Igarashi Motors India Limited (IGARASHI.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-41.0%

₹219.71

vs ₹372.45 price

Levered DCF

₹105.61

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	70.84×	63.65×	141.74×	209.7×	943.16×	33.48×	19.41×	19.61×
P/B	1.84×	3.3×	3.03×	2.49×	2.57×	1.95×	1.37×	2.62×
P/S	0.99×	1.83×	1.87×	1.67×	2.03×	1.61×	1.11×	1.9×
EV / EBITDA	12.11×	17.31×	20.36×	18.38×	22.86×	11.11×	8.17×	8.91×
Gross margin	18.0%	35.6%	31.1%	33.5%	28.6%	35.4%	38.6%	41.2%
Operating margin	3.0%	26.7%	3.7%	2.9%	0.7%	5.9%	8.4%	16.3%
Net margin	1.4%	2.9%	1.3%	0.8%	0.2%	4.8%	5.7%	9.7%
Current ratio	1.1×	1.24×	1.37×	1.41×	1.51×	1.42×	1.27×	1.3×
Debt / equity	0.31×	0.33×	0.31×	0.27×	0.23×	0.22×	0.29×	0.28×
Interest coverage	2.34×	16.74×	2.17×	1.95×	0.55×	4.14×	4.04×	7.2×
Dividend yield	0.9%	0.2%	0.2%	0.0%	0.4%	0.4%	3.2%	2.0%
Payout ratio	63.9%	13.0%	32.9%	0.0%	397.2%	14.6%	61.7%	38.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	2.6%	5.2%	2.1%	1.2%	0.3%	5.8%	7.1%	13.4%
Return on invested capital	3.0%	26.2%	3.0%	1.9%	0.3%	4.5%	7.1%	11.4%
Return on assets	1.5%	3.1%	1.2%	0.7%	0.2%	3.7%	4.4%	8.6%
Free cash flow yield	0.6%	0.7%	-0.2%	-0.2%	3.2%	3.1%	9.7%	7.4%
Earnings yield	1.4%	1.6%	0.7%	0.5%	0.1%	3.0%	5.2%	5.1%
Enterprise value	₹10B	₹16.9B	₹14.9B	₹12.1B	₹12.2B	₹9.4B	₹7B	₹12.4B
Net debt / EBITDA	1.71×	1.52×	1.83×	1.76×	1.76×	0.99×	1.41×	0.83×
Cash conversion cycle (days)	67	76	89	95	62	94	79	71