🔍

Munjal Showa Limited (MUNJALSHOW)

₹123.44 +1.15% last close, 16 Oct

📊 NSE: MUNJALSHOW 🏢 Auto Ancillaries 📢 Latest filing: 24 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Munjal Showa's revenue was ₹347 Cr (+21.5% year on year, +0.1% on the previous quarter), and net profit ₹11.2 Cr (+35.6% year on year); the operating margin was 0.7%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹347	+21.5%	+0.1%
Operating profit	₹2.4	+55.8%	from loss
Net profit	₹11.2	+35.6%	from loss
EPS (₹)	2.81	+35.7%	from loss
Operating margin	0.7%	—	—

Full quarterly financials → Results calendar →

MUNJALSHOW delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 44.32% of the MUNJALSHOW shares traded on NSE were taken to delivery, against the stock's own 20-session average of 60.07%. That is lower than usual for this stock. Turnover was only ₹62 lakh, so a handful of trades can move this figure.

44.32%Delivery, 16 Oct

60.07%Own 20-session average

1.6×Volume vs its average

₹123.44NSE close · +1.15%

Delivery in the last 5 sessions: 58.8% · 55.1% · 71.5% · 74.2% · 44.3%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Munjal Showa Receives Rs 3.27 Cr Entry Tax Assessment Notices for AY 2008-09 to 2014-15

🟡 NEUTRAL ⭐ 3/10

LEGAL 📅 24 Sep 2026, 05:35 PM

Munjal Showa Limited has received assessment notices under the Haryana Tax on Entry of Goods into Local Areas Act, 2008, totaling Rs 3.27 crore. The notices from the Excise & Taxation Officer Gurugram cover seven assessment years from AY 2008-09 to AY 2014-15. The proposed tax claims range from Rs 0.33 crore to Rs 0.63 crore per fiscal year. Management stated that it considers the demands unmaintainable, is exploring legal remedies, and expects no material impact on its financial position.

Aggregate proposed tax assessment of Rs 3.27 crore received from Excise & Taxation Department, Gurugram
Notices span seven Assessment Years from AY 2008-09 (Rs 0.33 crore) through AY 2014-15 (Rs 0.63 crore)
Total demand represents ~0.48% of the company's net worth of Rs 678 crore and ~39.5% of Q1 FY26 net profit of Rs 8.28 crore
Company is evaluating legal remedies and does not expect any material operational or financial impact

💡 Track subsequent disclosures to see if appeals are filed before appellate authorities or if any pre-deposit is required.

Munjal Showa Shareholders Approve All 5 AGM Resolutions With 99.88% Favour

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Aug 2026, 07:33 PM

Munjal Showa Limited submitted the voting results and Scrutinizer's report for its 41st Annual General Meeting held on August 24, 2026. A total of 26,071,405 votes were polled across 39,995,000 outstanding shares (65.19% turnout). All five resolutions, including the adoption of FY26 financials, declaration of final dividend for FY26, and re-appointment of Mr. Yogesh Chander Munjal as Chairman & Managing Director, were approved with a 99.88% majority.

All 5 ordinary and special resolutions approved with 99.8833% total votes in favour
Overall shareholder turnout stood at 65.1867% (26,071,405 votes polled on 39,995,000 shares)
Special Resolution passed for the re-appointment of Mr. Yogesh Chander Munjal as CMD
Approval of FY26 financial statements and final dividend for FY 2025-26 completed
Total shareholder base stood at 29,859 on the record date of August 17, 2026

💡 Track subsequent corporate disclosures for dividend disbursement timelines and updates on EV component adoption and OEM volumes.

Munjal Showa Concludes 41st AGM; Re-appointment of CMD & Dividend Approval Tabled

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Aug 2026, 06:09 PM

Munjal Showa Limited conducted its 41st Annual General Meeting on August 24, 2026, via video conferencing with 101 members present. Key agenda items voted upon included the adoption of FY2025-26 audited financial statements, approval of a final dividend, and the re-appointment of Mr. Yogesh Chander Munjal as Chairman & Managing Director. The secretarial audit report flagged minor historical non-compliances, including a temporary board strength deficit in early FY2025-26 and digital database tracking gaps under insider trading rules, which management noted have since been resolved. Voting results will be declared within two working days.

