Axles India Unlisted Shares
About Axles India Unlisted Shares
Axles India unlisted shares represent ownership in Axles India Limited, a pioneer in manufacturing axle housings for medium and heavy commercial vehicles since 1982. A joint venture between Wheels India, Sundaram Finance, and Dana Holding Corp (USA), the company operates two plants in Tamil Nadu with an annual capacity of 280,000 axle housings. Serving global clients like Tata Motors, Ashok Leyland, and Volvo Trucks, Axles India combines engineering excellence with a 40+ year legacy.
Business Segments
- Axle Housings (Core Product):
- Pressed axle housings for commercial vehicles (domestic and export markets).
- Custom solutions for OEMs to optimize performance and fuel efficiency.
- Export Operations:
- Exports to Dana USA, Volvo Trucks Asia, and other international markets.
Financial Highlights (2021–2024)
- Revenue Growth: Revenue CAGR of 41% (2021–2024), driven by domestic OEM demand and exports.
- Profitability Surge: PAT skyrocketed from ₹3 crore (2021) to ₹86 crore (2024), with NPM improving from 0.98% to 10.07%.
- EBITDA Expansion: EBITDA surged 1,513% (₹8 crore to ₹129 crore), reflecting cost optimization.
- Asset Growth: Total assets increased 52% (₹341 crore to ₹518 crore), driven by fixed assets (+₹2 crore) and inventory (+₹118 crore).
- EPS Growth: EPS jumped from ₹1.18 (2021) to ₹33.74 (2024), enhancing shareholder value.
- Debt Management: Borrowings reduced to ₹54 crore (2023) before rising to ₹82 crore (2024), manageable against reserves.
Axles India Unlisted Shares Considerations
Axles India unlisted shares appeal to investors targeting India’s automotive and logistics growth. The company’s leadership in axle housings, margin resilience, and export capabilities position it for sustained growth. However, risks include:
- Economic Sensitivity: Commercial vehicle demand ties to GDP and infrastructure cycles.
- Input Cost Volatility: Steel prices impact gross margins.
- Working Capital Strain: Rising inventory (₹210 crore in 2024) needs efficient turnover.
Key Valuation Drivers:
- Export Expansion: Leveraging Dana’s global network to boost international revenue.
- EV Transition: Adapting axle solutions for electric trucks and buses.
- Debt Control: Maintaining low leverage (Debt/EBITDA: 0.64x in 2024) to protect margins.
Pros
- Market Leadership – Commands 30%+ share in India’s commercial vehicle axle segment.
- Strong Clientele – Trusted supplier to Tata Motors, Ashok Leyland, Daimler, and Volvo Trucks.
- Robust Financial Growth – Revenue surged 179% to ₹854 crore, with PAT up 2,767% to ₹86 crore.
Cons
- Sector Cyclicality – Business is highly dependent on commercial vehicle demand and economic conditions.
- Gross Margin Pressure – Declined from 36.38% (2022) to 32.55% (2024) due to rising material costs.
- Rising Debt – Borrowings increased to ₹82 crore in 2024 after a decline in 2023.
Key Details
| Share Name | Particulars |
|---|---|
| Axles India Limited Unlisted | 699.00 |
| Shares Price | Per Equity Share |
| Lot Size | 100 Shares |
| 52 Week High | ₹ 750 |
| 52 Week LoW | ₹ 550 |
| Depository | NSDL & CDSL |
| PAN Number | AAACA3173D |
| ISIN Number | INE701C01011 |
| CIN | U27209TN1981PLC008630 |
| RTA | Link Intime |
| Fundamentals | Value |
|---|---|
| Market Cap (in cr.) | 1781.80 |
| P/E Ratio | 20.72 |
| P/B Ratio | 6.26 |
| Debt to Equity | 0.3 |
| ROE (%) | 31.33 |
| Book Value | 111.61 |
| EPS | 33.74 |
| Face Value | 10 |
| Total Shares | 25490646 |
Financials
| P&L Statement | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | 854 | 746 | 569 |
| Cost of Material Consumed | 576 | 478 | 362 |
| Gross Margins | 32.55 | 35.92 | 36.38 |
| Change in Inventory | -87 | -1 | 1 |
| Employee Benefit Expenses | 87 | 73 | 63 |
| Other Expenses | 149 | 111 | 89 |
| EBITDA | 129 | 85 | 54 |
| OPM | 15.11 | 11.39 | 9.49 |
| Other Income | 1 | 0 | 3 |
| Finance Cost | 1 | 1.4 | 0.4 |
| D&A | 13 | 12 | 11 |
| EBIT | 116 | 73 | 43 |
| EBIT Margins | 13.58 | 9.79 | 7.56 |
| PBT | 115 | 71 | 45 |
| PBT Margins | 13.47 | 9.52 | 7.91 |
| Tax | 29 | 18 | 11 |
| PAT | 86 | 53 | 34 |
| NPM | 10.07 | 7.1 | 5.98 |
| EPS | 33.74 | 20.79 | 13.34 |
| Ratio | FY24 | FY23 | FY22 |
|---|---|---|---|
| Operating Margin | 14% | 10% | 8% |
| Net Profit Margin | 10% | 7% | 6% |
| Return on Eqyity | 31% | 25% | 19% |
| Debt-Equity | 0.3 | 0.25 | 0.06 |
| Current Ratio | 1.91 | 1.78 | 1.63 |
| Dividend Payout | 41% | 44% | 30% |
| Company | AXLES INDIA LTD | AUTOMOTIVE AXLES LTD | GNA AXLES LTD |
|---|---|---|---|
| Market Cap (₹ Crores) | 611.78 | 3243 | 2115 |
| Profitability Margin (%) | 6.97% | 7% | 8% |
| ROCE (%) | 32.62% | 31% | 22% |
| ROE (%) | 24.63% | 23% | 20% |
| D/E Ratio | 0.25 | 0.04 | 0.26 |
| P/E Ratio | 11.62 | 19.1 | 15.5 |
| P/B Ratio | 2.9 | 4.26 | 2.95 |
| Book Value per Share (₹) | 82.82 | 502 | 333 |
| Assets | 2024 | 2023 | 2022 |
|---|---|---|---|
| Fixed Assets | 62 | 59 | 58 |
| CWIP | 7 | 0.8 | 1 |
| Investments | 2 | 0.5 | 0.5 |
| Trade Receivables | 202 | 215 | 174 |
| Inventory | 210 | 123 | 104 |
| Other Assets | 35 | 17.7 | 33.5 |
| Total Assets | 518 | 416 | 371 |
| Liabilities | 2024 | 2023 | 2022 |
|---|---|---|---|
| Share Capital | 25.49 | 25.49 | 25.48 |
| FV | 10 | 10 | 10 |
| Reserves | 249 | 186 | 150 |
| Borrowings | 82 | 54 | 58 |
| Trade Payables | 122 | 112 | 103 |
| Other Liabilities | 39.51 | 38.51 | 34.52 |
| Total Liabilities | 518 | 416 | 371 |
