Munjal Auto Industries Ltd. – Company Report
1. Company Overview
Munjal Auto Industries Ltd. (MAIL), incorporated in 1985 and headquartered in Vadodara, Gujarat, is a flagship auto components manufacturer of the Hero Group. The company is recognized as one of the world’s largest producers of exhaust systems, with additional leadership in steel wheel rims, spoke rims, fuel tanks, body-in-white (BIW) assemblies, and a wide range of automotive components. Munjal Auto runs advanced, ISO/TS 16949 and ISO 14001 accredited production facilities in Vadodara (Gujarat), Bawal and Dharuhera (Haryana), and Haridwar (Uttarakhand), supported by technical collaborations with Lafranconi (Italy) and Samsung Industries (South Korea). MAIL serves top-tier clients, notably Hero MotoCorp (formerly Hero Honda), OEMs, and global engineering industries. As of July 2025, the company’s market capitalization is approximately ₹766 crore. The organization employs between 1,000 and 5,000 workers.
- Incorporated: 1985
- Headquarters: Vadodara, Gujarat, India
- Manufacturing Facilities: Gujarat, Haryana, Uttarakhand
- Employees: 1,000–5,000
- Leadership: Sudhir Kumar Munjal (Managing Director)
- Certifications: ISO/TS 16949, ISO 14001
- Promoter: Part of Hero Group
2. Products and Services
Munjal Auto Industries is a diversified engineering group, manufacturing components for multiple sectors with a primary focus on automotive assemblies. The company’s product portfolio includes:
- Exhaust Systems (Mufflers): Among the largest global manufacturers, producing around 94.5 lakh (9.45 million) units per year for two-wheelers and four-wheelers, with technical expertise from Lafranconi, Italy.
- Spoke Rims and Steel Wheel Rims: Over 12.5 lakh spoke rims and 15 lakh scooter wheels produced annually; tailored for motorcycles, scooters, and cars.
- Fuel Tanks: Complete metallic fuel tanks for four-wheelers, engineered in partnership with Samsung Industries of Korea.
- Automotive BIW Parts and Assemblies: Body-in-white stamped and welded sub-assemblies for automotive OEMs.
- Sheet Metal and Tubular Components: Including seat structures, breather tubes, and custom precision assemblies.
- Other Engineering Components: Products for non-automotive segments (aerospace, renewable energy, railways, defense, etc.), such as composite molds, windmill blades, and component assemblies.
- Facilities: The company utilizes advanced manufacturing—high-tonnage stamping, multi-stage roll forming, CNC bending, robotic welding—to deliver high-volume, high-quality solutions.
3. Recent News and Financial Performance (FY2025)
Business Highlights
- Product diversification continued into renewable energy, railways, and engineering sectors.
- Investments in automation and quality control aimed at improving manufacturing efficiency.
- Stable partnerships with Hero MotoCorp and new strategic wins in non-automotive segments.
- Strong emphasis on ESG, sustainability, and superior customer service delivery.
GST Demand Notice and Company Response (September 3, 2024)
- Munjal Auto Industries Ltd. received a demand notice from the Haryana GST authority concerning the April 2019–March 2020 period, totaling ₹6.76 crore. The company stated that this issue will not impact ongoing operations and intends to contest the notice. A company spokesperson emphasized adherence to high tax compliance standards, and stakeholders were assured of timely updates.
4. Financial Performance (FY2025)
| Metric | FY2025 Value |
|---|---|
| Total Revenue | ₹2,085 crore |
| Net Profit | ₹39.07 crore |
| Operating Profit | ₹117 crore |
| Operating Margin | 6% |
| Net Profit Margin | 1.9% |
| Earnings Per Share (EPS) | ₹3.64 |
| Dividend Yield | 1.2% |
| Debt | Conservative; strong liquidity and low gearing |