Company Overview
Igarashi Motors India Limited (BSE: 517380, NSE: IGARASHI) held its 34th Annual General Meeting on August 7, 2026, where shareholders approved key resolutions including audited financial statements for FY26 and a final dividend of ₹1.30 per share.
Financial Performance
FY26 results showed mixed performance with revenue growth of 3.3% to ₹865.92 crore (₹86,592 lakhs) but significant profit contraction. Net profit declined 50% YoY to ₹121.47 crore (₹1,215 lakhs), while profit before tax dropped 49.2% to ₹165.14 crore. The company maintained strong market positions with 13% global market share in engine air management and 42% domestic market share.
Dividend and Corporate Actions
Shareholders approved the final dividend of ₹1.30 per share with record date of July 31, 2026, and payment scheduled on or after August 7, 2026. The company also obtained approval for material related party transactions with Igarashi Electric Works Limited, Japan, up to ₹950 crores for various operational transactions through the next AGM.
Regulatory Compliance and Audit
BP & Associates issued a clean secretarial compliance report confirming adherence to SEBI LODR regulations and no director disqualifications. B S R & Co. LLP provided an unqualified audit opinion but identified two key audit matters: revenue recognition (significant related party transactions) and impairment assessment of the non-automotive CGU (carrying value ₹97.59 crore, recoverable amount ₹174.44 crore).
Operational and Segment Performance
The automotive segment contributed ₹761.78 crore revenue with ₹103.81 crore profit, while the non-automotive segment reported ₹104.14 crore revenue but ₹2.04 crore loss. Geographically, 57% of turnover came from exports, with Japan being the largest export market at ₹359.74 crore. The company produced approximately 625 million DC motors since 1996 and 6 million BLDC solutions since 2020.
ESG and Sustainability Achievements
The company demonstrated strong environmental performance with 90% renewable electricity consumption, reducing CO2 emissions by 1,501 tons annually. CSR spending of ₹60 lakhs benefited 14.54 lakh beneficiaries, while workforce diversity showed 81% women participation (including direct and associates) and 17% in managerial positions. EcoVadis rating improved to 57/100 from 40/100 in FY24.
Corporate Governance and Board Structure
The board comprises 6 directors (1 Executive, 3 Non-Executive Non-Independent, 2 Non-Executive Independent including 1 Woman Director) who held 5 meetings during FY26. Committees include Audit, Nomination & Remuneration, Stakeholders Relationship, and Risk Management & ESG. Remuneration of ₹1.50 lakhs was ratified for cost auditors BY & Associates for FY26-27.
Risk Management and Subsequent Events
The company manages credit risk (maximum exposure ₹227.74 crore), liquidity risk, and market risk including currency sensitivity (₹18.51 lakh for 1% USD movement) and interest rate sensitivity (₹129.01 lakh for 100bp movement). No material subsequent events were reported other than the dividend recommendation until financial statement approval on May 21, 2026.