Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Thematic (Sector/Industry)

<ul>
<li>Tractor volume continued to be strong in Jan’25. Favorable reservoir level, strong sowing for Rabi season and government support are expected to drive good demand for tractors in medium term.</li>
<li>We summarize the sales volume published by listed players <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> , and <a href="https://www.smartkarma.com/entities/escorts-kubota-ltd" target="_blank" data-smartkarma-citation="entities:6773:1" rel="noopener">Escorts Kubota Limited (ESCORTS IN)</a> in January 2025.</li>
<li>Positive management commentary augurs well for uptick in tractor OEM stocks and related auto ancillary companies like <a href="https://www.smartkarma.com/entities/gna-axles-ltd" target="_blank" data-smartkarma-citation="entities:28070:1" rel="noopener">GNA Axles Ltd (GNA IN)</a> in medium term.</li>
</ul>


Tractor volume continued to be strong in Jan’25. Favorable reservoir level, strong sowing for Rabi season and government support are expected to drive good demand for tractors in medium term.
We summarize the sales volume published by listed players Mahindra &amp; Mahindra (MM IN) , and Escorts Kubota Limited (ESCORTS IN) in January 2025.
Positive management commentary augurs well for uptick in tractor OEM stocks and related auto ancillary companies like GNA Axles Ltd (GNA IN) in medium term.


Monthly Sales Overview of Indian Listed Tractor Companies (January 2025)

External broker reports(aggregated public sources), BOB Capital Markets Ltd

BOB Capital Markets Ltd.

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>GNA's Q1 revenue grew 6% QoQ. Better operating efficiency offset a below-expected gross margin, aiding EBITDA margin of 16.6%</p><div class="content-highlight"><em>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.</em></div>

GNA's Q1 revenue grew 6% QoQ. Better operating efficiency offset a below-expected gross margin, aiding EBITDA margin of 16.6%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.

GNA Axles (HOLD): Healthy Q1 but recent rally limits upside; maintain HOLD

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

<p>Record performance for second consecutive quarter</p><div class="content-highlight"><em>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.</em></div>

Record performance for second consecutive quarterContent 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.

India

GNA Axles Ltd. manufactures automotive parts. The Company offers rear axle shafts, spindles, and splined Shafts for light and commercial vehicles. GNA Axles markets its products worldwide.

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GNA Axles Ltd (GNA IN)

Monthly Sales Overview of Indian Listed Tractor Companies (January 2025)

Tractors - Retail Sales Update: Federation of Automobile Dealers Associations(FADA)’s Jan'25 update shows a strong 5% YoY rise in retail sales. M&M...

Sreemant Dudhoria,CFA

GNA Axles (HOLD): Healthy Q1 but recent rally limits upside; maintain HOLD

GNA's Q1 revenue grew 6% QoQ. Better operating efficiency offset a below-expected gross margin, aiding EBITDA margin of 16.6%

BOB Capital Markets Ltd.

GNA Axles Ltd. Rs Q1FY22 Result Update

Record performance for second consecutive quarter

Edelweiss

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