NSE: GNA · BSE: 540124
GNA AXLES LIMITED
Manufactures auto components, primarily axle shafts (77.16% of turnover), spindles (16.49%) and other shafts (6.35%), from two plants and one office in India. The business is run as a single segment serving customers across 30 Indian states and 12 countries, with exports contributing 45.91% of FY26 turnover. FY26 revenue from operations was Rs 1,478.42 crore, down about 4% from Rs 1,539.74 crore in FY25, but profit after tax rose 9.2% to Rs 116.99 crore as the EBITDA margin expanded to 16.3% from 13.8% the prior year. The cost stack is dominated by materials at 62.6% of revenue, with employee cost at 5.9%, other operating expenses at 16.8% and depreciation at 4.7%; capex ran at 10.7% of revenue. In Q1 FY27, revenue from operations rose about 37% year-on-year to Rs 470.4 crore and PAT rose around 66% to Rs 38.3 crore. A newly incorporated wholly-owned subsidiary, GNA Mobility Limited, has been set up with an Rs 800 crore investment plan to expand into light vehicles, passenger vehicles and electric vehicle components, and the parent has approved investing up to Rs 25 crore in it for capex and working capital. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Axle shafts (77%), Spindles (16%), Other shafts (6%). Single-segment auto components manufacturer, asset-heavy with two plants in India and significant export exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,270 | 1,583 | 1,506 | 1,540 | 1,478 |
| EBITDA (ex other income) | 181 | 233 | 197 | 211 | 238 |
| margin % | 14.2 | 14.7 | 13.1 | 13.7 | 16.1 |
| Owners' profit | 89 | 130 | 100 | 107 | 117 |
| EPS, as reported (₹) | 41.35 | 60.67 | 23.28 | 24.95 | 27.24 |
| ROE % · ROCE % | 14.9 · 20.5 | 18.2 · 24.9 | 12.5 · 17.6 | 11.9 · 15.6 | 11.6 · 15.5 |
| Debt / equity (x) | 0.35 | 0.26 | 0.24 | 0.27 | 0.18 |
| Cash from operations | 41 | 105 | 98 | 92 | 214 |
| Capex | (46) | (75) | (89) | (111) | (158) |
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 | 388 | 375 | 378 | 344 | 348 | 375 | 411 | 470 |
| Profit before tax | 37 | 35 | 34 | 31 | 42 | 47 | 37 | 52 |
| Net profit | 29 | 25 | 25 | 23 | 31 | 32 | 31 | 38 |
| EPS (₹) | 6.64 | 5.91 | 5.93 | 5.35 | 7.27 | 7.44 | 7.18 | 8.93 |
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) | 18.4 | 25.3 | 39 of 119 | 68% |
| P/B | 2.4 | 3.2 | 48 of 117 | 60% |
| ROCE | 14.3 | 12.6 | 52 of 125 | 59% |
| ROE | 11.7 | 11.7 | 59 of 117 | 50% |
| Debt / Equity | 0.2 | 0.3 | 50 of 117 | 58% |
| EBITDA margin | 15.6 | 12.2 | 38 of 118 | 68% |
| Revenue growth | 36.7 | 20.2 | 13 of 113 | 89% |
| Profit growth | 66.5 | 24.4 | 33 of 115 | 72% |
| Market cap | 2436 | 1460 | 50 of 126 | 61% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Q2 revenue up 49.8%, profit up 41.2% | results | high | — | — |
| 14 Oct 2026 · Board meeting on Oct 23 to consider Q2 FY27 results | results | low | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 for Q2 results | compliance | minimal | — | — |
| 15 Sept 2026 · Promoter Maninder Singh Seehra transfers 5 lakh shares via inter-se transfer | ownership changes | medium | — | — |
| 15 Sept 2026 · GNA Axles: Promoter Surinder Kaur acquires 1.16% via inter-se transfer | ownership changes | high | — | — |
| 26 Aug 2026 · Maninder Singh (Promoter Group) sells 1.04% stake in GNA Axles | ownership changes | medium | — | — |
| 12 Aug 2026 · Promoter Maninder Singh sells 1.15% stake in GNA Axles via market sale | ownership changes | medium | — | — |
| 12 Aug 2026 · GNA Axles promoter group member Harjinder Kaur sells 0.66% stake via market | ownership changes | medium | — | — |
| 10 Aug 2026 · Promoter Group Member Maninder Singh Sells 0.97% Stake in GNA Axles | ownership changes | medium | — | — |
| 25 Jul 2026 · GNA Axles 33rd AGM minutes filed; all 4 resolutions passed | board shareholder meetings | medium | — | — |
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.