Depth bar: NCR ₹20L+ dossier for listed suspension Tier-1. FY25 AR conservation-of-energy and solar disclosure public. Use [~] for estimates. No invented bills or court outcomes.

1. Company overview & snapshot

1.1 Legal identity & corporate structure

Munjal Showa Limited (MSL) is a BSE-listed Indian automotive component manufacturer incorporated in Haryana. CIN: L34101HR1985PLC020934. Registered office and primary works: 9–11, Maruti Industrial Area, Sector 18, Gurugram 122015. BSE security code 520043; NSE symbol MUNJALSHOW [~].

The company operates as a long-standing collaboration with Showa Corporation, Japan (formerly part of the Honda/Showa suspension technology lineage). Promoter association with the Hero Group / Munjal family industrial ecosystem is historically strong; board includes Munjal-family directors (e.g. Yogesh Chander Munjal, retirement/reappointment cycles per FY25 notice). Paid-up equity: ₹2.00 face value shares; share capital ~₹8 Cr [~]; total shareholder funds ~₹674 Cr [~] (Mar 2025 balance sheet band from AR).

Credit ratings (FY25): CRISIL A/Stable (long-term), A1 (short-term) — signals investment-grade balance sheet and predictable cash flows for a pilot fee discussion.

No material debt on books (debt/equity 0.00 per AR key ratios FY25). Company is not a subsidiary of Hero MotoCorp in legal terms but remains a strategic supplier into Hero and broader 2W/4W OEM channels.

Former names / collisions: Do not confuse with Hero MotoCorp, Showa India standalone entities, or unrelated “Showa” trademarks. Contract entity must read Munjal Showa Limited on DHBVN bill header.

1.2 What they make & where money comes from

MSL is among India’s largest manufacturers of shock absorbers, struts, front forks, gas springs, and window balancers for two-wheelers, passenger vehicles, and selected commercial applications. Product mix spans:

• 2W: Front forks, rear cushions, gas-charged units for Hero, Honda MSIL, and legacy OEM programmes
• 4W: Struts (including ABS variants for platforms such as Wagon R historically), window balancers
• EV transition: Development of shock absorber variants for evolving 2W/4W platforms (MD&A EV commentary FY25)

Revenue FY 2024-25: ₹1,250.45 Cr gross operations; ₹1,280.72 Cr total income [~] (including other income). PAT ~₹29 Cr [~]. Growth vs prior year modest; margin pressure typical of Tier-1 auto components.

Customer concentration: Hero Group heritage implies meaningful Hero Honda / Hero MotoCorp volume; also supplies into broader Japanese OEM relationships via Showa tech transfer. Export component exists but India manufacturing footprint dominates.

Money comes from OEM programme volumes on long-term vendor codes — energy is a plant P&L line under cost of production, not a corporate ESG vanity metric. TPM culture (JIPM / CII TPM Club India) means loss categories are already spoken about on the shop floor — useful alignment for Stamped’s “named loss → rupee” framing.

1.3 Plants, addresses & footprint

Pilot recommendation: Manesar Sector 3 — newer IMT infrastructure, discrete plant boundary, typical Manesar HT profile, visit-friendly alongside other NCR campaign accounts. Gurugram Sector 18 is alternate if Manesar meter is consolidated with corporate campus loads.

Critical qualification: Confirm whether Gurugram and Manesar operate separate HT consumer numbers. Never scope Proof Run on combined ₹20–35L × 2 narrative without two bill headers.

1.4 Leadership & CRM map

Decision path for 90-day pilot:

1. Maintenance/Utilities identifies feeders for welding, plating, compressors, test stands
2. Plant Head approves stagger / idle-trim that does not breach TPM quality gates
3. Finance validates bill comparison (Stamped ledger primary; DHBVN optional)
4. Hero supplier alignment only if capex or data-sharing agreement crosses threshold — software read-only pilot usually plant-local

Email routing: investor@munjalshowa.net (investor relations — verified index), msladmin@munjalshowa.net (corporate — verified website). Use investor mail with subject “Manesar plant — electrical / utilities routing” to avoid IR treating as shareholder query.

1.5 Recent news (24 months) & timing for Stamped

• FY25 Annual Report (Jul 2025): Sustainability narrative elevated; solar power plants started for Gurugram, Manesar, and Haridwar; LED and solar water heater retrofits in conservation-of-energy section
• AGM Aug 2025: Final dividend ₹4.50/share; ordinary business — no distress signals
• EV / ICE transition commentary in MD&A — new lines may need energy baselines
• TPM journey ongoing — energy losses fit TPM loss taxonomy if framed as measurable rupee leaks
• No major M&A or plant closure news in NCR in 2024–26 window [~]

Timing wedge: Post-solar commissioning window — plants often discover MD and night import unchanged after kWh reduction. Stamped pitch aligns with FY26 operational year when solar ROI is questioned at plant level.

