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Menon Pistons Ltd (531727)

📊 BSE: 531727 🏢 Auto Components & Equipments 📢 Latest filing: 05 Aug 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Menon Pistons' revenue was ₹83.3 Cr (+3.7% year on year, +13.7% on the previous quarter), and net profit ₹8.2 Cr (+5.9% year on year); the operating margin was 17.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹83.3	+3.7%	+13.7%
Operating profit	₹14.4	+6.5%	+73.3%
Net profit	₹8.2	+5.9%	+85.4%
EPS (₹)	1.61	+5.9%	+85.1%
Operating margin	17.3%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Menon Pistons Appoints New Independent and Executive Directors Following AGM Approval

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 05 Aug 2026, 07:47 PM

Shareholders of Menon Pistons approved the appointment of Mr. Gurudas Kamalakar Chorage as an Independent Director for a three-year term ending June 2029. Additionally, Ms. Nivedita Sachin Menon, daughter of the CMD, was appointed as an Executive Director. Ms. Nivedita holds 4,208,660 shares in the company, representing a significant individual stake. These appointments, initially made by the Board in June 2026, were regularized at the 49th Annual General Meeting held on August 5, 2026.

Mr. Gurudas Chorage appointed as Independent Director for a 3-year term from June 18, 2026, to June 17, 2029
Ms. Nivedita Sachin Menon holds 4,208,660 shares in the company as of her appointment date
Shareholder approval for both appointments was finalized at the 49th AGM on August 5, 2026
Mr. Chorage brings over 15 years of experience in Audit, Assurance, and Corporate Governance
Ms. Nivedita Menon transitions from a Management Trainee role to Executive Director

💡 Investors should monitor if the new Executive Director's focus on manufacturing operations and process improvement contributes to operational efficiency in upcoming quarterly results.

Rs 8.23 Cr PAT; Menon Pistons Reports 6% YoY Profit Growth in Q1 FY27

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 05 Aug 2026, 01:07 PM

Menon Pistons reported a consolidated revenue of ₹83.26 Cr for Q1 FY27, representing a 3.7% increase compared to ₹80.29 Cr in the same quarter last year. Net profit grew by 5.9% YoY to ₹8.23 Cr, showing a strong sequential recovery from the ₹4.44 Cr reported in Q4 FY26. The company successfully reduced its finance costs by 29.7% YoY to ₹0.73 Cr. Earnings Per Share (EPS) for the quarter improved to ₹1.61 from ₹1.52 in the year-ago period.

Consolidated Revenue from operations stood at ₹83.26 Cr, up 3.7% from ₹80.29 Cr in Q1 FY26.
Consolidated Net Profit reached ₹8.23 Cr, a 5.9% increase YoY and a significant 85.4% jump sequentially from Q4 FY26.
Finance costs decreased to ₹0.73 Cr from ₹1.04 Cr in the corresponding quarter of the previous year.
Consolidated EPS for the quarter improved to ₹1.61 compared to ₹1.52 in Q1 FY26.
Total expenses rose to ₹72.92 Cr, primarily driven by a 6.7% increase in raw material costs to ₹36.67 Cr.

💡 Investors should monitor the margin sustainability as raw material costs rise, and track the performance of subsidiaries Lunar Enterprise and Rapid Machining which contribute to the consolidated growth.

Menon Pistons Q1 FY27 PAT Rises 5.9% YoY to ₹8.23 Cr; Strong Sequential Recovery

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 05 Aug 2026, 12:59 PM

Menon Pistons reported a steady performance for Q1 FY27, with consolidated revenue growing 3.7% YoY to ₹83.26 cr. Net profit increased by 5.9% YoY to ₹8.23 cr, while showing a significant sequential recovery of 85.3% compared to the ₹4.44 cr reported in the preceding March 2026 quarter. The company maintained stable margins despite industry-wide raw material pressures, with consolidated EPS rising to ₹1.61 from ₹1.52 YoY. Standalone operations contributed approximately 79% of the total consolidated revenue.

Consolidated Revenue from operations stood at ₹83.26 cr for the quarter ended June 30, 2026.
Consolidated Net Profit reached ₹8.23 cr, representing a 5.9% growth over the ₹7.77 cr reported in Q1 FY26.
Sequential PAT growth was a robust 85.3% compared to the ₹4.44 cr earned in Q4 FY26.
Consolidated EPS for the quarter improved to ₹1.61 from ₹1.52 in the year-ago period.
Total consolidated expenses were managed at ₹72.92 cr against a total income of ₹83.81 cr.

