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Menon Pistons Ltd (MENNPIS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 531727 NSE: MENNPIS Auto Ancillary | Small Cap | Menon Pistons Share Price

₹74.40 -0.23 (-0.31%)

As on 17-Sep'26 11:58

Menon Pistons Ltd (MENNPIS)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 531727 NSE: MENNPIS Auto Ancillary | Small Cap | Menon Pistons Share Price

₹74.40 -0.23 (-0.31%)

As on 17-Sep'26 11:58

Key Metrics
Valuation Multiples
Market Cap
₹381 Cr.
Current Price
₹74.4
52-Week Low / High
₹46 / 86
TTM EPS
₹5.1
TTM Sales
₹307 Cr.
Book Value per Share
₹36.5
P/E Ratio
14.61
Lower than its 5-year historical median
Industry PE
47.8
Price to Book (P/B)
2.05
Lower than its 5-year historical median
Price to Sales (P/S)
1.24
Lower than its 5-year historical median
EV/EBITDA
7.38
Lower than its 5-year historical median
Dividend Yield
1.34%
Profitability Efficiency
Return on Equity (ROE)
15.27%
Outperforms industry median
Return on Capital Employed (ROCE)
21.41%
Outperforms industry median
Return on Assets (ROA)
11.54%
Operating Profit Margin
15.4%
Net Profit Margin
8.41%
Gross Profit Margin
15.3%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
15.11%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
4.59%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
7.25%
Asset Quality
Promoter Holding
74.37%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹181 Cr.
Equity
₹5.1 Cr.
Face Value
₹1
All Time Low / High
₹2.81 / 125.90

Menon Pistons stock performance

Key Ratios
mw4me loader

Check Before You Invest

Check Before You Invest

Quality

Somewhat Good
Check detailed performance

Valuation

Overvalued

Check Valuation charts

Price Trend

Semi Strong
Check Price chart
Q.1 Is Menon Pistons Ltd a good quality company?
Menon Pistons Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

View More

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

View More
How does Menon Pistons Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Menon Pistons Ltd vs industry peers?
Menon Pistons Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 0.79%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Menon Pistons Ltd?
Promoters hold 74.37% of the Menon Pistons Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Menon Pistons Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 15.2% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Menon Pistons Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ15.7%15.9%18.1%7.3%14.2%23.7%26.1%24.2%17.5%16.8%-
Value Creation
Index ⓘ		0.10.10.3-0.50.00.70.90.70.30.2-

Growth Parameters ⓘ
Sales ⓘ133146156118137201208211212244246
Sales YoY Gr.-10%6.9%-24.6%16.4%46.6%3.6%1.3%0.7%15.1%-
Adj EPS ⓘ1.51.420.91.83.54.64.73.43.53.5
YoY Gr.--6.2%43.1%-56.1%103.5%100%32.3%2.4%-28.3%2.9%-
BVPS (₹) ⓘ13.31415.214.616.318.822.726.428.731.232.2
Adj Net
Profit ⓘ		7.47104.48.917.923.624.217.317.818
Cash Flow from Ops. ⓘ51.211.413.812.93.841.222.634.845.2-
Debt/CF from Ops. ⓘ2.87.20.20.30.87.20.40.90.50.1-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ7%12.3%5.5%15.1%
Adj EPS ⓘ10.2%14.9%-8.9%2.9%
BVPSⓘ10%13.8%11.2%8.6%
Share Price 15.1% 15.7% -5.1% 7%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		11.61013.45.811.32022.319.312.311.711
Op. Profit
Mgn % ⓘ		11.310.811.99.112.415.215.315.915.212.812.5
Net Profit
Mgn % ⓘ		5.64.86.43.76.58.911.311.58.27.37.2
Debt to
Equity ⓘ		0.20.100.10.10.30.10.20.10-
Working Cap
Days ⓘ		15716516319517515415815014911758
Cash Conv.
Cycle ⓘ		82105113145112919796875328

