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GNA Axles Limited (GNA)

₹538.50 +3.57% last close, 16 Oct

📊 NSE: GNA 🏢 Auto Ancillaries 📢 Latest filing: 29 Sep 2026 📝 Analysis written: 13 Dec 2025

Q2 FY27 results

📅 Next results: 23 Oct 2026 (board meeting)

GNA Axles Limited's board meets on 23 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, GNA Axles' revenue was ₹470 Cr (+36.7% year on year, +14.5% on the previous quarter), and net profit ₹38.3 Cr (+66.5% year on year); the operating margin was 15.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹470	+36.7%	+14.5%
Operating profit	₹72.2	+44.2%	+26.8%
Net profit	₹38.3	+66.5%	+23.5%
EPS (₹)	8.91	+66.5%	+24.1%
Operating margin	15.4%	—	—

Full quarterly financials → Results calendar →

GNA delivery percentage and bulk deals

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 42.24% of the GNA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 43.66%. That is close to its usual level. Volume was 0.3 times its average, well below normal. 10 bulk or block deals were reported in GNA in the last 60 days: ₹76 Cr bought and ₹132 Cr sold.

42.24%Delivery, 16 Oct

43.66%Own 20-session average

0.3×Volume vs its average

₹538.50NSE close · +3.57%

Delivery in the last 5 sessions: 45.0% · 46.0% · 39.9% · 52.8% · 42.2%

Date	Side	Counterparty	Value	Price	Quantity	Type
24 Sep	Sell	Qe Securities Llp	₹24.80 Cr	₹625.56	396,475	Bulk
24 Sep	Buy	Qe Securities Llp	₹24.39 Cr	₹626.04	389,522	Bulk
24 Sep	Sell	Microcurves Trading Private Limited	₹19.78 Cr	₹631.41	313,241	Bulk
24 Sep	Buy	Microcurves Trading Private Limited	₹19.76 Cr	₹630.87	313,241	Bulk
24 Sep	Buy	Hrti Private Limited	₹17.45 Cr	₹622.55	280,280	Bulk

Delivery across the market →All bulk and block deals →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

GNA Axles Closes Trading Window from October 1, 2026 Ahead of Q2 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Sep 2026, 04:10 PM

GNA Axles Limited has announced the closure of its trading window effective October 1, 2026, pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015. The trading window will remain shut until 48 hours after the declaration of the unaudited financial results for the second quarter and half year ending September 30, 2026. This is a standard regulatory compliance filing ahead of quarterly earnings, restricting designated persons from trading company securities.

Trading window closure takes effect from October 1, 2026
Closure covers the Q2 and H1 period ended September 30, 2026 for FY 2026-2027
Window will reopen 48 hours after the Board approves and publishes the unaudited financial results

💡 Track the upcoming board meeting date announcement for the declaration of Q2 FY27 financial performance.

GNA Axles Approves Rs 3.00 Dividend and FY26 Financials at 33rd AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Jul 2026, 02:16 PM

GNA Axles Limited has formally submitted the minutes of its 33rd Annual General Meeting (AGM) held on June 30, 2026. Shareholders approved all four proposed resolutions with an overwhelming majority, including the adoption of FY26 financial statements and a dividend of Rs 3.00 per equity share. The company confirmed that the auditors issued an unqualified report for the fiscal year. Additionally, two directors, Mr. Jasvinder Singh and Mr. Kulwin Seehra, were reappointed to the board.

Dividend of Rs 3.00 per equity share approved for the financial year ended March 31, 2026
Total of 31,684,702 votes cast in favor of the financial adoption and dividend, with only 51 votes against
Unqualified audit report confirmed for both standalone and consolidated financial statements
Reappointment of two directors, Mr. Jasvinder Singh and Mr. Kulwin Seehra, ratified by shareholders
AGM conducted virtually with 57 members present through video conferencing

💡 Investors should monitor the dividend payment timeline and look for the next quarterly results to see if the 'future outlook' discussed by the Chairman aligns with the company's high customer concentration risks.