41st AGM conducted on August 24, 2026, with 101 members attending via video conferencing.
Shareholders voted on 5 resolutions, including dividend declaration and re-appointment of CMD Yogesh Chander Munjal.
Secretarial audit flagged past shortfall of minimum 6 directors between April 8, 2025, and May 26, 2025, since rectified.
Final scrutinizer voting results to be announced within 2 working days from conclusion of the meeting.

💡 Track the formal disclosure of voting results and scrutinizer report within two working days to confirm passing of the dividend and board re-appointments.

35.6% YoY PAT Growth in Q1 FY27; Revenue up 21.5% to ₹347.5 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 03 Aug 2026, 02:02 PM

Munjal Showa reported a 21.5% YoY increase in revenue to ₹347.50 crore for the quarter ended June 30, 2026. Net profit grew by 35.6% YoY to ₹11.23 crore, up from ₹8.28 crore in the previous year's corresponding quarter. Sequentially, while revenue remained flat compared to Q4 FY26 (₹347.07 crore), the company achieved a significant turnaround from a marginal loss in the previous quarter to a profit of ₹11.23 crore. The company remains debt-free with a net worth of ₹678 crore, though operating margins remain thin.

Revenue from operations grew 21.5% YoY to ₹347.50 crore from ₹286.04 crore.
Net profit increased 35.6% YoY to ₹11.23 crore, resulting in an EPS of ₹2.81.
Other income contributed ₹13.07 crore to the total income of ₹360.57 crore.
Employee benefit expenses rose 20.8% YoY to ₹33.82 crore.
The company turned around from a net loss of ₹0.045 crore in Q4 FY26 to a profit of ₹11.23 crore in Q1 FY27.

💡 Investors should monitor the company's ability to improve operating leverage and diversify its customer base beyond Hero MotoCorp, as well as the adoption rate of its new EV components.

Aug 5 Record Date for Final Dividend; 41st AGM Scheduled for Aug 24, 2026

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 30 Jul 2026, 06:47 PM

Munjal Showa Limited has announced its 41st Annual General Meeting (AGM) for August 24, 2026, to be conducted via video conferencing. The company has established August 5, 2026, as the record date for determining shareholder eligibility for the final dividend of FY 2025-26. Shareholders as of the cut-off date of August 17, 2026, will be eligible to vote on AGM resolutions. If approved, the dividend will be paid to eligible shareholders on or before September 23, 2026.

41st Annual General Meeting scheduled for August 24, 2026, at 11:00 AM
Record date for final dividend eligibility set for August 5, 2026
Dividend payment to be completed on or before September 23, 2026
Cut-off date for e-voting eligibility is August 17, 2026
E-voting period runs from August 21 (9:00 AM) to August 23 (5:00 PM), 2026

💡 Shareholders should ensure their KYC, PAN, and bank account details are updated with their Depository Participant or the RTA before the August 5 record date to ensure seamless dividend credit.

₹4.50 Dividend and 5-Year CMD Re-appointment Proposed in AGM Notice

🟡 NEUTRAL ⭐ 5/10

BOARD_MEETING 📅 30 Jul 2026, 06:35 PM

Munjal Showa Limited has scheduled its 41st Annual General Meeting (AGM) for August 24, 2026. The board has proposed a final dividend of ₹4.50 per equity share for FY25-26, representing a 225% payout on the ₹2 face value. For the full year FY26, the company reported a gross turnover of ₹1,315.42 crore and a PAT of ₹21.87 crore. A significant agenda item is the re-appointment of Mr. Yogesh Chander Munjal as CMD for five years, despite the company noting that current profits are 'inadequate' to cover managerial remuneration under standard regulatory limits.

Proposed final dividend of ₹4.50 per equity share for the financial year 2025-26
Reported FY25-26 gross turnover of ₹1,31,542 lakhs (approx. ₹1,315.42 crore)
Reported FY25-26 Profit After Tax (PAT) of ₹2,187.17 lakhs (approx. ₹21.87 crore)
Proposed 5-year re-appointment of Mr. Yogesh Chander Munjal as CMD from September 1, 2026, to August 31, 2031
Export performance remains low with total foreign exchange collections of only ₹20.73 lakhs

💡 Investors should monitor the AGM voting results on August 24, 2026, specifically the special resolution regarding CMD remuneration given the 'inadequate profits' disclosure.

