Stocks - Q : Quality | V : Valuation | PT : Price Trend
Funds - P : Performance | Q : Quality
Funds - P : Performance | Q : Quality
BSE: 520059 | NSE: MUNJALAU | Auto Ancillary | Small Cap
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 Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Munjal Auto Industries Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 20.9% | 11.4% | 17% | 19.3% | 14.4% | 4.3% | 10.8% | 9.1% | 24% | 15.4% | - |
| Value Creation Index ⓘ | 0.5 | -0.2 | 0.2 | 0.4 | 0.0 | -0.7 | -0.2 | -0.4 | 0.7 | 0.1 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 888 | 885 | 850 | 1,033 | 1,147 | 1,140 | 1,982 | 1,707 | 1,581 | 1,322 | 1,237 |
| Sales YoY Gr. | - | -0.4% | -4% | 21.5% | 11% | -0.6% | 73.9% | -13.9% | -7.3% | -16.4% | - |
| Adj EPS ⓘ | 3.8 | 1.9 | 3.3 | 4 | 3.3 | 0.4 | 2.1 | 1.9 | 2.8 | 3.6 | 3.4 |
| YoY Gr. | - | -49.6% | 72.8% | 20.3% | -15.9% | -86.8% | 370.5% | -9.2% | 51.1% | 25.4% | - |
| BVPS (₹) ⓘ | 20.7 | 21.9 | 25.3 | 28.3 | 30.1 | 29.4 | 31.5 | 33.6 | 39.3 | 41 | 41.6 |
| Adj Net Profit ⓘ | 37.9 | 19.1 | 33 | 39.7 | 33.4 | 4.4 | 20.7 | 18.8 | 28.4 | 35.6 | 34 |
| Cash Flow from Ops. ⓘ | 35.4 | 43.6 | 64 | 67.6 | 35.1 | 34.6 | 34.9 | 100 | -20.2 | 91.9 | - |
| Debt/CF from Ops. ⓘ | 2.3 | 1.6 | 0.7 | 0.4 | 1 | 2.6 | 2 | 0.5 | -1.5 | 0.2 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 4.5% | 2.9% | -12.6% | -16.4% | ||||
| Adj EPS ⓘ | -0.7% | 1.3% | 19.8% | 25.4% | ||||
| BVPSⓘ | 7.9% | 6.4% | 9.2% | 4.5% | ||||
| Share Price | 6.6% | 15.1% | 17.2% | -12.1% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 19.3 | 9 | 14 | 14.8 | 11.5 | 1.5 | 6.8 | 5.8 | 7.8 | 8.9 | 8.3 |
| Op. Profit Mgn % ⓘ | 7.8 | 5.2 | 7.2 | 7 | 5.5 | 2.5 | 2.8 | 2.7 | 3.6 | 3.6 | 2.9 |
| Net Profit Mgn % ⓘ | 4.3 | 2.2 | 3.9 | 3.9 | 2.9 | 0.4 | 1 | 1.1 | 1.8 | 2.7 | 2.8 |
| Debt to Equity ⓘ | 0.4 | 0.3 | 0.2 | 0.1 | 0.1 | 0.3 | 0.2 | 0.1 | 0.1 | 0 | - |
| Working Cap Days ⓘ | 68 | 74 | 75 | 68 | 73 | 93 | 69 | 85 | 90 | 91 | 68 |
| Cash Conv. Cycle ⓘ | 15 | 19 | 16 | 14 | 18 | 17 | 19 | 36 | 39 | 36 | 30 |
Return on Equity has increased versus last 3 years average to 8.30%
Net Profit is growing at healthy rate in last 3 years 19.81%
Sales growth has been subdued in last 3 years -12.62%
Sales growth is not so good in last 4 quarters at -9.39%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 3.4 | 5.5 |
| TTM Sales (₹ Cr.) | 1,237 | 1,961 |
| BVPS (₹.) ⓘ | 41.6 | 40.9 |
| Reserves (₹ Cr.) ⓘ | 417 | 389 |
| P/BV ⓘ | 1.75 | 1.78 |
| PE ⓘ | 21.12 | 13.16 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 60.04 / 145.50 |
| All Time Low / High (₹) | 0.38 / 145.50 |
| Market Cap (₹ Cr.) | 728 |
| Equity (₹ Cr.) | 20 |
| Face Value (₹) | 2 |
| Industry PE ⓘ | 43.8 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 888 | 885 | 850 | 1,033 | 1,147 | 1,140 | 1,982 | 1,707 | 1,581 | 1,322 |
| Operating Expenses ⓘ | 819 | 839 | 789 | 961 | 1,086 | 1,111 | 1,928 | 1,660 | 1,525 | 1,274 |
| Manufacturing Costs | 82 | 87 | 78 | 84 | 95 | 92 | 77 | 75 | 88 | 90 |
| Material Costs | 665 | 677 | 637 | 794 | 895 | 918 | 1,771 | 1,509 | 1,347 | 1,081 |
| Employee Cost | 49 | 52 | 55 | 62 | 68 | 80 | 61 | 58 | 69 | 78 |
| Other Costs ⓘ | 24 | 23 | 19 | 21 | 28 | 22 | 19 | 18 | 21 | 26 |
| Operating Profit ⓘ | 69 | 46 | 61 | 73 | 61 | 28 | 54 | 47 | 56 | 48 |
