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Munjal Auto Industries Ltd (MUNJALAU)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 520059 NSE: MUNJALAU Auto Ancillary | Small Cap | Munjal Auto Inds. Share Price
₹104.40 2.15 (2.10%)
As on 17-Sep'26 11:58
Munjal Auto Industries Ltd (MUNJALAU)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 520059 NSE: MUNJALAU Auto Ancillary | Small Cap | Munjal Auto Inds. Share Price
₹104.40 2.15 (2.10%)
As on 17-Sep'26 11:58
Key Metrics
Valuation Multiples
Market Cap
₹1,023 Cr.
Current Price
₹104.4
52-Week Low / High
₹67 / 131
TTM EPS
₹5
TTM Sales
₹2,503 Cr.
Book Value per Share
₹47.6
P/E Ratio
20.36
In line with its 5-year historical median
Industry PE
47.8
Price to Book (P/B)
2.15
Higher than its 5-year historical median
Price to Sales (P/S)
0.41
Lower than its 5-year historical median
EV/EBITDA
6.89
Lower than its 5-year historical median
Dividend Yield
0.96%
Profitability Efficiency
Return on Equity (ROE)
10.69%
Underperforms industry median
Return on Capital Employed (ROCE)
16.02%
Outperforms industry median
Return on Assets (ROA)
3.47%
Operating Profit Margin
6.3%
Net Profit Margin
2.01%
Gross Profit Margin
5.2%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
13.23%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
8.98%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
18.12%
Asset Quality
Promoter Holding
74.81%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹456 Cr.
Equity
₹20 Cr.
Face Value
₹2
All Time Low / High
₹0.38 / 145.50
Check Before You Invest
Quality
Somewhat GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Weak
Is Munjal Auto Industries Ltd a good quality company?
Munjal Auto Industries 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.
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.
How does Munjal Auto Industries Ltd performance compare with that of its Peers?
Revenue growth of Munjal Auto Industries Ltd vs industry peers?
Munjal Auto Industries Ltd revenue CAGR is 1.58%, compared to the industry median CAGR of 0.79%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Munjal Auto Industries Ltd?
Promoters hold 74.81% of the Munjal Auto Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Munjal Auto Industries Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 8.4% based on the current price.
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 endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
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.
Munjal Auto Industries 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'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 17% | 19.3% | 14.4% | 4.3% | 10.8% | 9.1% | 24% | 15.4% | 9.6% | 7.7% | - |
| Value Creation Index ⓘ | 0.2 | 0.4 | 0.0 | -0.7 | -0.2 | -0.4 | 0.7 | 0.1 | -0.3 | -0.5 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 850 | 1,033 | 1,147 | 1,140 | 1,982 | 1,707 | 1,581 | 1,322 | 1,271 | 1,439 | 1,557 |
| Sales YoY Gr. | - | 21.5% | 11% | -0.6% | 73.9% | -13.9% | -7.3% | -16.4% | -3.9% | 13.2% | - |
| Adj EPS ⓘ | 3.3 | 4 | 3.3 | 0.4 | 2.1 | 1.9 | 2.8 | 3.6 | 2.8 | 3 | 3.9 |
| YoY Gr. | - | 20.3% | -15.9% | -86.8% | 370.5% | -9.2% | 51.1% | 25.4% | -20.8% | 6.7% | - |
| BVPS (₹) ⓘ | 25.3 | 28.3 | 30.1 | 29.4 | 31.5 | 33.6 | 39.3 | 41 | 41.9 | 43.7 | 45.7 |
| Adj Net Profit ⓘ | 33 | 39.7 | 33.4 | 4.4 | 20.7 | 18.8 | 28.4 | 35.6 | 28.2 | 30.1 | 39 |
| Cash Flow from Ops. ⓘ | 64 | 67.6 | 35.1 | 34.6 | 34.9 | 100 | -20.2 | 91.9 | -18.6 | 24.1 | - |
| Debt/CF from Ops. ⓘ | 0.7 | 0.4 | 1 | 2.6 | 2 | 0.5 | -1.5 | 0.2 | -2.5 | 2.2 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 6% | -6.2% | -3.1% | 13.2% | ||||
| Adj EPS ⓘ | -1% | 7.8% | 2% | 6.7% | ||||
| BVPSⓘ | 6.3% | 6.7% | 3.6% | 4.3% | ||||