MCA Approves Appointment of Mr. Hitoshi Fukagawa as Joint MD for 5-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 15 Jul 2026, 12:09 PM

Munjal Showa Limited has received formal approval from the Ministry of Corporate Affairs (MCA) for the appointment of Mr. Hitoshi Fukagawa as Joint Managing Director. The appointment is for a five-year term, effective retrospectively from May 29, 2024, to May 28, 2029. This approval follows a condonation of delay granted by the Registrar of Companies (RoC) on May 21, 2026, regarding the original application. The matter is now concluded, resolving a procedural administrative delay in the company's leadership structure.

Appointment of Mr. Hitoshi Fukagawa as Joint Managing Director for a 5-year term
Effective period of appointment is from May 29, 2024, to May 28, 2029
MCA approval letter dated July 14, 2026, received following a delay condonation
RoC Haryana granted condonation of delay via an adjudication order dated May 21, 2026

💡 Investors should monitor if this leadership stability assists the company in its stated strategy of diversifying its product profile and customer base beyond Hero MotoCorp.

Munjal Showa Submits Quarterly Compliance Certificate for Dematerialization (June 2026)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Jul 2026, 02:36 PM

Munjal Showa has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that the company's Registrar and Share Transfer Agent, MCS Share Transfer Agent Limited, processed all dematerialization requests for the quarter ended June 30, 2026. Specifically, it confirms that physical share certificates were mutilated and cancelled within 15 days of receipt, and the depository's name was substituted in the records. This is a standard administrative procedure with no impact on business operations or financials.

Compliance certificate issued for the quarter ended June 30, 2026
Dematerialization requests processed within the mandatory 15 days of receipt
Confirmation provided by Registrar and Share Transfer Agent, MCS Share Transfer Agent Limited
Physical certificates mutilated and cancelled as per SEBI regulations

💡 No action is required as this is a routine regulatory filing. Investors should focus on the upcoming quarterly financial results for operational updates.

Munjal Showa to Close Trading Window from July 1, 2026, for Q1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Jun 2026, 11:34 AM

Munjal Showa Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI insider trading regulations. This closure is ahead of the announcement of the unaudited financial results for the quarter ending June 30, 2026. The window will remain closed for all designated persons until 48 hours after the results are declared. This is a standard regulatory procedure and does not indicate any fundamental change in the company's operations.

Trading window closure starts on July 01, 2026.
Closure pertains to the Unaudited Financial Results for the quarter ending June 30, 2026.
Window reopens 48 hours after the official declaration of the results.
The restriction applies to all Designated Persons and their immediate relatives.

💡 This is a routine administrative update; investors should focus on the upcoming quarterly results for fundamental analysis.

Munjal Showa Sets August 05, 2026, as Record Date for Final Dividend of FY 2025-26

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 02 Jun 2026, 03:02 PM

Munjal Showa Limited has officially designated August 05, 2026, as the record date to determine shareholder eligibility for the final dividend of the financial year 2025-26. This payout is subject to the approval of shareholders at the company's upcoming 41st Annual General Meeting. Investors who hold the stock as of the record date will be entitled to receive the dividend once approved. The announcement follows a prior board recommendation made on May 29, 2026.

Record date for final dividend eligibility is fixed as Wednesday, August 05, 2026.
The dividend relates to the financial performance of the 2025-26 fiscal year.
Final distribution is subject to shareholder approval at the 41st Annual General Meeting.
The company is complying with Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors seeking to qualify for the dividend should ensure they hold the shares in their demat accounts by the record date of August 05, 2026. Monitor the ex-dividend date, which usually occurs one working day prior to the record date, to time any new purchases correctly.

Munjal Showa Amends Insider Trading and UPSI Disclosure Codes

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 29 May 2026, 07:35 PM

Munjal Showa Limited has updated its internal Code of Conduct for Fair Disclosure of Unpublished Price Sensitive Information (UPSI) and its Code for Regulating, Monitoring, and Reporting Trading by Insiders. These amendments, approved by the Board on May 29, 2026, align the company with SEBI (Prohibition of Insider Trading) Regulations. The updated codes provide clearer definitions for 'Designated Persons' and 'Connected Persons' while establishing strict protocols for trading plans and the handling of sensitive information.

Board of Directors approved amended Insider Trading and UPSI disclosure codes on May 29, 2026.
Trading plans for insiders now require a mandatory 120-day cooling-off period between public disclosure and the start of trading.
The definition of 'Designated Persons' has been expanded to include all Directors, KMPs, Promoters, and specific employees in finance, accounts, and legal departments.
The Compliance Officer is mandated to report to the Board of Directors or Audit Committee at least once per year.
UPSI is explicitly defined to include financial results, dividends, capital structure changes, and significant corporate events like mergers or forensic audits.

