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IST Ltd

ISTLTD

NSE

₹612.95-3.22%19 Oct 2026

Reports

Auto Spare Parts Accessories

IST Ltd

ISTLTD

NSE

₹612.95

-3.22%

19 Oct 2026

SOICxStockScans Reports

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Auto Spare Parts Accessories

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

IST Limited is a precision-engineering house that also happens to be a landlord to India’s IT industry - a dual identity forged when a 1976 auto-components maker used its balance sheet to build a tech park. The company manufactures high-tolerance parts for cars and consumer goods from a single plant in Dharuhera, Haryana, while its wholly owned subsidiary develops and leases office infrastructure inside a tax-friendly IT Special Economic Zone (SEZ). The recurring pattern is self-reliance: products are made with in-house know-how, and the real-estate play was built on the group’s own land and capital, not borrowed money.

Business segments

Three engines, two balance sheets - a manufacturing workshop that supplies automakers, an IT-park subsidiary that collects rent from global tech tenants, and a small trading associate on the side - with the SEZ now contributing roughly as much activity as the original factory.

1. Precision manufacturing: the group’s original workshop

A single-plant operation that machines metal into high-tolerance components for carmakers and consumer-goods companies, using no outside technology.

One factory, many parts - all production happens at the Dharuhera plant on the Delhi-Jaipur highway, which holds ISO/TS 16949 and ISO 14001 certifications, the quality benchmarks for automotive suppliers.
In-house know-how only - the company does not license any outside technology and spends nothing on formal R&D, relying instead on shop-floor process improvement to maintain quality.
Steel, aluminium and copper in; finished assemblies out - key raw materials are imported (about Rs. 167 lakhs CIF in FY21) and turned into components for the domestic market, with negligible exports.
Tied to the car cycle - growth depends on the automobile sector, where the company competes against both large domestic organised players and low-priced imports, including counterfeit parts.
A recent solar top-up - in FY25 the plant installed a 550-kilowatt rooftop solar system, cutting its grid-power draw without any other alternate-energy investment.

2. IT/ITES SEZ: a tech park that collects rent

Through its wholly owned subsidiary Gurgaon Infospace Limited, IST develops and operates a Special Economic Zone for IT and IT-enabled services - essentially an office park where tax breaks attract tenants and lease rentals generate the return.

Landlord to the IT sector - the SEZ segment provides ready infrastructure to IT/ITES companies and earns revenue as services are rendered, with rental income recognised straight-line over the lease term.
Tax holidays built into the model - the Government of India extends tax exemptions to SEZ units, which makes the park stickier for tenants and supports occupancy.
Concentrated tenant base - in FY22, three external customers together accounted for roughly Rs. 67.7 crore of the segment’s revenue, meaning renewal risk is real.
The property sits on the group’s books - IST’s consolidated balance sheet carries investment properties (freehold land and buildings) at a net value of about Rs. 56 crore as of March 2020, alongside a commercial property in Noida that is leased to a long-term tenant.

3. Associate trading arm: a small side bet

A 30.8% stake in IST Steel and Power Limited, a raw-material and consumables trader, accounted for under the equity method - though the board moved to sell that stake in mid-2025.

Not consolidated, just a tag-along - the investment is recorded under the equity method per Ind AS 28, so IST books its share of the associate’s profit or loss rather than its revenue.
Exit signalled - on 6 June 2025 the board announced it would meet to approve the sale of stake in IST Steel and Power Limited, indicating the associate is no longer core.

Group structure and partners

A tightly held promoter group with a single operating subsidiary and a financial portfolio of bonds, mutual funds and preference shares - no bank debt on the manufacturing parent.

One subsidiary, fully consolidated - Gurgaon Infospace Limited is the only subsidiary, and inter-company balances are eliminated on consolidation.
Promoters control three-quarters - as of September 2025, the promoter and promoter group collectively held 74.98% of IST Limited, with the aggregate holding unchanged after an inter-se transfer among group entities.
No borrowings at the parent - IST Limited has not taken loans from banks or financial institutions, nor issued debentures, which keeps the manufacturing balance sheet unlevered.
A treasury of financial assets - the standalone company holds investments in government bonds, quoted and unquoted equities, and mutual funds, with FVTPL investments of about Rs. 95.4 crore as of March 2023, alongside fixed deposits that carry no interest-rate risk.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹720Cr