💡 Investors should monitor the performance of subsidiaries Lunar Enterprise and Rapid Machining, which are key to the company's strategy of increasing high-margin machined components. Watch for management commentary on raw material price pass-throughs to OEMs in upcoming interactions.

Board Meeting Scheduled for August 5, 2026, to Approve Q1 FY27 Results

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 25 Jul 2026, 04:31 PM

Menon Pistons Ltd has scheduled a board meeting on August 5, 2026, to approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company reported a TTM revenue of ₹304 crore and a PAT of ₹26 crore. Investors will be comparing these results against the June 2025 quarter, which saw revenue of ₹80.29 crore and an EPS of ₹1.52. The trading window for insiders has been closed since July 1, 2026, in compliance with SEBI regulations.

Board meeting to be held on August 5, 2026, for Q1 FY27 results approval
Trading window closed from July 1, 2026, until 48 hours post-announcement
Previous year's corresponding quarter (Jun 2025) revenue stood at ₹80.29 crore
Most recent quarter (Mar 2026) reported revenue of ₹73.22 crore and PAT of ₹4.44 crore
Company maintains a high promoter holding of 74.37% as of March 2026

💡 Watch for the earnings release on August 5 to evaluate if the company can maintain its TTM OPM of 15.4% amid raw material price pressures.

July 28 Fixed as Record Date for Final Dividend and 49th AGM

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 11 Jul 2026, 03:07 PM

Menon Pistons Ltd has scheduled its 49th Annual General Meeting (AGM) and fixed July 28, 2026, as the record date for determining shareholder eligibility for the final dividend of FY 2025-26. The register of members and share transfer books will remain closed from July 29, 2026, to August 5, 2026. Shareholders holding shares as of the record date will be entitled to the dividend, provided it is approved by members at the upcoming AGM. This is a routine administrative procedure following the end of the financial year.

Record Date (Cut-off Date) for final dividend eligibility is July 28, 2026
Book closure period spans from July 29, 2026, to August 5, 2026
The company will conduct its 49th Annual General Meeting (AGM) during this period
Dividend payment is subject to approval by members at the ensuing AGM

💡 Educational: Investors should note the record date of July 28 to ensure they are eligible for the dividend; the stock will likely trade ex-dividend one business day prior to this date.

Menon Pistons Ltd Submits 49th Annual Report; Trade Receivables at 45.07% of Current Assets

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Jul 2026, 03:03 PM

Menon Pistons has released its 49th Annual Report for FY 2025-26, scheduling the Annual General Meeting (AGM) for August 5, 2026. The report highlights a dividend declaration and several board changes, including the appointment of Ms. Nivedita Menon as an Executive Director. A key audit matter identified by auditors is the management of trade receivables, which stand at ₹45.41 crore, representing a substantial 45.07% of total current assets. The company is also seeking shareholder ratification for a ₹1.50 lakh remuneration for cost auditors for the 2026-27 fiscal year.

Trade receivables (net) reported at ₹4,540.94 lakhs (₹45.41 crore) as of March 31, 2026.
Receivables account for 45.07% of the company's total current assets, identified as a Key Audit Matter.
AGM scheduled for August 5, 2026, to transact business including dividend declaration and director appointments.
Proposed remuneration for Cost Auditors (M/s. C S Adawadkar & Co.) is ₹1,50,000 plus taxes for FY 2026-27.
Appointment of Mr. Gurudas Kamalakar Chorage as Independent Director for a 3-year term ending June 17, 2029.

💡 Investors should review the Management Discussion and Analysis section for sector outlook and monitor the efficiency of receivable collections in upcoming quarterly results to ensure liquidity remains stable.

Menon Pistons Schedules 49th AGM for Aug 5; Proposes Dividend and New Director Appointments

🟡 NEUTRAL ⭐ 5/10

MANAGEMENT 📅 11 Jul 2026, 02:56 PM

Menon Pistons Limited has scheduled its 49th Annual General Meeting (AGM) for August 5, 2026, to approve the FY26 financial results and declare a final dividend. The company is seeking shareholder approval for the appointment of Ms. Nivedita Menon as an Executive Director with a proposed remuneration of ₹7.55 Lakhs for the initial period ending March 2027. Additionally, Mr. Gurudas Kamalakar Chorage is proposed as an Independent Director for a three-year term. The cut-off date for determining dividend eligibility and e-voting rights is July 28, 2026.

