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GNA Axles Ltd (GNA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 540124 NSE: GNA Auto Ancillary | Small Cap | GNA Axles Share Price

₹353.90 -3.35 (-0.94%)

As on 11-Jun'26 16:59

GNA Axles Ltd (GNA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 540124 NSE: GNA Auto Ancillary | Small Cap | GNA Axles Share Price

₹353.90 -3.35 (-0.94%)

As on 11-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,519 Cr.
Current Price
₹353.9
52-Week Low / High
₹294 / 471
TTM EPS
₹27.3
TTM Sales
₹1,478 Cr.
Book Value per Share
₹234
P/E Ratio
12.99
Lower than its 5-year historical median
Industry PE
42.1
Price to Book (P/B)
1.51
Lower than its 5-year historical median
Price to Sales (P/S)
1.03
Lower than its 5-year historical median
EV/EBITDA
7.05
Lower than its 5-year historical median
Dividend Yield
0.84%
Profitability Efficiency
Return on Equity (ROE)
12.28%
Outperforms industry median
Return on Capital Employed (ROCE)
14.35%
Outperforms industry median
Return on Assets (ROA)
8.13%
Operating Profit Margin
16.1%
Net Profit Margin
7.91%
Gross Profit Margin
15.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-3.98%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
13%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
9.22%
Asset Quality
Promoter Holding
68.43%
Pledged shares (%) of Promoter's holding (%)
4.36%
Reserves
₹962 Cr.
Equity
₹42.9 Cr.
Face Value
₹10
All Time Low / High
₹66.00 / 582.05

GNA Axles stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is GNA Axles Ltd a good quality company?
GNA Axles Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does GNA Axles Ltd performance compare with that of its Peers?
Q.1 Revenue growth of GNA Axles Ltd vs industry peers?
GNA Axles Ltd revenue CAGR is 11.12%, compared to the industry median CAGR of 11.89%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of GNA Axles Ltd?
Promoters hold 68.43% of the GNA Axles Ltd, with 4.36% of their stake pledged, indicating low pledge risk.
Q.1 Stock return of GNA Axles Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of 13.59% based on the current price.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
GNA Axles Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 17.2%18.1%21%13.8%15.4%17.2%21.4%15.1%14.4%14.4%-
Value Creation
Index
0.20.30.50.00.10.20.50.10.00.0-

Growth Parameters

Sales 5136709359098901,2701,5831,5061,5401,4781,478
Sales YoY Gr.-30.5%39.5%-2.8%-2.1%42.8%24.6%-4.8%2.2%-4%-
Adj EPS 6.911.916.412.316.520.730.323.324.927.227.3
YoY Gr.-72%38.4%-25.1%33.9%25.7%46.7%-23.2%6.7%9.3%-
BVPS (₹) 69.279.593.6104.1120.6138.7166.5186.8209.7234234
Adj Net
Profit
29.650.970.452.770.688.8130100107117117
Cash Flow from Ops. -90.359.772.211933.241.410598.492.1214-
Debt/CF from Ops. -1.32.42.41.65.95.41.92.22.81-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 12.5%10.7%-2.3%-4%
Adj EPS 16.5%10.6%-3.6%9.3%
BVPS14.5%14.2%12%11.6%
Share Price - 9.4% -4.2% 11.3%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
13.6161912.414.61619.913.212.612.311.7
Op. Profit
Mgn %
15.715.416.213.716.214.214.713.113.716.116.1
Net Profit
Mgn %
5.87.67.55.87.978.26.66.97.97.9
Debt to
Equity
0.40.40.40.40.40.40.30.30.30.20.1
Working Cap
Days
226225196207234200181200208236116
Cash Conv.
Cycle
60798510511810510712914114468

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales5136709359098901,2701,5831,5061,5401,478
Operating Expenses + 4335677907857461,0901,3501,3091,3291,240
Manufacturing Costs110141176177145195247277267274
Material Costs267351510494481722920858881772
Employee Cost 27293334434955606575
Other Costs 2946718077123128114116119
Operating Profit 80103145125144181233197211238
Operating Profit Margin (%) 15.7%15.4%15.5%13.7%16.2%14.2%14.7%13.1%13.7%16.1%
Other Income + 3301211233
Exceptional Items 0000000000
Interest 13781491111121213
Depreciation 24253542415049535770
Profit Before Tax 47741037096121175135144158
Tax 17233717253244353741
Profit After Tax 305166537189130100107117
PAT Margin (%) 5.8%7.6%7.1%5.8%7.9%7.0%8.2%6.6%7.0%7.9%
Adjusted EPS (₹)6.911.915.312.316.520.730.323.325.027.3
Dividend Payout Ratio (%)0%8.40%9%0%15.20%12.10%9.90%8.60%12%11%

Valuation of GNA Axles - Standalone

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 2973414024475185957158029001,005
Share Capital 21212121212121434343
Reserves 275320380425496574693759857962
Debt +99124152163172207186189244184
Long Term Debt2625741057647302910196
Short Term Debt739979579516015616014388
Minority Interest0000000000
Trade Payables152183188166228201225181184272
Others Liabilities 29344046433742433456
Total Liabilities 5776827828219601,0411,1681,2151,3621,516

Fixed Assets

Net Fixed Assets +132191229244295291306344406459
Gross Block3083924645216116567198119281,051
Accumulated Depreciation177201235277316365413466522592
CWIP 30166100128035
Investments 0000000000
Inventories110154161145153188188198194248
Trade Receivables182235312296438474561571638611
Cash Equivalents 722602119527333238
Others Assets 787664535583746192126
Total Assets 5776827828219601,0411,1681,2151,3621,516

