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Munjal Showa Ltd (MUNJALSHOW)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 520043 NSE: MUNJALSHOW Auto Ancillary | Small Cap | Munjal Showa Share Price

₹140.20 7.95 (6.01%)

As on 13-Aug'26 16:59

Munjal Showa Ltd (MUNJALSHOW)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 520043 NSE: MUNJALSHOW Auto Ancillary | Small Cap | Munjal Showa Share Price

₹140.20 7.95 (6.01%)

As on 13-Aug'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹561 Cr.
Current Price
₹140.2
52-Week Low / High
₹109 / 162
TTM EPS
₹6.2
TTM Sales
₹1,377 Cr.
Book Value per Share
₹172.3
P/E Ratio
22.59
Higher than its 5-year historical median
Industry PE
49.6
Price to Book (P/B)
0.81
In line with its 5-year historical median
Price to Sales (P/S)
0.41
In line with its 5-year historical median
EV/EBITDA
12.30
Higher than its 5-year historical median
Dividend Yield
3.21%
Profitability Efficiency
Return on Equity (ROE)
3.23%
Underperforms industry median
Return on Capital Employed (ROCE)
4.43%
Underperforms industry median
Return on Assets (ROA)
2.59%
Operating Profit Margin
1.8%
Net Profit Margin
1.66%
Gross Profit Margin
3.2%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
5.2%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
1683.85%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-24.25%
Asset Quality
Promoter Holding
65.02%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹681 Cr.
Equity
₹8 Cr.
Face Value
₹2
All Time Low / High
₹1.40 / 312.00

Munjal Showa stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Munjal Showa Ltd a good quality company?
Munjal Showa 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 Showa Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Munjal Showa Ltd vs industry peers?
Munjal Showa Ltd revenue CAGR is 3.92%, compared to the industry median CAGR of 13.36%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Munjal Showa Ltd?
Promoters hold 65.02% of the Munjal Showa Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Munjal Showa Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -2.6% based on the current price.

10 Year X-Ray : Login to view analysis.

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.
Munjal Showa 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 % 18.3%19.5%14.5%9.5%5%2.2%6.6%5.6%5.3%4.4%-
Value Creation
Index
0.30.40.0-0.3-0.6-0.8-0.5-0.6-0.6-0.7-

Growth Parameters

Sales 1,4601,5811,6691,2881,0851,0601,2411,1731,2501,3151,377
Sales YoY Gr.-8.3%5.6%-22.8%-15.8%-2.3%17%-5.5%6.6%5.2%-
Adj EPS 13.517.512.58.35.525.77.345.76.2
YoY Gr.-29.5%-29%-33.1%-34.2%-64.2%192.9%26.7%-44.6%40.7%-
BVPS (₹) 128.2142.4152.7158.2160.4159.4162.8166.1168.6169.5172.3
Adj Net
Profit
54.270.149.833.321.97.922.929.116.122.725
Cash Flow from Ops. 83.596.34165.7-17.529.96.411.436.6-20.6-
Debt/CF from Ops. 0000000000-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales -1.2%3.9%2%5.2%
Adj EPS -9.2%0.7%-0.4%40.7%
BVPS3.2%1.1%1.4%0.5%
Share Price -2.3% -0.2% 0.5% 5.6%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
11.2138.45.43.41.23.64.42.43.43.6
Op. Profit
Mgn %
6.87.25.452.20.82.51.31.41.81.3
Net Profit
Mgn %
3.74.432.620.71.92.51.31.71.8
Debt to
Equity
0000000000-
Working Cap
Days
778586971121211021109910284
Cash Conv.
Cycle
2424263345493943383962

Valuation of Munjal Showa - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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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'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1,4601,5811,6691,2881,0851,0601,2411,1731,2501,315
Operating Expenses + 1,3601,4681,5811,2331,0611,0521,2101,1571,2491,292
Manufacturing Costs155166173131108102118116115122
Material Costs1,0721,1621,2539518148219669089711,021
Employee Cost 115125132121123112108115119123
Other Costs 19152230161618184426
Operating Profit 10011388552483016123
Operating Profit Margin (%) 6.8%7.2%5.3%4.3%2.2%0.8%2.4%1.3%0.1%1.8%
Other Income + 18212325241820344620
Exceptional Items 0000004-10-2
Interest 0001000000
Depreciation 29282620161212121211
Profit Before Tax 881058658311442363530
Tax 272823165210668
Profit After Tax 61786343261232312922
PAT Margin (%) 4.2%4.9%3.8%3.3%2.4%1.2%2.6%2.6%2.3%1.7%
Adjusted EPS (₹)15.219.415.710.66.53.08.07.77.25.5
Dividend Payout Ratio (%)26.40%23.20%28.80%42.30%68.90%148.10%56.40%58.50%62.30%82.30%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 513570611633641637651664674678
Share Capital 8888888888
Reserves 505562603625633629643656666670
Debt +0000000000
Long Term Debt0000000000
Short Term Debt0000000000
Minority Interest0000000000
Trade Payables135185144101126114129115120155
Others Liabilities 58716039353929313130
Total Liabilities 706825815772803790809811826863