GNA Axles Confirms Compliance with SDD Regulations; 2 UPSI Events Captured in June 2026 Quarter

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 17 Jul 2026, 02:37 PM

GNA Axles Limited has filed its compliance certificate for the Structured Digital Database (SDD) for the quarter ended June 30, 2026. The filing confirms that the company has captured 2 specific events involving Unpublished Price Sensitive Information (UPSI) as required by SEBI (Prohibition of Insider Trading) Regulations. The database is maintained internally, is non-tamperable, and preserves records for 8 years. This is a routine administrative filing indicating adherence to corporate governance norms.

Successfully captured 2 required events in the SDD for the quarter ended June 30, 2026
Database maintains an audit trail and is designed to be non-tamperable for 8 years
Compliance is in accordance with Regulations 3(5) and 3(6) of SEBI (PIT) Regulations, 2015

💡 Monitor upcoming quarterly financial results for actual business performance; this filing is purely procedural and does not impact financial fundamentals.

GNA Axles Q1 PAT Jumps 66% YoY to ₹38.27 Cr on 37% Revenue Growth

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 16 Jul 2026, 02:50 PM

GNA Axles reported a strong performance for Q1 FY27, with consolidated revenue rising 36.7% YoY to ₹470.44 Cr. Net profit surged 66.5% YoY to ₹38.27 Cr, significantly exceeding the ₹22.99 Cr reported in the same quarter last year. Despite raw material costs rising to 67.1% of revenue (up from 62.3% YoY), the company achieved operational leverage, with EPS increasing to ₹8.91 from ₹5.35. The company's subsidiaries, including the US-based GNA Axles Inc., contributed a negligible loss of ₹5.14 lakhs, indicating the core domestic operations remain the primary driver.

Consolidated Revenue from Operations grew 36.7% YoY to ₹470.44 Cr.
Net Profit (PAT) increased 66.5% YoY to ₹38.27 Cr from ₹22.99 Cr.
Earnings Per Share (EPS) rose to ₹8.91 compared to ₹5.35 in Q1 FY26.
Profit Before Tax (PBT) margin improved to 11.0% from 9.1% in the year-ago period.
Cost of materials consumed stood at ₹316.04 Cr, a significant increase from ₹214.37 Cr YoY.

💡 Investors should monitor the sustainability of this growth in the context of global commercial vehicle and tractor cycles. Key focus areas include the scaling of the Michigan-based subsidiary and the company's ability to maintain margins if raw material costs continue to rise.

GNA Axles Shareholders Approve FY25 Financials and Dividend at 32nd AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Jun 2026, 04:54 PM

GNA Axles Limited concluded its 32nd Annual General Meeting on June 30, 2025, with all five proposed resolutions passing with over 99.9% shareholder approval. Key outcomes include the formal adoption of the FY25 audited financial statements and the declaration of an equity dividend. Shareholders also ratified the re-appointment of directors Mr. Harwinder Singh and Mr. Gursaran Singh. The company maintains a stable financial profile with TTM revenue of ₹1,479 Cr and a healthy promoter holding of 68.4%.

Resolution for adoption of FY25 Audited Balance Sheet passed with 99.99% votes in favor (3,17,59,072 votes)
Dividend declaration on Equity Shares approved with 99.99% majority (3,17,59,073 votes)
Re-appointment of Director Mr. Harwinder Singh confirmed with 99.96% of valid votes cast
Re-appointment of Director Mr. Gursaran Singh confirmed with 99.97% of valid votes cast
Appointment of Secretarial Auditors and their remuneration approved with 99.97% majority

💡 Educational: Monitor the dividend distribution timeline and track the upcoming quarterly results to see if the company maintains its 19.5% operating margin amidst cyclical CV market trends.

GNA Axles Shareholders Approve FY25 Financials and Dividend at 32nd AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Jun 2026, 04:52 PM

GNA Axles Limited concluded its 32nd Annual General Meeting on June 30, 2025, with shareholders approving all five proposed resolutions with over 99.9% majority. Key approvals included the adoption of the FY25 audited financial statements and the declaration of a dividend on equity shares. The voting process, which concluded on June 29, 2025, saw approximately 3.17 crore votes cast in favor of the primary resolutions. Additionally, the re-appointment of directors Harwinder Singh and Gursaran Singh was ratified by the members.

