| Operating Leverage via Volume Inflection | in play | — | Fixed-cost absorption from 26.6% revenue growth expanded operating margin to 23.6% in Jun 2026. | Sequential volume growth halts or raw material input inflation outpaces contract pass-through bands. |
| Precision Machine Parts (PMP) & Product… | in play | — | Precision machine parts reached 50% revenue share, de-risking cyclicality from agricultural 3-point linkage systems. | Global construction OEM build rates contract sharply or machine parts face commoditization from low-cost regional machining suppliers. |
| New Business Pipeline & Near-Shoring… | in play | — | TTM new business award run-rate of ₹225+ Cr and Mexico warehouse launch support revenue visibility for FY27. | Customer platform launch delays push award conversion beyond guided 12-to-18-month execution windows. |
🚨 What the surface reading misses. The surface reading is: Net profit growth of 67.6% YoY indicates powerful business acceleration. The research reads it further: The profit expansion is operational and volume-driven, generated by fixed manufacturing cost absorption as sales rose 26.6% to ₹347 Cr alongside higher warehouse fulfillment mix, rather than non-operating one-offs.
🚨 What the surface reading misses. The surface reading is: Operating margin at 23.6% sits at the 84th percentile of historical range, suggesting peak profitability. The research reads it further: The margin expansion reflects a structural channel pivot where higher-margin warehouse-led sales exceeded 50% of revenue, combined with operating leverage on recovering construction equipment volumes.
Lever 2 · Value-added mix — BUILDING. Warehouse-led delivery route expanded above 50% of revenue, lifting unit gross margins and embedding vendor integration. What proves it keeps working: Warehouse Fulfillment Channel Mix Expansion. It stops working if OEM clients push back on consignment inventory terms or channel mix shifts back toward lower-margin direct export routes below 45%.
Lever 1 · Operating leverage — BUILDING. Fixed-cost absorption from 26.6% revenue growth expanded operating margin to 23.6% in Jun 2026. What proves it keeps working: Operating Leverage via Volume Inflection. It stops working if Sequential volume growth halts or raw material input inflation outpaces contract pass-through bands.
Lever 12 · New product launch — BUILDING. TTM new business award run-rate of ₹225+ Cr and Mexico warehouse launch support revenue visibility for FY27. What proves it keeps working: New Business Pipeline & Near-Shoring Execution. It stops working if Customer platform launch delays push award conversion beyond guided 12-to-18-month execution windows.
Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Uniparts India Ltd reported ₹347 Cr of revenue in the Jun 26 quarter, +26.6% year on year. That is the 5th straight quarter of year-on-year growth. Over 12 years it has compounded at 3.2% a year. The last full year, FY26, came in at ₹1,170 Cr. The last four reported quarters add to ₹1,244 Cr.
Why this happened. Uniparts has scaled its Precision Machine Parts business (pins, bushings, and articulated joint components) to reach a 50-50 revenue split with 3-point linkage systems, up from a 45-50 split two years prior. Because PMP serves construction equipment OEMs where Uniparts holds 100% share for specific components but a fraction of overall client spend, wallet expansion offers substantial runway.
FY26 revenue came in at ₹1,170 Cr (+21.4% on the year), capping 12 years at 3.2% compound. The latest quarter (Jun 26) printed ₹347 Cr, +26.6% year on year — the 5th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +27.6% growth against the decade's 3.2% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +27.5% over the last 4 quarters against +6.2%/yr over the last 8 — accelerating; TTM profit +85.6% vs +26.2%/yr — accelerating.
FY26-Q4. revenue ₹339 Cr and profit ₹51 Cr as reported.
FY27-Q1. revenue ₹347 Cr and profit ₹57 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
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.
Uniparts India Ltd's operating margin is 24.0% in the Jun 26 quarter, +5.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 11.0% to 22.0%. The current quarter is running above every full year in that window.
Why this happened. Revenue growth of 26.6% YoY to ₹347 Cr in Jun 2026 resulted in a 67.6% increase in net profit to ₹57 Cr. This operational torque reflects the operating leverage catapult framework: plant capacity installed in prior cycles absorbs fixed depreciation and administrative expenses as production schedules ramp, translating incremental gross profit directly into operating margin.
