Uniparts India Ltd Q2FY26 – The Global Tractor Whisperer with Desi Engineering Swagger

(Revenue ₹277 Cr, PAT ₹39 Cr, OPM 21%, Special Interim Dividend ₹22.5 per share – who says smallcaps can’t flex global muscles?)

1. At a Glance

Uniparts India Ltd – the quiet achiever from Noida that went global before it became cool – just dropped its Q2FY26 results, and let’s just say they’re looking like the tractor parts version of a gym bro after bulking season.

Revenue came in at₹277 Cr, up14.7% YoY, while profit zoomed86% YoYto₹39.4 Cr. The operating profit margin has pumped back up to a muscular21%, reminding competitors that precision engineering can also have precision profits.

At acurrent price of ₹481, market cap of₹2,165 Cr, and aP/E of just 18.7x, Uniparts is quietly making global tractor OEMs dependent on its linkage systems like Indians are dependent on chai. The company declared aspecial interim dividend of ₹22.50/share, showing that not only does it make strong linkages for tractors, but also strong linkages with shareholders’ wallets.

Return on Capital Employed?12.4%. Return on Equity?9.99%. Debt to Equity?0.13x. Basically, they have more discipline than most Indian startups have excuses.

Three months return?+14.6%. Six months return?+40.7%. So, while everyone’s busy chasing “AI stocks,” this global tractor arm supplier is quietly running circles around them – with a torque wrench in hand.

2. Introduction – The Global Desi Who Built Tractors for the World

Imagine a company that makes critical engineering systems for tractors, construction gear, and off-highway vehicles (OHVs), but operates like a stealthy international ninja from India. That’sUniparts India Ltdfor you.

Born in1994, this company grew up manufacturing linkage systems, precision machined parts, and PTO components for global OEMs. Today, it’s a world-class supplier, exporting to over25 countries, with more than125 customersand seven manufacturing facilities (six in India, one in the US).

Now, unlike your typical desi exporter who just ships out stuff and prays for forex gains, Uniparts has mastered the“dual-shore delivery model”— fancy jargon for giving global clients the choice between local high-cost quick delivery or offshore low-cost longer lead time. Basically, it’s Amazon Prime vs India Post, but with tractor parts.

Their client base? Global who’s who of the agricultural and construction equipment world — though they never name names publicly, everyone in the industry knows which OEMs wear the Uniparts linkage badge under their hoods.

So, while most Indian manufacturing firms are still struggling with “China+1,” Uniparts has been doing “World+India” for years.

The result? A clean balance sheet, global footprint, and fat dividends that would make even PSU investors blush.

3. Business Model – WTF Do They Even Do?

Okay, let’s simplify. Uniparts is basically theskeletal system of your tractor. They make the heavy-duty arms, joints, and linkages that connect all moving parts and ensure that farm and construction machinery don’t fall apart when you sneeze near them.

Theirmain product categories:

• 3PL (Three-Point Linkage Systems)– The superhero arm that attaches implements to tractors. This is half their business and makes them the world leader in small tractor linkage systems.
• Precision Machined Parts (PMP)– The surgical-grade components that fit like Lego pieces into off-highway vehicles. Another 49% of their revenue.
• PTO & Fabrication– The little side hustle of high-precision, power take-off components (2.5% of revenue), but growing fast.

They serve two big customer segments:

• OEMs (80.7%)– Companies that make the tractors and heavy machines themselves.
• Aftermarket (19.3%)– Replacement parts dealers and distributors across North America, Europe, and Australia.

In short:Uniparts makes the parts that make other companies’ machines work. If the tractors are the heroes, Uniparts is the gym trainer behind their biceps.

And they’re global.54.6%of revenue comes from the Americas,23.6%from Europe, and14.9%from India.