Munjal Showa Ltd

₹ 160 0.63%

19 Apr - close price

munjalshowa.net BSE: 520043 NSE : MUNJALSHOW

About

Munjal Showa Ltd operates as an ancillary and manufactures auto components for two-wheeler and four-wheeler automotive players in the domestic market.
It was established in 1985 as a result of technical and financial collaboration between Hero Group and Showa Corporation, Japan.^[1]

Key Points

Product Portfolio
The company's product portfolio includes Front Forks, Rear Cushions, Struts, and Gas Spring/Rear Door Lifters, etc. ^[1]
For 2 Wheelers:
Rear Shock Absorber (Rear Cushion): For bike models- Splendor, Hunk, Ignitor, Pleasure, Maestro, Unicorn, and Super Splendor.
Front Shock Absorber (Front Fork): For bike models- Spendor, Super Splendor, Hunk, SZ-Yamaha, HF-Super Deluxe, Unicorn, Xtreme Sports, and Passion. ^[2]
For 4 Wheelers:
Strut (Front Strut): For car models- Honda City, Eeco, and Celerio
Strut (Back Strut): For car model- Swift
Gas Spring (Open Stay/ Window Balancer): For car models: Omni Van, 800 CC, and WagonR ^[3]

Website BSE NSE

Market Cap ₹ 639 Cr.
Current Price ₹ 160
High / Low ₹ 212 / 93.1
Stock P/E 17.3
Book Value ₹ 162
Dividend Yield 2.82 %
ROCE 4.63 %
ROE 3.45 %
Face Value ₹ 2.00

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Pros

Company is almost debt free.
Stock is trading at 0.99 times its book value
Company has been maintaining a healthy dividend payout of 91.1%

Cons

The company has delivered a poor sales growth of -4.74% over past five years.
Company has a low return on equity of 2.70% over last 3 years.
Earnings include an other income of Rs.42.1 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

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	348.38	316.47	196.58	301.14	265.97	296.25	317.74	316.41	307.53	298.85	287.87	287.26	303.32
	329.58	309.23	201.61	296.90	265.63	287.59	314.51	313.40	299.52	282.91	280.82	289.00	299.91
Operating Profit	18.80	7.24	-5.03	4.24	0.34	8.66	3.23	3.01	8.01	15.94	7.05	-1.74	3.41
OPM %	5.40%	2.29%	-2.56%	1.41%	0.13%	2.92%	1.02%	0.95%	2.60%	5.33%	2.45%	-0.61%	1.12%
	7.45	3.67	5.47	6.80	3.95	1.95	0.05	8.77	-0.11	15.12	11.18	5.98	9.82
Interest	0.00	0.01	0.02	0.00	0.03	0.00	0.01	0.02	0.01	0.01	0.00	0.00	0.00
Depreciation	4.38	3.69	3.22	3.25	3.09	2.89	2.93	2.85	2.99	3.02	3.02	3.08	3.13
Profit before tax	21.87	7.21	-2.80	7.79	1.17	7.72	0.34	8.91	4.90	28.03	15.21	1.16	10.10
Tax %	21.03%	19.14%	20.71%	18.36%	17.09%	8.68%	8.82%	18.63%	35.92%	24.40%	16.11%	-32.76%	14.46%
	17.27	5.82	-2.23	6.37	0.97	7.04	0.30	7.26	3.14	21.20	12.76	1.54	8.64
EPS in Rs	4.32	1.46	-0.56	1.59	0.24	1.76	0.08	1.82	0.79	5.30	3.19	0.39	2.16
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	1,553	1,578	1,595	1,643	1,502	1,460	1,581	1,669	1,288	1,085	1,060	1,241	1,177
	1,431	1,471	1,489	1,516	1,389	1,360	1,468	1,581	1,233	1,061	1,052	1,210	1,153
Operating Profit	122	107	106	127	113	100	113	88	55	24	8	30	25
OPM %	8%	7%	7%	8%	8%	7%	7%	5%	4%	2%	1%	2%	2%
	3	-4	6	9	5	17	21	23	25	24	18	24	42
Interest	11	7	3	1	0	0	0	0	1	0	0	0	0
Depreciation	27	28	28	29	29	29	28	26	20	16	12	12	12
Profit before tax	86	68	80	106	88	88	105	86	58	31	14	42	54
Tax %	22%	11%	13%	29%	30%	31%	26%	27%	27%	17%	12%	24%
	67	61	70	76	61	61	78	63	43	26	12	32	44
EPS in Rs	16.78	15.17	17.43	18.91	15.29	15.18	19.38	15.65	10.64	6.54	3.04	7.98	11.04
Dividend Payout %	18%	20%	20%	21%	26%	26%	23%	29%	42%	69%	148%	56%