The latest quarter's operating margin is 24.0%, +5.0 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 11.0%–22.0%.
Why the margin moved: operating margin went +4.5 pp year on year while gross margin went +1.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
FY26-Q4. revenue ₹339 Cr and profit ₹51 Cr as reported.
FY27-Q1. revenue ₹347 Cr and profit ₹57 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Uniparts India Ltd earned ₹57.0 Cr of net profit in the Jun 26 quarter, +67.6% year on year. It is the 5th consecutive quarter of growth. Full-year FY26 profit was ₹158 Cr. The 12-year compound rate is 11.2%. That is 16.4% of the quarter's revenue. The same quarter a year earlier earned ₹34.0 Cr.
Jun 26 profit was ₹57.0 Cr, +67.6% year on year — the 5th consecutive quarter of growth. On the full year, FY26 printed ₹158 Cr (+79.5%), and the 12-year compound rate is 11.2%.
Why profit moved: revenue contributed +26.6% and the margin +5.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +87.2% vs revenue +27.6%. 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.
FY26-Q4. revenue ₹339 Cr and profit ₹51 Cr as reported.
FY27-Q1. revenue ₹347 Cr and profit ₹57 Cr as reported.
Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.
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 150% of Uniparts India Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹174 Cr of operating cash against ₹158 Cr of profit. After ₹70.0 Cr of capital spending, ₹104 Cr was left as free cash.
FY26: operating cash of ₹174 Cr against reported profit of ₹158 Cr, leaving free cash of ₹104 Cr after ₹70.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 150% 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 150%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
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).
Uniparts India Ltd's cash conversion cycle runs 326 days in FY26, down from 333 days in FY21. Capital spending ran ₹149 Cr over the last 3 years. At FY26 sales of ₹1,170 Cr each day of that cycle holds about ₹3.2 Cr, so roughly ₹1,045 Cr sits inside the business at any moment.
Why this happened. Uniparts has strategically increased its warehouse-led fulfillment channel to over 50% of total revenue in 9M FY26 and 51% in Q4 FY26. This delivery model commands higher EBITDA margins than direct export (26%) or localized manufacturing channels because it provides just-in-time delivery, consignment stocking, and proximity services that Tier-1 global OEMs require.
FY26: debtors at 44 days, inventory at 409 days — roughly 13.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 326 days, tighter than FY21's 333.
The full loop: cash goes out to suppliers and production on day 0; stock waits 409 days to sell; customers pay about 44 days after that; and suppliers themselves are paid at 127 days — netting out to the 326-day cycle.
In money terms: at FY26 sales of ₹1,170 Cr, each day of the cycle holds about ₹3.2 Cr — so the 326-day loop keeps roughly ₹1,045 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹149 Cr over the last 3 fiscal years against ₹131 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹9.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
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.
Uniparts India Ltd earns a ROCE of 22% in FY26. That is up from a trough of 11% in FY20. Return on invested capital clears the cost of that capital by +10.8 percentage points, so growth here adds value rather than only size. The wiring behind it is 13.5% net margin on 0.93× asset turns.
FY26 ROCE is 22%, recovered from a FY20 trough of 11% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 13.5% net margin × 0.93× asset turns × 1.45× balance-sheet leverage ≈ 18.2% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 22.8% − 12.0% = a +10.8 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. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Uniparts India Ltd carries total debt of ₹155 Cr against shareholder equity of ₹870 Cr as of Mar 26, a debt-to-equity of 0.18 — effectively unlevered. On the annual view that ratio went from 0.82 in FY19 to 0.18 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹155 Cr against shareholder equity of ₹870 Cr — a debt-to-equity of 0.18. On the annual view, debt-to-equity went from 0.82 (FY19) to 0.18 (FY26). The returns on this page are earned, not borrowed.
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.
Domestic institutions cut 4.0 points of Uniparts India Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 4.9% of the company. Foreign institutions moved +1.1 points over the same window, to 3.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: −4.0 points over 8 quarters to 4.9%; Foreign institutions: +1.1 points over 8 quarters to 3.4%; Promoters: +0.2 points over 8 quarters to 65.9%.
