Automotive Axles logo

Automotive Axles

AUTOAXLES NSE

Key Fundamentals

MicrocapAuto ComponentsAutomobiles
Market Cap
₹2,514 Cr
Volatility
Moderate
P/E Ratio
14.55
EBITDA
₹269 Cr
Return on Equity
14.96%
Debt to Equity
0.01
Book Value
₹727.18
EPS
₹107.47
52W High
₹2,115
52W Low
₹1,540.2

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 29.4%
  • Company's working capital requirements have reduced from 88.4 days to 66.2 days

Growth Rate

Revenue Growth
4.99% higher than 3Y
Net Income Growth
5.72% higher than 3Y
Cash Flow Change
34.54% higher than 3Y
ROE
-5.56% lower than 3Y
ROCE
-7.16% higher than 3Y
EBITDA Margin (Avg.)
3.66% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
AI opinion · based on fundamentals
Risk medium

Automotive Axles Ltd is a nearly debt-free, Kalyani-Meritor joint venture with a market cap of ~₹2,750 Cr, trading at a PE of 16.6x with ROE consistently around 17-18%. Revenue growth has been muted at 5% TTM and -2% on a 3-year CAGR basis, though FY26 Q4 showed a 17.8% revenue jump, and the company has maintained a healthy dividend payout of 29.4%.

Bull Case 8
  • Virtually debt-free balance sheet provides financial resilience through CV industry cycles and flexibility for capex without dilution
  • Consistent ROE of 17-18% over 3, 5, and 10-year periods indicates strong capital efficiency and durable competitive positioning
  • FY25 net profit of ₹1,555 Cr (₹155.5 Cr) with EPS of ₹102.92, and FY26 total comprehensive income grew to ₹1,629 million from ₹1,543 million — steady profit expansion
  • Compounded profit CAGR of 47% over 5 years and 17% over 10 years demonstrates long-term earnings compounding ability
  • PE of 16.6x is moderate for a niche auto-ancillary with JV backing from Meritor (now Cummins), providing valuation support relative to peers
  • Dividend yield of 1.68% with 29.4% payout ratio offers income while retaining majority of profits for reinvestment
  • H1 FY25 EBITDA margin improved to 11.6% from 11.2% YoY, indicating operating leverage and cost discipline
  • Largest independent manufacturer of rear drive axle assemblies in India with plants in Mysore and Jamshedpur, giving it scale and OEM stickiness in M&HCV segment
Bear Case 8
  • 3-year compounded sales CAGR of -2% signals revenue stagnation, with TTM growth of only 5% — top-line momentum is weak
  • 3-year stock CAGR of -6% indicates sustained underperformance and market skepticism about near-term growth
  • Q3 FY25 standalone net sales of ₹530.74 Cr were down 1.96% YoY, showing continued quarterly revenue softness
  • FY25 revenue fell 6.2% to ₹21,048 million from FY24, reflecting direct exposure to CV production slowdown
  • High cyclicality — business is tied to M&HCV production volumes, which are subject to sharp swings based on fleet replacement cycles and freight economics
  • Concentrated customer base with heavy reliance on a few large OEMs (primarily Ashok Leyland and Tata Motors) creates revenue concentration risk
  • 10-year sales CAGR of only 7% suggests the business is a slow compounder with limited addressable market expansion
  • Price-to-book of 2.49x with muted top-line growth means the stock is not deeply undervalued on an asset basis for a cyclical business

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 69d ago
Neutral 1
  • AGM and dividend record date Jun 24

    Automotive Axles fixed August 5, 2026 as the record date for its 45th AGM and final dividend, with the AGM scheduled for August 12, 2026.

