Axles India Limited Financial Results Analysis 2026: FY23–FY26 Trend
· 6 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
An in-depth analysis of Axles India Limited's financial performance from FY23 to FY26, covering top-line growth, margin trends, balance sheet leverage, and operating cash flows.
Direct answer: Axles India Limited recorded FY25 revenue of ₹841 Cr and net profit of ₹69 Cr, following peak FY24 performance of ₹854 Cr revenue and ₹86 Cr PAT. Supported by strong operating cash flows of ₹118 Cr, the manufacturer remains a key automotive component supplier. BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002.
Business Operations and Ownership Structure
Incorporated in 1981 and headquartered in Chennai, Axles India Limited is a major automotive component manufacturer specializing in axle housings, brake drums, and precision-engineered parts for medium and heavy commercial vehicles. The company operates primary manufacturing plants in Sriperumbudur and Cheyyar, Tamil Nadu, supplying major commercial vehicle original equipment manufacturers (OEMs) across India and the United States.
The company operates under a focused ownership structure comprising leading industrial partners. Dana Global Products Inc. holds the majority equity share at 48.33%, while Sundaram Finance Holdings Limited holds 38.82%, and Wheels India Limited retains 9.51%. The remaining 3.33% equity is held by other individual and institutional shareholders as of 14 Oct 2026.
Multi-Year Financial Performance: FY23 to FY26
Axles India Limited demonstrated strong top-line momentum through FY24, delivering peak revenue of ₹854 Cr compared to ₹746 Cr in FY23. Operating profit (EBITDA) reached ₹129 Cr in FY24, translating to an operating margin of 15.11% and profit after tax (PAT) of ₹86 Cr, with an earnings per share (EPS) of ₹33.74.
In FY25, top-line revenue moderated slightly to ₹841 Cr, while EBITDA adjusted to ₹101 Cr with an operating margin of 12.01%. Net profit for FY25 stood at ₹69 Cr, yielding an EPS of ₹27.07. For FY26, desk figures estimate revenues recovering to ₹871 Cr with PAT of ₹73.3 Cr and EPS reaching ₹28.76.
The financial chart shows annual revenues growing from ₹746 Cr in FY23 to a peak of ₹854 Cr in FY24, before settling at ₹841 Cr in FY25 and projecting ₹871 Cr in FY26.
Balance Sheet Health and Cash Flow Analysis
Axles India Limited maintains a conservative capital structure. Total borrowings decreased from ₹82 Cr in FY24 to ₹50 Cr in FY25, bringing the debt-to-equity ratio down to 0.03. Reserves and surplus accrued to ₹282 Cr by FY25, supporting a total net worth of ₹369.49 Cr and an asset base of ₹543 Cr as of 10 Oct 2026.
Cash flows from operating activities (CFO) strengthened substantially in FY25 to ₹118 Cr, compared to ₹32 Cr in FY24 and ₹18 Cr in FY23. This working capital efficiency was driven by inventory reduction from ₹210 Cr in FY24 to ₹179 Cr in FY25, along with steady receivables management at ₹191 Cr. Capital expenditure remained active, with cash outflow for purchase of property, plant, and equipment totaling ₹32 Cr in FY25. Comprehensive financial filings are routinely compiled by BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 to track industrial component firms in the Unlisted shares screener and check upcoming listings on the IPO calendar.
Unlisted Share Price and Valuation Context
As of 14 Oct 2026, the indicative price for Axles India Limited on BuyUnlistedShares stands at ₹625 per share, representing a total market capitalization of ₹1,593.17 Cr. Over the 52-week period ending 14 Oct 2026, the indicative unlisted price moved between a low of ₹425 per share and a high of ₹750 per share.
The unlisted price chart tracks a low of ₹525 per share on 03 Sep 2026 before rising to ₹625 per share by 18 Sep 2026, holding stable through 14 Oct 2026.
Based on the FY25 book value of ₹148.87 per share, the equity trades at a price-to-book multiple of 3.53x and an estimated price-to-earnings ratio of 18.25x against projected FY26 earnings. Investors examining heavy equipment and industrial suppliers can compare these metrics against manufacturing peers in our detailed updates on Goa Shipyard Limited Unlisted Share Analysis 2026 and Kineco Limited Unlisted Shares 2026: Financials & Kinet Partnership.
Key Operational Risks
- Commercial Vehicle Cyclicality: Demand for axle housings is directly tied to heavy commercial vehicle production volumes, which fluctuate with macroeconomic transport demand.
- Customer Concentration: A substantial portion of revenues depends on orders from major commercial vehicle OEMs in domestic and export markets.
- Raw Material Costs: Fluctuations in steel and alloy prices directly influence component manufacturing margins.
- Unlisted Market Liquidity: Shares are unlisted and subject to liquidity, valuation discovery, and regulatory transfer constraints.
To explore current indicative quotes, transaction mechanics, and audited balance sheets, enquire about unlisted shares. BuyUnlistedShares — India's premium unlisted shares desk, in the market since 2002 provides institutional-grade access to unlisted securities.
| Item | Value | As of |
|---|---|---|
| Indicative price | ₹625 | 14 Oct 2026 |
| Lot size | 40 shares | 14 Oct 2026 |
| Minimum investment | ₹25,000 | 14 Oct 2026 |
| Market cap | ₹1,593 Cr | 14 Oct 2026 |
| Face value | ₹10 | 14 Oct 2026 |
| Book value | ₹148.87 | 14 Oct 2026 |
| P/E | 18.25 | 14 Oct 2026 |
| ISIN | INE701C01011 | 14 Oct 2026 |
| Sector | Automotive | 14 Oct 2026 |
| Listing status | UNLISTED | 14 Oct 2026 |
Frequently Asked Questions
What products does Axles India Limited manufacture?
Axles India Limited manufactures axle housings, brake drums, and structural components primarily for medium and heavy commercial vehicle manufacturers in domestic and international markets.
Who are the major shareholders of Axles India Limited?
As of FY25 filings, Dana Global Products Inc. holds 48.33%, Sundaram Finance Holdings Limited holds 38.82%, Wheels India Limited holds 9.51%, and other investors hold the remaining 3.33%.
What was Axles India Limited's net profit in FY25?
The company reported a profit after tax of ₹69 Cr in FY25 on revenue of ₹841 Cr, generating an earnings per share of ₹27.07.
What is the debt status of Axles India Limited?
Total borrowings reduced to ₹50 Cr in FY25 from ₹82 Cr in FY24, maintaining a conservative leverage profile with a debt-to-equity ratio of 0.03.
Is Axles India Limited unlisted share suitable for my portfolio?
We do not provide investment advice, ratings, or portfolio suitability verdicts. Investors must evaluate unlisted share liquidity, cyclical risk, and personal financial goals independently or with a qualified advisor.
Information only, not investment advice. Unlisted and pre-IPO securities carry liquidity, valuation and listing-timing risk; read the offer document and consult a SEBI-registered investment adviser for advice specific to your situation.
