AUTOAXLES

Automotive Axles share price & financials

Price
₹1,793.3
Market cap
₹2.7k Cr
Sector
Automobile and Auto Components
Calls analysed
7
Latest concall · Q1 FY27 · call held 06 Aug 2026

Automotive Axles Limited Q1 FY27

Revenue from Operations ₹516.8 cr EBITDA ₹70.2 cr EBITDA Margin 13.6% +40%PAT ₹45.5 cr

What went well

  • Revenue from operations stood at Rs. 5,168 million.
  • EBITDA at Rs. 702 million, achieving a 13.6% margin, noted as one of the highest ever.
  • Profit for the year (PAT) was Rs. 455 million, resulting in an EPS of Rs. 30, the highest quarterly EPS in the last four years.

What to watch

  • The market was described as 'relatively moderate' during the quarter.
  • The company is facing cost headwinds related to post-war impacts, LPG, tooling, and consumables, which it has been absorbing.
Read the full call →

What Automotive Axles Limited does

Automotive Axles Limited is a 1981-incorporated joint venture between Bharat Forge Limited (Kalyani Group) and Meritor Heavy Vehicle Systems LLC (USA), manufacturing drive axles, non-drive axles, front steer axles, off-highway axles, drum and disc brakes, and suspension systems for commercial vehicles. It runs three plants in Mysuru (Karnataka), Rudrapur (Uttarakhand) and Jamshedpur (Jharkhand), supplying OEMs across light, medium and heavy commercial vehicles, military and off-highway segments, plus the aftermarket. The company holds a leading position in India's independent axle market and ranks second in brakes, with an installed base of over 2.2 million axles on Indian roads. From April 2025 it began selling directly to OEMs, ending its earlier arrangement of routing sales through Meritor HVS (India) Limited, which continues to support it with market intelligence, product design and testing services.

Segments

  • Axles (rear and front)
  • Brakes
  • Others incl. Suspension
Manufacturing plants
3 (Mysuru-Karnataka, Rudrapur-Uttarakhand, Jamshedpur-Jharkhand)
Ownership structure
Joint venture between Bharat Forge Limited (Kalyani Group) and Meritor Heavy Vehicle Systems LLC, USA
Market position
#1 in independent axles, #2 in brakes
Installed base
2.2 million+ axles on Indian roads
Total workforce (employees + workers)
2,983 (FY25)
Product range
Drive axles, non-drive axles, front steer axles, off-highway axles, drum & disc brakes, suspension systems
Founded 1981Headquarters Mysuru, Karnataka, IndiaEmployees 931 (March 31, 2025) Company website

Guidance record · Q1 FY27

what the last two calls moved 15 tracked 5 delivered 0 missed 10 open
  • EBITDA Margin delivered said Q3 FY25 Promised: Improve beyond 13-13.5% in the next 3 to 4 years Q1 FY27: Achieved 13.6% EBITDA margin, one of the highest ever, surpassing the 13-13.5% target range.
  • Industry Volume revised up said Q4 FY26 Promised: Overall TIV (Total Industry Volume) to be 400,000+ vehicles in FY27 Q1 FY27: Industry volume forecast for FY27 revised upwards. Initial projection was a 15-20% decline from FY26 (480k units), now revised to a smaller 5-10% decline. This keeps the volume well above the 400k+ target.
  • Revenue on track said Q3 FY25 Promised: Double revenue by 2029-2030 (14-16% CAGR) Q1 FY27: Q1 revenue dipped to INR 516.8 cr, a sequential decline. However, management focus is on capacity expansion (40% of Phase 1/1a capex done) to meet future demand, keeping the long-term target viable.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 5.7%, net profit up 27.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue495 531 560 489 462 −7%562 +6%664 +19%517 +6%
EBITDA51 57 63 48 48 −6%64 +12%77 +22%60 +25%
Net profit36 40 46 36 36 +0%39 −2%54 +17%46 +28%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −1.5% 1Y

₹1.6k₹1.8k₹2.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 31 Oct 2025Q3 FY26 — 6 Feb 2026Q4 FY26 — 20 May 2026Q1 FY27 — 6 Aug 2026

1Y: ₹1,703 on 10 Sept 2025 → ₹1,678. High ₹2,109.3 (4 Feb 2026), low ₹1,547.1 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−4.7%
6 Aug
Q4 FY26
+3.7%
20 May
Q3 FY26
−2.4%
6 Feb
Q2 FY26
−4.5%
31 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 2.2% a year over 3 years, FY23 to FY26. Operating margin held at 10.9%.