All 5 resolutions passed with a requisite majority exceeding 99.9% in favor
Resolution to declare dividend received 3,17,59,073 votes in favor and only 483 against
Remote e-voting period was conducted from June 27 to June 29, 2025
Voting rights were determined based on the cut-off date of June 23, 2025
Re-appointment of Mr. Harwinder Singh as Director approved with 99.96% of valid votes

💡 Investors should monitor the specific dividend payment date and track the company's upcoming quarterly results to assess if the 19.5% OPM is sustained amidst global CV market cycles.

GNA Axles Shareholders Approve All Resolutions at 32nd AGM with Over 99% Majority

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Jun 2026, 04:50 PM

GNA Axles Limited concluded its 32nd Annual General Meeting on June 30, 2025, with all five proposed resolutions passing with overwhelming shareholder support. Key approvals included the adoption of the FY25 audited financial statements and the declaration of a dividend for equity shares. The voting process, conducted via remote e-voting and electronic voting during the AGM, saw over 3.17 crore votes cast in favor of most resolutions, representing a near-unanimous approval rate of over 99.9%. Management continuity was also secured through the re-appointment of retiring directors Mr. Harwinder Singh and Mr. Gursaran Singh.

Resolution to adopt FY25 financial statements passed with 3,17,59,072 votes in favor (99.99%)
Dividend declaration for equity shares approved with 3,17,59,073 votes in favor (99.99%)
Re-appointment of Director Mr. Harwinder Singh secured 3,17,59,480 votes in favor (99.96%)
Re-appointment of Director Mr. Gursaran Singh secured 3,17,50,477 votes in favor (99.97%)
Appointment of Secretarial Auditors and their remuneration approved with 3,17,50,276 votes in favor (99.97%)

💡 Investors should monitor the specific payment date for the approved dividend and look for the upcoming Q1 FY26 earnings release to assess if the 8.26% export growth trend from FY25 continues.

12.8 Lakh Shares Encumbered by GNA Axles Promoters as of March 2026

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 30 Jun 2026, 01:03 PM

GNA Axles' promoter group has submitted its annual disclosure under SEBI (SAST) Regulations for the financial year ended March 31, 2026. The filing confirms that 12,80,000 equity shares held by the promoters are under encumbrance. This represents approximately 2.98% of the total equity capital and 4.36% of the promoter group's total holding (68.43%). The declaration states that no other new encumbrances were created during the fiscal year.

Promoters declared encumbrances on 12,80,000 equity shares as of March 31, 2026
The disclosure confirms no additional encumbrances were made during the 2025-26 financial year
Promoter holding remains substantial at 68.43% of the company
The filing was submitted by Jasvinder Singh on behalf of 16 individual and entity members of the promoter group

💡 Investors should monitor the quarterly shareholding patterns to see if the percentage of pledged/encumbered shares increases, though the current level is relatively low.

12.80 Lakh Shares Encumbered: GNA Axles Promoters Submit Annual SAST Declaration

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 29 Jun 2026, 07:09 PM

GNA Axles' promoters have filed their annual declaration under Regulation 31(4) of SEBI (SAST) for the financial year ended March 31, 2026. The filing confirms that the promoter group has encumbrances on 12,80,000 equity shares. This represents approximately 4.36% of the total promoter holding and 2.98% of the company's total equity. The declaration states that no other encumbrances, direct or indirect, were made during the fiscal year.

Annual declaration submitted for the financial year ended March 31, 2026
Total encumbered shares by promoters stand at 12,80,000 equity shares
Promoter holding as of March 2026 is 68.43%, indicating high skin in the game
Declaration covers 16 entities and individuals within the promoter group
Confirmation that no new undisclosed encumbrances were created during the year

💡 Investors should monitor quarterly shareholding patterns for any significant increase in pledged shares, though the current level of ~4.36% of promoter holding is relatively low.