Valuation of Menon Pistons - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'22Mar'23Mar'24Mar'25Mar'26
Sales212251258254304
Operating Expenses ⓘ + 178207210209257
Manufacturing Costs5659626475
Material Costs92113110106144
Employee Cost 2123242323
Other Costs ⓘ 1013141516
Operating Profit ⓘ 3544474547
Operating Profit Margin (%) 16.2%17.4%18.4%17.7%15.4%
Other Income ⓘ + 01123
Exceptional Items ⓘ 0300-0
Interest ⓘ 13444
Depreciation ⓘ 710101112
Profit Before Tax ⓘ 2635353234
Tax ⓘ 812889
Profit After Tax 1923262426
PAT Margin (%) 8.9%9.3%10.3%9.4%8.4%
Adjusted EPS (₹)3.74.65.24.75.0
Dividend Payout Ratio (%)20.40%21.90%19.30%21.40%19.90%
PARTICULARSMar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 97118139157178
Share Capital ⓘ 55555
Reserves ⓘ 92113134152173
Debt +231220145
Long Term Debt195590
Short Term Debt471545
Minority Interest00000
Trade Payables2117222831
Others Liabilities ⓘ 1828201516
Total Liabilities ⓘ 158174202214230

Fixed Assets

Net Fixed Assets ⓘ +50629091114
Gross Block146174211223257
Accumulated Depreciation96112121132144
CWIP ⓘ 10004
Investments ⓘ 00000
Inventories2827283638
Trade Receivables6055665545
Cash Equivalents 263109
Others Assets ⓘ 1823152219
Total Assets ⓘ 158174202214230
PARTICULARSMar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 149243951
PBT ⓘ 2635353234
Adjustment ⓘ 89131415
Changes in Working Capital ⓘ -2516-16-110
Tax Paid ⓘ -8-12-7-6-8
Cash Flow From Investing Activity ⓘ + -26-24-22-25-30
Capex -26-6-30-18-32
Net Investments -0-87-71
Others ⓘ 0-11001
Cash Flow From Financing Activity ⓘ + 13-25-0-14-21
Net Proceeds from Shares ⓘ 00000
Net Proceeds from Borrowing ⓘ 26-1407-12
Interest Paid ⓘ -1-3-4-4-4
Dividend Paid ⓘ -5-4-5-5-5
Others ⓘ -7-59-11-0
Net Cash Flow ⓘ -12-120-0
PARTICULARSMar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)19.4621.7820.6116.1115.27
ROCE (%)22.0229.7626.7421.6521.41
Asset Turnover Ratio1.341.511.371.221.37
PAT to CFO Conversion(x)0.052.130.921.631.96
Working Capital Days
Receivable Days102.4083.5086.1087.3060.40
Inventory Days47.4039.8039.3046.1044.30
Payable Days82.7060.8064.9085.8074.70

Top 5 Mutual Funds Holding

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Announcements

Menon Pistons Ltd FAQs

The current trading price of Menon Pistons on 17-Sep-2026 11:58 is ₹74.40.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 16-Sep-2026 the market cap of Menon Pistons stood at ₹380.6 Cr

The latest P/E ratio of Menon Pistons as of 16-Sep-2026 is 21.46.

The latest P/B ratio of Menon Pistons as of 16-Sep-2026 is 2.32.

The 52-week high of Menon Pistons is ₹85.88 and the 52-week low is ₹46.16.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Menon Pistons is ₹246 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Menon Pistons Ltd is a average quality company.

The key valuation ratios of Menon Pistons Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Menon Pistons Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Menon Pistons Ltd

Menon Pistons Ltd. ( MPL ) ventured into the manufacture of pistons in 1971 without any collaboration or technical assistance of any piston manufacturer. Menon Pistons’s  manufacturing plant was set up at the industrial estate in Shiroli, Kolhapur, a small industrial city, south east of Mumbai & delivered the First Ring Carrier piston to the Indian diesel engine industry in 1971.

