Uniparts India Ltd (UNIPARTS)

Capital Goods · Engineering · NSE · Updated 2 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹893.15 ↑ 124.07% (1Y)

🎯 Key Takeaways

Uniparts India is in a high-growth phase driven by expansion in construction equipment and agricultural machinery, supported by strong execution in new markets like Mexico and strategic acquisitions in hydraulics and PTOs. Management is prioritizing ROCE and ROE accretion through targeted investments and capital discipline, with revenue growth outpacing profitability gains in early stages of expansion.
Revenue grew 2.5% QoQ to ₹347 in Q1FY27.
⚠️ Aftermarket revenue decline to 12% due to tariff volatility in key export markets poses a near-term headwind to margin stability.

Market Cap

₹4,032

P/E Ratio

22.4

P/B Ratio

4.54

ROE

20.3%

ROCE

25.5%

Debt/Equity

0.09

Div Yield

0.78%

Promoter

65.9%

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📖 The Story

Uniparts India is in a high-growth phase driven by expansion in construction equipment and agricultural machinery, supported by strong execution in new markets like Mexico and strategic acquisitions in hydraulics and PTOs. Management is prioritizing ROCE and ROE accretion through targeted investments and capital discipline, with revenue growth outpacing profitability gains in early stages of expansion.

📰 What's Happening

In Q1 FY27, Uniparts India delivered 27% YoY revenue growth to ₹347 crores and 64% YoY PAT growth to ₹57 crores, with EBITDA up 55% YoY to ₹90 crores, reflecting robust operational leverage. The company ended the quarter with ₹190 crores in net cash and a debt-free balance sheet, enabling continued strategic investments. Management highlighted that construction equipment now contributes 45% of revenue, while aftermarket revenue declined to 12% due to tariff volatility. Mexico expansion is expected to contribute mid-single-digit million dollar revenue in FY27, with warehousing sales accounting for 52-56% of total sales over the next 12-18 months. Capital expenditure of 2.5-3.5% of revenue is planned for a new fabrication facility, targeting ROCE and ROE accretion through potential acquisitions in hydraulics, PTOs, and fabrications within 18-30 months. Management reaffirmed its growth trajectory in core segments, supported by new business wins and long-term market positioning, with FY27 revenue growth expected to exceed FY26 levels and FY28 growth driven by agricultural recovery, targeting an EBITDA margin of 20%.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	277	281	339	347
Operating Profit	47	45	69	70
OPM %	17.0%	15.9%	20.4%	20.2%
Net Profit	39	33	51	57
EPS	₹8.72	₹7.38	₹11.33	₹12.54

The company is transitioning from stable profitability to scalable growth, evidenced by accelerating revenue and PAT growth (27% and 64% YoY respectively) while maintaining healthy margins (OPM ~20%). Despite a temporary dip in aftermarket revenue to 12%, core segments are gaining momentum, supported by a strong order book of ₹225 crores and expansion into Mexico and Europe. Capital expenditure is being deployed strategically to enhance fabrication capacity, with management targeting ROCE and ROE accretion through acquisitions in high-margin sub-segments. The balance sheet remains resilient with net cash of ₹190 crores and minimal debt (D/E of 0.09), enabling sustainable investment without leverage pressure. The financial trajectory reflects a deliberate shift toward reinvestment for long-term structural growth, supported by consistent cash generation and disciplined capital allocation.

🔮 Management Outlook & What's Next

Management is confident in sustaining double-digit growth, with FY27 revenue expected to exceed FY26 levels and FY28 growth driven by agricultural recovery. The company is targeting an EBITDA margin of 20% and aims to enhance ROCE and ROE through strategic acquisitions in hydraulics, PTOs, and fabrications within 18-30 months. Expansion in Mexico and Europe, along with new business wins in construction and agriculture, underpins the growth narrative. Management also emphasized the importance of long-term market positioning and capital discipline, with plans to allocate capital efficiently to high-return opportunities while maintaining a strong cash buffer. The outlook is cautiously optimistic, contingent on execution of expansion plans and macroeconomic stability in key markets.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	45	45	45	45
Reserves	836	842	873	825
Borrowings	118	84	121	155
Total Liabilities	1,152	1,170	1,246	1,255
Fixed Assets	262	328	246	281
Investments	224	245	285	205
Total Assets	1,152	1,170	1,246	1,255

The balance sheet reflects a strong financial position with net cash of ₹190 crores and negligible debt (D/E of 0.09), indicating minimal financial risk and high flexibility for capital allocation. Equity has remained stable at ₹45 crores, while reserves have grown from ₹842 crores to ₹873 crores over the past year, signaling retained earnings and accumulated profits. Total assets have increased modestly to ₹1,255 crores, primarily driven by operational growth and strategic investments. The company is not over-leveraged and is using its cash position to fund expansion, including a new fabrication facility and potential acquisitions, without relying on external financing. This suggests a conservative and strategic capital allocation approach, prioritizing organic growth and tuck-in acquisitions to enhance margins and market share.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	+182
Investing	-106
Financing	-62
Net Cash Flow	+14

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	65.9%	65.9%	65.9%	65.9%
FII	2.0%	2.5%	2.8%	3.4%
DII	4.8%	4.9%	5.3%	4.9%
Public	21.0%	20.4%	19.4%	19.1%
# Shareholders	79,083	77,705	74,368	66,920

Institutional investor interest is rising, with FII holding increasing from 1.99% in Q2FY26 to 3.38% in Q1FY27, while DII holdings have remained relatively stable around 4.8-5.3%. The number of public shareholders has declined slightly from 79,083 to 66,920, suggesting consolidation in retail ownership. Promoter holding remains stable at 65.88% over the last four quarters, indicating no signs of dilution or stake reduction. The growing FII presence, combined with a stable promoter base, may reflect increasing confidence among sophisticated investors in the company's growth trajectory and capital allocation strategy. However, the decline in public shareholders could limit liquidity over time.

⚖️ Peer Comparison — Engineering

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
LMW	20,328	116.3	8.2%	6.1%	0.00
KRN	10,173	100.3	24.5%	19.4%	0.07
OMNI	6,688	59.0	33.8%	51.0%	1.62
SKIPPER	6,610	27.2	26.8%	18.8%	0.59
LCL	5,820	—	—	—	0.29
UNIPARTS	4,032	22.4	25.5%	20.3%	0.09
TAALTECH	1,405	22.5	33.0%	25.5%	0.00
543782	430	—	—	—	0.08
544669	263	—	—	—	0.48
RVTH	222	14.5	17.8%	12.1%	0.29

🔗 Peer Stock Analyses

LMW KRN OMNI SKIPPER LCL

⚠️ Risk Factors

1. Aftermarket revenue decline to 12% due to tariff volatility in key export markets poses a near-term headwind to margin stability. 2. Execution risk in Mexico and European expansion could delay anticipated revenue contributions if integration or regulatory hurdles arise. 3. Potential dilution from ESOP grants and future acquisitions may pressure equity value if not accretive to ROCE and ROE. 4. Over-reliance on construction equipment and agricultural machinery cycles makes the company vulnerable to sector-specific slowdowns, despite management's diversification efforts.

📋 Recent Filings

🧠 Analyst's Read

Uniparts India is executing a clear growth strategy with strong financial momentum, supported by healthy cash flows, low leverage, and expanding market presence. The key watchpoints are the pace of execution in Mexico and Europe, the success of strategic acquisitions in high-margin segments, and the sustainability of margin expansion amid competitive and regulatory pressures. While the outlook is positive, investors should monitor aftermarket performance and integration risks from new investments.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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