GNA Axles to Close Trading Window from July 1, 2026, for Q1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Jun 2026, 04:14 PM

GNA Axles Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. This closure is a standard procedure ahead of the declaration of the company's unaudited financial results for the first quarter ending June 30, 2026. The window will remain closed for all designated persons and will reopen 48 hours after the results are approved by the Board and made public. Investors should note that this is a routine administrative filing and does not reflect operational changes.

Trading window closure effective from July 1, 2026
Closure pertains to the Unaudited Financial results for the First Quarter (Q1) ended June 2026
Window to reopen 48 hours after the board meeting results are made public
Company maintains a TTM revenue of ₹1479 Cr and a market cap of ₹1902 Cr

💡 Educational: Monitor the exchange for the upcoming announcement of the Board Meeting date, where Q1 FY27 financial performance will be discussed.

GNA Axles Promoter Maninder Singh Sells 2.65% Stake via Open Market

🔴 NEGATIVE ⭐ 7/10

REGULATORY 📅 27 Jun 2026, 11:46 AM

Mr. Maninder Singh, an Executive Director and part of the promoter group of GNA Axles Limited, has sold 1,135,767 equity shares in the open market. This transaction represents a 2.65% stake in the company, reducing his personal holding from 10.6% to 7.95%. The sales were executed between June 18 and June 24, 2026, for a total consideration of approximately ₹48.55 crore. Significant selling by a promoter or director is often viewed with caution by the market.

Sale of 1,135,767 equity shares representing 2.65% of the total equity capital.
Promoter Maninder Singh's individual stake reduced from 10.6% to 7.95%.
Transaction executed in the open market between June 18 and June 24, 2026.
Total transaction value reported at approximately ₹48.55 crore.

💡 Investors should exercise caution as a significant stake sale by an Executive Director can signal a lack of immediate upside or personal liquidity needs. Monitor the upcoming quarterly shareholding pattern to see if the overall promoter group holding remains stable.

GNA Axles Corrects FY26 Annual Report: GNA Mobility Investment is Rs 80 Cr, Not Rs 800 Cr

🟡 NEUTRAL ⭐ 5/10

REGULATORY 📅 08 Jun 2026, 12:00 PM

GNA Axles Limited has issued a corrigendum to its 33rd Annual Report for the Financial Year 2025-2026 to rectify a significant clerical error. The company clarified that the investment plan for its subsidiary, GNA Mobility, is actually Rs. 80.00 crores, rather than the Rs. 800 crores previously stated. This correction follows the initial distribution of the report to shareholders on June 6, 2026, and significantly alters the perceived scale of the company's capital commitment to its mobility venture.

Correction issued for the 33rd Annual Report for the Financial Year 2025-2026.
Investment plan for GNA Mobility revised downward to Rs. 80.00 crores from the erroneously reported Rs. 800 crores.
The error was identified after the electronic distribution of the report to members on June 6, 2026.
The corrigendum will be published in Financial Express (English) and Rozana Spokesman (Punjabi) for public dissemination.

💡 Investors should update their growth and capital expenditure models to reflect the corrected investment figure of Rs 80 crore for the GNA Mobility subsidiary.

GNA Axles Declares Rs 3 Per Share Final Dividend; Sets June 23 as Record Date

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 08 May 2026, 03:23 PM

GNA Axles Limited has recommended a final dividend of Rs 3 per equity share for the financial year. The company has fixed June 23, 2026, as the record date to determine shareholder eligibility for the payout. This dividend will be distributed across 4,29,30,800 equity shares. The 33rd Annual General Meeting (AGM) is scheduled for June 30, 2026, to formally approve the dividend and other business matters.

Recommended a final dividend of Rs 3 per equity share
Record date for dividend eligibility is fixed as June 23, 2026
Dividend applies to a total of 4,29,30,800 equity shares
33rd Annual General Meeting (AGM) scheduled for June 30, 2026
Remote e-voting period set from June 27 to June 29, 2026

💡 Investors interested in the dividend should ensure they hold the stock before the ex-dividend date, which is typically one business day prior to the June 23 record date. Long-term investors should review the upcoming annual report for insights into the company's growth trajectory.

