Share price
₹124.74 latest close · −1.7% over the last 90 sessions
₹124.74 month-end · +0.5% over 12 months
₹124.74 month-end · −4.3% over 3 years
₹124.74 month-end · −22.3% since Jan '19
52-week range ₹106.86 to ₹143.30 · 1-year volatility 28.0%
Was the rally earned?
- The share price was roughly flat over 1 year (+1%).
- The share count barely moved.
- The share price was roughly flat over 3 years (-4%).
- The share count barely moved.
Partly.
- Most of the rise came from investors paying a higher multiple (P/E 17.4x to 20.1x); per-share earnings took off 5 points.
- The share count barely moved.
What do "pts" mean?
"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.
Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.
Net profit is trailing twelve months as reported with a 60-day lag.
How rough has the ride been?
Drawdown from peak
Largest drawdowns
-72.0% (2019-01 peak to 2020-03 low, recovered 2024-01)
-44.9% (2024-02 peak to 2025-04 low, not yet recovered)
Is it expensive against its own past and its peers?
Usual range 7.8x to 28.2x since 2019-01.
32% below the Producer Manufacturing median.
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How to read this
Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).
Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.
Where does it rank among Producer Manufacturing peers?
Each cell is the company's percentile rank among its Producer Manufacturing peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).
Where it ranks today
- ROCE11th▲ 7 pts vs a year ago
- Op. margin6thflat vs a year ago
- Revenue growth43rd▲ 10 pts vs a year ago
- EPS growth35th▲ 5 pts vs a year ago
- Debt/equity ↓98thflat vs a year ago
- Cash cycle ↓81st▼ 4 pts vs a year ago
- P/E ↓70th▼ 7 pts vs a year ago
- 12M momentum57thflat vs a year ago
Rank history
Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.
The Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory
What is the price implying?
At a P/E of 19.9x, the price would imply about 11.2%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.
Below the ₹1,000 cr market-cap floor used for the lists.
“Implied growth” is what the current price would require under our stated assumptions, not what we expect.
What prices imply across Producer Manufacturing The market-wide Expectations lists
Key figures
- Share Priceclose 9 Nov
- ₹124.74
- P/E
- 20.1x
- ROCE
- 5.0%
- Market Cap
- ₹500 cr
- Revenue (TTM)
- ₹1378 cr
- P/S
- 0.4x
- P/B
- 0.7x
- ROE
- 3.7%
- Operating Margin
- 0.7%
- Debt / Equity
- 0.0x
- Promoter Holding
- 65.0%
- 12M Momentum
- 0.5%
52-week range
Price risk
Balance sheet & cash
Are profits backed by cash?
Other income reliance76%Beyond threshold
Other income as a share of pre-tax profit (trailing twelve months): 75.8%. Bands: below 15%, 15% to 35%, above 35%.
Tax rate23%Within range
Median quarterly effective tax rate over about 2.5 years: 23.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.
Cash conversion0.33xBeyond threshold
Operating cash flow divided by net profit over the last three fiscal years: 0.33x (cash from operations ₹27 cr, net profit ₹82 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.
Free cash flow3 of 5 yrsNear threshold
Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.
Receivable days vs history+8 daysWithin range
Debtor days are above the median of the previous three fiscal years by 8 days (65 vs 57). Bands: under 15 days, 15 to 45, over 45.
Capital work in progress0% of fixed assetsWithin range
Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.
Payable days+10 days / 2 yrsWithin range
Days payable changed by +10 over two years. Bands: rise of up to 30 days; more than 30 days.
Tap a check to see how it is measured
How to read this
Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.
Who has been buying and selling?
- Over 2 years, FIIs trimmed 1.2 pts.
- The number of shareholders rose from 24,147 to 29,096 (+20%) between Dec 2023 and Jun 2026.
Holdings, Jun '26
How each group changed
Number of shareholders
Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.
What happened next to similar setups
- We found 50 past situations where a non-financial company looked like MUNJAL SHOWA LTD today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
- Over the following 12 months the middle half of them returned −24% to +38% vs the market, against −6% for all non-financial companies in the same months.
- The analogs' median sat above that base rate (gap +8.9%, 80% range +4.5% to +15.1%), but the matches cluster in only 6 distinct 12-month windows.
