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GNA Axles Ltd. Stock Analysis

Small Cap
Evaluated by 530 users | BSE: 540124 | NSE: GNA |
Auto Ancillary
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...

Analysis of Financial Track Record

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.
Value Creation
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Capital Employed 10.99%15.58%10.43%10.59%9.86%13.07%11.1%12.44%14.42%10.27%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 308393346402426509513670935909
Y-o-Y Gr. Rt.-27.9%-12%16%6.1%19.4%1%30.5%39.5%-2.8%
Adjusted EPS (Rs.) 5.8312.438.429.629.8917.1213.7923.7132.824.57
Y-o-Y Gr. Rt.-113.2%-32.3%14.3%2.8%73.1%-19.5%71.9%38.3%-25.1%
Book Value per Share (Rs.) 38.4750.8359.2568.774.2991.2138.32159.06187.16208.22
Adjusted Net Profit 8.918.812.814.6152629.650.970.452.7
Net Op. Cash Flow (Rs. Cr.) 5.79.951.129.214.274.5-90.359.772.2119
Debt to Cash Flow from Ops 16.3611.712.595.1512.851.86-1.32.382.351.63
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
GNA Axles Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 12.8%16.4%21%-2.8%
Adjusted EPS 17.3%20%21.2%-25.1%
Book Value per Share 20.622.914.611.3
Share Price - - -13% -3.6%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Equity (%) 16.4127.8315.315.0313.8220.6713.615.9518.9512.43
Operating Profit Margin (%) 9.6711.811.8412.0513.216.1915.6715.3816.2113.7
Net Profit Margin (%) 2.884.793.693.633.525.15.777.597.535.8
Debt to Equity 1.611.511.471.441.6110.40.420.420.43
Working Capital Days 155148185174189192226225196207
Cash Conversion Cycle 435055465448607985105
Entity Percentage Holding
Promoters 67.51%
Institutions 14.10%
Non-Institutions 18.39%
Pledged *9.379.369.3611.071.0611.9811.9817.0717.0519.11
* Pledged shares as % of Promoter's holding (%)
Data is not available for this company.

Data is not available for this company.

Data is not available for this company

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),

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.
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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