India Motor Parts & Accessories Limited

IMPAL.NS

Auto - Parts · Consumer Cyclical

Price

₹1108.00

+11.10 (+1.01%)

Market Cap

₹13.83B

Exchange

National Stock Exchange of India

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, brakes, and engine parts to mechanics, workshops, and retail dealers who repair and maintain cars and trucks. IMPAL is part of the Amalgamations Group, one of India's oldest industrial conglomerates, and acts as a major distributor for global brands including Mann+Hummel and others.

The company earns money by buying parts from manufacturers and selling them to a wide network of dealers and service centers across India, earning a margin on each transaction. Its distribution network and long-standing brand relationships give it a competitive edge in the fragmented Indian aftermarket parts industry. However, the low gross margin of around 11% leaves little room for error, and the rise of organized e-commerce platforms selling spare parts directly could pressure both pricing and market share going forward.

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)

14.1x

Attractive valuation — P/E 14.1

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

P/E vs Forward

-30.7

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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