Munjal Auto Industries began as a maker of exhaust pipes and fuel tanks for India’s motorcycle and car factories, but it has quietly transformed into something broader: a group that now also builds the giant blades that spin inside wind turbines and the composite moulds that shape parts for defence and aerospace. The recurring approach is to anchor the business in a steady, high-volume manufacturing relationship with a dominant customer, then use that stability to fund a leap into a structurally different industry - first auto parts, then wind-energy composites - each built with the cash flows of the one before.
Business segments
Three engines at different stages - a hydrocarbon-era cash cow, a wind-energy platform at national scale, and an early-stage electronics bet - each built with the cash flows of the one before.
1. Auto components: the original factory that funds everything else
A high-volume metal-bending business that makes exhaust systems, steel wheel rims and fuel tanks for India’s largest two-wheeler and four-wheeler makers, with customer relationships so deep that one buyer has historically accounted for almost all of its standalone revenue.
- One customer, many parts - more than 90% of standalone revenue in FY21 came from a single customer entity, which means the company operates almost as a captive, dedicated supplier rather than a merchant seller to the open market.
- Five plants parked next to the buyers - the company runs four manufacturing sites at Waghodia (Gujarat), Bawal and Dharuhera (Haryana), and Haridwar (Uttarakhand), plus a newer Sanand plant in Gujarat deliberately placed close to Tata Motors, so freight costs stay low and deliveries stay fast.
- Makes the tools, not just the parts - it designs its own processes and manufactures its own tools, fixtures and dies in-house from the new-product stage, which is how it has held on to its reputation as a consistent quality producer over decades.
- Warranty that stretches to five years - the company backs its products with warranties of up to five years and books the estimated cost at the time of sale, signalling confidence in its manufacturing quality and a willingness to stand behind parts that sit inside vehicles for years.
- Electrification is a coexistence story, not a cliff - management views electric vehicles as a category that will run alongside internal-combustion engines rather than replace them overnight, and it is actively pursuing new business from existing customers that will not be affected by electrification, while also moving into lightweighting and electronics.
2. Composite products and moulds: the wind-energy platform
Through its 68%-owned subsidiary Indutch Composites Technology, the group designs and produces the enormous blades and tooling that wind-turbine makers need - and it has become a leader in that niche in India.
- Bought, not built from scratch - Munjal Auto took a majority stake in Indutch Composites in FY 2018-19 specifically to diversify away from auto parts and into composites, a market it describes as having huge potential in India.
- Supplies the names that dominate Indian wind - Indutch counts Enercon, Vestas, Suzlon and GE among its wind-industry customers, and also works with L&T, Godrej and Tata on defence and aerospace projects, so its order book spans both energy and strategic sectors.
- A plant knocked offline by a cyclone, then restarted - the Sullerpeta facility in Andhra Pradesh was hit by flash floods from cyclone Michaung in December 2023 and production did not resume until mid-February 2024, a reminder that physical manufacturing in coastal India carries weather risk.
- Doubling capacity to meet orders - the Gujarat unit had plans to double its production capacity in the coming year to keep up with strong demand, suggesting the wind-energy supply chain in India is in a build-out phase.
3. Electronics, railways and defence: the early-stage bet
A diversification effort still under development, aimed at making products for railways and defence while building an electronics capability that sits adjacent to the existing metal-forming skills.
- R&D with IIT Delhi - the company has tied up with the Indian Institute of Technology Delhi to conduct research on newer products, giving it access to academic engineering talent for work that goes beyond stamping and welding.
- Electronics as the new muscle - it is explicitly diversifying into the electronics space and developing products for railways and defence, though these lines are still in the works and not yet a material revenue stream.
Group structure and partners
A tightly held operating company with a single material subsidiary, run by the promoter family and a majority-independent board.
- Held by the family vehicle - Thakurdevi Investments Private Limited owns 74.81% of the equity, making Munjal Auto a promoter-controlled public company with a free float of roughly a quarter.
- One subsidiary that carries the diversification - Indutch Composites Technology is the group’s only material subsidiary, held at 68%, and it is the sole vehicle for the composites segment; there are no associates or joint ventures.
- Two reportable segments, one decision-maker - the board of directors acts as the chief operating decision-maker and reviews the business as two segments: auto components (the parent) and composite products and moulds (the subsidiary).
- Unionised workforce at the plants - the Bawal plant has a union affiliated with CITU and the Waghodia plant has its own union, with 96% of permanent employees being members, so labour relations are a live operational variable at the factory level.