| Operating Profit Margin (%) | 7.7% | 5.2% | 7.2% | 7.0% | 5.4% | 2.5% | 2.7% | 2.7% | 3.6% | 3.6% |
| Other Income ⓘ | 4 | 3 | 6 | 4 | 4 | 9 | 10 | 9 | 14 | 37 |
| Interest ⓘ | 9 | 8 | 6 | 4 | 4 | 8 | 9 | 5 | 4 | 3 |
| Depreciation ⓘ | 15 | 17 | 17 | 18 | 19 | 22 | 22 | 21 | 20 | 20 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47 | 0 |
| Profit Before Tax ⓘ | 49 | 25 | 44 | 54 | 43 | 7 | 33 | 30 | 92 | 62 |
| Tax ⓘ | 11 | 5 | 10 | 13 | 10 | 2 | 12 | 9 | 27 | 23 |
| Profit After Tax | 38 | 20 | 35 | 42 | 33 | 5 | 21 | 21 | 66 | 39 |
| PAT Margin (%) | 4.3% | 2.3% | 4.1% | 4.0% | 2.9% | 0.4% | 1.1% | 1.2% | 4.2% | 3.0% |
| Adjusted EPS (₹) | 3.8 | 2.0 | 3.5 | 4.2 | 3.3 | 0.5 | 2.1 | 2.1 | 6.6 | 4.0 |
| Dividend Payout Ratio (%) | 33% | 35% | 29% | 29% | 30% | 0% | 0% | 48% | 30% | 51% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 207 | 219 | 253 | 283 | 301 | 294 | 315 | 336 | 393 | 410 |
| Share Capital ⓘ | 10 | 10 | 10 | 20 | 20 | 20 | 20 | 20 | 20 | 20 |
| Reserves ⓘ | 197 | 209 | 243 | 263 | 281 | 274 | 295 | 316 | 373 | 390 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 61 | 53 | 29 | 16 | 23 | 78 | 54 | 31 | 15 | 7 |
| Long Term Debt | 59 | 46 | 29 | 16 | 13 | 68 | 54 | 31 | 15 | 7 |
| Short Term Debt | 2 | 7 | 1 | 0 | 10 | 10 | 0 | 0 | 0 | 0 |
| Trade Payables | 86 | 93 | 103 | 136 | 135 | 260 | 237 | 182 | 232 | 126 |
| Others Liabilities ⓘ | 65 | 49 | 28 | 35 | 47 | 51 | 130 | 221 | 139 | 152 |
| Total Liabilities ⓘ | 418 | 414 | 414 | 469 | 507 | 683 | 736 | 770 | 778 | 695 |
Fixed Assets | ||||||||||
| Gross Block | 270 | 282 | 198 | 210 | 245 | 328 | 316 | 311 | 315 | 330 |
| Accumulated Depreciation | 94 | 106 | 17 | 35 | 53 | 72 | 91 | 111 | 125 | 142 |
| Net Fixed Assetsⓘ | 175 | 176 | 181 | 175 | 191 | 256 | 225 | 200 | 190 | 188 |
| CWIP ⓘ | 22 | 14 | 2 | 1 | 19 | 2 | 1 | 1 | 8 | 9 |
| Investmentsⓘ | 27 | 22 | 48 | 63 | 37 | 75 | 83 | 148 | 135 | 201 |
| Inventories | 41 | 27 | 24 | 27 | 60 | 64 | 56 | 41 | 44 | 46 |
| Trade Receivables | 110 | 128 | 133 | 158 | 146 | 254 | 339 | 329 | 348 | 196 |
| Cash Equivalents | 3 | 3 | 2 | 16 | 15 | 17 | 16 | 3 | 9 | 6 |
| Others Assetsⓘ | 41 | 44 | 24 | 29 | 39 | 15 | 16 | 48 | 46 | 50 |
| Total Assets ⓘ | 418 | 414 | 414 | 469 | 507 | 683 | 736 | 770 | 778 | 695 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 35 | 44 | 64 | 68 | 35 | 35 | 35 | 100 | -20 | 92 |
| PBT ⓘ | 49 | 25 | 44 | 54 | 43 | 7 | 33 | 30 | 92 | 62 |
| Adjustment ⓘ | 21 | 22 | 18 | 19 | 22 | 29 | 32 | 17 | -33 | -16 |
| Changes in Working Capital ⓘ | -25 | 2 | 10 | 6 | -21 | 3 | -25 | 59 | -64 | 55 |
| Tax Paid ⓘ | -10 | -5 | -9 | -12 | -9 | -4 | -5 | -6 | -15 | -9 |
| Cash Flow From Investing Activity ⓘ | -18 | -2 | -34 | -22 | -23 | -67 | -6 | -84 | 59 | -52 |
| Capex | -41 | -9 | -14 | -11 | -49 | -56 | 0 | -1 | 35 | -17 |
| Net Investments | 21 | 6 | -22 | -12 | 56 | -11 | -7 | -88 | 18 | -36 |
| Others ⓘ | 2 | 1 | 2 | 1 | -30 | 0 | 1 | 6 | 6 | 1 |
| Cash Flow From Financing Activityⓘ | -25 | -42 | -31 | -32 | -14 | 35 | -29 | -29 | -33 | -42 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | 1 | -16 | -19 | -15 | -5 | 57 | -12 | -23 | -16 | -9 |
| Interest Paid ⓘ | -8 | -8 | -6 | -4 | -4 | -8 | -6 | -6 | -4 | -2 |
| Dividend Paid ⓘ | -13 | -20 | 0 | -10 | -12 | -10 | 0 | 0 | -10 | -20 |
| Others ⓘ | -5 | 2 | -7 | -3 | 8 | -4 | -12 | 0 | -3 | -11 |