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + -90607211933411059892214
PBT 47741037096121175135144158
Adjustment 32304255486057616580
Changes in Working Capital -149-20-3714-86-106-80-62-8018
Tax Paid -20-24-36-20-25-33-46-36-38-41
Cash Flow From Investing Activity + -8-78-88-123-28-46-66-86-111-155
Capex -11-81-89-103-30-46-75-89-110-157
Net Investments 000-21000000
Others 33011-093-13
Cash Flow From Financing Activity + 9819164-54-39-1326-66
Net Proceeds from Shares 130000000000
Net Proceeds from Borrowing -19-14845-35-40-1566214
Interest Paid -11-6-6-13-8-10-10-10-11-12
Dividend Paid 00-5-70-11-11-13-9-13
Others -226-20-223865-44-17-55
Net Cash Flow -00-0-00-00-07-7

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)13.615.9417.7312.4314.6515.9519.8813.1912.5912.28
ROCE (%)17.1918.0720.9913.7715.4417.2121.3915.1414.3614.35
Asset Turnover Ratio1.061.081.281.1311.271.431.261.191.03
PAT to CFO Conversion(x)-31.181.092.250.460.460.810.980.861.83
Working Capital Days
Receivable Days116.10112.50107122.20150.60131119.40137.20143.40154.20
Inventory Days6871.1061.4061.4061.1048.9043.4046.8046.4054.50
Payable Days209.20174.10132.70130.80149.20108.4084.6086.5075.60107.60

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.001.803.220.003.214.354.36
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

GNA Axles Ltd FAQs

The current trading price of GNA Axles on 11-Jun-2026 16:59 is ₹353.9.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Jun-2026 the market cap of GNA Axles stood at ₹1,519.3 Cr

The latest P/E ratio of GNA Axles as of 10-Jun-2026 is 12.99.

The latest P/B ratio of GNA Axles as of 10-Jun-2026 is 1.51.

The 52-week high of GNA Axles is ₹470.7 and the 52-week low is ₹294.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of GNA Axles is ₹1,478 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that GNA Axles Ltd is a good quality company.

The key valuation ratios of GNA Axles Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of GNA Axles Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About GNA Axles Ltd

Established in 1993, the company is among the leading manufacturers of rear axle shafts used in on-highway and off-highway vehicular segments in India. Since its first supplies in 1995 and its first exports in 2002-2003, the company has grown to production levels of more than 2.26 million components in Fiscal 2016. It manufactures and supplies a diverse range of rear axle shafts, other shafts and spindles for the on-highway segment, i.e. for light commercial vehicles (LCVs), medium commercial vehicles (MCVs) and heavy commercial vehicles (HCVs) and other transport vehicles such as buses. It also manufactures and supplies a diverse range of rear axle shafts and other shafts for the off-highway segment, i.e. for agricultural tractors and machinery, forestry and construction equipments, electric carts and other specialty vehicles used in mining and defense sectors. It also manufactures solid and hollow spindles used in the axle assembly for various vehicles and equipments in the on-highway segment which it supplies to its export customers.

The company has a broad customer base for both the on-highway and off-highway segments and its customers are based in India and overseas. Its customers primarily include original equipment manufacturers (OEMs) such as Mahindra & Mahindra, John Deere, Tractors and Farm Equipment (TAFE), and tier-1 suppliers to OEMs such as Automotive Axles, Meritor HVS AB and Dana.

The company has two manufacturing facilities: Unit I located in village Mehtiana, district Hoshiarpur, Punjab and Unit II located at village Gulabgarh Jattan, district Kapurthala, Punjab. Both of its manufacturing facilities are ISO/TS 16949:2009 certified for manufacture of rear axle shafts, other shafts and spindles for automotive applications. The company’s manufacturing facilities include machinery imported from various countries including Italy, Germany, Japan, China and Taiwan, used for various processes such as materials testing, forging, heat treatment, machining, induction hardening and packaging. Some of its significant machineries include 13” upsetter, direct drive screw press supported by robots, Lasco extrusion press supported by robots and electric heat treatment furnace, and direct drive screw press supported by robots for heavy axle shafts forgings.

Business area of the company

The company is Punjab based manufacturers of rear axle shafts, other shafts and spindles used in on-highway and off-highway vehicular segments in India. The company is mainly engaged in manufactures and sells auto components for the four-wheeler industry. GNA Axles made over 2.26 million components in 2016.

Key Milestones

  • 1994: Company obtained certificate for commencement of business.
  • 1995: Company started supply of fully finished and ready to assemble mechanised axle shafts to OEMs, such as Mahindra & Mahindra.
  • 2002 - 2003: Started exports to USA and Europe.
  • 2004: Installed 13” Upsetter with new heat treatment shop.
  • 2007: Commissioned 66 kVA dedicated electricity supply line for Unit I.
  • 2008: Invested in forging technology for rear axle shafts with direct drive screw press supported by robots.
  • 2012: Commissioned Unit II with facility for commercial vehicle axle shafts and spindles machining.
  • 2013: Commissioned Lasco extrusion press supported by robots and electric heat treatment furnace at Unit II Commissioned direct drive screw press for heavy axle shaft forgings supported by robots at Unit I.
  • 2015: Commissioned 66 kVA dedicated electricity supply line for Unit II.
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