Munjal Showa

₹158.7 2.1 | 1.3%

WEBSITE BSE:520043 NSE : MUNJAL SHOWA 10 May, 16:01

Market Cap ₹635 Cr.

Stock P/E 14.4

P/B 1

Current Price ₹158.7

Book Value ₹ 164.1

Face Value 2

52W High ₹211

Dividend Yield 2.84%

52W Low ₹ 95.4

Edit Ratio

Munjal Showa Research see more...

Overview Inc. Year: 1985Industry: Auto Ancillary

Munjal Showa Ltd is engaged in the manufacture of shock absorbers and struts. The Company operates as an ancillary and manufactures car additives for the two-wheeler and 4-wheeler enterprise, primary products being front forks, shock absorbers, struts, gas springs and window balancers for sale in home marketplace. It elements shock absorbers to car groups in India, Japan, Germany, the USA and the United Kingdom, among different markets. Its products function original gadget to a range of Maruti Suzuki motors and export models, Honda City automobile, a range of Hero Honda Motorcycles, Kawasaki Bajaj Motorcycles, Kinetic Scooters and Hero range of mini-bikes and mopeds, and Honda Motorcycles and Scooters India (Pvt) Ltd. Its shock absorbers, the front fork, struts and window balancers/gas springs are used in 2 and 4 wheeled automobiles. It has over three production places, 2 in Haryana and 1 in Uttarakhand.

Munjal Showa Share Price

New

Volume

Price

Price: NSE50 DMA200 DMAVolume

Quarterly Price

Quarterly Monthly

Show Value Show %

Peer Comparison

Munjal Showa Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	301	266	296	318	316	308	299	288	287	303
Other Income	7	4	2	6	9	1	4	11	7	10
Total Income	308	270	298	324	325	308	303	299	295	313
Total Expenditure	297	266	288	315	313	300	283	281	289	300
Operating Profit	11	4	11	10	12	9	20	18	6	13
Interest	0	0	0	0	0	0	0	0	0	0
Depreciation	3	3	3	3	3	3	3	3	3	3
Exceptional Income / Expenses	0	0	0	-6	0	-1	11	0	-1	0
Profit Before Tax	8	1	8	0	9	5	28	15	1	10
Provision for Tax	1	0	1	0	2	2	7	2	-0	1
Profit After Tax	6	1	7	0	7	3	21	13	2	9
Adjustments	0	0	0	0	0	0	-0	0	0	0
Profit After Adjustments	6	1	7	0	7	3	21	13	2	9
Adjusted Earnings Per Share	1.6	0.2	1.8	0.1	1.8	0.8	5.3	3.2	0.4	2.2

Munjal Showa Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1581	1598	1643	1502	1460	1581	1669	1288	1085	1060	1241	1177
Other Income	3	6	8	5	18	21	23	25	24	18	20	32
Total Income	1585	1604	1651	1507	1477	1602	1693	1313	1109	1078	1261	1210
Total Expenditure	1476	1493	1516	1390	1360	1468	1581	1233	1061	1052	1210	1153
Operating Profit	109	111	135	117	117	134	112	79	48	27	51	57
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
Exceptional Income / Expenses	-6	0	1	0	0	0	0	0	0	0	4	10
Profit Before Tax	68	80	106	88	88	105	86	58	31	14	42	54
Provision for Tax	7	10	31	27	27	28	23	16	5	2	10	10
Profit After Tax	61	70	76	61	61	78	63	43	26	12	32	45
Adjustments	0	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	61	70	76	61	61	78	63	43	26	12	32	45
Adjusted Earnings Per Share	15.2	17.4	18.9	15.3	15.2	19.4	15.7	10.6	6.5	3	8	11.1

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	17%	-1%	-5%	-2%
Operating Profit CAGR	89%	-14%	-18%	-7%
PAT CAGR	167%	-9%	-16%	-6%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	68%	5%	1%	6%
ROE Average	5%	4%	6%	12%
ROCE Average	7%	5%	8%	16%

Munjal Showa Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	303	356	411	453	513	570	611	633	641	637	651
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	0	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	20	13	11	10	38	35	26	22	13	14	19
Total Current Liabilities	209	205	191	147	156	221	178	118	148	138	149
Total Liabilities	532	574	613	610	706	825	815	772	803	790	820
Fixed Assets	246	233	211	197	178	157	143	145	134	125	129
Other Non-Current Assets	46	45	41	53	95	90	134	123	124	146	129
Total Current Assets	240	297	360	359	434	578	538	505	546	519	561
Total Assets	532	574	613	610	706	825	815	772	803	790	820

Munjal Showa Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	5	18	16	2	1	6	19	42	3	10	17
Cash Flow from Operating Activities	116	55	55	65	83	96	41	66	-18	30	6
Cash Flow from Investing Activities	-31	-18	-48	-26	-79	-63	3	-82	43	-5	0
Cash Flow from Financing Activities	-72	-40	-22	-38	-0	-19	-22	-22	-18	-18	-18
Net Cash Inflow / Outflow	13	-2	-14	1	4	14	23	-39	7	7	-11
Closing Cash & Cash Equivalent	18	16	2	2	6	19	42	3	10	17	5