🚨 Why the register moved: domestic institutions drove it (−4.0 points), absorbed on the other side by foreign institutions (+1.1 points) — distribution into the market’s bid.
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.
Uniparts India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
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.
Uniparts India Ltd trades at 22.2× P/E, about the priciest it has ever traded. Its long-run median P/E is 17.4×, measured across 3.7 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 22.2× is about the priciest it has ever traded, against a long-run median of 17.4× measured over 3.7 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 +79.8% against a +118.1% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 3y, of the +13.6%/yr price move, ~−1.5%/yr came from earnings growth and ~+15.1 pp from the multiple (expanding). 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 full against its own past, so the story rests on the earnings line underneath it, not the multiple.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 26 August 2026 price, Uniparts India Ltd was paying for profit growth of about 11.1% a year. Profit itself has compounded 11.2% a year over the past 12 years. Today the market pays 22.2× P/E, the 99th percentile of its own 4-year range.
What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is close to what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 26 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Improving 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).
Uniparts India Ltd reads as improving on its fundamental arc. Improving — profit growth bottomed 7 quarters ago at −40.8% and has held its recovery at +85.6%, ROCE lifting at 22.4%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +21.4% | −5.0% | +5.3% | — |
| Profit | +79.5% | −8.3% | +11.7% | — |
| EPS | +79.8% | −8.2% | +11.7% | — |
| Share price | +118.1% | +13.6% | — | — |
4-Factor Sector Score
78.9/100 — rank 2 of 20 in Castings, Forgings & Fastners · 100% evidence confidence
Uniparts India Ltd scores 78.9 out of 100 against the 20 companies it is compared with in Castings, Forgings & Fastners, ranking 2. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
The four contributions add to the total exactly: 31.6 + 17.4 + 12.7 + 17.2 = 78.9. 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.
Said versus delivered
What Uniparts India Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
🚨 Mexico Warehouse Delivery Timeline Slipped · 5 August 2026. In Feb 2026, management indicated that Mexico warehouse supplies would begin in the next quarter after the required customer registration. In Aug 2026, management still expected first customer deliveries in Q3 of this year, implying a materially later milestone than the earlier next-quarter expectation without explaining the delay.
Large Ag Growth Driver Reframed · 5 August 2026. In May 2026, management linked Uniparts' ability to participate in the large-ag recovery to both European program wins and industry production volumes normalizing. In Aug 2026, management said large-ag growth was entirely the result of new business wins and not market-driven, which changes a key assumption about the contribution of industry recovery to segment growth without an explicit explanation.
Aftermarket Growth Reversal · 10 February 2026. Management explicitly guided for mid-teens growth in the aftermarket segment during the August 2025 call. However, in the February 2026 call, they acknowledged that the segment's growth rate had slowed due to tariff sensitivity, resulting in the revenue share dropping significantly from 19% to 14%, which mathematically implies a revenue contraction rather than the projected growth. Earlier call (Aug 2025): “We expect the segment to grow further in mid-teens in FY”. Later call (Feb 2026): “With the tariff going to 50%, there was some sensitivity in the after markets due to which the growth rate in the after market slowed down... hence you”.
Tariff Impact on Project Pipeline · 10 February 2026. In the November 2025 call, management stated they had seen no reduction in RFQs despite the implementation of tariffs. Contrarily, in the February 2026 call, they admitted that new projects had actually "stalled" because of the higher tariffs and are only now being reactivated due to the recent tariff reduction. Earlier call (Nov 2025): “In fact, even post-tariff, we have not seen a reduction in RFQs also.” Later call (Feb 2026): “Here we may be able to reactivate the China plus one project we were working on before the tariff went up... where some of the new projects had stalled, this could now fuel the pickup of those projects.”