TL;DR: Limited recent news flow for Automotive Axles. The only development is a routine AGM and dividend record date announcement, signaling normal corporate governance activity. No material headwinds or catalysts are visible from current coverage, leaving the near-term outlook dependent on broader commercial vehicle demand trends.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
532
584
541
572
492
495
531
560
489
462
562
664
517
Expenses
473
518
483
508
444
444
473
497
442
413
498
587
457
Operating Profit
59
66
58
64
49
51
57
63
48
48
64
77
60
OPM %
11%
11%
11%
11%
10%
10%
11%
11%
10%
10%
11%
12%
12%
Other Income
2
4
4
5
6
6
6
9
9
9
-3
6
10
Interest
1
1
1
1
1
1
1
1
0
0
0
0
0
Depreciation
9
9
9
9
8
8
9
9
9
9
9
10
9
PBT
51
60
53
59
46
48
54
62
48
48
51
72
61
Tax %
26%
25%
26%
25%
26%
26%
27%
26%
26%
25%
24%
25%
26%
Net Profit
38
45
39
44
34
36
40
46
36
36
39
54
46
EPS in Rs
25.03
29.84
25.91
29.18
22.53
23.8
26.19
30.39
23.64
23.79
25.68
35.66
30.17
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015 6mMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
459
1,086
1,172
1,520
1,939
952
906
1,491
2,324
2,229
2,078
2,178
2,205
Expenses
424
990
1,059
1,353
1,710
859
840
1,356
2,066
1,983
1,858
1,941
1,956
Operating Profit
35
96
114
167
229
93
66
135
257
246
220
237
249
OPM %
8%
9%
10%
11%
12%
10%
7%
9%
11%
11%
11%
11%
11%
Other Income
3
1
2
5
3
6
3
4
5
16
27
20
21
Interest
4
6
1
1
1
2
3
2
3
3
3
2
2
Depreciation
17
39
39
43
46
37
36
36
41
36
34
36
36
PBT
16
52
75
128
185
60
30
100
218
223
211
220
233
Tax %
36%
33%
34%
34%
34%
31%
25%
26%
26%
25%
26%
25%
—
Net Profit
11
35
49
84
122
41
23
74
162
166
156
164
174
EPS in Rs
6.97
23.01
32.7
55.54
80.43
27.22
15.04
49.21
107
110
103
109
115
Div. Payout %
14%
24%
24%
24%
24%
25%
30%
30%
30%
29%
30%
29%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
15
15
15
15
15
15
15
15
15
15
15
15
Reserves
287
312
361
429
523
517
539
606
744
861
967
1,084
Borrowings
62
30
0
0
73
35
29
23
28
22
16
14
Other Liabilities
156
169
189
290
322
161
364
401
369
332
360
407
Total Liabilities
521
526
566
734
933
728
947
1,045
1,157
1,230
1,357
1,520
Fixed Assets
177
168
146
118
109
255
245
259
245
227
200
225
CWIP
17
9
7
17
116
24
32
3
6
6
7
14
Investments
0
0
0
0
0
0
12
17
0
21
77
140
Other Assets
327
349
413
600
709
449
658
766
905
976
1,073
1,142
Total Assets
521
526
566
734
933
728
947
1,045
1,157
1,230
1,357
1,520
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
92
57
97
51
106
198
49
43
52
260
128
173
Investing
-18
-25
-23
-27
-157
-59
-40
-27
-84
-182
-94
-94
Financing
-70
-35
-40
-15
47
-105
-10
-15
-31
-56
-59
-49
Net Cash Flow
3
-3
35
9
-4
34
-1
2
-63
22
-24
30
Free Cash Flow
72
31
74
21
-46
136
14
21
36
241
115
101
CFO/OP
278
78
113
61
77
228
88
49
41
129
82
95
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
140
67
72
80
65
47
114
95
78
60
77
82
Inventory Days
129
52
45
47
50
88
116
68
50
58
57
53
Days Payable
149
64
75
88
70
65
168
114
69
65
75
83
Cash Conversion Cycle
119
55
42
39
45
70
62
49
60
52
59
52
Working Capital Days
89
51
56
59
53
68
75
64
73
87
111
66
ROCE %
—
16%
21%
31%
35%
11%
6%
17%
31%
27%
22%
22%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

FIIs0.75%Promot.71.04%Others2.31%Public10.47%DIIs15.44%As ofJun 2026

Documents

Frequently Asked Questions about Automotive Axles

What does Automotive Axles Ltd do?
Automotive Axles was established in 1981 as a JV of Kalyani Group (35.5% ownership) and Meritor Inc, USA (35.5% ownership). [1] The Company is engaged in the business of manufacturing and supplying Automotive Parts to the major domestic and global manufacturers of Trucks & Buses (LCV, MCV, HCV, ...
Where is Automotive Axles Ltd (AUTOAXLES) listed?
Automotive Axles Ltd trades as AUTOAXLES on the NSE and under code 505010 on the BSE.
Which sector does Automotive Axles Ltd belong to?
Automotive Axles Ltd is classified under the Automobiles sector, in the Auto Components industry.
What is the market capitalisation of Automotive Axles Ltd?
Automotive Axles Ltd has a market capitalisation of ₹2,514 Cr, which places it in the Small Cap band.
What is the PE ratio of Automotive Axles Ltd?
Automotive Axles Ltd trades at a PE ratio of 14.55, on earnings per share of ₹107.47, against a book value of ₹727.18 per share.
What is the 52-week high and low of Automotive Axles Ltd?
Over the last 52 weeks Automotive Axles Ltd has traded between ₹1,540.2 and ₹2,115.
Does Automotive Axles Ltd pay dividends?
Automotive Axles Ltd has a dividend yield of 1.93%.
What is the Return on Equity (ROE) of Automotive Axles Ltd?
Automotive Axles Ltd reported a return on equity of 14.96%. Its debt-to-equity ratio is 0.01.

Company Information

Automotive Axles was established in 1981 as a JV of Kalyani Group (35.5% ownership) and Meritor Inc, USA (35.5% ownership). [1] The Company is engaged in the business of manufacturing and supplying Automotive Parts to the major domestic and global manufacturers of Trucks & Buses (LCV, MCV, HCV, Military & Off-highway Vehicle Segment). [2]

Website autoaxle.com
CEO Mr. Nagaraja Sadashiva Murthy Gargeshwari
Employees 931
Listed 2003-05-29
Face Value ₹ 10
Issued Size 1,51,11,975

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