Munjal Showa Ltd

Munjal Showa Ltd

₹ 161 0.29%
21 Jun - close price
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.

  • Market Cap 645 Cr.
  • Current Price 161
  • High / Low 212 / 122
  • Stock P/E 20.3
  • Book Value 166
  • Dividend Yield 2.79 %
  • ROCE 5.71 %
  • ROE 4.84 %
  • Face Value 2.00

Pros

  • Company is almost debt free.
  • Stock is trading at 0.97 times its book value

Cons

  • The company has delivered a poor sales growth of -6.82% over past five years.
  • Company has a low return on equity of 3.16% over last 3 years.
  • Earnings include an other income of Rs.33.1 Cr.
  • Working capital days have increased from 70.2 days to 127 days

* 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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Quarterly Results

Figures in Rs. Crores

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
316.47 196.58 301.14 265.97 296.25 317.74 316.41 307.53 298.85 287.87 287.26 303.32 294.29
309.23 201.61 296.90 265.63 287.59 314.51 313.40 299.52 282.91 280.82 289.00 299.91 287.55
Operating Profit 7.24 -5.03 4.24 0.34 8.66 3.23 3.01 8.01 15.94 7.05 -1.74 3.41 6.74
OPM % 2.29% -2.56% 1.41% 0.13% 2.92% 1.02% 0.95% 2.60% 5.33% 2.45% -0.61% 1.12% 2.29%
3.67 5.47 6.80 3.95 1.95 0.05 8.77 -0.11 15.12 11.18 5.98 9.82 6.13
Interest 0.01 0.02 0.00 0.03 0.00 0.01 0.02 0.01 0.01 0.00 0.00 0.00 0.00
Depreciation 3.69 3.22 3.25 3.09 2.89 2.93 2.85 2.99 3.02 3.02 3.08 3.13 3.05
Profit before tax 7.21 -2.80 7.79 1.17 7.72 0.34 8.91 4.90 28.03 15.21 1.16 10.10 9.82
Tax % 19.14% 20.71% 18.36% 17.09% 8.68% 8.82% 18.63% 35.92% 24.40% 16.11% -32.76% 14.46% 20.26%
5.82 -2.23 6.37 0.97 7.04 0.30 7.26 3.14 21.20 12.76 1.54 8.64 7.82
EPS in Rs 1.46 -0.56 1.59 0.24 1.76 0.08 1.82 0.79 5.30 3.19 0.39 2.16 1.96
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
1,578 1,595 1,643 1,502 1,460 1,581 1,669 1,288 1,085 1,060 1,241 1,173
1,471 1,489 1,516 1,389 1,360 1,468 1,581 1,233 1,061 1,052 1,210 1,157
Operating Profit 107 106 127 113 100 113 88 55 24 8 30 15
OPM % 7% 7% 8% 8% 7% 7% 5% 4% 2% 1% 2% 1%
-4 6 9 5 17 21 23 25 24 18 24 33
Interest 7 3 1 0 0 0 0 1 0 0 0 0
Depreciation 28 28 29 29 29 28 26 20 16 12 12 12
Profit before tax 68 80 106 88 88 105 86 58 31 14 42 36
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
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
Dividend Payout % 20% 20% 21% 26% 26% 23% 29% 42% 69% 148% 56% 0%
Compounded Sales Growth
10 Years: -3%
5 Years: -7%
3 Years: 3%
TTM: -5%
Compounded Profit Growth
10 Years: -7%
5 Years: -9%
3 Years: 12%
TTM: 43%
Stock Price CAGR
10 Years: 1%
5 Years: 2%
3 Years: -1%
1 Year: 21%
Return on Equity
10 Years: 7%
5 Years: 3%
3 Years: 3%
Last Year: 5%

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
Equity Capital 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
21 0 0 0 0 0 0 0 0 0 0 0
208 218 202 157 163 224 181 129 160 148 159 146
Total Liabilities 532 574 613 610 676 793 791 761 801 786 811 811
246 233 211 197 178 157 143 145 134 125 129 123
CWIP 7 1 2 3 3 1 3 2 1 6 2 0
Investments 20 30 68 82 171 244 243 319 292 307 313 322
259 311 332 328 324 391 402 295 374 349 367 366
Total Assets 532 574 613 610 676 793 791 761 801 786 811 811

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 43 127
ROCE % 25% 24% 27% 20% 17% 18% 12% 6% 4% 1% 5%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 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 22,14623,13222,63623,15623,02823,36823,03722,79723,30423,75824,14728,868

* 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.

Click on the line-items to see the names of individual entities.

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