GNA Axles share price & results
- Sept 2026
- Sept 2026
Punjab-based manufacturer of rear axle shafts, spindles and drive shafts for global tractor and CV OEMs.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 521 | +49.7% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 16.0 | −2.0 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 44.0 | +41.9% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 13.50 | −0.2 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 3.86 | +5.0 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 22.98 | −6.3 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Price
Performance +83.4% 1Y
1Y: ₹316.1 on 24 Oct 2025 → ₹579.65. High ₹620.45 (24 Sept 2026), low ₹298.15 (31 Dec 2025).
- Previous close
- ₹559.3
- Market cap
- ₹2.4k Cr
- 52-week range
- ₹298.15 – ₹620.45
- One year
- +85.52%
- Price to earnings (TTM to Sept 2026)
- 16.56×
- Return on equity (TTM to Sept 2026)
- 13.50%
Overview
- Symbol
- NSE:GNA
- Industry
- Consumer Discretionary
- Exchange
- NSE
- Currency
- INR
What GNA Axles does
Based on the company's own presentations, annual report and earnings calls.
GNA Axles Limited manufactures precision-engineered driveline components — rear axle shafts, spindles and drive shafts — supplied to original equipment manufacturers serving the tractor, off-highway and commercial-vehicle segments. It runs two integrated manufacturing units in Punjab (Mehtiana, Hoshiarpur and Gulab Garh Jattan, Kapurthala) covering forging, machining and heat-treatment, selling both domestically and via exports to OEMs across North America, Europe and Asia, including Dana Limited, John Deere, Kubota and Meritor HVS internationally and Mahindra & Mahindra, Escorts and TAFE in India. In 2025 it incorporated a wholly owned subsidiary, GNA Mobility Limited, to widen its product range into components for light vehicles, passenger vehicles and electric vehicles.
Segments
- Off-Highway (Tractor/Agri)
- Commercial Vehicle (CV)
- Manufacturing units
- 2 (Mehtiana, Hoshiarpur and Gulab Garh Jattan, Kapurthala — Punjab, India)
- Product lines
- 3 (Rear Axle Shafts, Spindles, Drive Shafts)
- Countries with market presence
- 14, including USA, Mexico, Brazil, UK, Germany, Spain, Italy, Sweden, Czech Republic, Türkiye, India, China, Japan, Australia
- Rear axle shafts sold (FY2025-26)
- ~40.8 lakh units
- Spindles sold (FY2025-26)
- ~9.4 lakh units
- Drive/other shafts sold (FY2025-26)
- ~4.7 lakh units
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +42% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 375 | 378 | 344 | 348 | 375 | 411 | 470 | 521 |
| Expenses | 323 | 327 | 294 | 287 | 306 | 354 | 398 | 440 |
| Operating profit | 52 | 50 | 50 | 61 | 69 | 57 | 72 | 82 |
| Operating margin | 14.0% | 13.0% | 15.0% | 18.0% | 18.0% | 14.0% | 15.0% | 16.0% |
| Other income | 1 | 1 | 1 | 0 | 1 | 0 | 1 | 1 |
| Interest | 4 | 3 | 4 | 3 | 4 | 3 | 4 | 4 |
| Depreciation | 15 | 14 | 16 | 16 | 19 | 19 | 18 | 18 |
| Profit before tax | 35 | 34 | 31 | 42 | 47 | 37 | 52 | 61 |
| Tax rate | 27.0% | 26.0% | 27.0% | 26.0% | 33.0% | 16.0% | 26.0% | 27.0% |
| Net profit | 25 | 25 | 23 | 31 | 32 | 31 | 38 | 44 |
| EPS (₹ per share) | 5.91 | 5.93 | 5.36 | 7.27 | 7.44 | 7.18 | 8.93 | 10.27 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 1,583 | 1,506 | 1,541 | 1,478 |
| Expenses | 1,350 | 1,309 | 1,330 | 1,241 |
| Operating profit | 233 | 197 | 210 | 237 |
| Other income | 0 | 2 | 4 | 2 |
| Interest | 11 | 11 | 13 | 14 |
| Depreciation | 49 | 53 | 57 | 70 |