💡 No immediate action is required as this is a routine regulatory compliance update. Investors should view this as a positive sign of the company's commitment to corporate governance and transparency.

Munjal Showa Recommends Rs 4.50 Final Dividend for FY 2025-26

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 29 May 2026, 06:18 PM

Munjal Showa Limited has recommended a final dividend of Rs. 4.50 per equity share of face value Rs. 2 each for the financial year 2025-26, representing a 225% payout. The dividend is subject to shareholder approval at the 41st Annual General Meeting scheduled for August 24, 2026. The Board also approved the re-appointment of Mr. Yogesh Chander Munjal as Chairman & Managing Director for a five-year term starting September 2026. The company's financial results for the year ended March 31, 2026, received an unmodified audit opinion from Deloitte Haskins & Sells LLP.

Recommended a final dividend of Rs. 4.50 per equity share (225% of face value).
Book closure for dividend entitlement is set from August 6, 2026, to August 24, 2026.
Re-appointment of Mr. Yogesh Chander Munjal as CMD for a 5-year term until August 2031.
Statutory auditors issued an unmodified opinion on the audited financial results for FY 2025-26.
Appointment of M/s Vaish & Associates as Internal Auditors for the financial year 2026-27.

💡 Investors interested in the dividend should ensure they hold the stock before the book closure begins on August 6, 2026. The re-appointment of the CMD ensures leadership continuity, which is a positive signal for long-term stability.

Munjal Showa Recommends 225% Dividend and Re-appoints CMD for 5-Year Term

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 29 May 2026, 06:07 PM

Munjal Showa Limited has recommended a final dividend of INR 4.50 per equity share (225%) for the financial year 2025-26. The Board has also approved the re-appointment of Mr. Yogesh Chander Munjal as Chairman & Managing Director for a five-year term starting September 1, 2026. The company's audited financial results for the year ended March 31, 2026, received an unmodified audit opinion from Deloitte Haskins & Sells LLP. The Annual General Meeting is scheduled for August 24, 2026, with the book closure period starting August 6, 2026.

Recommended a dividend of 225% or INR 4.50 per equity share of face value INR 2 each
Re-appointed Mr. Yogesh Chander Munjal as Chairman & Managing Director for 5 years effective Sept 1, 2026
Statutory auditors issued an unmodified (clean) opinion on the FY26 financial results
Book closure for dividend entitlement set from August 6 to August 24, 2026
Appointed M/s Vaish & Associates as Internal Auditors for the upcoming FY 2026-27

💡 Investors should track the book closure date of August 6, 2026, to ensure eligibility for the INR 4.50 dividend. The re-appointment of the long-standing CMD suggests management stability and continuity in business strategy.

Munjal Showa Receives ₹37.35 Lakh Income Tax Penalty for AY 2015-16

🔴 NEGATIVE ⭐ 3/10

LEGAL 📅 13 Apr 2026, 04:35 PM

Munjal Showa Limited has received a demand notice and penalty order from the Income Tax Department for the Assessment Year 2015-16. The order imposes a penalty of ₹37.35 lakhs following the disallowance of excess MAT (Minimum Alternate Tax) credit and alleged furnishing of inaccurate income particulars. The company received the notice on April 12, 2026, and has stated its intention to challenge the order. Management plans to file an appeal before the Commissioner of Income Tax Appeals, asserting they have a strong case on merits.

Total penalty of ₹37.35 lakhs levied under section 271(1)(c) of the Income-tax Act, 1961
The dispute relates to Assessment Year 2015-16 regarding disallowed MAT credit
The order was issued by the Faceless Assessment Unit of the Income Tax Department
Company intends to contest the demand through an appeal process

💡 The financial impact is relatively small compared to the company's scale, so no immediate portfolio changes are necessary. Investors should monitor the outcome of the appeal to ensure no further tax liabilities arise from similar historical filings.

Munjal Showa to Close Trading Window from April 1, 2026, for Q4 and FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 25 Mar 2026, 01:31 PM

Munjal Showa Limited has announced the closure of its trading window for all designated persons starting April 1, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial results. The window will remain closed until 48 hours after the declaration of the audited financial results for the quarter and year ending March 31, 2026. This is a standard regulatory procedure and does not indicate any fundamental change in the company's operations.