Munjal Showa Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	15.17	17.43	18.91	15.29	15.18	19.38	15.65	10.64	6.54	3.04	7.98
CEPS(Rs)	22.08	24.53	26.08	22.62	22.45	26.44	22.14	15.73	10.6	6.15	10.92
DPS(Rs)	3	3.5	4	4	4	4.5	4.5	4.5	4.5	4.5	4.5
Book NAV/Share(Rs)	75.71	89.04	102.69	113.24	128.18	142.42	152.68	158.16	160.37	159.37	162.83
Core EBITDA Margin(%)	6.12	6.07	7.11	6.86	6.27	7.01	5.29	4.26	2.21	0.8	2.45
EBIT Margin(%)	4.36	4.79	5.99	5.39	5.54	6.54	5.14	4.58	2.93	1.33	3.42
Pre Tax Margin(%)	3.94	4.62	5.96	5.38	5.53	6.52	5.12	4.54	2.9	1.31	3.4
PAT Margin (%)	3.52	4.02	4.24	3.74	3.82	4.8	3.75	3.3	2.41	1.15	2.57
Cash Profit Margin (%)	5.12	5.66	5.85	5.54	5.64	6.55	5.3	4.88	3.91	2.32	3.52
ROA(%)	11.3	12.6	12.74	10.01	9.23	10.12	7.63	5.36	3.32	1.53	3.96
ROE(%)	21.72	21.16	19.72	14.16	12.58	14.32	10.61	6.84	4.1	1.9	4.95
ROCE(%)	23.05	24.42	27.89	20.41	18.26	19.54	14.54	9.5	4.98	2.21	6.58
Receivable days	33.62	33.51	38.9	44.95	45.13	49.6	48.53	48.03	56.58	63.17	53.51
Inventory Days	9.43	9.4	11.86	14.48	14.34	14.13	15.69	21.7	27.05	27.68	21.5
Payable days	49.28	48.57	48.31	47.93	45.69	50.31	47.93	47	50.88	53.38	45.78
PER(x)	3.76	4.8	9.29	10.69	14.14	10.55	10.59	5.62	21.15	32.24	10.64
Price/Book(x)	0.75	0.94	1.71	1.44	1.67	1.44	1.09	0.38	0.86	0.61	0.52
Dividend Yield(%)	5.26	4.18	2.28	2.45	1.86	2.2	2.71	7.53	3.25	4.59	5.3
EV/Net Sales(x)	0.15	0.2	0.43	0.43	0.58	0.5	0.37	0.18	0.5	0.35	0.27
EV/Core EBITDA(x)	2.12	2.86	5.19	5.55	7.27	5.96	5.55	2.96	11.29	14.06	6.58
Net Sales Growth(%)	1.58	1.05	2.82	-8.59	-2.81	8.34	5.56	-22.83	-15.75	-2.34	17.04
EBIT Growth(%)	-22.47	10.36	28.75	-17.57	0.05	19.89	-18.81	-31.23	-46.21	-55.44	199.77
PAT Growth(%)	-9.61	14.87	8.5	-19.14	-0.72	27.67	-19.25	-32.04	-38.55	-53.52	162.57
EPS Growth(%)	-9.61	14.87	8.5	-19.14	-0.72	27.67	-19.25	-32.04	-38.55	-53.52	162.58
Debt/Equity(x)	0.07	0	0	0	0	0	0	0	0	0	0
Current Ratio(x)	1.15	1.45	1.89	2.45	2.78	2.62	3.02	4.29	3.68	3.76	3.76
Quick Ratio(x)	0.96	1.21	1.58	2.02	2.39	2.33	2.57	3.67	3.09	3.23	3.27
Interest Cover(x)	10.26	29.01	172.61	308.51	390.53	335.93	302.21	103.47	103.09	51.81	186.03
Total Debt/Mcap(x)	0.09	0	0	0	0	0	0	0	0	0	0

Munjal Showa Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	65.02	65.02	65.02	65.02	65.02	65.02	65.02	65.02	65.02	65.02
FII	0.79	0.88	1.25	1.36	1.36	1.26	1.53	1.25	1.27	1.27
DII	0.02	0.02	0.02	0.03	0.02	0.02	0.01	0.01	0.03	0.01
Public	34.17	34.08	33.71	33.6	33.6	33.7	33.44	33.72	33.68	33.7
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6
FII	0.03	0.04	0.05	0.05	0.05	0.05	0.06	0.05	0.05	0.05
DII	0	0	0	0	0	0	0	0	0	0
Public	1.37	1.36	1.35	1.34	1.34	1.35	1.34	1.35	1.35	1.35
Others	0	0	0	0	0	0	0	0	0	0
Total	4	4	4	4	4	4	4	4	4	4

Pros

Debtor days have improved from 53.38 to 45.78days.
Company is almost debt free.

Cons

Company has a low return on equity of 4% over the last 3 years.
The company has delivered a poor profit growth of -16% over past five years.

* 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.