GNA Axles Sets June 23 as Record Date for ₹3 Per Share Dividend

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 08 May 2026, 03:21 PM

GNA Axles Limited has fixed June 23, 2026, as the record date to determine eligibility for a dividend of ₹3 per equity share. This dividend applies to the company's total base of 4,29,30,800 equity shares. The 33rd Annual General Meeting (AGM) is scheduled for June 30, 2026, where the dividend will likely be approved. Additionally, the company has set the same record date for e-voting eligibility, with the voting period running from June 27 to June 29, 2026.

Dividend declared at ₹3 per equity share for 4,29,30,800 shares
Record date for dividend payment and e-voting fixed as June 23, 2026
33rd Annual General Meeting (AGM) to be held on June 30, 2026
Remote e-voting period scheduled from June 27 to June 29, 2026

💡 Investors interested in the dividend should ensure they hold the stock before the ex-dividend date, which is typically one business day prior to the June 23 record date. Existing shareholders should also participate in the e-voting process to exercise their rights on company resolutions.

GNA Axles to Invest Rs 25 Cr in Mobility Subsidiary; Recommends Dividend for FY26

🟢 POSITIVE ⭐ 7/10

BOARD_MEETING 📅 08 May 2026, 03:11 PM

GNA Axles has announced its audited financial results for the year ended March 31, 2026, receiving an unmodified audit opinion. A key strategic move is the Board's approval of a Rs 25.00 crore equity investment in its wholly-owned subsidiary, G N A Mobility Limited. This subsidiary is currently in a pre-revenue stage and is expected to commence operations in FY 2026-27. Additionally, the Board has recommended a dividend for the fiscal year, though the specific per-share amount was not detailed in the primary announcement text.

Board approved a strategic equity investment of Rs 25.00 crores in G N A Mobility Limited.
G N A Mobility Limited is scheduled to start commercial operations in the 2026-27 financial year.
The investment will be deployed in tranches to meet capital expenditure and working capital requirements.
Statutory auditors issued an unmodified opinion on both standalone and consolidated financial statements for FY26.
Board recommended a dividend for the financial year ended March 31, 2026, subject to AGM approval.

💡 Investors should view the Rs 25 crore investment in the mobility subsidiary as a positive step toward future growth and diversification. Monitor the commencement of operations at G N A Mobility Limited in FY27 for potential revenue impact.

View All GNA Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total operating revenue grew by 2.22% YoY to INR 1,539.74 Cr in FY25. Export revenue increased by 8.26% to INR 840.36 Cr, while domestic revenue decreased by 5.92% to INR 672.05 Cr. Volume-wise, the Off-Highway segment grew 3.88% to 21.15 lakh pieces, and the Commercial Vehicle (CV) segment grew 4.10% to 32.00 lakh pieces.

Geographic Revenue Split

Exports contributed 54.58% (INR 840.36 Cr) of total revenue in FY25, up from 51.53% in FY24. Domestic sales accounted for 43.65% (INR 672.05 Cr). Key export markets include the USA, Europe, Asia Pacific (Japan, China), Mexico, Brazil, Sweden, Italy, and Spain.

Profitability Margins

Profit After Tax (PAT) margin stood at 6.96% in FY25, up from 6.64% in FY24. Operating Profit Margin (OPM) improved to 14.6% in Q1 FY26 from 13.3% in FY25, driven by raw material cost pass-through and cost rationalization initiatives. Profit Before Tax (PBT) increased by 6.99% to INR 144.27 Cr.

EBITDA Margin

EBITDA (PBIDT) was INR 213.22 Cr in FY25, representing a margin of 13.85%, compared to INR 199.72 Cr (13.26% margin) in FY24, reflecting a YoY increase of 6.76% in absolute EBITDA terms.

Capital Expenditure

Not disclosed in available documents; however, the company maintains a gross block supported by internal accruals and has an installed capacity of approximately 6 million pieces per annum as of March 2023.

Credit Rating & Borrowing

The company held ratings of CARE A+ (Stable) and CARE A1+, which were reaffirmed and subsequently withdrawn at the company's request in June 2024. Interest coverage ratio was healthy at 17.30x in FY24, though it moderated from 21.22x in FY23.

