India Motor Parts & Accessories Limited

IMPAL.BO

Auto - Parts · Consumer Cyclical

Price

₹1095.00

-13.50 (-1.22%)

Market Cap

₹14.11B

Exchange

Bombay Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

India Motor Parts & Accessories Limited (IMPAL) is a Chennai-based company that distributes automotive spare parts and accessories across India. It supplies components like filters, belts, batteries, and other replacement parts to garages, workshops, and retail dealers who keep vehicles running after they leave the showroom. IMPAL is part of the TVS Group, one of India's largest automotive conglomerates, and operates as a key link in the country's vehicle aftermarket supply chain.

The company earns revenue by buying parts from manufacturers and selling them to a wide network of dealers and service centers, making money on the margin between purchase and sale prices. Its thin gross margin of around 11% reflects this trading-focused model, which is typical for distributors. IMPAL operates primarily in South India but has a national presence. Its main competitive advantage is its long-standing dealer relationships and TVS Group backing. The key growth driver is India's expanding vehicle fleet, though rising competition from organized e-commerce spare parts platforms poses a meaningful long-term risk.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+39.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

43.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$0 cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

India Motor Parts & Accessories Limited is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 12.5M (2022) → 12.5M (2026)

Score breakdown

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Quality

Gross Margin

11.2%

Thin — 11.2% gross margin

Operating Margin

7.6%

Modest — 7.6% operating margin

ROCE

0.8%

Weak — 0.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+11.1%

Steady sales growth (+11.1% YoY)

EPS YoY

+17.6%

Earnings growing fast (+17.6% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

14%

Weak — only 14% of profit becomes cash

FCF Margin

1.5%

Thin free cash flow (1.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

14.0x

Attractive valuation — P/E 14.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-30.6

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

2.96%

Moderate income — 2.96% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+23.5%

Dividend growing fast (23.5% YoY)

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