| Net Cash Flow ⓘ | -7 | 0 | -1 | 14 | -1 | 2 | 0 | -13 | 6 | -3 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 19.34 | 9.44 | 14.66 | 15.53 | 11.39 | 1.66 | 6.9 | 6.39 | 18.04 | 9.83 |
| ROCE (%) | 20.85 | 11.36 | 16.96 | 19.31 | 14.44 | 4.26 | 10.79 | 9.09 | 23.95 | 15.44 |
| Asset Turnover Ratio | 2.37 | 2.33 | 2.25 | 2.39 | 2.35 | 1.92 | 2.79 | 2.27 | 2.04 | 1.8 |
| PAT to CFO Conversion(x) | 0.92 | 2.2 | 1.83 | 1.62 | 1.06 | 7 | 1.67 | 4.76 | -0.3 | 2.36 | Working Capital Days |
| Receivable Days | 40 | 45 | 51 | 50 | 48 | 64 | 55 | 72 | 78 | 75 |
| Inventory Days | 13 | 13 | 10 | 9 | 14 | 20 | 11 | 10 | 10 | 12 |
| Payable Days | 47 | 48 | 56 | 55 | 55 | 79 | 51 | 51 | 56 | 60 |
Munjal Auto Industries (MAIL) started its humble journey in 1987. It is the leading auto component manufacturing company in India producing exhaust systems, complete wheel rims and other automotive assemblies. The company holds the pride of being among the largest manufacturer of the exhaust systems in the world, manufacturing close to 12,000 systems per day. Besides, the company produces more than 10,000 spoke rims for motorcycles and steel wheel rims everyday.
MAIL is a part of a famous Hero Group of companies, sporting flagship companies like Hero Honda Motors Ltd (The world’s largest producer of Motorcycles) and Hero Cycles (The world’s largest producers of cycles). The group’s history dates back to the 1950’s when four visionary members of the Munjal Family started a modest venture- Hero Cycles. Today the group is a US $ 4 billion establishment with more than 20 group companies in its umbrella.
Continuing the group’s legacy, MAIL started its humble journey with manufacturing of bicycles for exports, supplying to UK, France, Germany, and to the US and Canada. Under the leadership of their M.D Mr. Sudhir Munjal, over the years they have moved on to manufacture auto components for the 2/4 wheeler automobile industries. Over vast pool of experience as a group has taught them some valuable lessons which they place close to their hearts.
The spirit of Munjal Auto can be summed in four words – Customer, Systems, Associates, and Society. The customer is their ‘unn datta’ (Bread Earner) and anything he says or expresses is done. The organization works efficiently with proper user friendly systems, keeping the people associated in the company at all levels in mind. In fact it is right mix of systems and the associates’ involvement that has helped them keep the customer delighted. Finally they care for the society they live in. It is only through proper conservation of their natural resources and maintaining a clean environment that they can ensure a better future for the country.
In 2010
Started manufacturing Seat Structure complete For Tata Johnson (Tata Small Car model).
Technical JV with Samsung, Korea for 4 wheeler Fuel tank assembly.
Started Fuel Tank Assembly for Tata Motors Small passenger Car.
In 2011 the company set up Design & Central Tool Room at Bawal.
Started exhaust system for Piaggio Vehicles.
Product range of the company includes:
Munjal Auto Industries Ltd., (MAIL) is a TS 16949 certified, leading auto component manufacturing company.
Achievements/ recognition:
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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