| Profit before tax | 174 | 134 | 144 | 157 |
| Net profit | 130 | 100 | 107 | 117 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 21 | 43 | 43 | 43 | 43 | 43 |
| Reserves | 693 | 759 | 857 | 899 | 962 | 1,031 |
| Borrowings | 203 | 213 | 259 | 203 | 218 | 203 |
| Other liabilities | 252 | 203 | 206 | 301 | 298 | 452 |
| Total liabilities | 1,171 | 1,219 | 1,365 | 1,446 | 1,520 | 1,729 |
| Fixed assets | 306 | 344 | 406 | 442 | 459 | 460 |
| Capital work in progress | 12 | 8 | 0 | 10 | 35 | 55 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 853 | 866 | 959 | 994 | 1,027 | 1,213 |
| Total assets | 1,171 | 1,219 | 1,365 | 1,446 | 1,520 | 1,729 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 33 | 41 | 105 | 98 | 92 | 214 |
| Cash from investing | -28 | -46 | -66 | -86 | -111 | -155 |
| Cash from financing | -5 | 4 | -39 | -13 | 26 | -66 |
| Net cash flow | 0 | 0 | 0 | 0 | 7 | -7 |
| Free cash flow | 3 | -4 | 30 | 10 | -18 | 56 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 180 | 136 | 129 | 138 | 151 | 151 |
| Inventory days | 100 | 82 | 65 | 84 | 80 | 117 |
| Days payable | 149 | 88 | 78 | 77 | 76 | 128 |
| Cash conversion cycle | 130 | 130 | 116 | 145 | 155 | 139 |
| Working capital days | 107 | 89 | 85 | 102 | 122 | 133 |
| Return on capital employed | 15.0% | 17.0% | 21.0% | 15.0% | 14.0% | 14.0% |
| Dividend payout | 15.0% | 12.0% | 10.0% | 9.0% | 12.0% | 11.0% |
What the price assumes
ExpensiveTo justify its price of ₹580, this stock must grow earnings at 9% every year for 7 years. Our analysis caps realistic growth at ~-4%. At that growth it is worth ₹287 — downside of 51%.
- Growth the price implies
- 9.4% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -3.5% a year
- net profit, FY23–FY26 · EPS -3.5%
- The gap
- 0.1 pp
- -51% downside if it only repeats history
Ownership
Who owns it
Promoters hold 58.47% as of Sept 2026; institutions added 2.75 pts since Jun 2026.
- Promoters 58.47%
- Foreign institutions 3.37%
- Domestic institutions 12.67%
- Public 25.48%
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- newly disclosed 36.34% held
- Mutual fund newly disclosed 9.58% held
- Mutual fund newly disclosed 1.78% held
- newly disclosed 1.16% held
The same filing shows 1 holder trimming and 4 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of GNA Axles above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 36.34% | newly disclosed | |
| 15.01% | unchanged | |
| Mutual fund | 9.58% | newly disclosed |
| 2.50% | unchanged | |
| 2.50% | unchanged | |
| Mutual fund | 1.78% | newly disclosed |
| 1.16% | newly disclosed | |
| 0.66% | −0.52 pp | |
| 0.09% | unchanged | |
| 0.09% | unchanged | |
| 0.03% | unchanged | |
| 0.03% | 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 GNA
Filings to Sep 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹236 Cr
- 2 schemes
- Biggest holder
- HDFC Small Cap Fund
- ₹196 Cr · 0.5% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Small Cap Fund HDFC Mutual Fund | ₹196 Cr | held | Dec '22 |
| HDFC Retirement Fund - Hybrid-Equity Plan HDFC Mutual Fund | ₹40 Cr | held | Dec '22 |
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 Sep 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +9%
- vs est. average cost
- Held by funds
- ₹236 Cr
- 2 schemes · ≈ 9.5% of the company
- Biggest holder
- HDFC Small Cap Fund
- ₹196 Cr · 0.5% of that fund
Shares held by these funds +106%
Oct '23 39.52 L shares Sep '26
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