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Axles India Limited Unlisted Shares
DRHP Status : Not Filed
520
Fundamentals About Axles India Limited
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All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Axles India Limited
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 306 | 569 | 746 | 854 |
| Cost of Material Consumed | 216 | 362 | 478 | 576 |
| Gross Margins | 29.41 | 36.38 | 35.92 | 32.55 |
| Change in Inventory | -26 | 1 | -1 | -87 |
| Employee Benefit Expenses | 54 | 63 | 73 | 87 |
| Other Expenses | 54 | 89 | 111 | 149 |
| EBITDA | 8 | 54 | 85 | 129 |
| OPM | 2.61 | 9.49 | 11.39 | 15.11 |
| Other Income | 6 | 3 | 0 | 1 |
| Finance Cost | 0.6 | 0.4 | 1.4 | 1 |
| D&A | 9 | 11 | 12 | 13 |
| EBIT | -1 | 43 | 73 | 116 |
| EBIT Margins | -0.33 | 7.56 | 9.79 | 13.58 |
| PBT | 4 | 45 | 71 | 115 |
| PBT Margins | 1.31 | 7.91 | 9.52 | 13.47 |
| Tax | 1 | 11 | 18 | 29 |
| PAT | 3 | 34 | 53 | 86 |
| NPM | 0.98 | 5.98 | 7.1 | 10.07 |
| EPS | 1.18 | 13.34 | 20.79 | 33.74 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 2.61 | 9.49 | 11.39 | 15.11 |
| Net Profit Margin | 0.98 | 5.98 | 7.1 | 10.07 |
| Earning Per Share (Diluted) | 1.18 | 13.34 | 20.79 | 33.74 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 60 | 58 | 59 | 62 |
| CWIP | 0.8 | 1 | 0.8 | 7 |
| Investments | 0 | 0.5 | 0.5 | 2 |
| Trade Receivables | 145 | 174 | 215 | 202 |
| Inventory | 92 | 104 | 123 | 210 |
| Other Assets | 43.2 | 33.5 | 17.7 | 35 |
| Total Assets | 341 | 371 | 416 | 518 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 25.48 | 25.48 | 25.49 | 25.49 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 110 | 150 | 186 | 249 |
| Borrowings | 77 | 58 | 54 | 82 |
| Trade Payables | 91 | 103 | 112 | 122 |
| Other Liabilities | 37.52 | 34.52 | 38.51 | 39.51 |
| Total Liabilities | 341 | 371 | 416 | 518 |
About Company
The following table shows a 10-point analysis of Axles India Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ₹842 cr · PAT ₹69 cr · PAT margin ~8.2% | Manufacturer of drive axle housings, trailer axle beams, and hub reduction axles for medium and heavy commercial vehicles; JV between Wheels India, Sundaram Finance, and Dana (USA); strong OEM relationships (Tata Motors, Ashok Leyland, etc.); demand supported by both replacement and new CV production. |
| Industry & Market Position | Key player in Indian CV axle housings · High entry barriers · Primarily domestic focus | Well-positioned in niche CV components; protected by technology partnerships and OEM approvals; cyclical exposure to trucking and infrastructure demand. |
| Revenue Growth Trend | FY23–FY25 CAGR ~6–8% (₹746 cr → ₹842 cr; FY24 peak ₹854 cr) | Steady volume-led growth; slight moderation in FY25 due to industry slowdown; performance aligned with CV sales cycle recovery. |
| Profitability & Margins | EBITDA margin ~12.5% · PAT margin ~8% | Healthy margins for auto ancillary sector; supported by operational efficiency and cost control despite steel price volatility; consistent profitability. |
| Cash Flow Quality | OCF ~₹118 cr (FY25) · Regular dividend payout | Strong operational cash flows and disciplined working capital management; moderate capex requirements; supports dividends and balance sheet strength. |
| Balance Sheet Strength | Book value ~₹120+ · Debt/Equity ~0.16x | Conservative leverage with strong interest coverage; robust asset quality and liquidity provide downside protection. |
| Valuation Comfort | Unlisted price ₹530–595 (Feb 2026 range) · P/E ~20–22x (EPS ~₹27) | Fair valuation for stable auto ancillary with consistent returns; trades at premium to book (~4–5x P/B) justified by steady performance and sector tailwinds. |
| Management & Governance | JV-backed (Wheels India / Sundaram Finance / Dana) · Professional management | Strong governance through reputed joint venture partners; transparent reporting; benefits from Dana’s global technology and expertise. |
| Growth Triggers & Catalysts | New Jamshedpur plant · CV industry revival · Indirect electrification exposure | Capacity expansion supports order visibility; infrastructure growth and logistics demand act as structural drivers; steady organic growth expected. |
| Liquidity & Exit Visibility | OTC liquidity · No confirmed IPO/DRHP | Limited liquidity in unlisted market; exit dependent on OTC transactions or potential future strategic events; no near-term listing catalyst visible. |
- Axles India is a joint venture between Wheels India Ltd, Sundaram Finance Limited and Dana Holding Corporation (USA). The company has the capability to supply axle housings for the entire range of medium and heavy-duty commercial vehicles.