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Kennametal India LtdKENNAMET | 84.5/100Sector-leading setup100% evidence | LEADER | 32.3/35 Revenue 29.1% · PAT 91.2% · OPM change 12 pp 100% evidence | 19.1/25 ROCE 33.2% · OPM 27% 100% evidence | 13.1/20 P/E 52.5× · PEG 1.34 100% evidence | 20.0/20 RS sector 44.1% · RS bench 82.3% · 1Y 115.2%10 of 12 weeks ahead 100% evidence |
| Exact sum: 32.3 + 19.1 + 13.1 + 20 = 84.5 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Uniparts India Ltdthis pageUNIPARTS | 78.9/100Favorable setup100% evidence | LEADER | 31.6/35 Revenue 27.5% · PAT 85.6% · OPM change 5 pp 100% evidence | 17.4/25 ROCE 21.6% · OPM 24% 100% evidence | 12.7/20 P/E 22.2× · PEG 0.38 100% evidence | 17.2/20 RS sector 28.6% · RS bench 62.8% · 1Y 118.1%12 of 12 weeks ahead 100% evidence |
| Exact sum: 31.6 + 17.4 + 12.7 + 17.2 = 78.9 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 3Amic Forging Ltd544037 | 62.1/100Thin evidence · provisional58% evidence | LEADER | 17.8/35 Revenue — · PAT — · OPM change 5 pp 26% evidence | 19.9/25 ROCE 23.5% · OPM 33% 76% evidence | 7.1/20 P/E 96.3× · PEG — 50% evidence | 17.3/20 RS sector 18.1% · RS bench 51.3% · 1Y 60.7%11 of 12 weeks ahead 100% evidence |
| Exact sum: 17.8 + 19.9 + 7.1 + 17.3 = 62.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 4Happy Forgings LtdHAPPYFORGE | 61.3/100Mixed-positive evidence100% evidence | LEADER | 23.4/35 Revenue 15.5% · PAT 21.1% · OPM change 2 pp 100% evidence | 16.8/25 ROCE 18% · OPM 31% 100% evidence | 1.8/20 P/E 62.5× · PEG 3.72 100% evidence | 19.3/20 RS sector 30.5% · RS bench 64.7% · 1Y 144.8%12 of 12 weeks ahead 100% evidence |
| Exact sum: 23.4 + 16.8 + 1.8 + 19.3 = 61.3 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 5Captain Technocast Ltd540652 | 59.4/100Thin evidence · provisional51% evidence | TURNING | 20.8/35 Revenue 78.2% · PAT 100% · OPM change -2 pp 48% evidence | 18.1/25 ROCE 29.7% · OPM 12% 76% evidence | 9.9/20 P/E 48.6× · PEG — 50% evidence | 10.6/20 RS sector — · RS bench 17.7% · 1Y —6 of 6 weeks ahead 25% evidence |
| Exact sum: 20.8 + 18.1 + 9.9 + 10.6 = 59.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 6Gala Precision Engineering LtdGALAPREC | 58.9/100Mixed-positive evidence80% evidence | LEADER | 27.3/35 Revenue 31.8% · PAT 37.2% · OPM change 1 pp 95% evidence | 14.2/25 ROCE 15.6% · OPM 16.3% 95% evidence | 10.2/20 P/E 34.7× · PEG — 15% evidence | 7.2/20 RS sector -4.7% · RS bench 21.8% · 1Y 26.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 27.3 + 14.2 + 10.2 + 7.2 = 58.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7M M Forgings LtdMMFL | 58.1/100Mixed-positive evidence100% evidence | BREAKING OUT | 18.8/35 Revenue 9.6% · PAT 53.1% · OPM change 0 pp 100% evidence | 9.7/25 ROCE 9% · OPM 18% 100% evidence | 13.1/20 P/E 27.1× · PEG 0.66 100% evidence | 16.5/20 RS sector 14.7% · RS bench 45.7% · 1Y 99.8%11 of 12 weeks ahead 100% evidence |
