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
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
67%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Quantify volume growth and split between volume and pricing.
Asked by Shikamea, time and tire advisor
Management did not provide the requested quantification, instead discussed product mix qualitatively.
no number givenreframed to product mix
Read the exchange
Question
can you quantify the volume growth if possible? So how much of our topline growth year on year has come from volume and from pricing if possible?
Nagaraja (management)
For us, it's a little bit tricky and bit difficult for us to quantify the overall growth with respect to a specific product or product mix. What we can tell you is the product mix has been positive and our new product MS 195 that volume is getting traction.
Partial answer
High priority
When will company see 20-25% volume growth like Ashok Leyland?
Asked by Shikamea, time and tire advisor
Management said growth would translate if it happens, but did not commit to a timeline or confirm such growth.
conditional answerno timeline given
Read the exchange
Question
when can we see that kind of volume growth come through for us or would it not convert in the same way?
Kishan (management)
if there is a change shift of 20 to 25% that will translate into volumes considering where we have a single source which means we are the 100% suppliers that is with us. we convert that completely.
Answered
Medium priority
What percentage of products are single-source with Ashok Leyland?
Asked by Shikamea, time and tire advisor
Management gave a clear range (30-50%) as requested.
Read the exchange
Question
could you give any indication on for how many products we would be a single source supplier even in percent even in percentage terms or ballpark roughly 30 to 50% is it?
Kishan (management)
it depends on the product mix again roughly 30 to 50%.
Answered
High priority
Are current EBITDA margins sustainable given product mix?
Asked by Shikamea, time and tire advisor
Management affirmed sustainability of margins.
Read the exchange
Question
as we mentioned the product mix seems sustainable so these margins would also be sustainable for us right?
Raman (management)
the margins have grown. So there is the mixes as they mentioned that is some very critical factor that helps us maintaining the margins. You're right there.
Partial answer
High priority
When will industry growth reflect in company numbers? Q4 and FY27 outlook.
Asked by Akasha, NBA
Management gave Q4 qualitative view but declined to give FY27 growth estimates.
no specific FY27 numberdeferred to later
Read the exchange
Question
when do you expect the industry growth to reflect in our numbers? how you see Q4 shaping up and for FY27 what kind of growth estimates are you building in?
Nagaraja (management)
our top line has grown almost by 21-22% compared to the last quarter. So we are expecting this one to continue. But FY27 is anybody's guess. We think this quarter is going to be stable and the next quarter will be probably a little bit flat.
Answered
High priority
Capacity to handle 20-25% ramp-up and details on MS185 product.
Asked by Akasha, NBA
Management provided capacity utilization and expansion timeline, and described MS185.
Read the exchange
Question
do we have the capacities to handle a 20-25% ramp up in Q4 as well as further 8-10% jump in FY27? and last question would be on the new product MS185.
Nagaraja and Kishan (management)
our current capacity utilization is around 80%. by Q3 FY27 we would have added all the capacities required for the outlook of somewhere around 500,000 M&HCV segment. MS185 is for the shift in heavy duty multi-axle tractor trailer.
Answered
High priority
Why revenue growth (6% YoY) lagged industry (17%)? When will it catch up?
Asked by Abhishek Kumar Jane, Alphaacurate
Management explained reasons for underperformance clearly.
Read the exchange
Question
your revenue growth was just 6% y on y versus the industry growth of 17%. just wanted to understand is it because of the change in the products mix due to slowdown in the tipper and higher shares of the buses?
Kishan (management)
the impact happens when our core tandem and high tonnage axle shifts to market segment where we are not strongly present which is today the bus. also what we do outside M&HCV, defense and export, which has been a considerable drop.
Answered
Medium priority
Contribution of MHCV vs non-MHCV (defense+export) revenue.
Asked by Abhishek Kumar Jane, Alphaacurate
Management gave a clear breakdown (90% MHCV, 10% others) with caveat.
Read the exchange
Question
what is the contribution of MHCV versus non MHCV segment revenue? defense plus export.
Raman (management)
our export has always been in the mid-teens. offway or defense segment should make about another 10% within the axle segment. So 90% is MHCV? Yes. I'll slightly change that. In the recent quarter it may be 90 because there's a drop in export offway demand.
Evasive
Medium priority
Is slowdown in tractor-trailer impacting revenue? What is mix?
Asked by Abhishek Kumar Jane, Alphaacurate
Management refused to provide the requested mix, only gave qualitative comment.
declined to share mixvague answer
Read the exchange
Question
is slowdown in the tractor trailer also impacting the overall revenue? can you give me the mix of tractor trailer and tipper revenue?
Nagaraja (management)
we generally don't share the customer mix and the product mix because it can dramatically change month to month. I would say that a good percentage of our last month production came out of our prime axle portfolio that is tipper axles and the MS185.
Answered
High priority
Is there loss of wallet share with Ashok Leyland? What about the other 40%?
Asked by British, Lucky Investment
Management clearly denied loss of market share and explained the deviation is from non-MHCV segments.
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Question
is there any loss of wallet share with Ashok Leyland? Is there any loss of market share? if not then maybe you want to comment on the residual 40% of your business.
Kishan (management)
This did not result in any drop in the market share of our share of business with the customer. If you compare growth to growth in terms of number of axles it is in line with what is the demand. The other segment is what other than MHCV.
Evasive
Medium priority
What is the shrinkage in the 20% non-MHCV business in 9 months?
Asked by British, Lucky Investment
Management avoided providing a specific number for the decline.
no number givenblamed macro factors
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Question
what is the shrinkage in this 20% of the piece if that one number if you did would be very helpful.
Raman (management)
see overall the move with the export can vary depending on lot of circumstances. That's the reason we are not able to exactly give you how this movement happens.
Answered
High priority
Progress on new products (175XL, 180 axle, bus axle) and wallet share gain?
Asked by British, Lucky Investment
Management provided specific status updates on each product.
Read the exchange
Question
you had talked about two products 175 XL and 180 axle or bus axle which were introduced to your key customer and you talking about a wallet share rise of about 2-3%. What is the progress there?
Kishan (management)
the brake 394 brake went into production end of December. The second product for tipper market is going into pilot production this quarter. The bus axle is ready tested but we are re-evaluating due to new regulation.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue grew 21-22% compared to last quarter | 22% | 6% | Overstated vs filing |
| Non-MHCV sales declined 5-15% YoY | 10% | 6% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.