Close Price

₹616.90

Industry

Auto Spare Parts Accessories

Price To Earnings

4.37

Price To Sales

5.47

Revenue

₹132Cr

Rev Gr TTM

Revenue Growth TTM

13.85%

PAT Gr TTM

PAT Growth TTM

3.13%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	24	28	29	29	31	27	28	29	29	34	34	35
Growth YoY Revenue Growth YoY%	-22.1	12.3	-21.9	0.8	27.7	-2.8	-2.5	2.1	-6.5	23.1	22.0	18.7
Expenses ExpensesCr	5	8	9	6	12	8	8	8	8	14	21	19
Operating Profit Operating ProfitCr	19	20	20	23	19	20	20	21	20	20	13	16
OPM OPM%	77.6	72.6	70.6	79.8	62.2	71.8	70.3	72.2	70.5	59.5	38.3	45.5
Other Income Other IncomeCr	21	30	16	50	39	14	4	72	19	60	-18	87
Interest Expense Interest ExpenseCr	1	1	1	3	1	2	1	1	1	1	1	2
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	2	2
PBT PBTCr	38	48	34	69	56	31	21	92	37	78	-8	99
Tax TaxCr	5	16	9	16	9	8	5	19	9	16	2	16
PAT PATCr	32	32	24	53	47	23	17	72	29	62	-10	83
Growth YoY PAT Growth YoY%	25.1	56.7	30.1	43.2	45.9	-27.6	-31.5	37.2	-38.9	166.2	-156.7	14.9
NPM NPM%	133.7	114.3	84.6	183.3	152.7	85.2	59.4	246.2	99.8	184.3	-27.6	238.2
EPS EPS₹	27.6	27.7	21.1	45.2	40.4	20.0	14.4	62.0	24.8	53.2	-8.2	71.3

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	24	28	29	29	31	27	28	29	29	34	34	35
Growth YoY Revenue Growth YoY%	-22.1	12.3	-21.9	0.8	27.7	-2.8	-2.5	2.1	-6.5	23.1	22.0	18.7
Expenses ExpensesCr	5	8	9	6	12	8	8	8	8	14	21	19
Operating Profit Operating ProfitCr	19	20	20	23	19	20	20	21	20	20	13	16
OPM OPM%	77.6	72.6	70.6	79.8	62.2	71.8	70.3	72.2	70.5	59.5	38.3	45.5
Other Income Other IncomeCr	21	30	16	50	39	14	4	72	19	60	-18	87
Interest Expense Interest ExpenseCr	1	1	1	3	1	2	1	1	1	1	1	2
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	2	2
PBT PBTCr	38	48	34	69	56	31	21	92	37	78	-8	99
Tax TaxCr	5	16	9	16	9	8	5	19	9	16	2	16
PAT PATCr	32	32	24	53	47	23	17	72	29	62	-10	83
Growth YoY PAT Growth YoY%	25.1	56.7	30.1	43.2	45.9	-27.6	-31.5	37.2	-38.9	166.2	-156.7	14.9
NPM NPM%	133.7	114.3	84.6	183.3	152.7	85.2	59.4	246.2	99.8	184.3	-27.6	238.2
EPS EPS₹	27.6	27.7	21.1	45.2	40.4	20.0	14.4	62.0	24.8	53.2	-8.2	71.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	79	107	111	116	118	137	125	121	110	115	126	132
Growth Revenue Growth%	2.2	35.6	4.0	4.6	1.8	15.4	-8.3	-3.3	-9.4	4.9	9.7	13.8
Expenses ExpensesCr	23	31	27	26	35	34	45	47	27	34	52	62
Operating Profit Operating ProfitCr	56	75	84	90	83	103	80	74	82	82	75	69
OPM OPM%	71.1	70.7	76.0	77.4	70.1	75.3	64.0	61.5	75.0	70.9	59.2	52.6
Other Income Other IncomeCr	24	25	29	36	35	41	59	42	96	108	133	148
Interest Expense Interest ExpenseCr	0	3	2	3	4	6	5	4	3	6	3	4
Depreciation DepreciationCr	3	4	4	4	5	5	5	5	5	5	6	6
PBT PBTCr	77	94	107	119	108	133	128	107	169	178	199	207
Tax TaxCr	7	8	7	21	28	37	32	25	43	38	46	43
PAT PATCr	70	86	100	98	80	96	97	82	126	140	154	164
Growth PAT Growth%	19.2	23.5	16.6	-2.1	-18.3	19.1	0.9	-15.4	54.2	11.0	9.7	3.1
NPM NPM%	88.7	80.8	90.5	84.7	68.0	70.1	77.1	67.5	114.9	121.6	121.7	124.8
EPS EPS₹	60.4	73.9	86.2	42.2	68.9	82.1	82.8	70.1	108.0	120.0	131.6	141.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	79	107	111	116	118	137	125	121	110	115	126	132
Growth Revenue Growth%	2.2	35.6	4.0	4.6	1.8	15.4	-8.3	-3.3	-9.4	4.9	9.7	13.8
Expenses ExpensesCr	23	31	27	26	35	34	45	47	27	34	52	62
Operating Profit Operating ProfitCr	56	75	84	90	83	103	80	74	82	82	75	69
OPM OPM%	71.1	70.7	76.0	77.4	70.1	75.3	64.0	61.5	75.0	70.9	59.2	52.6
Other Income Other IncomeCr	24	25	29	36	35	41	59	42	96	108	133	148
Interest Expense Interest ExpenseCr	0	3	2	3	4	6	5	4	3	6	3	4
Depreciation DepreciationCr	3	4	4	4	5	5	5	5	5	5	6	6
PBT PBTCr	77	94	107	119	108	133	128	107	169	178	199	207
Tax TaxCr	7	8	7	21	28	37	32	25	43	38	46	43
PAT PATCr	70	86	100	98	80	96	97	82	126	140	154	164
Growth PAT Growth%	19.2	23.5	16.6	-2.1	-18.3	19.1	0.9	-15.4	54.2	11.0	9.7	3.1
NPM NPM%	88.7	80.8	90.5	84.7	68.0	70.1	77.1	67.5	114.9	121.6	121.7	124.8
EPS EPS₹	60.4	73.9	86.2	42.2	68.9	82.1	82.8	70.1	108.0	120.0	131.6	141.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6	6	6	6	6	6	6	6	6	6	6
Reserves ReservesCr	439	536	636	731	797	918	1,027	1,104	1,307	1,467	1,686
Current Liabilities Current LiabilitiesCr	5	9	9	10	12	11	26	23	18	24	37
Non Current Liabilities Non Current LiabilitiesCr	52	40	37	39	45	41	36	52	55	64	93
Total Liabilities Total LiabilitiesCr	501	590	687	785	861	975	1,095	1,184	1,385	1,561	1,822
Current Assets Current AssetsCr	40	31	33	44	44	52	113	88	154	171	175
Non Current Assets Non Current AssetsCr	461	559	654	741	817	923	982	1,096	1,231	1,390	1,648
Total Assets Total AssetsCr	501	590	687	785	861	975	1,095	1,184	1,385	1,561	1,822

