Munjal Showa Ltd

₹ 144 3.04%

22 Nov 10:35 a.m.

munjalshowa.net BSE: 520043 NSE: MUNJALSHOW

About

Incorporated in 1985, Munjal Showa
Ltd manufactures auto components
for two-wheelers and four-wheeler^[1]

Key Points

Business Overview:^[1]^[2]
MSL is a part of the Hero Group.
It is an ISO 9002, QS 9000, and ISO
9001 certified company which operates
as an ancillary and manufactures auto components for two-wheelers and
four-wheeler industry, primary products
being front forks, shock absorbers, struts,
gas springs and window balancers. It has a collaboration with Hitachi Japan, to provide design solutions for Indian OEMs.

Website BSE NSE

Market Cap ₹ 577 Cr.
Current Price ₹ 144
High / Low ₹ 212 / 126
Stock P/E 18.9
Book Value ₹ 165
Dividend Yield 3.11 %
ROCE 5.21 %
ROE 4.38 %
Face Value ₹ 2.00

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Pros

Company is almost debt free.
Stock is trading at 0.85 times its book value
Stock is providing a good dividend yield of 3.21%.
Company has been maintaining a healthy dividend payout of 87.7%

Cons

The company has delivered a poor sales growth of -6.82% over past five years.
Company has a low return on equity of 3.00% over last 3 years.
Earnings include an other income of Rs.34.3 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Auto Ancillaries Industry: Auto Ancillaries

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	301.14	265.97	296.25	317.74	316.41	307.53	298.85	287.87	287.26	303.32	294.29	310.75	317.72
	296.90	265.63	287.59	314.51	313.40	299.52	282.91	280.82	289.00	299.91	287.55	303.54	322.95
Operating Profit	4.24	0.34	8.66	3.23	3.01	8.01	15.94	7.05	-1.74	3.41	6.74	7.21	-5.23
OPM %	1.41%	0.13%	2.92%	1.02%	0.95%	2.60%	5.33%	2.45%	-0.61%	1.12%	2.29%	2.32%	-1.65%
	6.80	3.95	1.95	0.05	8.77	-0.11	15.12	11.18	5.98	9.82	6.13	9.18	9.21
Interest	0.00	0.03	0.00	0.01	0.02	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.01
Depreciation	3.25	3.09	2.89	2.93	2.85	2.99	3.02	3.02	3.08	3.13	3.05	2.96	3.10
Profit before tax	7.79	1.17	7.72	0.34	8.91	4.90	28.03	15.21	1.16	10.10	9.82	13.43	0.87
Tax %	18.36%	17.09%	8.68%	8.82%	18.63%	35.92%	24.40%	16.11%	-32.76%	14.46%	20.26%	11.32%	-136.78%
	6.37	0.97	7.04	0.30	7.26	3.14	21.20	12.76	1.54	8.64	7.82	11.92	2.05
EPS in Rs	1.59	0.24	1.76	0.08	1.82	0.79	5.30	3.19	0.39	2.16	1.96	2.98	0.51
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	1,578	1,595	1,643	1,502	1,460	1,581	1,669	1,288	1,085	1,060	1,241	1,173	1,226
	1,471	1,489	1,516	1,389	1,360	1,468	1,581	1,233	1,061	1,052	1,210	1,157	1,214
Operating Profit	107	106	127	113	100	113	88	55	24	8	30	16	12
OPM %	7%	7%	8%	8%	7%	7%	5%	4%	2%	1%	2%	1%	1%
	-4	6	9	5	17	21	23	25	24	18	24	33	34
Interest	7	3	1	0	0	0	0	1	0	0	0	0	0
Depreciation	28	28	29	29	29	28	26	20	16	12	12	12	12
Profit before tax	68	80	106	88	88	105	86	58	31	14	42	36	34
Tax %	11%	13%	29%	30%	31%	26%	27%	27%	17%	12%	24%	15%
	61	70	76	61	61	78	63	43	26	12	32	31	30
EPS in Rs	15.17	17.43	18.91	15.29	15.18	19.38	15.65	10.64	6.54	3.04	7.98	7.69	7.61
Dividend Payout %	20%	20%	21%	26%	26%	23%	29%	42%	69%	148%	56%	58%