2. Energy profile

DISCOM / supply (name early): NCR manufacturing under Dakshin Haryana Bijli Vitran Nigam (DHBVN) for Manesar IMT; Gurugram Sector 18 may be DHBVN or UHBVN depending on legacy connection — read bill header on visit.

2.1 Bill band, tariff & demand

Corrected estimate (Aug 2026 — kVA/meter-based): ₹20–35L/month per NCR plant [~] · Primary ≥₹20L · confidence Medium · visit action: Plant Head Manesar or Gurugram. Canonical: bill-qualification-sheet.md.

Estimation logic: Listed auto component at ~₹1,280 Cr revenue with three manufacturing sites (Gurugram, Manesar, Haridwar) implies aggregate electricity spend in tens of crores per year [~]. Two NCR plants likely carry majority of Haryana HT load vs smaller Haridwar share or equal — without AR line-item split, ₹20–35L/plant is consistent with 1.5–2.5 MVA class Manesar auto assembly/plating shops on industrial HT tariff [~].

Tariff elements to confirm on redacted bills:

• Contract demand (kVA) vs recorded MD
• Time-of-Day (if applicable on their category)
• Power factor penalties
• Fuel surcharge / electricity duty Haryana
• Solar net metering credits — separate line items

Multi-feeder risk: Plating and welding may share main HT incomer; submetering maturity unknown — Path A (HT interval + production calendar) likely first entry.

2.2 Generation, fuel & renewables

FY25 Conservation of Energy disclosure ( statutory annexure ):

• Company mainly uses state board electricity
• Solar power plants started for Gurugram, Manesar, and Haridwar
• LED lights and solar water heaters deployed
• Future plans mention nano technology energy saving, decentralization of energy, more solar, actions from energy audit findings [~]

No public MW rating for solar [~] — ask plant on visit. Haridwar solar is not NCR Proof scope.

DG / gas: Suspension plants typically run air compressors, hydraulic test rigs, plating rectifiers — verify captive DG for backup vs regular use (MD contribution).

2.3 EnMS, PAT, ISO, BRSR

• ISO 14001 — environmental management in place (lead research + AR themes)
• TPM Excellence Award — structured loss reduction culture
• ISO 50001: Not declared in public conservation section — likely not certified plant-wide
• PAT / BRSR: Listed on BSE; check latest BRSR for energy intensity tables if pitching sustainability overlay — do not lead with ESG per Stamped canon

2.4 Likely ₹ leak categories (hypothesis)

Process is assembly + surface treatment + hydraulic testing, not melt-heavy — leaks are auxiliary and sequencing shaped:

1. Compressed air — multiple assembly lines, leaks, simultaneous compressor starts at shift
2. Plating / coating rectifiers — continuous loads, idle baths between batches
3. Welding stations — cluster starts after lunch break
4. Hydraulic test stands — pumps left pressurized off-cycle
5. HVAC / dust extraction — baseload while solar covers daytime kWh but not MD coincidence
6. Post-solar gap — grid import evening/night not attributed to lines

3. Operations, equipment & digital stack

3.1 Process flow & critical loads

Typical shock absorber / strut route:

Inbound components → welding / joining → plating or surface treatment → assembly & gas charging → hydraulic / durability testing → packing → OEM dispatch

Critical electrical loads:

• Welding transformers (spot / MIG clusters)
• Plating line rectifiers and pumps
• Air compressors (shop-wide)
• Hydraulic test equipment
• Conveyors and lifting
• Lighting (partially mitigated by LED retrofit)
• Office / lab loads (minor on HT bill)

Unlike HPDC, no tower melting — Stamped wedge is not kWh/kg metal but ₹/MD from auxiliary sequencing and ₹/unit for SEC reporting to Hero.

3.2 Shifts, seasonality, production pattern

OEM schedule-driven; Hero festival season and model launches affect volume. Likely two to three shifts on core lines [~]. Monsoon and year-end shutdowns create baseline comparison windows.

Maintenance windows align with TPM planned stops — good for pre/post prescription M&V.

3.3 Automation, metering, SCADA/EMS/DCS

Showa technology lineage implies quality systems and likely PLC-level station control on test stands. Central EMS unknown — may have utility monitoring at HT only.

Stamped entry path:

• Path A: DHBVN HT AMR/interval data + shift roster + one week walk-through
• Path B: If submeters on plating/compressor feeders exist, faster attribution

Do not assume Schneider/Siemens group standard — plant-level discovery required.

