KROSS

Kross share price & financials

Jamshedpur forger of trailer axles, suspension & CV/tractor components for Tata Motors, Ashok Leyland.

Price: ₹188.46
Market cap: ₹1.3k Cr
Sector: Automobile and Auto Components
Calls analysed: 7

Latest concall · Q1 FY27 · call held 27 Jul 2026

Kross Ltd Q1 FY27

Revenue ₹185.35 cr +32%EBITDA ₹22.554 cr +40%EBITDA Margin 12.23% PAT ₹13.312 cr +24%

What went well

Revenue reached ₹185.35 crores, registering a strong 32% year-on-year growth.
EBITDA grew by 39.5% year-on-year to ₹225.54 million, with margin expansions to 12.23%, up 63 bps YoY.
Profit After Tax (PAT) increased 24.4% year-on-year to ₹133.12 million.

What to watch

The company is facing cost pressures from commodity price increases (steel, LPG, other gases, tooling, oil, and lubricants), though pass-through is expected.
While the trailer axles and suspension business grew 34% YoY, the underlying industry growth was in single digits, raising questions about market share gains versus spillover orders.

Read the full call →

What Kross Ltd does

Kross Limited manufactures forged, cast and machined safety-critical components for the medium & heavy commercial vehicle (M&HCV) and agricultural equipment industries, alongside its own trailer axle and suspension assembly systems. It is vertically integrated across die design, forging, casting, heat treatment, machining and surface-coating, supplying OEMs such as Tata Motors and Ashok Leyland as well as their Tier-1 suppliers, domestic dealers and trailer fabricators. It also exports precision components to European and other overseas customers and is building out new product lines (tipping jacks) and backward-integration projects (axle beam extrusion, seamless tube manufacturing).

Segments

Trailer Axles & Suspension Assemblies
Commercial Vehicle (M&HCV) Components
Tractor & Agri Components
Export Components

Market position: Ranked No. 2 in India's organised trailer axle & suspension assembly segment; targeting No. 1 within two years
Manufacturing units: 6 units (Unit 1-6) at Jamshedpur, Jharkhand, plus a 7th (Unit-VI/seamless tube) under construction
Trailer axle & suspension assembly capacity: 7,500 assemblies/month (raised from 5,000/month)
Forging capacity: Being expanded to 3,500 MT/month (2,000-ton and 1,000-ton screw presses commissioned; two more presses under installation)
Foundry/casting capacity: Being expanded to 2,700 tonnes/month (new moulding line)
Axle Beam Extrusion Plant: India's first axle-beam extrusion plant, capacity 7,500 units/month

Founded 1991Headquarters Jamshedpur, Jharkhand, IndiaEmployees 2,279 (FY2024-25 (as of March 3) Company website

Guidance record · Q1 FY27

what the last two calls moved 18 tracked 2 delivered 4 missed 12 open

Axle Extrusion Line Commercial Production delivered, diluted said Q3 FY25 Promised: arrive by early March [2025] and commercial production scheduled to commence shortly thereafter Q1 FY27: Management confirmed the extrusion line has been successfully commissioned and productionized.
FY26 Revenue Growth missed said Q3 FY25 Promised: growth of at least 15%-20% for the next year Q1 FY27: Promise concluded in prior quarter.
EBITDA Margin (FY27) at risk said Q4 FY26 Promised: Maintain EBITDA margin between 14% to 15% for FY27. Q1 FY27: Q1 EBITDA margin was 12.23%, below the target range. Management expects margin expansion in subsequent quarters from cost pass-throughs.

All 18 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 32.4%, net profit up 18.2% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	139	150	185	139	131 −6%	177 +18%	225 +22%	184 +32%
Expenses	121	130	158	123	116	154	192	162
EBITDA	18	20	27	16	15 −17%	23 +15%	34 +26%	23 +44%
Margin	13%	13%	14%	12%	11%	13%	15%	12%
Other income	1	2	2	2	1	0	1	0
Interest	4	2	2	2	2	2	2	2
Depreciation	2	2	2	2	2	2	2	3
Profit before tax	13	18	25	14	12 −8%	19 +6%	30 +20%	18 +29%
Tax rate	29%	24%	31%	23%	32%	27%	25%	25%
Net profit	10	14	17	11	8 −20%	14 +0%	22 +29%	13 +18%
EPS	1.49	2.11	2.66	1.66	1.25	2.17	3.48	2.06

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 +6.8% 1Y

1Y: ₹223.89 on 10 Sept 2025 → ₹239.07. High ₹239.07 (11 Sept 2026), low ₹158.28 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: −7.7%; 27 Jul
Q4 FY26: +2.4%; 13 May
Q3 FY26: −0.1%; 30 Jan
Q2 FY26: −6.6%; 17 Nov

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 grew 4.0% a year over 2 years, FY24 to FY26. Operating margin held at 13.1%.

Year ending	FY24	FY25	FY26
Revenue	₹621 Cr	₹620 Cr	₹672 Cr
Operating profit	₹81 Cr	₹82 Cr	₹88 Cr
Operating margin	13.0%	13.2%	13.1%
Interest	₹15 Cr	₹12 Cr	₹8 Cr
Depreciation	₹5 Cr	₹8 Cr	₹8 Cr
Net profit	₹45 Cr	₹49 Cr	₹55 Cr
Net margin	7.2%	7.9%	8.2%
Cash from operations	₹8 Cr	₹-32 Cr	₹28 Cr
Free cash flow	₹-19 Cr	₹-60 Cr	₹-72 Cr
ROCE	33.0%	22.0%	16.0%

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 ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹14 Cr	₹14 Cr	₹14 Cr	₹27 Cr	₹32 Cr	₹32 Cr
Reserves	₹46 Cr	₹59 Cr	₹89 Cr	₹120 Cr	₹421 Cr	₹458 Cr
Borrowings	₹83 Cr	₹86 Cr	₹88 Cr	₹118 Cr	₹60 Cr	₹54 Cr
Other liabilities	₹31 Cr	₹39 Cr	₹60 Cr	₹87 Cr	₹86 Cr	₹95 Cr
Total liabilities	₹174 Cr	₹197 Cr	₹251 Cr	₹352 Cr	₹600 Cr	₹638 Cr
Fixed assets	₹59 Cr	₹76 Cr	₹89 Cr	₹106 Cr	₹154 Cr	₹207 Cr
Capital work in progress	₹11 Cr	₹0 Cr	₹0 Cr	₹5 Cr	₹35 Cr	₹16 Cr
Investments	₹0 Cr	₹0 Cr	₹0 Cr	₹1 Cr	₹6 Cr	₹7 Cr
Other assets	₹104 Cr	₹121 Cr	₹161 Cr	₹240 Cr	₹403 Cr	₹408 Cr
Total assets	₹174 Cr	₹197 Cr	₹251 Cr	₹352 Cr	₹600 Cr	₹638 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.

What the price assumes

Expensive

To justify its price of ₹239, this stock must grow earnings at 18% every year for 7 years. Our analysis caps realistic growth at ~11%. At that growth it is worth ₹162 — downside of 32%.

Growth the price implies: 17.9% a year; for 7 years, fading to 4%
It has actually compounded at: 10.6% a year; net profit, FY24–FY26
The gap: 0.1 pp; -32% downside if it only repeats history

Price today ₹239.07 Value at the reference growth ₹162.03

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Kross Ltd

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