NSE: MUNJALSHOW · BSE: 520043
MUNJAL SHOWA LTD
Manufactures auto components for the automobile industry as a joint venture between the Indian Munjal promoter group (Dayanand Munjal Investments) and Japanese auto components major Astemo Ltd (formerly Hitachi Astemo, formerly Showa Corporation). FY26 revenue was Rs 1,315.42 crore, up 5.2% from the previous year. Raw materials are the biggest cost at 78% of revenue, followed by employee cost at 9.4% and other operating expenses at 11.3%. Net profit fell 24.2% to Rs 21.87 crore, hit by a one-time VRS separation cost of Rs 322.51 lakh and an exceptional gratuity charge of Rs 220.02 lakh linked to the new Labour Codes. The balance sheet is debt-free, with a debt-to-equity ratio of 0. Q4 FY26 alone posted a small loss of Rs 4.53 lakh, and operating cash flow turned negative on a sharp Rs 6,679.94 lakh build-up in trade receivables. The board has recommended a Rs 4.50 per share dividend for FY26. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Auto components. Auto components manufacturer run as an Indian-Japanese JV, low single-digit margins, zero debt
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,060 | 1,241 | 1,173 | 1,250 | 1,315 |
| EBITDA (ex other income) | 8 | 27 | 14 | 17 | 21 |
| margin % | 0.8 | 2.1 | 1.2 | 1.4 | 1.6 |
| Owners' profit | 12 | 25 | 31 | 29 | 22 |
| EPS, as reported (₹) | 3.04 | 7.98 | 1.96 | 7.22 | 5.47 |
| ROE % · ROCE % | 1.9 · 2.2 | 3.8 · 5.3 | 4.6 · 5.4 | 4.3 · 5.1 | 3.2 · 4.3 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 30 | 33 | 11 | 37 | (21) |
| Capex | (8) | (12) | 0 | (7) | (7) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 318 | 319 | 303 | 286 | 333 | 350 | 347 | 347 |
| Profit before tax | 1 | 8 | 13 | 10 | 4 | 15 | 1 | 13 |
| Net profit | 2 | 6 | 9 | 8 | 3 | 11 | (0) | 11 |
| EPS (₹) | 1.02 | 2.98 | 2.23 | 2.07 | 0.68 | 2.73 | (0.01) | 2.81 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.9 | 25.3 | 43 of 119 | 64% |
| P/B | 0.7 | 3.2 | 8 of 117 | 94% |
| ROCE | 4.3 | 12.6 | 101 of 125 | 19% |
| ROE | 3.2 | 11.7 | 98 of 117 | 16% |
| Debt / Equity | 0.0 | 0.3 | 1 of 117 | 85% |
| EBITDA margin | 4.5 | 12.2 | 109 of 118 | 8% |
| Revenue growth | 21.5 | 20.2 | 53 of 113 | 54% |
| Profit growth | 35.5 | 24.4 | 46 of 115 | 61% |
| Market cap | 495 | 1460 | 81 of 126 | 36% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · Routine quarterly compliance certificate filed for Q2 FY26 | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1, 2026 pending Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Tax assessment notice of Rs 3.27 Cr for AY 2008-09 to 2014-15 | regulatory legal | high | — | — |
| 24 Aug 2026 · Munjal Showa 41st AGM results: all 5 resolutions passed with about 99.88% votes | compliance | low | — | — |
| 24 Aug 2026 · Munjal Showa 41st AGM held on Aug 24, 2026 - 5 resolutions voted upon | board shareholder meetings | medium | — | — |
| 24 Aug 2026 · 41st AGM Proceedings: 5 resolutions voted, dividend and CMD reappointment on table | board shareholder meetings | low | — | — |
| 4 Aug 2026 · Q1 FY27 net profit up 36% YoY at Rs 11.23 crore | compliance | minimal | — | — |
| 3 Aug 2026 · Munjal Showa Q1 FY27: revenue up 21.5%, PAT up 35.6% YoY | results | high | — | — |
| 31 Jul 2026 · Newspaper notice for 41st AGM, e-voting, and book closure | compliance | minimal | — | — |
| 30 Jul 2026 · AGM on Aug 24, 2026; FY26 annual report and final dividend details | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.