| Exact sum: 18.8 + 9.7 + 13.1 + 16.5 = 58.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Sona BLW Precision Forgings LtdSONACOMS | 57.4/100Mixed-positive evidence100% evidence | LEADER | 22.3/35 Revenue 39.6% · PAT 18.1% · OPM change -1 pp 100% evidence | 12.3/25 ROCE 14.2% · OPM 23% 100% evidence | 7.0/20 P/E 67.6× · PEG 3.04 100% evidence | 15.8/20 RS sector 10.7% · RS bench 40.7% · 1Y 78.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 22.3 + 12.3 + 7 + 15.8 = 57.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Balu Forge Industries LtdBALUFORGE | 52.2/100Mixed-positive evidence94% evidence | TURNING | 14.5/35 Revenue 19.8% · PAT 18.1% · OPM change -3 pp 100% evidence | 17.6/25 ROCE 22.7% · OPM 28% 100% evidence | 13.8/20 P/E 24.2× · PEG 1.61 100% evidence | 6.3/20 RS sector -27.9% · RS bench 3.5% · 1Y -19.9%4 of 10 weeks ahead 70% evidence |
| Exact sum: 14.5 + 17.6 + 13.8 + 6.3 = 52.2 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 10Steelcast LtdSTEELCAS | 52.0/100Mixed-positive evidence100% evidence | LEADER | 15.2/35 Revenue 9.2% · PAT 15.2% · OPM change 0 pp 100% evidence | 18.6/25 ROCE 32.3% · OPM 26% 100% evidence | 8.8/20 P/E 36.3× · PEG 1.7 100% evidence | 9.4/20 RS sector -0.1% · RS bench 27.2% · 1Y 50.6%10 of 12 weeks ahead 100% evidence |
| Exact sum: 15.2 + 18.6 + 8.8 + 9.4 = 52 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11Uni Abex Alloy Products Ltd504605 | 51.9/100Mixed-positive evidence82% evidence | LEADER | 16.3/35 Revenue 17.2% · PAT 100% · OPM change -7 pp 95% evidence | 15.2/25 ROCE 19.2% · OPM 10.5% 76% evidence | 10.7/20 P/E 19.7× · PEG — 50% evidence | 9.7/20 RS sector 0.1% · RS bench 27.3% · 1Y 45.9%12 of 12 weeks ahead 100% evidence |
| Exact sum: 16.3 + 15.2 + 10.7 + 9.7 = 51.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Tirupati Forge LtdTIRUPATIFL | 51.5/100Mixed-positive evidence80% evidence | BREAKING OUT | 15.9/35 Revenue 42.3% · PAT -8.4% · OPM change 0.1 pp 95% evidence | 8.9/25 ROCE 7.5% · OPM 11.5% 95% evidence | 8.7/20 P/E 147× · PEG — 15% evidence | 18.0/20 RS sector 21.4% · RS bench 52.9% · 1Y 72.5%12 of 12 weeks ahead 100% evidence |
| Exact sum: 15.9 + 8.9 + 8.7 + 18 = 51.5 · Decision use: Price leads the evidence: RS versus the benchmark is 52.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 13CIE Automotive India LtdCIEINDIA | 44.7/100Mixed-negative evidence100% evidence | ASLEEP | 17.5/35 Revenue 12.5% · PAT 14.3% · OPM change 1 pp 100% evidence | 14.4/25 ROCE 14.7% · OPM 15% 100% evidence | 11.8/20 P/E 16.1× · PEG 2.4 100% evidence | 1.0/20 RS sector -32.1% · RS bench -11.7% · 1Y -3.6%0 of 12 weeks ahead 100% evidence |
| Exact sum: 17.5 + 14.4 + 11.8 + 1 = 44.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Ramkrishna Forgings LtdRKFORGE | 42.4/100Mixed-negative evidence75% evidence | LEADER | 14.1/35 Revenue 8.6% · PAT -71.3% · OPM change 4 pp 95% evidence | 7.5/25 ROCE 5.6% · OPM 18% 76% evidence | 8.8/20 P/E 113× · PEG — 15% evidence | 12.0/20 RS sector -1.6% · RS bench 26.6% · 1Y 24.7%8 of 12 weeks ahead 100% evidence |
| Exact sum: 14.1 + 7.5 + 8.8 + 12 = 42.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Bharat Forge LtdBHARATFORG | 40.7/100Mixed-negative evidence75% evidence | BREAKING OUT | 15.1/35 Revenue 17.5% · PAT -30.1% · OPM change -2 pp 95% evidence | 11.0/25 ROCE 12.6% · OPM 15% 76% evidence | 9.1/20 P/E 92.1× · PEG — 15% evidence | 5.5/20 RS sector -10.2% · RS bench 14.5% · 1Y 71.1%7 of 12 weeks ahead 100% evidence |
