Munjal Showa Ltd.
Snapshot View

98.50 +2.00 ▲2.1%

20 May 2022, 04:01:00 PM
Volume: 5,065

Overview View Details

Sector Automobile & Ancillaries Compare with Sector peers
Industry Auto Ancillary Compare with Industry peers
Website http://www.munjalshowa.net
Market Cap 395.15 Cr.
Enterprise Value(EV) 377.59 Cr. 2021-09
Financial Indicators
Earnings per share (EPS) 2.73 Trailing Twelve Months Ending 2021-12
Price-Earning Ratio (PE) 36.14 Trailing Twelve Months Ending 2021-12
Industry PE 42.22 Trailing Twelve Months Ending 2021-12
Book Value / Share 157.15 Trailing Twelve Months Ending 2021-12
Price to Book Value 0.63 Calculated using Price: 98.80
Dividend Yield 4.55 Period Ending 2021-03
No. of Shares Subscribed 4.00 Cr. 39,995,000 Shares
FaceValue 2
Company Profile

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.

Delivery View Details

Delivered Qty
Traded Qty

Performance View Details

1 Day
+2.07%
1 Week
+2.82%
1 Month
-8.92%
3 Month
-15.92%
6 Month
-23.61%
1 Year
-28.18%
2 Year
+27.10%
5 Year
-49.69%
10 Year
+31.86%
9 years 2013-03 2014-03 2015-03 2016-03 2017-03 2018-03 2019-03 2020-03 2021-03
Return on Equity (%) 21.72 21.16 19.72 14.16 12.58 14.32 10.61 6.84 4.10
Return on Capital Employed (%) 23.05 24.42 27.89 20.41 18.26 19.54 14.54 9.50 4.98
Return on Assets (%) 11.30 12.60 12.74 10.01 9.23 10.12 7.63 5.36 3.32

Balance Sheet View Details

Particulars 10 years 2013-03 Rs. Cr. 2014-03 Rs. Cr. 2015-03 Rs. Cr. 2016-03 Rs. Cr. 2017-03 Rs. Cr. 2018-03 Rs. Cr. 2019-03 Rs. Cr. 2020-03 Rs. Cr. 2021-03 Rs. Cr. 2021-09* Rs. Cr.
Shh. Funds 303 356 411 453 513 570 611 633 641 628
Non Curr. Liab. 20 13 11 10 38 35 26 22 13 10
Curr. Liab. 209 205 191 147 156 221 178 118 148 164
Minority Int.
Equity & Liab. 532 574 613 610 706 825 815 772 803 802
Non Curr. Assets 292 277 252 250 273 247 276 268 258 258
Curr. Assets 240 297 360 359 434 578 538 505 546 544
Misc. Exp. not W/O
Total Assets 532 574 613 610 706 825 815 772 803 802

Profit Loss View Details

Particulars 10 years 2013-03 Rs. Cr. 2014-03 Rs. Cr. 2015-03 Rs. Cr. 2016-03 Rs. Cr. 2017-03 Rs. Cr. 2018-03 Rs. Cr. 2019-03 Rs. Cr. 2020-03 Rs. Cr. 2021-03 Rs. Cr. 2021-12 Rs. Cr. TTM
Net Sales 1,581 1,598 1,643 1,502 1,460 1,581 1,669 1,288 1,085 1,080
Other Income 3 6 8 5 18 21 23 25 24 20
Total Income 1,585 1,604 1,651 1,507 1,477 1,602 1,693 1,313 1,109 1,100
Total Expenditure -1,476 -1,493 -1,516 -1,390 -1,360 -1,468 -1,581 -1,233 -1,061 -1,073
PBIDT 109 111 135 117 117 134 112 79 48 27
Interest -7 -3 -1 0 0 0 0 -1 0 0
Depreciation -28 -28 -29 -29 -29 -28 -26 -20 -16 -13
Taxation -7 -10 -31 -27 -27 -28 -23 -16 -5 -2
Exceptional Items -6 1
PAT 61 70 76 61 61 78 63 43 26 11
Adjusted EPS 15 17 19 15 15 19 16 11 7 3