Trading window closure starts from Wednesday, April 1, 2026.
Applies to all Designated Persons, Connected Persons, and their immediate relatives.
Window will reopen 48 hours after the announcement of audited financial results for Q4 and FY26.
Compliance notification sent to both BSE and NSE on March 25, 2026.

💡 No action is required as this is a routine regulatory filing. Investors should await the announcement of the audited financial results to evaluate the company's performance.

View All MUNJALSHOW Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Revenue for FY25 reached INR 1,250.45 Cr, a 6.6% increase from INR 1,172.73 Cr in FY24. However, Q1 FY26 revenue of INR 286 Cr showed an 8% YoY decline due to falling sales volumes from primary customers. The company primarily serves the 2-wheeler segment (front forks, shock absorbers) and 4-wheeler segment (struts, window balancers).

Geographic Revenue Split

100% of revenue is generated within India, with manufacturing facilities located in Gurugram and Manesar (Haryana) and Haridwar (Uttarakhand).

Profitability Margins

Operating margins moderated to 1.4% in FY25, down from 2.5% in FY23, primarily due to lower operating leverage and one-time provisions. PAT margin stood at 2.6% in FY24 with a profit of INR 31 Cr.

EBITDA Margin

Operating margin remained flat at 1.4% in FY25. Core profitability is constrained by the inability to pass on raw material cost increases to OEMs, leading to sustained low margins.

Capital Expenditure

Planned annual capital expenditure is between INR 10 Cr and INR 12 Cr, which is expected to be funded entirely through internal accruals of INR 18-20 Cr.

Credit Rating & Borrowing

CRISIL downgraded the long-term rating to 'CRISIL A/Stable' from 'CRISIL A+/Stable' in September 2024. The company remains debt-free with a gearing of less than 0.1x since 2013.

⚙️ Operational Drivers

Raw Materials

Steel and aluminum components are the primary raw materials. Cost of materials consumed in H1 FY25 was INR 486.14 Cr, representing 78.6% of total revenue.

Capacity Expansion

Current capacity utilization is described as 'subdued' or 'lower' due to declining orders across segments. No specific MT/unit expansion figures were provided beyond maintenance capex.

Raw Material Costs

Raw material costs represent approximately 78-79% of revenue. The company faces high sensitivity to input prices as it has low bargaining power with OEMs to pass on cost hikes.

Manufacturing Efficiency

Efficiency is currently hampered by low operating leverage; however, the proximity of the three manufacturing plants to key client facilities helps manage logistics and requirements efficiently.

Logistics & Distribution

Distribution is optimized by locating plants in Gurugram, Manesar, and Haridwar, which are close to the primary manufacturing hubs of its key OEM customers.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

Growth is targeted through cost corrective measures (VRS, SOP changes), investments in solar power to reduce overheads, and attempts to diversify the customer and product profile beyond the traditional 2-wheeler segment.

Products & Services

Front forks and shock absorbers for 2-wheelers; struts and window balancers for 4-wheelers.

Brand Portfolio

Munjal Showa

New Products/Services

The company has developed components for the EV segment, though recent performance was hit by subsidy changes.

Strategic Alliances

Technical and financial collaboration with Hitachi Astemo Ltd (formerly Showa Corporation, Japan), which holds a 24.90% equity stake.

🌍 External Factors

Industry Trends

The industry is shifting toward Electric Vehicles (EVs), but MSL's transition has been slowed by regulatory changes in subsidies. Competitive intensity in the suspension segment remains high.

Competitive Landscape

Intense competition from other auto-component manufacturers and rising pressure from OEMs to reduce pricing.

Competitive Moat

The company's moat is based on its long-standing technical collaboration with Hitachi Astemo and the strategic location of its plants near key customers, providing a logistics cost advantage.

Macro Economic Sensitivity

Highly sensitive to cyclical demand in the Indian automotive industry and changes in government subsidies like FAME-II.

Consumer Behavior

Shift toward EVs is a key trend affecting long-term demand for traditional suspension components.

⚖️ Regulatory & Governance

Industry Regulations

Operations are significantly impacted by FAME-II subsidy regulations and automotive safety/manufacturing standards.

Environmental Compliance

The company is increasing its ESG focus through solar power investments to reduce its carbon footprint.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the high customer concentration; a slowdown in the key client's market share would lead to sustained low capacity utilization and margin pressure.