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	6	6	6	6	6	6	6	6	6	6	6
Reserves ReservesCr	439	536	636	731	797	918	1,027	1,104	1,307	1,467	1,686
Current Liabilities Current LiabilitiesCr	5	9	9	10	12	11	26	23	18	24	37
Non Current Liabilities Non Current LiabilitiesCr	52	40	37	39	45	41	36	52	55	64	93
Total Liabilities Total LiabilitiesCr	501	590	687	785	861	975	1,095	1,184	1,385	1,561	1,822
Current Assets Current AssetsCr	40	31	33	44	44	52	113	88	154	171	175
Non Current Assets Non Current AssetsCr	461	559	654	741	817	923	982	1,096	1,231	1,390	1,648
Total Assets Total AssetsCr	501	590	687	785	861	975	1,095	1,184	1,385	1,561	1,822

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	68	72	75	79	78	75	37	114	5	39	85
Investing Cash Flow Investing Cash FlowCr	-80	-60	-71	-84	-75	-75	-30	-99	-17	-36	-86
Financing Cash Flow Financing Cash FlowCr	13	-10	-4	0	-2	-1	8	-2	-12	-2	-2
Net Cash Flow Net Cash FlowCr	1	2	-1	-5	2	-1	15	13	-23	1	-3
Free Cash Flow Free Cash FlowCr	68	72	74	76	77	71	35	112	2	37	82
CFO To PAT CFO To PAT%	98.0	83.5	74.1	80.3	97.4	78.1	38.0	139.3	4.3	28.2	55.3
CFO To EBITDA CFO To EBITDA%	122.4	95.3	88.3	87.9	94.5	72.7	45.7	152.9	6.5	48.4	113.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	68	72	75	79	78	75	37	114	5	39	85
Investing Cash Flow Investing Cash FlowCr	-80	-60	-71	-84	-75	-75	-30	-99	-17	-36	-86
Financing Cash Flow Financing Cash FlowCr	13	-10	-4	0	-2	-1	8	-2	-12	-2	-2
Net Cash Flow Net Cash FlowCr	1	2	-1	-5	2	-1	15	13	-23	1	-3
Free Cash Flow Free Cash FlowCr	68	72	74	76	77	71	35	112	2	37	82
CFO To PAT CFO To PAT%	98.0	83.5	74.1	80.3	97.4	78.1	38.0	139.3	4.3	28.2	55.3
CFO To EBITDA CFO To EBITDA%	122.4	95.3	88.3	87.9	94.5	72.7	45.7	152.9	6.5	48.4	113.7