| Share Price | 8.5% | 12.5% | 21.4% | 14.9% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 14 | 14.8 | 11.5 | 1.5 | 6.8 | 5.8 | 7.8 | 8.9 | 6.8 | 7 | 8.8 |
| Op. Profit Mgn % ⓘ | 7.2 | 7 | 5.5 | 2.5 | 2.8 | 2.7 | 3.6 | 3.6 | 3.5 | 3.3 | 2 |
| Net Profit Mgn % ⓘ | 3.9 | 3.9 | 2.9 | 0.4 | 1 | 1.1 | 1.8 | 2.7 | 2.2 | 2.1 | 2.5 |
| Debt to Equity ⓘ | 0.2 | 0.1 | 0.1 | 0.3 | 0.2 | 0.1 | 0.1 | 0 | 0.1 | 0.1 | - |
| Working Cap Days ⓘ | 75 | 68 | 73 | 93 | 69 | 85 | 90 | 91 | 75 | 79 | 56 |
| Cash Conv. Cycle ⓘ | 16 | 14 | 18 | 17 | 19 | 36 | 39 | 36 | 31 | 30 | 23 |
Valuation of Munjal Auto Inds. - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,214 | 1,236 | 2,123 | 1,916 | 1,984 | 1,882 | 2,066 | 2,295 |
| Operating Expenses ⓘ + | 1,145 | 1,190 | 2,040 | 1,833 | 1,894 | 1,761 | 1,949 | 2,167 |
| Operating Profit ⓘ | 69 | 45 | 82 | 83 | 90 | 120 | 117 | 128 |
| Operating Profit Margin (%) | 5.7% | 3.7% | 3.9% | 4.3% | 4.5% | 6.4% | 5.7% | 5.6% |
| Other Income ⓘ + | 4 | 5 | 5 | 5 | 13 | 36 | 31 | 30 |
| Interest ⓘ | 4 | 12 | 16 | 12 | 27 | 28 | 31 | 39 |
| Depreciation ⓘ | 20 | 31 | 39 | 36 | 53 | 56 | 59 | 65 |
| Profit Before Tax ⓘ | 49 | 7 | 33 | 41 | 70 | 61 | 46 | 63 |
| Tax ⓘ | 11 | 3 | 13 | 11 | 19 | 23 | 7 | 17 |
| Profit After Tax | 37 | 4 | 20 | 30 | 52 | 38 | 39 | 46 |
| PAT Margin (%) | 3.1% | 0.3% | 1.0% | 1.6% | 2.6% | 2.0% | 1.9% | 2.0% |
| Adjusted EPS (₹) | 3.6 | 0.4 | 2.1 | 2.7 | 5.6 | 3.9 | 3.6 | 4.0 |
| Dividend Payout Ratio (%) | 27.80% | 0% | 0% | 37.30% | 35.60% | 52% | 27.50% | 24.90% |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 297 | 289 | 311 | 337 | 384 | 401 | 416 | 448 | |||
| Debt + | 37 | 109 | 91 | 71 | 75 | 87 | 138 | 223 | |||
| Minority Interest | 12 | 12 | 12 | 14 | 10 | 10 | 12 | 19 | |||
| Trade Payables | 151 | 283 | 262 | 252 | 312 | 245 | 273 | 368 | |||
| Others Liabilities ⓘ | 54 | 92 | 181 | 282 | 485 | 462 | 385 | 381 | |||
| Total Liabilities ⓘ | 551 | 784 | 856 | 958 | 1,266 | 1,205 | 1,224 | 1,438 | |||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 200 | 343 | 303 | 263 | 416 | 398 | 439 | 456 | |||
| CWIP ⓘ | 25 | 2 | 1 | 4 | 8 | 9 | 18 | 7 | |||
| Investments ⓘ | 7 | 21 | 26 | 118 | 104 | 171 | 129 | 116 | |||
| Inventories | 75 | 93 | 83 | 112 | 208 | 209 | 231 | 283 | |||
| Trade Receivables | 162 | 269 | 383 | 387 | 437 | 277 | 305 | 429 | |||
| Cash Equivalents | 23 | 17 | 18 | 7 | 13 | 12 | 13 | 23 | |||
| Others Assets ⓘ | 58 | 39 | 41 | 67 | 79 | 130 | 89 | 125 | |||
| Total Assets ⓘ | 551 | 784 | 856 | 958 | 1,266 | 1,205 | 1,224 | 1,438 | |||
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 26 | 87 | 59 | 137 | 33 | 127 | 25 | 45 |
| Cash Flow From Investing Activity ⓘ + | -15 | -139 | -14 | -99 | 37 | -77 | -9 | -57 |
| Cash Flow From Financing Activity ⓘ + | -5 | 47 | -45 | -50 | -65 | -53 | -15 | 18 |
| Net Cash Flow ⓘ | 6 | -5 | -0 | -13 | 6 | -3 | 1 | 5 |
| PARTICULARS | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 12.55 | 1.28 | 6.82 | 9.14 | 14.3 | 9.68 | 9.56 | 10.69 | ||
| ROCE (%) | 15.39 | 4.97 | 11.7 | 12.3 | 21.33 | 18.05 | 14.42 | 16.02 | ||
| Asset Turnover Ratio | 2.2 | 1.85 | 2.59 | 2.11 | 1.78 | 1.52 | 1.7 | 1.72 | ||
| PAT to CFO Conversion(x) | 0.7 | 21.75 | 2.95 | 4.57 | 0.63 | 3.34 | 0.64 | 0.98 | ||
| Working Capital Days | ||||||||||
| Receivable Days | 48.70 | 63.60 | 56.10 | 73.40 | 75.80 | 69.20 | 51.30 | 58.30 | ||
| Inventory Days | 22.40 | 24.70 | 15.10 | 18.60 | 29.40 | 40.50 | 38.90 | 40.90 | ||
| Payable Days | 60.50 | 84.40 | 54.70 | 59.70 | 68.30 | 77 | 64.90 | 69.80 | ||
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Munjal Auto Industries Ltd FAQs
The current trading price of Munjal Auto Inds. on 17-Sep-2026 11:58 is ₹104.4.