Cash Flow View Details

Particulars 10 years 2012-03 Rs. Cr. 2013-03 Rs. Cr. 2014-03 Rs. Cr. 2015-03 Rs. Cr. 2016-03 Rs. Cr. 2017-03 Rs. Cr. 2018-03 Rs. Cr. 2019-03 Rs. Cr. 2020-03 Rs. Cr. 2021-03 Rs. Cr.
Cash Fr. Operatn. 61 116 55 55 65 83 96 41 66 -18
Cash Fr. Inv. -25 -31 -18 -48 -26 -79 -63 3 -82 43
Cash Fr. Finan. -35 -72 -40 -22 -38 0 -19 -22 -22 -18
Net Change 2 13 -2 -14 1 4 14 23 -39 7
Cash & Cash Eqvt 5 18 16 2 2 6 19 42 3 10

Shareholding Pattern View Details

9 Qtrs 2020-03 (%) 2020-06 (%) 2020-09 (%) 2020-12 (%) 2021-03 (%) 2021-06 (%) 2021-09 (%) 2021-12 (%) 2022-03 (%)
Promoter 65.02 65.02 65.02 65.02 65.02 65.02 65.02 65.02 65.02
Public 34.98 34.98 34.98 34.98 34.98 34.98 34.98 34.98 34.98
Depository Receipts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Promoter Holding Pledge (%) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Announcements View Details

Tue, 17 May 2022
Announcement under Regulation 30 (LODR)-Change in Directorate
Pursuant to the Provisions of Regulation 30 of the Listing Regulations this is to inform you that based on the recommendations of the Nomination and Remuneration Committee and subject to the approval of shareholders at the ensuing AGM the Board has:a. Change in category of Mr. Ashok Kumar Munjal (DIN 00003843) from Non-Executive Director to Non-Executive Independent Director w.e.f. May 17 2022 to hold office for a term of five consecutive years i.e. upto 16th May 2027 not liable to retire by rotation.b. Appointed Smt. Kavita Venugopal (DIN 07551521) as an additional Non-Executive Independent Director w.ef. May 17th 2022 to hold office for a term of five consecutive years i.e. upto 16th May 2027 not liable to retire by rotation.
Sat, 30 Apr 2022
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
Format of Initial Disclosure to be made by an entity identified as a Large Corporate.

Sr. No. Particulars Details
1Name of CompayMUNJAL SHOWA LTD.
2CINL34101HR1985PLC020934
3 Outstanding borrowing of company as on 31st March / 31st December as applicable (in Rs cr) 0.00
4Highest Credit Rating during the previous FY AA
4aName of the Credit Rating Agency issuing the Credit Rating mentioned in (4)CRISIL LTD.
5Name of Stock Exchange# in which the fine shall be paid in case of shortfall in the required borrowing under the frameworkBSE


We confirm that we are a Large Corporate as per the applicability criteria given under the SEBI circular SEBI/HO/DDHS/CIR/P/2018/144 dated November 26 2018. No



Name of the Company Secretary: NEHA BANSAL
Designation: COMPANY SECRETARY
EmailId: CS@MUNJALSHOWA.NET
Name of the Chief Financial Officer: PANKAJ GUPTA
Designation: CHIEF FINANCIAL OFFICER
EmailId: PGUPTA@MUNJALSHOWA.NET

Date: 30/04/2022

Note: In terms para of 3.2(ii) of the circular beginning F.Y 2022 in the event of shortfall in the mandatory borrowing through debt securities a fine of 0.2% of the shortfall shall be levied by Stock Exchanges at the end of the two-year block period. Therefore an entity identified as LC shall provide in its initial disclosure for a financial year the name of Stock Exchange to which it would pay the fine in case of shortfall in the mandatory borrowing through debt markets.
Sat, 09 Apr 2022
Compliance Under Regulation 40(9) The SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 (Listing Regulations)
Please find enclosed herewith the Certificate under Regulation 40(9) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 for the year ended March 31 2022

Technical Scans View Details

Fri, 20 May 2022
Higher Delivery Quantity Higher Delivery Quantity
Higher Trade Quantity Higher Trade Quantity
Higher Trade and Delivery Quantity Higher Trade and Delivery Quantity
Closing Above Previous High Closing Above Previous High
Close Within 52 Week Low Zone Close Within 52 Week Low Zone

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