Munjal Auto Industries Ltd

MUNJALAU

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Market Cap

₹ 794 Cr

P/E

30.76

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

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Overview

Detailed Summary

Munjal Auto Industries Ltd is a Hero Honda Group company specializing in superior light engineering automotive products. Its primary focus is on manufacturing auto components, with a major business relationship with Hero Honda Motors Ltd.

Initially concentrating on bicycles, Munjal Auto changed its focus to auto components in 1999, with successful projects on rims and mufflers, catering to international markets.

By 2001-2002, the company increased its production capacity significantly, enhancing the plant setup and overcoming financial challenges as it was no longer categorized as a sick company.

The company diversified by developing gear primary driven components and built plants at Waghodia to produce fuel tanks for TATA NANO cars, expanding its operations significantly.

Munjal Auto operationalized new factories at Haridwar, Bawal, and matured multiple expansion projects, demonstrating continual investment in growth and capacity development.

Sector

Auto Ancillaries

Industry

Auto Ancillaries - Others

Market Cap

794 Cr

Volatility

High Risk

P/E Ratio

30.8

Industry P/E

37.3

PEG Ratio

2.2

P/B Ratio

1.8

52W High

114.60

52W Low

60.04

Sales CAGR

9.81%

-9.37%

2.20%

10Y

3.06%

Profit CAGR

3.26%

13.85%

44.13%

10Y

4.83%

ROE

TTM

5.98%

11.13%

9.49%

10Y

9.69%

ROCE

TTM

9.56%

14.99%

13.19%

10Y

13.08%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BHARATSE	177.35	1,113 Cr	29.26	5.39	0.62	18.41	17.98	5.49
SAPL	2040.00	972 Cr	15692.31	55.30	0.00	0.34	1.35	0.16
ISTLTD	786.20	917 Cr	6.50	0.57	0.00	8.77	11.24	8.20
MUNJALAU	79.35	794 Cr	30.76	1.84	1.26	5.98	9.56	3.16
OBSCP	315.90	772 Cr	46.18	7.43	0.00	17.47	17.30	11.19
KINETICENG	284.50	676 Cr	156.91	6.22	0.00	3.96	5.53	1.54
MENONBE	106.55	595 Cr	21.82	3.74	1.88	17.16	19.06	11.17

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	509	545	422	406	510	522	522	512	491	584
Expenses	484	509	396	373	480	492	500	477	463	558
Operating Profit	25	36	26	34	30	31	22	35	28	26
OPM %	4.83	6.62	6.17	8.28	5.84	5.88	4.27	6.76	5.78	4.52
Other Income	10	7.15	-28	35	1.01	12	4.64	1.27	24	11
Interest	6.96	7.12	6.99	6.44	6.79	7.63	8.48	8.08	8.52	9.71
Depreciation	14	14	14	14	14	15	15	15	15	15
Profit Before Tax	14	22	-23	48	10	21	2.97	13	28	13
Tax %	28.13	32.96	0.26	24.66	-2.25	1.50	167.34	18.15	32.05	-6.90
Net Profit	10	15	-23	36	10	20	-1.99	10	19	13
EPS in Rs	0.99	1.38	-1.22	2.72	1.17	1.86	-0.22	0.83	1.58	1.12

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,214	1,236	2,123	1,916	1,984	1,882	2,066	2,066
Expenses	1,145	1,190	2,040	1,833	1,894	1,761	1,949	1,949
Operating Profit	69	45	82	83	90	120	117	117
OPM %	5.70	3.66	3.89	4.32	4.53	6.40	5.68	5.68
Other Income	4.07	5.09	5.33	5.45	60	24	19	19
Interest	4.28	12	16	12	27	28	31	31
Depreciation	20	31	39	36	53	56	59	59
Profit Before Tax	49	6.74	33	41	70	61	46	46
Tax %	23.39	44.50	38.39	27.19	26.52	37.90	15.36	15.78
Net Profit	37	3.74	20	30	52	38	39	39
EPS in Rs	3.69	0.37	2.05	2.97	5.58	3.87	3.64	3.31
Dividend Payout %	27.78	0.00	0.00	33.78	35.65	51.95	27.47	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	20	20	20	20	20	20	20
Reserves	277	269	291	317	364	381	396
Borrowings	37	109	147	116	282	276	350
Other Liabilities	230	398	406	508	610	540	471
Total Liabilities	564	796	863	961	1,276	1,218	1,237
Fixed Assets	200	343	303	263	416	398	439
CWIP	25	1.66	1.16	4.21	8.17	8.51	18
Investments	7.47	21	26	118	104	172	130
Other Assets	332	430	533	576	747	639	650
Total Assets	564	796	863	961	1,276	1,218	1,237