Fixed Assets

Net Fixed Assets +178157143145134125129123118113
Gross Block206213224246234224226230236239
Accumulated Depreciation2856811011009997108118127
CWIP 3132162010
Investments 171244243319292307313322349347
Inventories62638073887373737783
Trade Receivables194245199140196170193183168235
Cash Equivalents 6204241118618272
Others Assets 929510490809293918683
Total Assets 706825815772803790809811826863
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 83964166-183061137-21
PBT 881058658311442363530
Adjustment 111097-5-4-8-21-10-8
Changes in Working Capital 1811-1918-3727-24421-33
Tax Paid -34-30-35-18-7-7-4-8-10-9
Cash Flow From Investing Activity + -79-633-8243-5019-1014
Capex -8-6-14-20-5-8-12-4-6-6
Net Investments -76-5817-63470419-912
Others 5111128358
Cash Flow From Financing Activity + -0-19-22-22-18-18-18-18-18-18
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing 0000000000
Interest Paid -0-0-0-0-0-0-0-0-0-0
Dividend Paid 0-16-18-18-18-18-18-18-18-18
Others 0-3-4-4-00-0000
Net Cash Flow 41423-3977-11129-25
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)12.5814.3210.616.844.11.94.954.684.313.23
ROCE (%)18.2619.5414.549.54.982.216.585.555.294.43
Asset Turnover Ratio2.422.112.041.621.381.331.551.451.531.56
PAT to CFO Conversion(x)1.361.230.651.53-0.692.50.190.351.28-0.95
Working Capital Days
Receivable Days45.1049.6048.504856.6063.2053.5058.6051.3055.80
Inventory Days14.3014.1015.7021.7027.1027.7021.5022.8021.9022.30
Payable Days45.7050.3047.904750.9053.4045.804944.3049.30

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Munjal Showa Ltd FAQs

The current trading price of Munjal Showa on 13-Aug-2026 16:59 is ₹140.2.

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 12-Aug-2026 the market cap of Munjal Showa stood at ₹560.7 Cr

The latest P/E ratio of Munjal Showa as of 12-Aug-2026 is 22.59.

The latest P/B ratio of Munjal Showa as of 12-Aug-2026 is 0.81.

The 52-week high of Munjal Showa is ₹161.9 and the 52-week low is ₹109.2.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Munjal Showa is ₹1,377 ( Cr.) .

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

The key valuation ratios of Munjal Showa Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

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

About Munjal Showa Ltd

Munjal Showa was established in 1985, in technical and financial collaboration with Showa Corporation of Japan, the pioneering global leaders, is engaged in the manufacture of shock absorbers, Munjal Showa Limited is a member of Hero Group.

The company is one of the biggest manufacturers of shock absorbers, telescopic front forks, struts, gas struts, window balancers / gas springs in the country. Nearly 95% of company’s revenues come from the two-wheeler industry, out of which Hero Honda alone accounts for 85%. Thus, MSL is assured of a sizeable offtake at all times.

Munjal Showa Limited in Hero Group’s joint venture with Showa Corporation, designs and manufacturers shock absorbers and struts for leading two-wheelers and four-wheelers. The Munjal Showa manufacturing plant is spread over an area of 24075 sq mt in the industrial area of Gurgaon, Haryana, on the outskirts of the National Capital Territory of Delhi, India.

Munjal Showa Limited is one of the largest suppliers of shock absorbers to major auto giants in India, Japan, Germany, the United States and the United Kingdom, amongst other developed markets. The Company's products conform to the highest standards of quality, safety, comfort and dependability and are QS 9000, ISO 14001 and ISO 9001 compliant. The use of advanced technology and a team of experienced personnel have led to outstanding growth in the Company.

Munjal Showa Limited has established a strong foothold in the auto ancillaries manufacturing market and enjoys a wide patronage. Munjal Showa products serve as original equipment to a wide range of Maruti Suzuki upper-end cars and export models, Honda City car, complete range of Hero Honda motorcycles, Kawasaki Bajaj motorcycles, Kinetic Scooters and Hero range of mini-motorcycles and mopeds and Honda Motorcycles and Scooters India (Pvt) Limited. In over a decade the company's state-of-the-art shock absorbers, front fork, struts and window balancers/gas springs have become symbols of reliability and quality for popular two and four wheeled vehicles.

Better products through better technology - this is the maxim that guides the Munjal Showa team. The eco-friendly plant at Gurgaon is equipped with ultra modern facilities. A team of expert engineers from Showa, Japan, support and monitor the production of virtually zero-defect products. Our manufacturing methods are continually modified and improved upon, in order to realize goals of higher productivity. We are using the Japanese system of encompassing 5S, 3G, 3K, 3M, in the work culture thus promoting efficiency at the team level and a clean production system.

Product range of the company includes:

  • Front Fork for two-wheelers
  • Front/Rear Cushion for two-wheelers
  • Front/Rear Strut for Maruti
  • Open Stay for Maruti
  • Front/Rear Strut for Honda Siel.

Awards/Achievements

  • The company is ISO 9002, 9001, 9000, 14001, TS-16949 certified.
  • In Sep. 2001 won 1st prize in CII-QC. Circle competition at Chandigarh.
  • In Oct. 2001 won 2nd prize in CII-QC. Circle competition at Delhi.
  • In 2002, rated as the best company by Honda Siel in quality improvement activity.
  • In 2003, won 1st prize in CCQC’03.
  • Munjal Showa has been assigned API+ rating for a Rs 60 million commercial paper programme by CRISIL.

Recent developments

Munjal Showa has commissioned its third plant in the holy city of Haridwar in Uttrakhand, during the year with an initial capacity of 5 million shock absorbers per year to cater to the needs of Hero Honda Motors. The new plant is installed to avail the concessional tax structure and incentives offered by the state. The new plant has strengthened company’s position in the industry and reduced cycle time for a development of new models.

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