Menon Group, the multi-product, high end critical auto components group with a turnover exceeding Rs 300 crore, & globally positioned with business activities spanning 24 countries around the globe exporting 35 % of its production. The Menon Group's historic commitment to quality and customer service, strong corporate values, disciplined & professional management systems, emphasis on trust in business relations, & our ability to meet special needs is recognized the word over.

In the year 1985 a second unit was started in Sangli, yet again a small town 60 km away from Kolhapur to manufacture Gudgeon Pins & Pistons for stationary & industrial applications. In the year 1996 a third unit was added in Shiroli industrial estate exclusively for the manufacture of small pistons to industrial applications & passenger cars. Currently this plant concentrates on the manufacturing of pistons for passenger car as an “ Exclusive & Single source “ supplier to Maruti Suzuki Ltd, for their prize vehicle “ Swift ”

The company has kept pace with the growing trends by virtue of streamlining quality systems, development of quality culture, adoption of latest technology & equipment. Products of Menon Pistons enjoy a high degree of customer satisfaction & value for the money & has been the choice of discerning customers as most cost effective supplier.

Menon Pistons Ltd., manufactures aluminium alloy pistons, piston pins, and piston rings for passenger cars, heavy and light commercial vehicles, heavy duty diesel engines for power generation and earth movers, compressors, etc.

Product range of the company includes:

MPL's product range boasts of piston assemblies for diverse array of high tech features catering to the wide variety of applications such as :

  • Heavy Duty Diesel Engines for Power Generation / Off Highway Vehicles/Gas Engines
  • Heavy/Medium/Light Commercial Vehicles with Diesel Engines.
  • Passenger Car (Diesel & Gasoline) Engines
  • Bi-wheeler (4 Stroke) / Small Engine Applications

Clients:

  • Tata
  • Suzuki
  • Cummins
  • Greaves
  • New Holland
  • Eicher
  • Kirloskar
  • Arrow Engine Company

Milestones:

  • 1969 - Company Incorporated.
  • 1971 - Developed Ring Carrier Piston (Alfin Piston) Fist Time in India for Cummins which was import substitution.
  • 1978 -100,000Th Piston Produced for Cummins alone.
  • 1982 - Technology upgradation Agreement with Sakura Kogyo Co.Ltd, Japan, for manufacture of Pistons.
  • 1985 -Started Gudgeon Pin Production in Plant 2 – Sangli (Maharashtra).
  • 1985 -First Export of Pistons to Russia. Upto 1991 supplied pistons to AVTO LADA & 40000 large dia pistons to tractor company in USSR.
  • 1985 -ISO 9002 Certification by BVQI, UK.
  • 1994 -Best Vendor Performance Award by Maruti Udyog Ltd.
  • 1995 -“Ship to Use” Status awarded by Cummins India Ltd.
  • 1996 - Company became Public Limited.
  • 1996 -Technical Tie up with M/s. Izumi Industries Ltd, Japan, one of the leading piston manufacturers in the world.
  • 2000 -QS 9000 certification by TUV Suddeutschland, Germany.
  • 2001 -Reached a total supply of 1.5 Million Pistons to Cummins.
  • 2004 -Re-certification of QS 9000 by TUV Suddeutschland, Germany.
  • 2005 -TS 16949 certification by TUV Suddeutschland, Germany.
  • 2006 -Signed Technical License Agreement with M/s. Dong Yang Piston Co Ltd, South Korea.
  • 2006- First surveillance audit of TS 16949 successfully completed.
  • 2007 -Development of cooled gallery piston for heavy duty application.

Achievements/ recognition:

  • The First Company in India to develop Ring Carrier Pistons
  • Best Vendor Award from Maruti Udyog Ltd in the year 1994-95
  • “Ship -to - Use” Status by Cummins India Ltd since 1995
  • Faster Development Award from Kirloskar Oil Engines Ltd
  • ISO/TS: 16949 Certified by TUV Suddentschland in 2005
  • “Outstanding Supplier For Excellent Performance” award from Cummins Group in July 2006
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