| Exact sum: 15.1 + 11 + 9.1 + 5.5 = 40.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Nelcast LtdNELCAST | 38.6/100Mixed-negative evidence87% evidence | BASING | 13.8/35 Revenue 4.2% · PAT -1.8% · OPM change -3.9 pp 95% evidence | 12.1/25 ROCE 11.4% · OPM 4.6% 95% evidence | 11.7/20 P/E 23× · PEG — 50% evidence | 1.0/20 RS sector -30.3% · RS bench -10% · 1Y -25.6%2 of 12 weeks ahead 100% evidence |
| Exact sum: 13.8 + 12.1 + 11.7 + 1 = 38.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Alicon Castalloy LtdALICON | 37.1/100Mixed-negative evidence81% evidence | TURNING | 11.3/35 Revenue 13.7% · PAT 0% · OPM change -3 pp 95% evidence | 10.2/25 ROCE 10.6% · OPM 9% 95% evidence | 9.4/20 P/E 32.4× · PEG — 50% evidence | 6.2/20 RS sector -20.7% · RS bench -0.2% · 1Y -12.7%3 of 10 weeks ahead 70% evidence |
| Exact sum: 11.3 + 10.2 + 9.4 + 6.2 = 37.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Sundaram Clayton LtdSUNCLAY | 26.0/100Adverse evidence74% evidence | BASING | 10.4/35 Revenue -3.9% · PAT 100% · OPM change -1.2 pp 74% evidence | 0.5/25 ROCE -3.3% · OPM 2% 100% evidence | 11.5/20 P/E 11.1× · PEG — 15% evidence | 3.6/20 RS sector -25.6% · RS bench -3% · 1Y -22.3%0 of 12 weeks ahead 100% evidence |
| Exact sum: 10.4 + 0.5 + 11.5 + 3.6 = 26 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Sterling Tools LtdSTERTOOLS | 25.9/100Adverse evidence87% evidence | TURNING | 6.9/35 Revenue -9.3% · PAT -46.4% · OPM change -0.9 pp 95% evidence | 9.1/25 ROCE 7.2% · OPM 10.6% 95% evidence | 6.9/20 P/E 40.5× · PEG — 50% evidence | 3.0/20 RS sector -33.7% · RS bench -12.9% · 1Y -33.4%2 of 12 weeks ahead 100% evidence |
| Exact sum: 6.9 + 9.1 + 6.9 + 3 = 25.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20Synergy Green Industries LtdSGIL | 23.7/100Adverse evidence80% evidence | TURNING | 1.9/35 Revenue -2.5% · PAT -80% · OPM change -8 pp 95% evidence | 6.9/25 ROCE 9.2% · OPM 6% 95% evidence | 8.5/20 P/E 185× · PEG — 15% evidence | 6.4/20 RS sector -15% · RS bench 10.1% · 1Y 7.3%9 of 12 weeks ahead 100% evidence |
| Exact sum: 1.9 + 6.9 + 8.5 + 6.4 = 23.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Uniparts India Ltd's share price today?
Uniparts India Ltd trades at ₹897, +118.1% over the past year. The company is valued at ₹4,053 Cr. The stock sits at the very top of its 52-week range (₹414–₹897), +44.5% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 51 weeks in. — as of 11 September 2026.
What were Uniparts India Ltd's latest quarterly results?
Uniparts India Ltd reported revenue of ₹347 Cr and net profit of ₹57.0 Cr for the Jun 26 quarter. Revenue rose 26.6% and profit rose 67.6% year on year. Earnings per share were ₹12.54. The operating margin was 24.0%, 5.0 pp higher than a year earlier. — as of 11 September 2026.
What is Uniparts India Ltd's revenue?
Uniparts India Ltd reported revenue of ₹347 Cr in the Jun 26 quarter, +26.6% year on year. For the full FY26 fiscal year, revenue was ₹1,170 Cr (+21.4%). Over the last 12 years revenue compounded at 3.2% a year. — as of 11 September 2026.
What is Uniparts India Ltd's profit?
