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Export and off-highway revenue decline
View Risks →Automotive Axles Limited — Q3 FY26
Automotive Axles reported Q3 FY26 revenue of ₹562 crore, up 6% YoY, with EBITDA of ₹72.5 crore (margin 12.9%, +93bps YoY).
bullish
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Automotive Axles reported Q3 FY26 revenue of ₹562 crore, up 6% YoY, with EBITDA of ₹72.5 crore (margin 12.9%, +93bps YoY). PAT stood at ₹38.8 crore, impacted by a ₹12 crore exceptional item from wage code changes. Revenue growth lagged the MHCV industry (17% YoY) due to a decline in export and off-highway segments (15-25% of revenue), but management clarified that within MHCV, the company mirrors industry growth with no market share loss. New products (MS185 axle, brake upgrades) are gaining traction, and capacity utilization is ~80% with planned expansion to 500,000 units by Q3 FY27. Q4 is expected to be better by 5-10% YoY driven by industry momentum. Key risk: bus axle launch delayed due to new low-floor mandate, potentially capping near-term growth.
ऑटोमोटिव एक्सल्स ने तीसरी तिमाही में 562 करोड़ रुपये की कमाई की, जो पिछले साल से 6% ज्यादा है। कंपनी ने 72.5 करोड़ रुपये का मुनाफा कमाया, जो बिक्री का 12.9% है। हालांकि, वेतन नियमों में बदलाव के कारण 12 करोड़ रुपये का एक बार का खर्च आया, जिससे शुद्ध मुनाफा 38.8 करोड़ रुपये रहा। कंपनी की बिक्री ट्रक और बस उद्योग (17% बढ़ोतरी) से कम बढ़ी, क्योंकि निर्यात और ऑफ-हाईवे सेगमेंट (जो 15-25% बिक्री है) में गिरावट आई। लेकिन कंपनी का कहना है कि ट्रक-बस बाजार में उसकी हिस्सेदारी नहीं घटी है। नए उत्पाद (MS185 एक्सल, ब्रेक अपग्रेड) अच्छा प्रदर्शन कर रहे हैं। फैक्ट्री की क्षमता 80% इस्तेमाल हो रही है, और अगले साल तक इसे 5 लाख यूनिट तक बढ़ाने की योजना है। अगली तिमाही में बिक्री 5-10% बढ़ने की उम्मीद है। मुख्य जोखिम: बस एक्सल लॉन्च में देरी हो सकती है।
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Capacity utilization
80%
N/A
Current capacity utilization is around 80%, with plans to expand to meet peak demand over next 3 years.
Export/off-highway revenue share
15-25%
Down 5-15% YoY
Non-MHCV revenue (export, defense, off-highway) declined, causing overall revenue to lag MHCV industry growth.
Delivery performance
97-98%
N/A
Delivery performance to OEMs was 97-98%, indicating no loss of market share in MHCV segment.
Q4 industry volume growth expectation
5-10%
+5-10% YoY
Management expects Q4 industry volumes to be 5-10% higher than last year, driven by sustained demand.
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Management expects the industry volume in Q4 to be 5-10% higher than the same quarter last year, driven by sustained demand and healthy OEM invento...
Non-MHCV revenue (export, defense, off-highway) has declined 5-15% YoY, dragging overall growth below industry levels.
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