### **Overview** Igarashi Motors India Limited (IMIL), established in 1996 and based in Chennai, is a leading Indian subsidiary of the globally renowned **Igarashi Group** (Igarashi Electric Works Ltd, Japan). Originally a contract manufacturer, IMIL transitioned into in-house design and engineering by 2000 and has since emerged as a key player in automotive actuator motors and energy-efficient BLDC motor solutions. The company serves global Tier-1 automotive OEMs and leaders in the Finished Motor for Electrical Goods (FMEG) segment. IMIL’s strategic vision is to become the **preferred global supplier of electric motors for niche automotive applications and energy-efficient motors for consumer appliances**, leveraging India as a high-quality, cost-competitive manufacturing hub. --- ### **Core Business Areas** 1. **Automotive Actuator Motors (70–80% of Revenue)** - Permanent Magnet DC (PMDC) and Brushless DC (BLDC) motors for: - **Engine Air Management (EAM):** ETC, EGR, VGT, WGA, CCV, ETV. - **Safety Systems:** Electric Parking Brake (EPB), Park Lock Actuator (PLA), Gear Box Actuator (GBA), Electric Vacuum Pump (EVP). - **Body Systems:** Trunk Opening and Closing Device (TOCD), Seat Adjustment (Sliding, Reclining, Height), Window Lift, Head Rest Actuator (HRA), Door. - Motor **sub-assemblies** for fuel pumps, window lifts, and seats. 2. **Non-Automotive / FMEG Segment (20–30% of Revenue)** - BLDC motors and driver electronics (ESDM) for: - Ceiling fans (standard, premium, super-premium) - Tower, pedestal, and wall (TPW) fans - Exhaust fans, air coolers, water pumps - IoT-enabled, voice-controlled, and app-connected fans. 3. **Electronic System Design & Manufacturing (ESDM)** - High-reliability PCBs and controllers for automotive and FMEG applications. - In-house electronics R&D and PCB manufacturing with high-speed dual-lane EMS lines. - Focus on smart controls, temperature sensing, voice recognition, and retrofit solutions for standard regulators. 4. **Electric Vehicle (EV) Mobility** - **eVA Series BLDC EV Motors:** 3.3 kW, 7.5 kW, and 15 kW traction motors for two- and three-wheelers (E2W/E3W). - Motors and sub-assemblies for thermal management (CCH, coolant pumps), EVPs, and BLDC fuel pumps. --- ### **Key Highlights (as of August 2025)** #### **1. Market Leadership & Share** - **Global:** 15% market share in Engine Air Management (EAM) for 4W passenger vehicles; world leader in TOCD motor applications via Igarashi Global. - **Domestic India:** 43% share in EAM; 33% in WLM armature assembly; 22–28% in BLDC ceiling fan segment. - **EV Readiness:** eVA Series motors passed simulation tests and are in technical evaluation phase with multiple OEMs. #### **2. Strategic Developments** - **'Minus China' Manufacturing Shift:** IMIL is a key beneficiary of global supply chain diversification. Launched **Next-Gen TOCD** for European markets with Igarashi Japan, producing from India under the 'One Igarashi Program'. - **Co-Development with Global Tier-1s:** - **3-Motor GBA Actuator:** Full-scale production began H2 FY25; projected volume of **4 million units** over 3–4 years. - **BLDC Water Pump (CCH) and Coolant Valve Stator/Rotor:** Programs with European Tier-1, SOP in FY26, volume potential of over **5 million units**. - **Expansion in Safety & Body Applications:** 12 active EPB programs, 6+ PLA programs, and 15+ new programs in seats and TOCD with 5–12 global and domestic Tier-1s. #### **3. Operational Excellence** - **Automation & In-House Capabilities:** Over 70–90% automation in new lines (e.g., TOCD, EPB). Strong in-house machine-building team enables cost-effective retrofits and cluster automation. - **Productivity & Speed:** Reduced TOCD product development cycle to **14 months** from RFQ. Launched **4 new programs in under 9 months**. - **Quality & Testing:** Enhanced with in-house environmental stress testing, noise evaluation chambers, and compliance to <1 PPM defect rate. #### **4. Financial & Growth Metrics** - **Cumulative Deliveries (as of Mar 2025):** - 603 