About Munjal Showa Limited

Munjal Showa Limited was incorporated in 1985 as a technical and financial collaboration between the Hero Group and Showa Corporation, Japan. Following a group realignment overseas, Hitachi Astemo Limited was formed on January 01, 2021 through the absorption merger of Showa Corporation with Hitachi Automotive Systems Limited. The company operates as an ancillary manufacturer for India’s two-wheeler and four-wheeler industries, producing front forks, shock absorbers, struts, gas springs and window balancers for sale primarily in the domestic market. It runs three manufacturing plants in Gurugram, Manesar and Haridwar, with its registered office in Gurugram, Haryana. As per the company’s corporate information, its technical and financial collaborator is Astemo Ltd., Japan (erstwhile Hitachi Astemo Limited).

Commercial production commenced on March 11, 1987, marking the start of supplies to leading original equipment manufacturers (OEMs) in India. Over the years, Munjal Showa has strengthened its manufacturing systems through recognised quality and safety certifications, including ISO/TS 16949:2009, ISO 14001:2015, OHSAS 18001:2007 and ISO-45001, and has pursued Total Productive Maintenance (TPM) across plants. The company’s TPM journey has been acknowledged with the JIPM TPM Excellence Award “Category A” for the Gurugram and Manesar plants (2008 and 2010) and the TPM Excellence Consistency Award (2013). Its manufacturing footprint is complemented by lean initiatives and in-house machine-building to enhance productivity and quality.

Munjal Showa’s operations are concentrated in India and it also serves export models for select customers. The company notes no non-current assets outside India. Subsidiaries: 0 (no subsidiaries as at March 31, 2025).

Key Milestones of Munjal Showa Limited

• Started commercial production in 1987, supplying leading Indian OEMs.
• Achieved multiple quality certifications including ISO/TS 16949:2009 and ISO 14001:2015.
• Received JIPM TPM Excellence Awards recognizing manufacturing excellence.
• Maintains three manufacturing plants in Gurugram, Manesar, and Haridwar.

Munjal Showa Limited Business Segments

The company manufactures front forks, shock absorbers, struts, gas springs, and window balancers primarily for the domestic two-wheeler and four-wheeler markets. It selectively exports components to joint ventures and associates. Manufacturing facilities are based entirely in India across three plants.

Munjal Showa’s product offering comprises suspension and ancillary automotive components including front forks, shock absorbers, struts, gas springs, and window balancers. It serves major OEMs like Hero MotoCorp and Maruti Suzuki India Limited both domestically and via export models.

Munjal Showa Limited Key Management

• Yogesh Chander Munjal – Chairman & Managing Director
• Hitoshi Fukagawa – Joint Managing Director (appointed May 29, 2024)
• Pankaj Gupta – Chief Financial Officer
• Neha Bansal – Company Secretary & Compliance Officer

Latest Updates on Munjal Showa Limited

• Board appointments including Hitoshi Fukagawa as Joint Managing Director and additional directors joining in 2025.
• Development of special-purpose machines for new technologies in rear cushion and front fork segments.
• Maintained a strong credit rating (CRISIL A/Stable and CRISIL A1).
• Focus on exports of components for Hero MotoCorp and Maruti Suzuki export models; foreign exchange earnings and outgo reported.
• Manufacturing footprint limited to India with plants in Haryana and Uttarakhand.