531727
Menon Pistons financials
- Market cap
- ₹401 Cr
What Menon Pistons does
Menon Pistons Limited manufactures automotive pistons at its main manufacturing facility in Shiroli, Kolhapur, Maharashtra. The company operates through this standalone plant along with two wholly owned subsidiaries, Rapid Machining Technologies Private Limited and Lunar Enterprise Private Limited. It has invested in rooftop and ground-mounted solar power generation at its plant to cover a large share of its own power consumption, alongside dedicated wastewater and effluent treatment infrastructure.
- Manufacturing facility
- Main plant at Shiroli, Kolhapur, Maharashtra
- Installed renewable (solar) power capacity
- ~11 MW (4 MW commissioned + 4.3 MW in process, plus rooftop solar), ~70% of total power consumption
- Wholly owned subsidiaries
- 2 (Rapid Machining Technologies Pvt. Ltd.; Lunar Enterprise Pvt. Ltd.)
- Sewage Treatment Plant capacity
- 40 CMD (cubic meters/day)
- Effluent Treatment Plant capacity
- 10 CMD (cubic meters/day)
- Backup power (DG sets)
- 2 x 500 kVA acoustic-enclosed diesel generator sets
Quarterly results
Q1 FY27: revenue up 3.7%, net profit up 5.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 65 | 63 | 56 | 80 | 75 +14% | 76 +21% | 73 +31% | 83 +4% |
| EBITDA | 12 | 11 | 9 | 14 | 13 +6% | 13 +19% | 8 −10% | 14 +7% |
| Net profit | 7 | 6 | 4 | 8 | 7 +4% | 6 +10% | 4 +4% | 8 +6% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +11.7% 1Y
1Y: ₹69.84 on 10 Sept 2025 → ₹78. High ₹84.3 (8 Sept 2026), low ₹46.81 (30 Mar 2026).
Financials, as filed
Revenue grew 6.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 15.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹251 Cr | ₹257 Cr | ₹254 Cr | ₹304 Cr |
| Operating profit | ₹44 Cr | ₹47 Cr | ₹45 Cr | ₹47 Cr |
| Operating margin | 17.5% | 18.1% | 17.7% | 15.4% |
| Interest | ₹3 Cr | ₹3 Cr | ₹4 Cr | ₹4 Cr |
| Depreciation | ₹9 Cr | ₹10 Cr | ₹11 Cr | ₹12 Cr |
| Net profit | ₹24 Cr | ₹26 Cr | ₹24 Cr | ₹26 Cr |
| Net margin | 9.7% | 10.3% | 9.4% | 8.4% |
| Cash from operations | ₹49 Cr | ₹22 Cr | ₹39 Cr | ₹51 Cr |
| Free cash flow | ₹43 Cr | ₹-7 Cr | ₹21 Cr | ₹19 Cr |
| ROCE | 27.0% | 25.0% | 22.0% | 22.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr |
| Reserves | ₹92 Cr | ₹113 Cr | ₹134 Cr | ₹162 Cr | ₹173 Cr |
| Borrowings | ₹30 Cr | ₹12 Cr | ₹21 Cr | ₹15 Cr | ₹5 Cr |
| Other liabilities | ₹31 Cr | ₹45 Cr | ₹43 Cr | ₹48 Cr | ₹47 Cr |
| Total liabilities | ₹158 Cr | ₹174 Cr | ₹202 Cr | ₹230 Cr | ₹230 Cr |
| Fixed assets | ₹50 Cr | ₹62 Cr | ₹90 Cr | ₹91 Cr | ₹114 Cr |
| Capital work in progress | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹10 Cr | ₹4 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹107 Cr | ₹112 Cr | ₹112 Cr | ₹129 Cr | ₹112 Cr |
| Total assets | ₹158 Cr | ₹174 Cr | ₹202 Cr | ₹230 Cr | ₹230 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
The ownership split has held steady since Jun 2025. The shareholder count shrank 6% to 27,294.
- Promoters
- 74.4%
- DIIs
- 0.0%
- Public
- 25.6%
Since Jun 2025
- FIIs −0.03 pp
- DIIs +0.03 pp
- Public −0.02 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 74.4%, FIIs 0.0%, Public 25.6%.Dec '23: Promoters 74.4%, FIIs 0.0%, Public 25.6%.Mar '24: Promoters 74.4%, FIIs 0.0%, Public 25.6%.Jun '24: Promoters 74.4%, FIIs 0.0%, Public 25.6%.Sep '24: Promoters 74.4%, FIIs 0.0%, Public 25.6%.Dec '24: Promoters 74.4%, FIIs 0.0%, Public 25.6%.Mar '25: Promoters 74.4%, FIIs 0.0%, Public 25.6%.Jun '25: Promoters 74.4%, FIIs 0.0%, Public 25.6%.Sep '25: Promoters 74.4%, Public 25.6%.Dec '25: Promoters 74.4%, Public 25.6%.Mar '26: Promoters 74.4%, Public 25.6%.Jun '26: Promoters 74.4%, DIIs 0.0%, Public 25.6%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Menon Pistons above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Sachin Ram Menon | 28.24% | unchanged |
| Gayatri Sachin Menon | 14.20% | unchanged |
| Menon Sharanya Sachin | 8.25% | unchanged |
| Menon Nivedita Sachin | 8.25% | unchanged |
| Menon Devika Sachin | 8.25% | unchanged |
| Menon Metals and Alloys LLP | 7.17% | unchanged |
| Vatsala Nair | 1.14% | unchanged |
| Radhamani Ram Menon | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
ExpensiveTo justify its price of ₹78, this stock must grow earnings at 8% every year for 7 years. Our analysis caps realistic growth at ~5%. At that growth it is worth ₹66 — downside of 16%.
- Growth the price implies
- 7.9% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 4.8% a year
- net profit, FY23–FY26 · EPS 4.8%
- The gap
- 0.0 pp
- -16% downside if it only repeats history
Learn to analyse Menon Pistons
Guides on how to read this kind of business and the numbers that matter.