Year endingFY23FY24FY25FY26
Revenue₹2.3k Cr₹2.2k Cr₹2.1k Cr₹2.2k Cr
Operating profit₹258 Cr₹247 Cr₹220 Cr₹237 Cr
Operating margin11.1%11.1%10.6%10.9%
Interest₹4 Cr₹4 Cr₹4 Cr₹0 Cr
Depreciation₹40 Cr₹36 Cr₹34 Cr₹37 Cr
Net profit₹162 Cr₹166 Cr₹156 Cr₹165 Cr
Net margin7.0%7.4%7.5%7.6%
Cash from operations₹52 Cr₹260 Cr₹128 Cr₹173 Cr
Free cash flow₹36 Cr₹241 Cr₹115 Cr₹101 Cr
ROCE31.0%27.0%22.0%22.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹15 Cr₹15 Cr₹15 Cr₹15 Cr₹15 Cr₹15 Cr
Reserves₹539 Cr₹606 Cr₹744 Cr₹861 Cr₹991 Cr₹1.1k Cr
Borrowings₹29 Cr₹23 Cr₹28 Cr₹22 Cr₹15 Cr₹14 Cr
Other liabilities₹364 Cr₹401 Cr₹369 Cr₹332 Cr₹307 Cr₹407 Cr
Total liabilities₹947 Cr₹1.0k Cr₹1.2k Cr₹1.2k Cr₹1.3k Cr₹1.5k Cr
Fixed assets₹245 Cr₹259 Cr₹245 Cr₹227 Cr₹186 Cr₹225 Cr
Capital work in progress₹32 Cr₹3 Cr₹6 Cr₹6 Cr₹17 Cr₹14 Cr
Investments₹12 Cr₹17 Cr₹0 Cr₹21 Cr₹164 Cr₹140 Cr
Other assets₹658 Cr₹766 Cr₹905 Cr₹976 Cr₹961 Cr₹1.1k Cr
Total assets₹947 Cr₹1.0k Cr₹1.2k Cr₹1.2k Cr₹1.3k Cr₹1.5k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −1.71 pp while DIIs added +1.63 pp. The shareholder count shrank 18% to 23,383.

Promoters
71.0%
FIIs
0.8%
DIIs
15.4%
Public
12.8%

Since Jun 2025

  • Public −1.71 pp
  • DIIs +1.63 pp
  • FIIs +0.10 pp

How it drifted, 12 quarters

Over this window the public fell from 16.3% to 12.8% — −3.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 71.0%, FIIs 0.7%, DIIs 12.0%, Public 16.3%.Dec '23: Promoters 71.0%, FIIs 0.6%, DIIs 12.0%, Public 16.4%.Mar '24: Promoters 71.0%, FIIs 0.5%, DIIs 12.0%, Public 16.5%.Jun '24: Promoters 71.0%, FIIs 0.6%, DIIs 11.5%, Public 16.9%.Sep '24: Promoters 71.0%, FIIs 0.6%, DIIs 12.8%, Public 15.6%.Dec '24: Promoters 71.0%, FIIs 0.6%, DIIs 13.1%, Public 15.4%.Mar '25: Promoters 71.0%, FIIs 0.5%, DIIs 13.5%, Public 14.9%.Jun '25: Promoters 71.0%, FIIs 0.7%, DIIs 13.8%, Public 14.5%.Sep '25: Promoters 71.0%, FIIs 0.7%, DIIs 14.2%, Public 14.1%.Dec '25: Promoters 71.0%, FIIs 0.7%, DIIs 14.6%, Public 13.7%.Mar '26: Promoters 71.0%, FIIs 0.8%, DIIs 15.2%, Public 13.0%.Jun '26: Promoters 71.0%, FIIs 0.8%, DIIs 15.4%, Public 12.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Automotive Axles Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Bf Investment Limited 35.52%unchanged
Meritor Heavy Vehicle Systems, Llc 35.52%unchanged
Nippon Life India Trustee Ltd Mutual fund8.81%unchanged
ICICI Prudential Smallcap Fund (Various Schemes) Mutual fund2.76%unchanged
Bandhan Infrastructure Fund Mutual fund1.47%+0.32 pp
SBI Contra Fund Mutual fund1.32%unchanged
Cummins Inc 0.00%unchanged
Babasaheb Kalyani Family Trust 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in AUTOAXLES

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹265 Cr
3 schemes
Biggest holder
Nippon India Small Cap Fund
₹131 Cr · 0.2% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹131 Crheld
Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund₹99 Crheld
SBI Contra Fund SBI Mutual Fund₹35 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+57%
vs est. average cost
Held by funds
₹265 Cr
3 schemes · ≈ 10% of the company
Biggest holder
Nippon India Small Cap Fund
₹131 Cr · 0.2% of that fund
Longest holder
Nippon India ELSS Tax Saver Fund
13y 7m · since Feb '13

Shares held by these funds +3%

Aug '23 15.32 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹1678, this stock must grow earnings at 7% every year for 7 years. Our analysis caps realistic growth at ~0%. At that growth it is worth ₹1172 — downside of 30%.

Growth the price implies
7.1% a year
for 7 years, fading to 4%
It has actually compounded at
0.6% a year
net profit, FY23–FY26 · EPS 0.5%
The gap
0.1 pp
-30% downside if it only repeats history
Price today ₹1,678 Value at the reference growth ₹1,172.38

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Automotive Axles Limited

Guides on how to read this kind of business and the numbers that matter.