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Munjal Auto Industries Limited (MUNJALAU) Fair Value & Analysis

Consumer Cyclical · IN · Market cap ₹9.8B

MA Munjal Auto Industries Limited MUNJALAU · NSE
Price₹119.72
Fair Value₹72.00
Upside-39.9%
Quality48/100
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Weak Growth
Thin margins · 1.8% net margin
Low debt · negative free cash flow
0.98% dividend yield
Trails peers (4/13)
Narrow moat 26/100
Evidence: High Range ₹51.26 – ₹96.80 Share as image

Fair value as of: Aug 13, 2026

From 17 valuation models · updated 4 days ago

Share price +15.3% over the past month.

Below-average quality, and screening another 40% overvalued on our models.

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What matters now

  • The price sits above even our optimistic bull case (₹96.80). The favourable scenario is already priced in.
  • Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (₹51.26 to ₹96.80) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

₹141.54 ₹33.36 Fair Value ₹72.00 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹33.36 – ₹141.54 · fair‑value band ₹51.26 – ₹96.80 · the ₹119.72 price screens above the ₹72.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Munjal Auto Industries Limited (MUNJALAU) currently trades at ₹119.72, while our model-based Fair Value estimate is ₹72.00, implying the stock looks roughly 39.9% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Munjal Auto Industries Limited generated revenue of ₹23.0B at a net margin of 1.8%. Revenue grew 20.0% year over year. It earns a return on equity of 10.3%. Net debt stands at ₹4.0B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹51.26 (bear case) to ₹96.80 (bull case); at ₹119.72, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 78% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -52% fair-value upside, at -40%, MUNJALAU screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ₹37.65 ₹40.85 ₹51.87 76
ROIC Compounder ₹38.71 ₹45.72 ₹59.30 72
Gordon GGM ₹8.78 ₹17.50 ₹26.50 70
All 17 models by family
DCF Models
Owner Earnings ₹36.03 ₹63.70 ₹108.84 31
Earnings-Based
Graham-Dodd ₹27.34 ₹118.71 ₹162.33 54
Lynch FV ₹30.53 ₹43.62 ₹56.70 50
PEG = 1.0 ₹30.53 ₹43.62 ₹56.70 46
EPV ₹38.71 ₹45.22 ₹50.84 59
Dividend Discount
Gordon GGM ₹8.78 ₹17.50 ₹26.50 70
DDM Multi-Stage ₹8.78 ₹15.12 ₹18.47 61
Multiples
P/E Multiple ₹66.33 ₹88.44 ₹110.55 63
P/S Multiple ₹51.26 ₹68.34 ₹85.43 58
P/B Multiple ₹51.26 ₹68.34 ₹85.43 55
EV/EBIT ₹81.51 ₹109.52 ₹137.54 53
EV/EBITDA ₹112.39 ₹150.69 ₹189.00 54
EV/Revenue ₹54.12 ₹78.40 ₹102.68 43
Asset-Based
NCAV (Graham) ₹22.38 ₹29.99 ₹44.75 50
Economic Profit
Residual Income ₹37.65 ₹40.85 ₹51.87 76
ROIC Compounder ₹38.71 ₹45.72 ₹59.30 72
Growth Earnings
Growth-Adj P/E ₹52.12 ₹74.46 ₹96.80 68

Widest divergence: Multiples (₹78.40) versus Dividend Discount (₹15.12). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹23.0B
Revenue growth (YoY) +20.0%
Net margin 1.8%
Return on equity 10.3%
Free cash flow −₹396M FY2026
P/E ratio 29.8
More key figures
Operating margin 0.1%
EPS (TTM) ₹4.02
Dividend yield 1.0%
EPS growth (YoY) -39.8%
Net debt ₹4.0B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 47 · Market factors (momentum, volatility) 82

Profitability 47
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 13
Earnings quality: real cash, not paper profit
Fin. Strength 44
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 57
Calm price path (market factor)
Momentum 89
Price trend over the last 3–12 months (market factor)
52W Momentum 100
Distance to the 52-week high (market factor)
Net Issuance 85
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Munjal Auto Industries Limited manufactures and sells auto components for motor vehicles in India. It operates through Auto Components and Composite Products & Moulds segments.

