External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Automotive Axles Limited (AAL), established in 1981 as a joint venture between the Kalyani Group (India) and Meritor (USA), is a leading manufacturer of axles and braking systems for commercial vehicles, defence, and off-highway applications.</li><li>Headquartered in Mysore with plants in Mysore, Pantnagar, and Jamshedpur, the company employs over 2,000 people and offers a comprehensive range of drive and non-drive axles, gears, and brakes backed by advanced heat treatment, welding, and NVH testing capabilities.</li><li>Supplying marquee OEMs, including Tata Motors, Ashok Leyland, Daimler India, Volvo Eicher, and Mahindra Trucks, AAL also exports to the US, Europe, and Asia, leveraging Meritor’s global technology access.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles Limited (AAL), established in 1981 as a joint venture between the Kalyani Group (India) and Meritor (USA), is a leading manufacturer of axles and braking systems for commercial vehicles, defence, and off-highway applications.Headquartered in Mysore with plants in Mysore, Pantnagar, and Jamshedpur, the company employs over 2,000 people and offers a comprehensive range of drive and non-drive axles, gears, and brakes backed by advanced heat treatment, welding, and NVH testing capabilities.Supplying marquee OEMs, including Tata Motors, Ashok Leyland, Daimler India, Volvo Eicher, and Mahindra Trucks, AAL also exports to the US, Europe, and Asia, leveraging Meritor’s global technology access.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: Automotive Axles Ltd - 20th September, 2025

<ul><li>Industry Outlook: We expect the M-HCV market volumes to marginally decline YoY in FY25 (~400,000 MHCV volumes).</li><li>As per the management, Q4FY25E is expected to perform better sequentially with ~1,10,000 MHCV units (largely flat YoY). For FY26E, we expect low single-digit growth in the MHCV segment.</li><li>Long-term growth drivers: (1) Product diversification to new bus axles (expect axles for 13.5/15 mt buses to begin commercial production by FY26E post final trials by the end-user OEMs) (2) electric vehicle (EV) axles (3) Increased export share post plant modernising (expect parent Meritor to play a vital role).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industry Outlook: We expect the M-HCV market volumes to marginally decline YoY in FY25 (~400,000 MHCV volumes).As per the management, Q4FY25E is expected to perform better sequentially with ~1,10,000 MHCV units (largely flat YoY). For FY26E, we expect low single-digit growth in the MHCV segment.Long-term growth drivers: (1) Product diversification to new bus axles (expect axles for 13.5/15 mt buses to begin commercial production by FY26E post final trials by the end-user OEMs) (2) electric vehicle (EV) axles (3) Increased export share post plant modernising (expect parent Meritor to play a vital role).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles Ltd - Focus on Product Diversification & New Share of Businesses

<ul><li>Industry Outlook: Automotive Axles' topline dropped 15.4% YoY in Q2FY25, mainly due to a 12.9% dip in MHCV industry volumes (with anchor customer Ashok Leyland experiencing a notable 21.6% pullback) and softer steel prices which was partially offset by higher exports, expansion in aftermarket sales, and the fulfilment of backlog orders.</li><li>Management expects industry volumes to remain steady for FY25 (with H2 projected to be similar or slightly better than H1) and anticipates a gradual recovery in FY26.</li><li>New product launches: With the introduction of new axle products for goods carriers (MS185, MS177) and buses, the company aims to increase its business share with Ashok Leyland to over 65% (up from the current 63%).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industry Outlook: Automotive Axles' topline dropped 15.4% YoY in Q2FY25, mainly due to a 12.9% dip in MHCV industry volumes (with anchor customer Ashok Leyland experiencing a notable 21.6% pullback) and softer steel prices which was partially offset by higher exports, expansion in aftermarket sales, and the fulfilment of backlog orders.Management expects industry volumes to remain steady for FY25 (with H2 projected to be similar or slightly better than H1) and anticipates a gradual recovery in FY26.New product launches: With the introduction of new axle products for goods carriers (MS185, MS177) and buses, the company aims to increase its business share with Ashok Leyland to over 65% (up from the current 63%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles Ltd - Strong Financials; Robust Long-Term Potential in the MHCV Segment