Compounded Sales Growth
10 Years:	-2%
5 Years:	-5%
3 Years:	-1%
TTM:	-5%

Compounded Profit Growth
10 Years:	-10%
5 Years:	-21%
3 Years:	-6%
TTM:	59%

Stock Price CAGR
10 Years:	6%
5 Years:	0%
3 Years:	8%
1 Year:	69%

Return on Equity
10 Years:	9%
5 Years:	4%
3 Years:	3%
Last Year:	3%

Balance Sheet

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	8	8	8	8	8	8	8	8	8	8	8	8	8
Reserves	248	295	348	403	445	505	562	603	625	633	629	643	640
	73	21	0	0	0	0	0	0	0	0	0	0	0
	213	208	218	202	157	163	224	181	129	160	148	159	173
Total Liabilities	542	532	574	613	610	676	793	791	761	801	786	811	820
	245	246	233	211	197	178	157	143	145	134	125	129	127
CWIP	11	7	1	2	3	3	1	3	2	1	6	2	0
Investments	3	20	30	68	82	171	244	243	319	292	307	313	320
	283	259	311	332	328	324	391	402	295	374	349	367	372
Total Assets	542	532	574	613	610	676	793	791	761	801	786	811	820

Cash Flows

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	61	116	55	55	65	83	96	41	66	-18	30	6
	-25	-31	-18	-48	-26	-79	-63	3	-82	43	-5	0
	-35	-72	-40	-22	-38	-0	-19	-22	-22	-18	-18	-18
Net Cash Flow	2	13	-2	-14	1	4	14	23	-39	7	7	-11

Ratios

Figures in Rs. Crores

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	41	33	40	45	48	49	57	44	40	66	59	57
Inventory Days	15	12	15	20	21	21	20	23	28	39	32	28
Days Payable	53	47	51	47	44	46	58	42	39	57	51	49
Cash Conversion Cycle	4	-2	5	18	25	24	18	25	29	49	40	36
Working Capital Days	5	-2	11	22	31	28	23	25	30	49	41	43
ROCE %	31%	25%	24%	27%	20%	17%	18%	12%	6%	4%	1%	5%

Shareholding Pattern

Numbers in percentages

2 Recently

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	65.02%	65.02%	65.02%	65.02%	65.01%	65.01%	65.02%	65.02%	65.02%	65.02%	65.02%	65.02%
	0.48%	0.83%	0.79%	0.88%	1.25%	1.37%	1.36%	1.26%	1.53%	1.25%	1.27%	1.27%
	0.02%	0.03%	0.02%	0.02%	0.04%	0.03%	0.03%	0.03%	0.01%	0.01%	0.03%	0.01%
	34.48%	34.13%	34.17%	34.08%	33.70%	33.59%	33.59%	33.71%	33.45%	33.72%	33.68%	33.70%
No. of Shareholders	22,146	23,132	22,636	23,156	23,028	23,368	23,037	22,797	23,304	23,758	24,147	28,868

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	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%
	0.09%	0.75%	0.02%	0.07%	0.02%	0.02%	0.03%	0.01%
	32.13%	33.46%	34.46%	34.68%	34.57%	34.08%	33.71%	33.70%
No. of Shareholders	14,628	18,745	18,970	18,314	20,741	23,156	22,797	28,868

* 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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