million PMDC motors - 5.0 million BLDC fan solutions - 137 million WLM armature assemblies - **Backlog & Future Volumes:** - Secured contracts for **20–21 million motors** over next 3–4 years. - 25+ engine air management, 15+ safety/body system programs with combined potential of **~72 million units**. - Automotive PCBs: 9 million units projected over 3–4 years. #### **5. Diversification & Innovation** - **Product Broad-banding:** - Reduced ETC product concentration from 90% to ~75%. - Non-auto ECD now contributes **20% of total revenue**. - **Domestic Revenue Share:** Grew from **17% (2020) to 46% (2025)**; driven by India’s BS-VI adoption and demand for EVs and BLDC fans. - **Technology Integration:** - Patented firmware enabling BLDC fans to work with **standard induction regulators**. - **Offline voice control**, **temperature-sensing (Smartsense)**, and **BLE-based home automation**. - 60% reduction in stator weight, 74% in rotor weight in eTA2.2 series. #### **6. Infrastructure & Manufacturing** - State-of-the-art facilities in **MEPZ-SEZ (Chennai) and Maraimalai Nagar**. - Upgraded **EMS facility** with in-line QR laser printer, in-circuit testers, conformal coating, and depaneling machines. - Capacity: - Ceiling fans: ~17 million units/year. - ESDM: 2.5 million PCBs/year (scalable). - EV motor platform and contract manufacturing setup for sub-assemblies. #### **7. Strategic Collaborations** - **Global Ties:** Partnerships with **Bosch, Denso, Mikuni, and multiple unnamed global Tier-1s**. - **Parent Support:** Active collaboration under **'ONE IGARASHI PROGRAM'** (OIP) with Igarashi Japan, including technology transfer, sales support, and branding. - **Korean Expansion:** Entered Southeast Asian market via EPB and TOCD programs with Korean Tier-1s. #### **8. R&D & Innovation** - **Electronics R&D Centre (4,000 sq. ft.):** Focus on BLDC controllers, EV systems, IoT, and smart home integration. - **Proprietary Platforms:** - eVA Series EV Motors (3.3–15 kW) - High-voltage BLDC solutions (180V–300V) - Molded stator/armature for fuel pumps - **New Applications:** Head Rest Actuators, side door motors, desert cooler PCBs. #### **9. Market Trends & Opportunities** - **India Automotive Actuator Market:** Projected to grow from **10.8M (2023) to 17M units by 2026** (CAGR: 15–18%). - **FMEG Growth:** Indian fan market estimated to reach **64 million units by FY26**, driven by premium, smart, and energy-efficient demand. - **Regulatory Tailwinds:** BS-VI RDE Phase 2, mandatory **star ratings for TPW fans**, and FAME-II driving demand for BLDC motors. - **EV Momentum:** Rising government and consumer preference for efficient e-two- and e-three-wheelers. --- ### **Strategic Initiatives for 2025–2027** 1. **Domestic Market Expansion:** Target **>55% WLM market share** and **>48% EAM share** via new programs with Indian OEMs. 2. **Global Scale-Up:** Position as **strategic sourcing hub** for Igarashi Group under 'Minus China' strategy, targeting Europe, U.S., and East Asia. 3. **EV Commercialization:** Finalize validations for eVA Series motors and secure large OEM contracts in India and export markets. 4. **FMEG Leadership:** Launch **TPW, exhaust fan, and cooler motors** post-mandatory star ratings, capturing first-mover advantage. 5. **Backward Integration & Cost Competitiveness:** Continue in-house machine building, material optimization, and semi-automation to maintain margins. --- ### **Risk Mitigation & Competitive Edge** - **Diversification:** Across products (automotive/FMEG/EV), geographies (India, U.S., Europe, Asia), and platforms (ICE/BEV/hybrid). - **IP & Innovation:** Patent-protected solutions (e.g., regulator-compatible BLDC), low return rate (<1 PPM), and industry-first features (Smartsense, offline voice). - **Policy Advantage:** Leverages **Make in India, PLI Scheme**, and potential **India-U.S. FTA** for export growth. - **Customer Stickiness:** Long-term relationships with top global Tier-1s and recognition (e.g., **Bosch 2022 Notable Supplier Award**). ---