⚙️ Operational Drivers

Raw Materials

Steel is the primary raw material, with raw material costs constituting approximately 66% of gross sales in FY24. The company is highly susceptible to global steel price volatility.

Import Sources

Not specifically disclosed, though the company monitors global steel prices, suggesting international sourcing or pricing benchmarks.

Capacity Expansion

Current installed capacity is 6 million pieces per annum. The company focuses on manufacturing axle shafts and spindles ranging from 2 kg to 150 kg.

Raw Material Costs

Raw material costs were INR 1,017.48 Cr in FY25. The company employs a pass-through mechanism to mitigate the impact of steel price fluctuations, which has historically protected margins.

Manufacturing Efficiency

The company focuses on reducing wastage and emissions. Manufacturing facilities are located in Hoshiarpur, Punjab.

Logistics & Distribution

Not disclosed as a specific percentage; however, the company exports to diverse regions including the Americas and Europe, implying significant logistics coordination.

📈 Strategic Growth

Growth Strategy

Growth is driven by the export of new components (which added INR 64.16 Cr to revenue in FY25) and deepening relationships with Tier-1 vendors in export markets. The company aims to maximize shareholder value by identifying new opportunities in the Off-Highway and CV segments globally.

Products & Services

Rear axle shafts, spindles, and drive shafts used in commercial vehicles, tractors, farm equipment, and earth-moving equipment.

Brand Portfolio

GNA Axles, GNA Group.

New Products/Services

Export of new components contributed significantly to the 8.26% growth in export sales during FY25.

Market Expansion

Targeting increased penetration in the US, Europe, and Asia Pacific markets. The company recently established GNA Axles Inc. in Michigan to support North American operations.

Market Share & Ranking

GNA is a leading manufacturer of rear axle shafts in India and a major global supplier, though specific percentage ranking is not provided.

Strategic Alliances

The company operates with subsidiaries GNA Axles Inc. (Michigan) and GNA Mobility Limited (Mehtiana).

🌍 External Factors

Industry Trends

The industry is shifting toward more stringent emission norms and lightweight components. GNA is positioning itself by manufacturing a wide range of spindles and shafts (up to 150kg) for diverse global OEMs.

Competitive Landscape

Operates in a highly competitive and cyclical auto ancillary industry against both domestic and international Tier-1 suppliers.

Competitive Moat

The moat is built on 50+ years of promoter experience, single-source supplier status for key OEMs, and high entry barriers due to the capital-intensive nature of forging and machining large axle components.

Macro Economic Sensitivity

Highly sensitive to global GDP growth and infrastructure spending, which dictate demand for commercial vehicles and construction equipment.

Consumer Behavior

Demand is driven by OEM production schedules rather than direct consumer behavior, making GNA dependent on the B2B commercial vehicle cycle.

Geopolitical Risks

Trade barriers or economic slowdowns in the US or Europe could significantly impact the 54.5% export revenue stream.

⚖️ Regulatory & Governance

Industry Regulations

Subject to automotive manufacturing standards and indirect impact from stringent emission control norms (BS-VI and global equivalents) applicable to its OEM customers.

Environmental Compliance

The company spent INR 1.63 Cr on CSR initiatives in FY23. It focuses on reducing emissions and wastage in manufacturing processes.

Taxation Policy Impact

Effective tax rate was approximately 25.75% in FY25, with a total tax expense of INR 37.15 Cr.

Legal Contingencies

The company was fined INR 99,120 (including GST) by stock exchanges in 2025 for non-compliance regarding the constitution of the Risk Management Committee and late submission of corporate governance reports.

⚠️ Risk Analysis

Key Uncertainties

Volatility in global steel prices (66% of cost) and potential cyclical downturns in the US and European trucking markets.

Geographic Concentration Risk

High geographic concentration in North America and Europe for exports, and Punjab, India for manufacturing.

Third Party Dependencies

High dependency on a few large OEMs; the top 10 customers drive 80% of revenue, creating significant counterparty risk.

Technology Obsolescence Risk

Risk is moderate as axle shafts are essential mechanical components, but shifts toward electric vehicles (EVs) may require redesigns of traditional drivetrain components.