3.4 Capex / tech projects affecting energy

• Solar rollout (all three plants) — shifts kWh mix; MD optimization becomes primary
• Energy audit findings referenced in AR future plans — possible overlap with Stamped discovery; position as execution + verification, not another audit
• EV variant lines — new equipment baselines

4. Stamped Energy fit analysis

4.1 ICP scorecard

4.2 Fit score rationale

Plus: NCR visit book; public solar/conservation language; TPM culture; CRISIL A rating; clear plant addresses; Tier-1 visit cohort (Machino, ASK, Lumax nearby).

Minus: Lower thermal intensity than HPDC/forging — ROI must be MD + auxiliary ₹, not melt SEC alone; Hero Group procurement may slow non-capex software; two-plant meter mapping needed.

Campaign scores 8/10 vs lead report 7/10 — upgraded for NCR ₹20L+ gate and solar post-commissioning wedge.

4.3 Wedge (parser-critical)

The strongest wedge is: take one Manesar DHBVN HT boundary, relate post-solar grid import to compressor + plating + welding shift-start overlap, assign one production-safe stagger action, run 60-Day Proof Run with results verified with evidence.

4.4 Objections & competitors

4.5 Pilot design

• Site: Manesar Plot 26 E&F, Sector 3 — one HT consumer
• Scope: Main incomer + production calendar + compressor/plating focus
• Duration: 60 days Proof Run
• Success: Documented ₹ reduction verified with evidence; MD or kVA charge component down with attributable action
• Kill criteria: Bill below ₹20L on scoped meter; no interval data; no plant owner for intervention
• Rollout: Gurugram second site; Haridwar only after NCR proof template

5. Before you reach out

5.1 Discovery checklist

• Manesar HT consumer number and legal name on bill
• Separate vs consolidated Gurugram meter
• Solar kWp and % kWh offset per plant
• Last energy audit date and open items
• Compressor count and start logic
• Plating line hours vs assembly hours
• Named maintenance/electrical head with mobile

5.2 Do not lead with

• Dashboards, AI, generic ESG
• Group-wide Hero sustainability programme
• Haridwar or combined three-plant scope
• “Verify on next DISCOM bill” as hero proof line

5.3 Opening hooks (email / call / WhatsApp)

• “Solar is live at Manesar — what percentage of load is still grid, and does MD move month to month?”
• “Between plating and compressors, which line does your electrical head think owns the last ₹5L on the DHBVN bill?“

6. Risks, flags, controversies & sources

6.1 Integrity / controversy / regulatory (search explicitly)

Search terms used: “Munjal Showa” + fraud; GST raid; labour strike; environmental notice; NGT; lawsuit; Showa JV dispute (2024–2026).

Result: No specific Munjal Showa Limited fraud, raid, or major environmental enforcement surfaced in this research pass. Company is long-listed with routine statutory compliance. Standard auto-industry EV transition anxiety appears in MD&A (industry commentary), not company-specific distress.

None found for material controversy affecting pilot engagement.

6.2 Data quality flags

• Lead report fit 7/10 vs campaign 8/10 — reconciled in score rationale
• Solar MW capacity not disclosed in grep of AR — must ask plant
• Exact electricity ₹ line in P&L not extracted in this pass — pull FY25 notes to refine bill band
• Do not confuse revenue ₹1,280 Cr with electricity spend — bill band remains [~] until two bills received

6.3 Sources consulted

• Munjal Showa FY 2024-25 Annual Report (https://munjalshowa.net/wp-content/uploads/2025/07/Munjal-Showa-Annual-Report-2024-25.pdf)
• Munjal Showa contact page (https://munjalshowa.net/contact-us/contact-address/)
• BSE filings / general update Jan 2025
• leads/auto-components/lead-research-auto-component-batch4-2026-06.md (Lead 19)
• outreach/extras/2026-08-ncr-20l-plus/bill-qualification-sheet.md
• LinkedIn company page (https://in.linkedin.com/company/munjal-showa-limited)

Appendix A — Visit-week conversation map (Manesar)

Use this sequence on a 45-minute plant walk:

1. HT room (10 min): Photograph bill header (redact account if needed); note kVA contract demand, last six months MD trend, solar net-meter line items.
2. Compressor yard (10 min): Count units, ask start sequence at 06:00 / 14:00 / 22:00 shift changes; listen for unload vs load mismatch.
3. Plating or welding bay (15 min): Pick one line — ask operator when rectifiers or welders drop to idle between batches; correlate with shift log.
4. Test stand area (5 min): Confirm hydraulic pump hold policy off-cycle.
5. Close (5 min): Name one intervention owner; agree two bill PDFs via email within 48 hours.

OEM angle: Hero supplier audits increasingly ask for energy per unit on critical components — MSL can use Stamped SEC per shock absorber as differentiation without waiting for group EnMS.

Fee alignment: Scope pilot fee to ₹20–35L/month bill band, not ₹1,280 Cr revenue — avoids Hero procurement threshold escalation.