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	380	452	522	306	327	443	543	487	1,076	947	612	720
Price To Earnings Price To Earnings	5.4	5.3	5.2	3.1	4.1	4.6	5.6	6.0	8.6	6.8	4.0	4.4
Price To Sales Price To Sales	4.8	4.2	4.7	2.6	2.8	3.3	4.3	4.0	9.8	8.2	4.8	5.5
Price To Book Price To Book	0.9	0.8	0.8	0.4	0.4	0.5	0.5	0.4	0.8	0.6	0.4	0.4
EV To EBITDA EV To EBITDA	6.9	6.0	6.1	3.4	3.9	4.3	6.8	6.3	13.1	11.6	8.2	10.7
Profitability Ratios Profitability Ratios
GPM GPM%	91.8	93.0	93.8	93.7	96.0	89.5	87.4	90.5	94.8	94.7	90.2	90.2
OPM OPM%	71.1	70.7	76.0	77.4	70.1	75.3	64.0	61.5	75.0	70.9	59.2	52.6
NPM NPM%	88.7	80.8	90.5	84.7	68.0	70.1	77.1	67.5	114.9	121.6	121.7	124.8
ROCE ROCE%	16.9	17.7	17.1	16.6	14.0	14.9	12.8	9.9	13.1	12.4	11.9	11.9
ROE ROE%	15.7	15.9	15.7	13.4	10.0	10.4	9.3	7.4	9.6	9.5	9.1	9.1
ROA ROA%	13.9	14.6	14.6	12.5	9.3	9.8	8.8	6.9	9.1	9.0	8.4	8.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	380	452	522	306	327	443	543	487	1,076	947	612	720
Price To Earnings Price To Earnings	5.4	5.3	5.2	3.1	4.1	4.6	5.6	6.0	8.6	6.8	4.0	4.4
Price To Sales Price To Sales	4.8	4.2	4.7	2.6	2.8	3.3	4.3	4.0	9.8	8.2	4.8	5.5
Price To Book Price To Book	0.9	0.8	0.8	0.4	0.4	0.5	0.5	0.4	0.8	0.6	0.4	0.4
EV To EBITDA EV To EBITDA	6.9	6.0	6.1	3.4	3.9	4.3	6.8	6.3	13.1	11.6	8.2	10.7
Profitability Ratios Profitability Ratios
GPM GPM%	91.8	93.0	93.8	93.7	96.0	89.5	87.4	90.5	94.8	94.7	90.2	90.2
OPM OPM%	71.1	70.7	76.0	77.4	70.1	75.3	64.0	61.5	75.0	70.9	59.2	52.6
NPM NPM%	88.7	80.8	90.5	84.7	68.0	70.1	77.1	67.5	114.9	121.6	121.7	124.8
ROCE ROCE%	16.9	17.7	17.1	16.6	14.0	14.9	12.8	9.9	13.1	12.4	11.9	11.9
ROE ROE%	15.7	15.9	15.7	13.4	10.0	10.4	9.3	7.4	9.6	9.5	9.1	9.1
ROA ROA%	13.9	14.6	14.6	12.5	9.3	9.8	8.8	6.9	9.1	9.0	8.4	8.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	RICOAUTO	IMPAL	ISTLTD	ASAL
Market CapitalizationMkt CapCr	1,578	1,263	720	654
Close PriceClose₹	116.61	1,012.20	616.90	412.00
IndustryIndustry	Auto Spare Parts Accessories	Auto Spare Parts Accessories	Auto Spare Parts Accessories	Auto Spare Parts Accessories
Price To EarningsPE	51.14	12.91	4.37	21.91
Price To SalesPS	0.59	1.44	5.47	0.67
RevenueRevenueCr	2,689	875	132	971
Revenue Growth TTMRev Gr TTM%	21.4%	11.1%	13.8%	28.3%
PAT Growth TTMPAT Gr TTM%	-0.5%	17.5%	3.1%	94.6%

	RICOAUTO	IMPAL	ISTLTD	ASAL
Market CapitalizationMkt CapCr	1,578	1,263	720	654
Close PriceClose₹	116.61	1,012.20	616.90	412.00
IndustryIndustry	Auto Spare Parts Accessories	Auto Spare Parts Accessories	Auto Spare Parts Accessories	Auto Spare Parts Accessories
Price To EarningsPE	51.14	12.91	4.37	21.91
Price To SalesPS	0.59	1.44	5.47	0.67
RevenueRevenueCr	2,689	875	132	971
Revenue Growth TTMRev Gr TTM%	21.4%	11.1%	13.8%	28.3%
PAT Growth TTMPAT Gr TTM%	-0.5%	17.5%	3.1%	94.6%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26