Compounded Sales Growth
10 Years:	-3%
5 Years:	-7%
3 Years:	3%
TTM:	4%

Compounded Profit Growth
10 Years:	-8%
5 Years:	-11%
3 Years:	9%
TTM:	-5%

Stock Price CAGR
10 Years:	-4%
5 Years:	2%
3 Years:	4%
1 Year:	2%

Return on Equity
10 Years:	7%
5 Years:	3%
3 Years:	3%
Last Year:	4%

Balance Sheet

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	8	8	8	8	8	8	8	8	8	8	8	8	8
Reserves	295	348	403	445	505	562	603	625	633	629	643	656	652
	21	0	0	0	0	0	0	0	0	0	0	0	0
	208	218	202	157	163	224	181	129	160	148	159	146	177
Total Liabilities	532	574	613	610	676	793	791	761	801	786	811	811	838
	246	233	211	197	178	157	143	145	134	125	129	123	119
CWIP	7	1	2	3	3	1	3	2	1	6	2	0	0
Investments	20	30	68	82	171	244	243	319	292	307	313	322	296
	259	311	332	328	324	391	402	295	374	349	367	366	423
Total Assets	532	574	613	610	676	793	791	761	801	786	811	811	838

Cash Flows

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	116	55	55	65	83	96	41	66	-18	30	6	11
	-31	-18	-48	-26	-79	-63	3	-82	43	-5	0	19
	-72	-40	-22	-38	-0	-19	-22	-22	-18	-18	-18	-18
Net Cash Flow	13	-2	-14	1	4	14	23	-39	7	7	-11	12

Ratios

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	33	40	45	48	49	57	44	40	66	59	57	57
Inventory Days	12	15	20	21	21	20	23	28	39	32	28	29
Days Payable	47	51	47	44	46	58	42	39	57	51	49	46
Cash Conversion Cycle	-2	5	18	25	24	18	25	29	49	40	36	40
Working Capital Days	-2	11	22	31	28	23	25	30	49	41	43	44
ROCE %	25%	24%	27%	20%	17%	18%	12%	6%	4%	1%	5%	5%

Shareholding Pattern

Numbers in percentages

2 Recently

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	65.02%	65.02%	65.01%	65.01%	65.02%	65.02%	65.02%	65.02%	65.02%	65.02%	65.02%	65.02%
	0.79%	0.88%	1.25%	1.37%	1.36%	1.26%	1.53%	1.25%	1.27%	1.27%	1.55%	1.83%
	0.02%	0.02%	0.04%	0.03%	0.03%	0.03%	0.01%	0.01%	0.03%	0.01%	0.01%	0.01%
	34.17%	34.08%	33.70%	33.59%	33.59%	33.71%	33.45%	33.72%	33.68%	33.70%	33.42%	33.15%
No. of Shareholders	22,636	23,156	23,028	23,368	23,037	22,797	23,304	23,758	24,147	28,868	27,989	32,416

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	65.02%	65.02%	65.02%	65.02%	65.02%	65.02%	65.02%	65.02%	65.02%
	2.76%	0.77%	0.50%	0.23%	0.39%	0.88%	1.26%	1.27%	1.83%
	0.09%	0.75%	0.02%	0.07%	0.02%	0.02%	0.03%	0.01%	0.01%
	32.13%	33.46%	34.46%	34.68%	34.57%	34.08%	33.71%	33.70%	33.15%
No. of Shareholders	14,628	18,745	18,970	18,314	20,741	23,156	22,797	28,868	32,416

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Munjal Showa Ltd

Munjal Showa Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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