<ul><li>Industry Outlook: In FY24, the MHCV/LCV production volumes grew ~2.97%/2.68% YoY; and in Q4FY24 production volumes grew ~15%/20% QoQ.</li><li>We expect growth in the Passenger segment volumes to continue to witness double-digit growth.</li><li>However, the MHCV goods carrier segment volumes are likely to witness tepid growth in the near term (possible decline as well) with a gradual recovery expected only post FY25 full-year budget.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industry Outlook: In FY24, the MHCV/LCV production volumes grew ~2.97%/2.68% YoY; and in Q4FY24 production volumes grew ~15%/20% QoQ.We expect growth in the Passenger segment volumes to continue to witness double-digit growth.However, the MHCV goods carrier segment volumes are likely to witness tepid growth in the near term (possible decline as well) with a gradual recovery expected only post FY25 full-year budget.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Automotive Axles - Short-Term Pain, Long-Term Gain!

<ul><li>Established in 1981, Automotive Axles Limited (AAL) is a joint venture between the Kalyani Group and Meritor Inc., USA.</li><li>With manufacturing facilities situated in Mysore (Karnataka) and Jamshedpur (Jharkhand), the company specializes in the production of drive axles, non-drive axles, front steer axles, specialty &amp; defense axles, as well as drum &amp; disc brakes.</li><li>AAL serves major domestic and global manufacturers of trucks &amp; buses across various segments, including light, medium &amp; heavy commercial vehicles, military &amp; off-highway vehicles, aftermarket, and exports. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Established in 1981, Automotive Axles Limited (AAL) is a joint venture between the Kalyani Group and Meritor Inc., USA.With manufacturing facilities situated in Mysore (Karnataka) and Jamshedpur (Jharkhand), the company specializes in the production of drive axles, non-drive axles, front steer axles, specialty &amp; defense axles, as well as drum &amp; disc brakes.AAL serves major domestic and global manufacturers of trucks &amp; buses across various segments, including light, medium &amp; heavy commercial vehicles, military &amp; off-highway vehicles, aftermarket, and exports. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: Automotive Axles Ltd - 13 MAY 2024

India

Automotive Axles Ltd. manufactures drive axle assemblies and related auto parts.

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Automotive Axles (ATXL IN)

Pick of the Week: Automotive Axles Ltd - 20th September, 2025

Automotive Axles Limited (AAL), established in 1981 as a joint venture between the Kalyani Group (India) and Meritor (USA), is a leading...

Axis Direct

Automotive Axles Ltd - Strong Financials; Robust Long-Term Potential in the MHCV Segment

Management expects industry volumes to remain steady for FY25 (with H2 projected to be similar or slightly better than H1) and anticipates a...

Axis Direct

Automotive Axles - Short-Term Pain, Long-Term Gain!

Industry Outlook: In FY24, the MHCV/LCV production volumes grew ~2.97%/2.68% YoY; and in Q4FY24 production volumes grew ~15%/20% QoQ.

Axis Direct

Pick of the Week: Automotive Axles Ltd - 13 MAY 2024

AAL serves major domestic and global manufacturers of trucks & buses across various segments, including light, medium & heavy commercial vehicles,...

Axis Direct

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Pick of the Week: Automotive Axles Ltd - 20th September, 2025

Automotive Axles Limited (AAL), established in 1981 as a joint venture between the Kalyani Group (India) and Meritor (USA), is a leading...

Axis Direct

Automotive Axles Ltd - Focus on Product Diversification & New Share of Businesses

As per the management, Q4FY25E is expected to perform better sequentially with ~1,10,000 MHCV units (largely flat YoY). For FY26E, we expect low...

Axis Direct

Automotive Axles Ltd - Strong Financials; Robust Long-Term Potential in the MHCV Segment

Management expects industry volumes to remain steady for FY25 (with H2 projected to be similar or slightly better than H1) and anticipates a...

Axis Direct

Automotive Axles - Short-Term Pain, Long-Term Gain!

Industry Outlook: In FY24, the MHCV/LCV production volumes grew ~2.97%/2.68% YoY; and in Q4FY24 production volumes grew ~15%/20% QoQ.

Axis Direct

Pick of the Week: Automotive Axles Ltd - 13 MAY 2024

AAL serves major domestic and global manufacturers of trucks & buses across various segments, including light, medium & heavy commercial vehicles,...

Axis Direct