Where the 50 outcomes landed
Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 1 beyond the range shown, drawn at the edge
50 past situations · 50 companies · 30 months · 2020–2025
The closest matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| CHEMBOND Process Industries |
Dec 2022 | 23x | 7% | +14% | −11% | +70% |
| PODDARMENT Process Industries |
May 2023 | 16x | 10% | +17% | −1% | −13% |
| VARDHACRLC Consumer Non-Durables |
Sep 2025 | 37x | 7% | −23% | −25% | +2% |
| FMGOETZE Producer Manufacturing |
May 2023 | 28x | 10% | +18% | −7% | −16% |
| JOCIL Process Industries |
Jul 2023 | 17x | 7% | +11% | −5% | −28% |
Show the other 3 matches
| Company | When | P/E | ROCE | 12M mom. | Drawdown | Next 12 months |
|---|---|---|---|---|---|---|
| PLASTIBLEN Process Industries |
Oct 2023 | 26x | 9% | +33% | −3% | −33% |
| IMPAL Distribution Services |
May 2022 | 18x | 5% | +17% | −11% | −11% |
| GSFC Process Industries |
Aug 2025 | 13x | 6% | −14% | −18% | −24% |
How reliable is this?
Matched on P/E, P/S, ROCE, operating margin, debt/equity, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, size and revenue growth. Not used (unavailable for this company): interest cover. One match per company and at most 7 from any one month.
Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.
What changed?
24 events since Jun '19
- SepPeer rankMoved into the 3rd quartile of Producer Manufacturing on EPS growth (from the bottom quartile).
- JunResultsYear-on-year EPS growth turned negative.
- JunPeer rankSlipped to the bottom quartile of Producer Manufacturing on EPS growth (from the 2nd quartile).
- MarResultsYear-on-year EPS growth turned positive.
- MarPeer rankMoved into the 2nd quartile of Producer Manufacturing on EPS growth (from the 3rd quartile).
- JunPeer rankMoved into the 3rd quartile of Producer Manufacturing on EPS growth (from the bottom quartile).
- AprPriceFell 45% from the Feb 2024 peak to the Apr 2025 low.
- MarPeer rankSlipped to the bottom quartile of Producer Manufacturing on EPS growth (from the 3rd quartile).
Show 16 earlier events
- DecPeer rankMoved into the 3rd quartile of Producer Manufacturing on EPS growth (from the bottom quartile).
- JunResultsYear-on-year EPS growth turned negative.
- JunPeer rankSlipped to the bottom quartile of Producer Manufacturing on EPS growth (from the top quartile).
- JanPriceRegained the 2019-01 peak, 46 months after the low.
- JunResultsYear-on-year EPS growth turned positive.
- JunPeer rankMoved into the top quartile of Producer Manufacturing on EPS growth (from the bottom quartile).
- JunDividendDividend payout cut from 148% to 56% of profit.
- MayValuationP/E crossed above the 90th percentile of its own history to date (34.4x).
- JunValuationP/E crossed above the 90th percentile of its own history to date (30.5x).
- MarPeer rankSlipped to the bottom quartile of Producer Manufacturing on EPS growth (from the 3rd quartile).
- JunPeer rankSlipped to the bottom quartile of Producer Manufacturing on ROCE (from the 3rd quartile).
- MayValuationP/E crossed above the 90th percentile of its own history to date (13.2x).
- JanValuationP/E crossed above the 90th percentile of its own history to date (12.2x).
- JunPeer rankMoved into the 3rd quartile of Producer Manufacturing on EPS growth (from the bottom quartile).
- MarPriceFell 72% from the Jan 2019 peak to the Mar 2020 low.
- JunPeer rankSlipped to the 3rd quartile of Producer Manufacturing on ROCE (from the 2nd quartile).
Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.
