NSE: AUTOAXLES · BSE: 505010
AUTOMOTIVE AXLES LIMITED
Manufactures axles for the Indian heavy commercial vehicle industry (7.5T+ segment), including the HD 185 axle for tractor-trailer (4x2) applications launched with all major OEMs. FY26 revenue was INR 2,177.729 crore with an EBITDA margin of 11.813% and net profit of INR 164.375 crore. Industry TIV for the 7.5T+ commercial vehicle segment closed FY26 at 480,000 units, up 16% YoY, and the business ran at over 90% capacity utilization in Q4 FY26. Phase 1 capacity expansion of about INR 70 crore is targeted for December 2026 completion, with FY27 capex of a similar magnitude. Materials account for 66.8% of revenue, making it the dominant cost, and a technical fee of 4-4.5% of revenue is paid to technology partner Meritor HVS. The company has guided a revenue aspiration of INR 4,000-5,000 crore over 4-5 years, with exports (sub-assemblies and child parts for Europe and North America) targeted as a larger contributor than today. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Axle manufacturing for commercial vehicles. Cyclical auto-component supplier to heavy commercial vehicle OEMs, technology licensed from Meritor HVS
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,491 | 2,324 | 2,229 | 2,078 | 2,178 |
| EBITDA (ex other income) | 135 | 257 | 246 | 220 | 225 |
| margin % | 9.0 | 11.1 | 11.0 | 10.6 | 10.3 |
| Owners' profit | 74 | 162 | 166 | 194 | 164 |
| EPS, as reported (₹) | 49.20 | 107.22 | 109.95 | 102.92 | 108.77 |
| ROE % · ROCE % | 12.0 · 15.8 | 21.3 · 28.2 | 19.0 · 25.1 | 19.8 · 21.4 | 15.0 · 19.9 |
| Debt / equity (x) | 0.02 | 0.01 | 0.01 | 0.00 | 0.00 |
| Cash from operations | 66 | 52 | 260 | 128 | 173 |
| Capex | (22) | (16) | (19) | (0) | (73) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 495 | 531 | 560 | 489 | 462 | 562 | 664 | 517 |
| Profit before tax | 48 | 54 | 62 | 48 | 48 | 51 | 72 | 61 |
| Net profit | 36 | 40 | 46 | 36 | 36 | 39 | 54 | 46 |
| EPS (₹) | 23.80 | 26.20 | 30.39 | 23.64 | 23.79 | 25.68 | 35.66 | 30.17 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.8 | 25.3 | 21 of 119 | 83% |
| P/B | 2.2 | 3.2 | 43 of 117 | 64% |
| ROCE | 19.7 | 12.6 | 27 of 125 | 79% |
| ROE | 15.0 | 11.7 | 36 of 117 | 70% |
| Debt / Equity | 0.0 | 0.3 | 1 of 117 | 85% |
| EBITDA margin | 13.6 | 12.2 | 46 of 118 | 62% |
| Revenue growth | 5.6 | 20.2 | 94 of 113 | 17% |
| Profit growth | 27.6 | 24.4 | 55 of 115 | 53% |
| Market cap | 2403 | 1460 | 51 of 126 | 60% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Routine compliance certificate on dematerialization for Jul-Sep 2026 quarter | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1, 2026 till Q2 FY26 results announcement | compliance | minimal | — | — |
| 11 Sept 2026 · Automotive Axles pays Rs.32 final dividend for FY26, TDS deducted | corporate actions | high | — | — |
| 3 Sept 2026 · Notice on Special Window for Physical Share Transfer and Demat | compliance | minimal | — | — |
| 12 Aug 2026 · 45th AGM held; final dividend of Rs 32 per share declared | board shareholder meetings | medium | — | — |
| 10 Aug 2026 · Q1 FY27 earnings call transcript filed; record EBITDA at 13.6 percent | investor communications | medium | — | — |
| 9 Aug 2026 · KSPCB notice on water quality non-compliance at Mysuru plant; remediated | regulatory legal | high | — | — |
| 7 Aug 2026 · Auto Axles Q1 FY27 results: profit up 28% on 6% revenue growth | compliance | minimal | — | — |
| 6 Aug 2026 · Automotive Axles shares 1QFY27 analyst call audio recording | investor communications | low | — | — |
| 5 Aug 2026 · Q1 FY27: PAT jumps 27.6% to Rs 456 million; revenue up 5.6% | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.