49th Annual General Meeting scheduled for August 5, 2026, via video conferencing.
Cut-off date for final dividend eligibility and e-voting set for July 28, 2026.
Proposed remuneration for new Executive Director Ms. Nivedita Menon is ₹7.55 Lakhs for the period June 18, 2026, to March 31, 2027.
Appointment of Mr. Gurudas Kamalakar Chorage as Independent Director for a term of 3 years (2026-2029).
Ratification of Cost Auditor remuneration at ₹1,50,000 plus taxes for FY 2026-27.

💡 Investors should note the July 28 cut-off date for dividend eligibility and monitor the AGM proceedings for updates on the company's manufacturing strategy as new family members take on executive roles.

View All 531727 Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue was INR 254.45 Cr in FY25, a marginal decline of 0.5% from INR 255.72 Cr in FY24. Standalone revenue, primarily from pistons and pins, grew 1.69% YoY to INR 212.35 Cr.

Geographic Revenue Split

The company caters to both domestic and export markets, though specific percentage splits by region are not disclosed in available documents.

Profitability Margins

Consolidated PAT margin was 9.37% in FY25 compared to 10.34% in FY24. Standalone Net Profit Margin decreased by 29% to 8.16% in FY25, primarily because the previous year included a one-time dividend from a subsidiary.

EBITDA Margin

Consolidated PBILDT margin was 17.10% in FY25 (INR 43.52 Cr) vs 17.82% in FY24 (INR 45.56 Cr). Standalone PBILDT margin was 15.16% in FY25.

Capital Expenditure

The company expanded installed capacity for Pistons/Assemblies from 25 lakh to 36 lakh units (44% increase) and Gudgeon Pins from 19 lakh to 27 lakh units (42% increase) between FY24 and FY25. Planned capex includes ongoing solar power projects.

Credit Rating & Borrowing

CARE A-; Stable (Long-term) and CARE A2+ (Short-term) reaffirmed in July 2025. Interest coverage ratio remained strong at 21.66x (Consolidated) and 14.82x (Standalone) for FY25.

⚙️ Operational Drivers

Raw Materials

Steel, Aluminium, Copper, and Precious metals.

Capacity Expansion

Current installed capacity (FY25): Pistons/Piston Assemblies at 36 lakh units, Gudgeon Pins at 27 lakh units, and Plungers at 24 thousand units.

Raw Material Costs

Raw material prices for steel and aluminium are volatile; escalating prices pose a direct threat to margins on pistons and pins. Procurement strategies focus on mitigating these fluctuations.

Manufacturing Efficiency

PBILDT margin improved to 19.21% in Q1FY25 (from 18.42% in Q1FY24) due to an increased portion of machined components in the sales mix.

📈 Strategic Growth

Growth Strategy

Growth is driven by increasing the portion of higher-margin machined components, leveraging expanded capacity (Pistons up 44%), and acquiring new business from diverse automotive segments. The company also focuses on the non-cyclical replacement market to stabilize revenue.

Products & Services

Pistons, Piston Assemblies, Gudgeon Pins, Plungers, Piston Rings, and Auto shafts.

Brand Portfolio

Menon Pistons, Lunar Enterprises Private Limited (LEPL).

New Products/Services

Increasing focus on machined components and technology-upgraded pistons to meet BSVI and OBD-II standards.

Market Expansion

Focus on Tractor and Commercial Vehicle segments in both domestic and export markets.

Strategic Alliances

Group entities include Menon Piston Rings Private Limited, Menon Engineering Services, and Menon Exports.

🌍 External Factors

Industry Trends

The industry is transitioning toward BSVI, OBD-II, and scrappage policies, leading to a shift in vehicle technology and requiring manufacturers to innovate rapidly.

Competitive Landscape

Highly fragmented industry with significant competition from both organized and unorganized sectors.

Competitive Moat

Moat is built on long-term business relationships with major OEMs and a strong presence in the lucrative, non-cyclical engine overhauling (replacement) segment.