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 Munjal Auto Inds. stood at ₹1,022.5 Cr
The latest P/E ratio of Munjal Auto Inds. as of 16-Sep-2026 is 26.05.
The latest P/B ratio of Munjal Auto Inds. as of 16-Sep-2026 is 2.24.
The 52-week high of Munjal Auto Inds. is ₹130.5 and the 52-week low is ₹67.22.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Munjal Auto Inds. is ₹1,557 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Munjal Auto Industries Ltd is a average quality company.
The key valuation ratios of Munjal Auto Industries 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 Weak which suggest that the price of Munjal Auto Industries Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Munjal Auto Industries Ltd
Munjal Auto Industries began its journey in 1987. The company is a public limited entity domiciled and incorporated in India, with its registered office located in Waghodia, Vadodara district. Its shares are listed on India’s two major stock exchanges - the National Stock Exchange of India (NSE) and the BSE. The company was associated with the renowned Hero Group of companies, which included flagship companies such as Hero Honda Motors, then the world’s largest motorcycle manufacturer, and Hero Cycles, the world’s largest bicycle manufacturer.
Munjal Auto Industries is a leader in engineering, delivering cutting-edge solutions across industries. Driven by innovation, it designs and manufactures lightweight, durable, and sustainable components using advanced sheet metal, composite materials, and precision molding techniques for automotive, aerospace, renewable energy, defense, and railways.
With state-of-the-art manufacturing facilities across India and a focus on quality, innovation, and sustainability, it is enabling the next generation of engineering solutions for global markets. Its facilities integrate energy-efficient systems, waste reduction initiatives, and eco-friendly practices to drive sustainable innovation in engineering.
The company established the Munjal Auto Electronics Division (MAED) in 2021, leveraging decades of Munjal Auto Industries' precision engineering expertise to deliver advanced embedded solutions for automotive, railways, defence, consumer electronics, and industrial automation. It bridges the gap between hardware and software, creating robust, scalable, and energy-efficient systems.
Business area of the company
The company is engaged in the manufacturing and sale of auto components. It is one of India’s leading companies producing exhaust systems, complete wheel rims, and other automotive assemblies.
Products of the company
- Steel wheel rim
- Chase parts & assembly
- Exhaust system
- BIW assembly
- Lightweight composite parts
Achievements, certification & recognition
- 2012: Certification of ISO/TS 16949-2009
- 2009: Certification of ISO/TS 14001-2004
- 2016: BS OHSAS 18001:2007
- 2018: ISO/TS 16949:2009
- 2020: ISO/TS 14001:2004
History and milestones
- 1987: Started with Gujrat Cycle in Vadodara, focusing on Export.
- 1987: Began manufactuirng exhaust systems and spoke rims for Hero Honda Motors Achieved QS 9000 certification.
- 2006: Entered steel rim production Obtained EMS certification.
- 2010: Established a techinical collaboration with Samsung Industries.
- 2010: Began producing fuel tanks for 4-wheelers.
- 2010: Set up a central tool room.
- 2010: Established Bawal Plant.
- 2012: Started supplying Piaggio with exhaust systems for both domestic and export markets. Established Haridwar Plant.
- 2014: Partnered with Lafranconi for E-T-E exhaust system design.
- 2014: Began producing BIW parts for GM India.
- 2014: Established Dharuhera Plant.
- 2018: Entered a new phase of accelerated growth and Acquired Indutch Composites to diversify into composites for the wind energy sector.
- 2021: Established in 2021, Munjal Auto Electronics Division (MAED) builds on over four decades of Munjal Auto’s precision engineering legacy.
- 2025: Focused on lightweighting, R&D, and 3P engineering. Striving to become the supplier of choice through quality and advanced technology.
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