Where price and fundamentals disagree, market-wide Rewind the whole market to any month
Monthly history95 months · 2019-01 to 2026-11
| Month | P/E | Revenue (TTM) | ROE | ROCE | Debt / Equity |
|---|---|---|---|---|---|
| 2026-11 | 20.1x | ₹1378 cr | 3.7% | 5.0% | 0.0x |
| 2026-10 | 19.5x | ₹1378 cr | 3.7% | 5.0% | 0.0x |
| 2026-09 | 20.4x | ₹1378 cr | 3.7% | 5.0% | 0.0x |
| 2026-08 | 23.8x | ₹1316 cr | 3.2% | 5.0% | 0.0x |
| 2026-07 | 24.3x | ₹1316 cr | 3.2% | 5.0% | 0.0x |
| 2026-06 | 22.7x | ₹1316 cr | 3.2% | 5.0% | 0.0x |
| 2026-05 | 17.4x | ₹1272 cr | 4.6% | 0.0% | 0.0x |
| 2026-04 | 16.2x | ₹1272 cr | 4.6% | 0.0% | 0.0x |
| 2026-03 | 13.9x | ₹1272 cr | 4.6% | 0.0% | 0.0x |
| 2026-02 | 19.1x | ₹1241 cr | 3.9% | 0.0% | 0.0x |
| 2026-01 | 17.7x | ₹1241 cr | 3.9% | 0.0% | 0.0x |
| 2025-12 | 18.5x | ₹1241 cr | 3.9% | 0.0% | 0.0x |
| 2025-11 | 19.7x | ₹1226 cr | 3.7% | 0.0% | 0.0x |
| 2025-10 | 20.0x | ₹1226 cr | 3.7% | 0.0% | 0.0x |
| 2025-09 | 21.4x | ₹1226 cr | 3.7% | 0.0% | 0.0x |
| 2025-08 | 18.2x | ₹1251 cr | 4.3% | 0.0% | 0.0x |
| 2025-07 | 19.9x | ₹1251 cr | 4.3% | 0.0% | 0.0x |
| 2025-06 | 18.0x | ₹1251 cr | 4.3% | 0.0% | 0.0x |
| 2025-05 | 19.5x | ₹1242 cr | 4.2% | 5.0% | 0.0x |
| 2025-04 | 16.1x | ₹1242 cr | 4.2% | 5.0% | 0.0x |
| 2025-03 | 15.2x | ₹1242 cr | 4.2% | 5.0% | 0.0x |
| 2025-02 | 14.2x | ₹1226 cr | 4.7% | 5.0% | 0.0x |
| 2025-01 | 17.2x | ₹1226 cr | 4.7% | 5.0% | 0.0x |
| 2024-12 | 18.6x | ₹1226 cr | 4.7% | 5.0% | 0.0x |
| 2024-11 | 18.8x | ₹1195 cr | 4.7% | 5.0% | 0.0x |
| 2024-10 | 19.8x | ₹1195 cr | 4.7% | 5.0% | 0.0x |
| 2024-09 | 21.7x | ₹1195 cr | 4.7% | 5.0% | 0.0x |
| 2024-08 | 21.9x | ₹1172 cr | 4.8% | 5.0% | 0.0x |
| 2024-07 | 22.5x | ₹1172 cr | 4.8% | 5.0% | 0.0x |
| 2024-06 | 19.2x | ₹1172 cr | 4.8% | 5.0% | 0.0x |
| 2024-05 | 18.1x | ₹1241 cr | 4.9% | 5.0% | 0.0x |
| 2024-04 | 18.9x | ₹1241 cr | 4.9% | 5.0% | 0.0x |
| 2024-03 | 19.2x | ₹1241 cr | 4.9% | 5.0% | 0.0x |
| 2024-02 | 20.1x | ₹1241 cr | 4.9% | 5.0% | 0.0x |
| 2024-01 | 23.3x | ₹1241 cr | 4.9% | 5.0% | 0.0x |
| 2023-12 | 17.0x | ₹1241 cr | 4.9% | 5.0% | 0.0x |
| 2023-11 | 16.3x | ₹1241 cr | 4.9% | 5.0% | 0.0x |
| 2023-10 | 15.9x | ₹1241 cr | 4.9% | 5.0% | 0.0x |
| 2023-09 | 17.4x | ₹1241 cr | 4.9% | 5.0% | 0.0x |
| 2023-08 | 17.0x | ₹1241 cr | 4.9% | 5.0% | 0.0x |
| 2023-07 | 17.7x | ₹1241 cr | 4.9% | 5.0% | 0.0x |
| 2023-06 | 15.9x | ₹1241 cr | 4.9% | 5.0% | 0.0x |
| 2023-05 | 34.4x | ₹1060 cr | 1.9% | 1.0% | 0.0x |
| 2023-04 | 29.1x | ₹1060 cr | 1.9% | 1.0% | 0.0x |
| 2023-03 | 25.7x | ₹1060 cr | 1.9% | 1.0% | 0.0x |
| 2023-02 | 27.3x | ₹1060 cr | 1.9% | 1.0% | 0.0x |