Full company description

Munjal Auto Industries Limited manufactures and sells auto components for motor vehicles in India. It operates through Auto Components and Composite Products & Moulds segments. The company offers cross bars, exhaust systems, steel and spoke wheel rim, and accessories; and complete assembly including BIW parts, B&C pillars, cross car beam, battery tray, control arm, and tie end bars, as well as accelerator, brake, and clutch assemblies. It also provides fuel tank and BIW assemblies; and sheet metal components, such as mild and stainless steel parts, welded and tri-nickel chrome plated components, liquid painted oven baked and heat resistant painted parts, tubular components, and roll formed parts. Munjal Auto Industries Limited was incorporated in 1985 and is based in Gurugram, India. Munjal Auto Industries Limited is a subsidiary of Thakurdevi Investments Private Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Munjal Auto Industries Limited reported revenue of ₹23.0B in FY2026 versus ₹19.2B in FY2022, a compound +4.6%/yr. Reported net income was ₹402M in FY2026, compounding +10.7%/yr from FY2022.

Growth Quality 29/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
₹23.0B
Latest YoY
+11.1%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.0%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.6%
Avg. growth/yr (21Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.2%
Revenue +4.6%/yr
FY22 ₹19.2B
FY23 ₹19.8B
FY24 ₹18.8B
FY25 ₹20.7B
FY26 ₹23.0B
Net income +10.7%/yr
FY22 ₹268M
FY23 ₹561M
FY24 ₹385M
FY25 ₹364M
FY26 ₹402M
Character of growth · EPS growth decomposed (2015-2026) +2.8 % p.a.
Revenue per share +10.1 pp

of which total revenue +10.1 pp · buybacks/dilution +0.0 pp

EBIT margin −4.0 pp
Tax rate −1.1 pp
Residual (interest, one-offs) −2.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

MUNJALAU screens 40% overvalued. Compare with Hyundai Mobis Co →

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Cite: Fair Value Calculator (2026). "Munjal Auto Industries Limited Fair Value". https://www.fairvalue-calculator.com/stock/MUNJALAU

Peer Group

Auto Parts · 639 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 48 · Below median
Fair Value upside −40% · Below median
Return on equity (TTM) 10% · Above median
Return on assets 3% · Below median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 0% · Bottom 25%
Revenue growth 20% · Top 25%
Dividend yield (TTM) 1.0% · Below median
Debt / equity 0.11× · Higher than median

Valuation Multiples vs Auto Parts median · lower = cheaper

P/E (TTM) 29.8× · Pricier than median
P/B 2.19× · Pricier than median
P/S (TTM) 0.43× · Cheaper than median
EV/EBITDA 7.9× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 17
FUTURE 100 · sector 24
PAST 41 · sector 26
HEALTH 95 · sector 95
DIVIDEND 20 · sector 34

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Auto Parts stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Hyundai Mobis Co 012330 511,000 KRW 643,909 KRW +26%
Magna International Inc MGAN 1,122 MXN 1,142 MXN +2%
Samvardhana Motherson International Limited MOTHERSON ₹169.50 ₹80.63 -52%
Bosch Limited BOSCHLTD ₹46,750 ₹13,061 -72%
Bharat Forge Limited BHARATFORG ₹2,082 ₹393.20 -81%
Uno Minda Limited UNOMINDA ₹1,232 ₹426.57 -65%
Schaeffler India Limited SCHAEFFLER ₹4,126 ₹1,412 -66%
Hankook Tire & Technology Co 161390 71,500 KRW 196,479 KRW +175%
Sona BLW Precision Forgings Limited SONACOMS ₹799.90 ₹207.06 -74%
Balkrishna Industries Limited BALKRISIND ₹2,497 ₹1,211 -51%

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Frequently asked questions

Is Munjal Auto Industries Limited (MUNJALAU) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹72.00 versus a price of ₹119.72, about −40% (overvalued).
What is the fair value of MUNJALAU?
Our model-based fair value for Munjal Auto Industries Limited is ₹72.00 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹119.72.
What is the quality score of MUNJALAU?
Munjal Auto Industries Limited has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Munjal Auto Industries Limited (MUNJALAU)?
Munjal Auto Industries Limited reported trailing-twelve-month revenue of about ₹23.0B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of MUNJALAU?
The net profit margin of Munjal Auto Industries Limited is about 1.8%, meaning it keeps roughly 1.8% of revenue as net income. Based on the latest reported figures.
Does Munjal Auto Industries Limited pay a dividend?
Munjal Auto Industries Limited currently shows a dividend yield of about 0.98% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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