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	26	87	59	137	—	—	25
Cash from Investing Activity	-15	-139	-14	-99	0.00	0.00	-9.25
Cash from Financing Activity	-5.09	47	-45	-50	—	—	-15
Net Cash Flow	5.68	-5.03	-0.36	-13	0.00	0.00	0.91

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	74.81%	74.81%	74.81%	74.81%	74.81%	74.81%	74.81%	74.81%	74.81%	74.81%	74.81%	74.81%
FIIs	0.08%	0.00%	0.05%	0.00%	0.02%	0.00%	0.01%	0.03%	0.03%	0.07%	0.04%	0.01%
DIIs	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.10%	0.03%
Public	25.08%	25.17%	25.12%	25.16%	25.15%	25.16%	25.16%	25.13%	25.13%	25.10%	25.06%	25.16%
Total Shareholders	39,335	39,349	38,919	38,211	40,130	44,286	45,332	50,878	48,939	49,044	48,072	50,063

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Sep 29, 2025	Hrti private limited	Bulk	Buy	109.68	5.65 Cr	5,15,214	0.51
Sep 29, 2025	Hrti private limited	Bulk	Sell	109.72	5.76 Cr	5,24,543	0.52
Sep 02, 2024	Qe securities llp	Bulk	Sell	118.94	7.11 Cr	5,98,069	0.59
Sep 02, 2024	Hrti private limited	Bulk	Sell	118.78	8.62 Cr	7,26,021	0.72
Sep 02, 2024	Hrti private limited	Bulk	Buy	118.76	8.37 Cr	7,04,435	0.70
Sep 02, 2024	Qe securities llp	Bulk	Buy	118.97	6.19 Cr	5,20,716	0.52
Aug 01, 2024	Graviton research capital llp	Bulk	Buy	111.00	8.58 Cr	7,72,896	0.77
Aug 01, 2024	Graviton research capital llp	Bulk	Sell	111.00	8.58 Cr	7,72,646	0.77
Jul 31, 2024	Graviton research capital llp	Bulk	Buy	103.21	5.95 Cr	5,76,899	0.57
Jul 31, 2024	Graviton research capital llp	Bulk	Sell	103.13	5.95 Cr	5,77,149	0.57

Projection

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Overall

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BHARATSE	177.35	1,113 Cr	29.26	5.39	0.62	18.41	17.98	5.49
SAPL	2040.00	972 Cr	15692.31	55.30	0.00	0.34	1.35	0.16
ISTLTD	786.20	917 Cr	6.50	0.57	0.00	8.77	11.24	8.20
MUNJALAU	79.35	794 Cr	30.76	1.84	1.26	5.98	9.56	3.16
OBSCP	315.90	772 Cr	46.18	7.43	0.00	17.47	17.30	11.19
KINETICENG	284.50	676 Cr	156.91	6.22	0.00	3.96	5.53	1.54
MENONBE	106.55	595 Cr	21.82	3.74	1.88	17.16	19.06	11.17

Overview

Detailed Summary

Initially concentrating on bicycles, Munjal Auto changed its focus to auto components in 1999, with successful projects on rims and mufflers, catering to international markets.

By 2001-2002, the company increased its production capacity significantly, enhancing the plant setup and overcoming financial challenges as it was no longer categorized as a sick company.

The company diversified by developing gear primary driven components and built plants at Waghodia to produce fuel tanks for TATA NANO cars, expanding its operations significantly.

Munjal Auto operationalized new factories at Haridwar, Bawal, and matured multiple expansion projects, demonstrating continual investment in growth and capacity development.

Sector

Auto Ancillaries

Industry

Auto Ancillaries - Others

Market Cap

794 Cr

Volatility

High Risk

P/E Ratio

30.8

Industry P/E

37.3

PEG Ratio

2.2

P/B Ratio

1.8

52W High

114.60

52W Low

60.04

Sales CAGR

9.81%

-9.37%

2.20%

10Y

3.06%

Profit CAGR

3.26%

13.85%

44.13%

10Y

4.83%

ROE

TTM

5.98%

11.13%

9.49%

10Y

9.69%

ROCE

TTM

9.56%

14.99%

13.19%

10Y

13.08%