| 2023-01 | 28.7x | ₹1060 cr | 1.9% | 1.0% | 0.0x |
| 2022-12 | 30.8x | ₹1060 cr | 1.9% | 1.0% | 0.0x |
| 2022-11 | 33.8x | ₹1060 cr | 1.9% | 1.0% | 0.0x |
| 2022-10 | 31.8x | ₹1060 cr | 1.9% | 1.0% | 0.0x |
| 2022-09 | 30.5x | ₹1060 cr | 1.9% | 1.0% | 0.0x |
| 2022-08 | 31.6x | ₹1060 cr | 1.9% | 1.0% | 0.0x |
| 2022-07 | 31.6x | ₹1060 cr | 1.9% | 1.0% | 0.0x |
| 2022-06 | 30.5x | ₹1060 cr | 1.9% | 1.0% | 0.0x |
| 2022-05 | 14.5x | ₹1085 cr | 4.1% | 4.0% | 0.0x |
| 2022-04 | 15.3x | ₹1085 cr | 4.1% | 4.0% | 0.0x |
| 2022-03 | 13.8x | ₹1085 cr | 4.1% | 4.0% | 0.0x |
| 2022-02 | 15.1x | ₹1085 cr | 4.1% | 4.0% | 0.0x |
| 2022-01 | 17.6x | ₹1085 cr | 4.1% | 4.0% | 0.0x |
| 2021-12 | 17.3x | ₹1085 cr | 4.1% | 4.0% | 0.0x |
| 2021-11 | 17.4x | ₹1085 cr | 4.1% | 4.0% | 0.0x |
| 2021-10 | 18.6x | ₹1085 cr | 4.1% | 4.0% | 0.0x |
| 2021-09 | 20.1x | ₹1085 cr | 4.1% | 4.0% | 0.0x |
| 2021-08 | 20.0x | ₹1085 cr | 4.1% | 4.0% | 0.0x |
| 2021-07 | 23.3x | ₹1085 cr | 4.1% | 4.0% | 0.0x |
| 2021-06 | 21.3x | ₹1085 cr | 4.1% | 4.0% | 0.0x |
| 2021-05 | 13.2x | ₹1288 cr | 6.8% | 6.0% | 0.0x |
| 2021-04 | 11.7x | ₹1288 cr | 6.8% | 6.0% | 0.0x |
| 2021-03 | 12.2x | ₹1288 cr | 6.8% | 6.0% | 0.0x |
| 2021-02 | 13.9x | ₹1288 cr | 6.8% | 6.0% | 0.0x |
| 2021-01 | 12.2x | ₹1288 cr | 6.8% | 6.0% | 0.0x |
| 2020-12 | 12.6x | ₹1288 cr | 6.8% | 6.0% | 0.0x |
| 2020-11 | 12.7x | ₹1288 cr | 6.8% | 6.0% | 0.0x |
| 2020-10 | 11.4x | ₹1288 cr | 6.8% | 6.0% | 0.0x |
| 2020-09 | 11.2x | ₹1288 cr | 6.8% | 6.0% | 0.0x |
| 2020-08 | 12.1x | ₹1288 cr | 6.8% | 6.0% | 0.0x |
| 2020-07 | 9.0x | ₹1288 cr | 6.8% | 6.0% | 0.0x |
| 2020-06 | 8.5x | ₹1288 cr | 6.8% | 6.0% | 0.0x |
| 2020-05 | 5.1x | ₹1669 cr | 10.3% | 12.0% | 0.0x |
| 2020-04 | 4.6x | ₹1669 cr | 10.3% | 12.0% | 0.0x |
| 2020-03 | 3.3x | ₹1669 cr | 10.3% | 12.0% | 0.0x |
| 2020-02 | 6.1x | ₹1669 cr | 10.3% | 12.0% | 0.0x |
| 2020-01 | 7.5x | ₹1669 cr | 10.3% | 12.0% | 0.0x |
| 2019-12 | 7.4x | ₹1669 cr | 10.3% | 12.0% | 0.0x |
| 2019-11 | 7.9x | ₹1669 cr | 10.3% | 12.0% | 0.0x |
| 2019-10 | 8.3x | ₹1669 cr | 10.3% | 12.0% | 0.0x |
| 2019-09 | 7.9x | ₹1669 cr | 10.3% | 12.0% | 0.0x |
| 2019-08 | 7.2x | ₹1669 cr | 10.3% | 12.0% | 0.0x |
| 2019-07 | 7.4x | ₹1669 cr | 10.3% | 12.0% | 0.0x |
| 2019-06 | 8.8x | ₹1669 cr | 10.3% | 12.0% | 0.0x |
| 2019-05 | 7.8x | ₹1581 cr | 13.7% | 18.0% | 0.0x |
| 2019-04 | 7.6x | ₹1581 cr | 13.7% | 18.0% | 0.0x |
| 2019-03 | 8.2x | ₹1581 cr | 13.7% | 18.0% | 0.0x |
| 2019-02 | 8.3x | ₹1581 cr | 13.7% | 18.0% | 0.0x |
| 2019-01 | 8.3x | ₹1581 cr | 13.7% | 18.0% | 0.0x |