- It was founded in 1982 as a joint venture with Eaton Corporation. In 1998, Dana acquired Eaton’s axle business, including Axles India’s stake.
- Its production plants are located at Sriperumbudur and Cheyyar (Tamil Nadu), with an annual output of around 280,000 pressed axle housings.
- Axles India supplies to major OEMs like Tata Motors Limited, Ashok Leyland Limited, VE Commercial Vehicles Limited, Mahindra Trucks & Buses Limited, Daimler India Commercial Vehicles Pvt Ltd and exports to Dana (USA) and Volvo Trucks Asia.
Business Model & Key Operations
- Axles India’s core business: manufacturing axle housings (pressed metal) for medium/heavy commercial vehicles.
- Additional manufacturing: Drive head assemblies (historical), export-oriented unit since 2006.
- They leverage JV partnerships and advanced manufacturing facilities at their plants for servicing OEMs and exports.
Timeline & Milestones
- 1981/82: Company incorporated (18 Feb 1981) and commercial production starts in the early 1980s.
- 1995: Additional facility at Cheyyar to meet rising demand.
- 2006: Export-oriented unit (EOU) established.
- 2011: Drive head business sold to Dana India Pvt Ltd.
Plants & Manufacturing Footprint
- Sriperumbudur, Tamil Nadu: Pressed axle housings plant.
- Cheyyar, Tamil Nadu: Additional axle housings facility.
- Annual capacity of about 280,000 pressed axle housings across plants.
dership & Ownership
- The company is promoted by Wheels India, Sundaram Finance and Dana Holding Corp (USA).
- It is listed/unlisted status: Some sources show it’s unlisted with paid-up capital of about ₹25.48 Crore.
Financial Snapshot & Recent Trends
- As per company-master databases, for the year ended March 2025, Axles India reported a revenue growth of ~30.32% and profit growth of ~55.60% (net worth growth of ~20.36%).
- Authorised share capital: ₹32 Crore; Paid-up: ~₹25.48 Crore.
Strengths & Risks
Strengths
- Long experience in axle housing manufacturing with a strong OEM base (Tata, Ashok Leyland, etc) and export linkage.
- Partnership/JV backed by a global player (Dana) and Indian industrial groups.
Risks
- Heavy dependence on the commercial vehicle market, which is cyclical and sensitive to economic slowdown.
- Requirement for continuous investment in manufacturing capacity and technology to stay competitive.
Quick Summary
Axles India Limited is a well-positioned manufacturer of axle housings and related components for medium and heavy-duty commercial vehicles. With a long legacy, strong OEM tie-ups, and manufacturing capacity at Sriperumbudur and Cheyyar, the company is anchored in a core auto-component niche. The recent revenue and profit uptick signal recovery and growth potential. However, investors tracking unlisted shares should keep an eye on CV market cycles, technology investment needs, and global OEM supply-chain pressures.
Shareholding Pattern of Axles India Limited
| Name | Holding |
|---|---|
| Dana Global Products Inc. | 48.33% |
| Sundaram Finance Holdings Limited | 38.82% |
| Wheels India Limited | 9.51% |
| Other Investors | 3.33% |
Promoters of Axles India Limited
| Name | Role | Linkedin Profile |
|---|---|---|
| Wheels India Ltd | Promoter |  |
| Sundaram Finance Ltd | Promoter | |
| Dana Holding Corporation (USA) | Promoter | |
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Frequently Asked Questions
Axles India Limited unlisted shares are equity shares of a private company that is not listed on stock exchanges like NSE or BSE. These shares can be bought through trusted private market platforms such as UnlistedKraft.
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All unlisted shares carry some level of risk, including limited liquidity. However, Axles India is a joint venture with a strong manufacturing track record in the auto components sector, and UnlistedKraft ensures secure, verified transactions for every investor.
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There is no mandatory holding period unless the company gets listed. Many investors hold the shares long-term until an IPO or other liquidity event for better potential returns.
Yes. You can sell your Axles India shares before the IPO through UnlistedKraft’s resale network, subject to demand and buyer availability.
Yes. If the company goes for an IPO, SEBI requires a six-month lock-in period for all pre-IPO investors.
If the shares are held for more than two years, long-term capital gains tax of 20 percent with indexation applies. If sold within two years, the gains are taxed as per your income tax slab.
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