Uniparts India Ltd earned ₹57.0 Cr of net profit in the Jun 26 quarter, +67.6% year on year — the 5th straight quarter of growth. Full-year FY26 profit was ₹158 Cr. The operating margin ran 24.0% in the latest quarter. — as of 11 September 2026.
What is Uniparts India Ltd's market cap?
Uniparts India Ltd's market capitalisation is ₹4,053 Cr at a share price of ₹897. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Uniparts India Ltd's P/E ratio?
Uniparts India Ltd trades at a P/E of 22.2×, at the 99th percentile of its own 4-year range, against a long-run median of 17.4×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Uniparts India Ltd pay a dividend?
Yes — Uniparts India Ltd's dividend payout was 108% of profit in FY26, and it recorded a payout in 8 of its last 9 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Uniparts India Ltd overvalued?
On its own history, Uniparts India Ltd looks expensive: its P/E of 22.2× sits at the 99th percentile of its 4-year range (long-run median 17.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is Uniparts India Ltd growing?
Yes — Uniparts India Ltd is growing: latest-quarter revenue +26.6% year on year, profit +67.6%, and the margin +5.0 pp at 24.0%. The 12-year compound rates are 3.2% (revenue) and 11.2% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Uniparts India Ltd performing?
Uniparts India Ltd is in a confirmed uptrend, 51 weeks in. Its latest quarter's revenue rose 26.6% and profit rose 67.6% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 32 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Uniparts India Ltd in?
Improving — profit growth bottomed 7 quarters ago at −40.8% and has held its recovery at +85.6%, ROCE lifting at 22.4%. The read comes from the last 12 quarters of growth (revenue growth +27.5% latest, profit growth +85.6% latest, eps growth +84.8% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Uniparts India Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 51 of stage 2), trading +44.5% versus its 200-day average and at the very top of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Uniparts India Ltd beating the market?
On recent form, yes — Uniparts India Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 32 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 3.7 years the stock moved +57% against the NIFTY 500's +47% — ahead of the index over the full window. — as of 11 September 2026.
Will Uniparts India Ltd's share price go up?
This page publishes no price forecast for Uniparts India Ltd. What it measures instead: the share price is ₹897, the price is in a confirmed uptrend 51 weeks in. Its P/E of 22.2× sits at the 99th percentile of its own 4-year range. — as of 11 September 2026.
Who owns Uniparts India Ltd?
Promoters hold 65.9% of Uniparts India Ltd, foreign institutions 3.4%, domestic institutions 4.9% and the public 25.7% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 4.0 points over 8 quarters. — as of 11 September 2026.
Does Uniparts India Ltd have too much debt?
No — Uniparts India Ltd's debt-to-equity is 0.18, and operating profit covers the interest bill 25×. FY26 borrowings were ₹155 Cr against equity of ₹870 Cr. The returns on this page are earned, not borrowed — as of 11 September 2026.
What is Uniparts India Ltd's capex?
Uniparts India Ltd spent ₹149 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹70.0 Cr, with ₹9.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Uniparts India Ltd's cash flow?
Uniparts India Ltd generated ₹174 Cr of operating cash flow in FY26 and ₹104 Cr of free cash flow after ₹70.0 Cr of capital spending. Reported profit that year was ₹158 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Uniparts India Ltd's profit real cash?
Yes — over the last 3 fiscal years, 150% of Uniparts India Ltd's reported profit arrived as operating cash. Though the latest year ran at 110% — the trend is the thing to watch. In FY26, operating cash was ₹174 Cr against reported profit of ₹158 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Uniparts India Ltd in its business cycle?
Uniparts India Ltd's FY26 operating margin was 21.0%, against a 9-year band of 11.0%–22.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 24.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does Uniparts India Ltd's price assume?
At its price on 26 August 2026, Uniparts India Ltd was priced for profit growth of about 11.1% a year. Profit itself has compounded 11.2% a year over the past 12 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the Uniparts India Ltd story?
The sharpest disagreement: the price moved +118.1% in a year while annual EPS moved +79.8% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Uniparts India Ltd a stock worth studying right now?
This is not investment advice. The machine read: Uniparts India Ltd's price has outrun its earnings. +118.1% in a year against EPS +79.8% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!