Automotive Axles Limited
BSE: 505010 | NSE: AUTOAXLES
Sector: Automobile | Industry: Auto Component
01
ABOUT COMPANY
Automotive Axles Limited (hereinafter as “AAL“ or “The Company”) was incorporated in 1981 under the name “Automotive Axles Limited”. The company is a joint venture between Kalyani Group, India and Meritor Heavy Vehicle Systems LLC, USA.
AAL is the manufacturer of various types of auto components such as rear and front axles, brakes and suspension systems. To be precise, the company manufactures drive axles, non-drive axles, front steer axles, off-highway Axles, crown wheel pinions, drum & disc brakes. The customers of the company are the automotive manufactures such as light, medium & heavy commercial vehicles, military & off-highway vehicles and also served the aftermarket.
| Particulars | FY25 |
|---|---|
| Enterprise Value (₹ Crore) | 2,330 |
| EV/EBITDA | 11 |
| P/E | 15 |
| Revenue Growth % YoY | -6.8% |
| Gross Margin | 29.0% |
| EBITDA Margin | 10.6% |
| Net Margin | 7.5% |
Overview
| Location | Number of plants | Number of offices | Total |
| National | 3 | 1 | 4 |
| International | 0 | 0 | 0 |
| Plant Location |
| Mysore, Karnataka |
| Jamshedpur, Jharkhand |
| Rudrapur, Uttarakhand |
|
Market Served
|
List of Products
| Product Categories | Product Categories |
| Drive Axles | Non-drive Axles |
| Front Steer Axles | Drum Brakes |
| Defence Axles | Disc Brakes |
| Off-Highway Axles |
Clients (FY24 Data)
02
Earning Calls Summary
Q1 FY 2027
Q1 Margins Hit 13.6%; Highest Quarterly EPS in 4 Years
Management opened noting the market was relatively moderate, yet the company delivered one of the highest EBITDA percentages ever achieved. The Q1 M&HCV industry volume ended up being one of the highest in past several years at ~110,000 vehicles, with momentum carrying forward from Q4 FY26.
Q1 FY27 EBITDA MARGIN
13.6% (one of the highest ever)
Q1 FY27 PAT
₹455 million (₹452 million net of OCI)
Q1 FY27 EPS
₹30 (highest quarterly EPS in four years)
Key Takeaway: Q1 FY27 revenue stood at ₹5,168 million with EBITDA margin of 13.6% (one of the highest ever achieved), while PAT was ₹455 million with EPS of ₹30 (highest quarterly EPS in four years). The company's product mix and new product launches helped drive margin improvement despite a moderate market.
Concall Notes
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