Axles India Limited was started in 1982 is engaged in manufacturing of Axle housings for automobile companies. The company has its manufacturing plants in Sriperumbudur and Cheyyar, Tamil Nadu, India and sells primarily in India and United States. The company is an unlisted public limited company.


Axles India is a joint venture of Wheels India, Sundaram Finance and Dana Holding Corporation, USA. Axles India has the capability to provide Axle Housings for entire range of Medium and Heavy Commercial Vehicles.

The production of pressed Axle Housings is at an annual level of 280,000 pressed Axle housings, manufactured in plants. Axles India was started, as a joint venture with Eaton. In 1998, Dana Holding Corporation purchased Eaton Axles Business and Axles India’s shares were part of this arrangement. Axles India commenced production at its Sriperumbudur plant, with an annual volume of 10,000 axle housings to Ashok Leyland. In 1995, to meet the increased demand of domestic OEMs, an additional facility for Axle Housings was set up at Cheyyar.

In 2003, facility to manufacture Drive Head assemblies was installed. In 2006, Export oriented unit (EOU) was established for catering to export markets. In 2011, Drive head business was sold to Dana India Private Limited. Axles India supplies to Tata Motors, Ashok Leyland, VE Commerical Vehicles, Dana India Private Limited, SML Isuzu, Mahindra Trucks and Buses and Daimler India Commercial Vehicles. Axles India also exports to Dana, USA and Volvo Trucks Asia.

Axles Group was always visionary & wanted to become a world class organization and to achieve this feat, it had built a strategic alliance with several automobile manufacturer (commercial vehicles) within India & foreign land which marked its global presence. Apart from that Axles delivered on the quality and supply chain front which helped to win several awards and accolades.

Financial Highlights (INR Crores)

Particulars Mar-23 Mar-22 Mar-21 Mar-20 Mar-19 Mar-18 Mar-17 Mar-16
Total Income 745.92 572.37 312.02 408.62 621.05 475.06 413.59 485.88
Reserves and Surplus 186.53 149.91 110.03 111.36 112.12 83.42 67.11 56.70
Profit Before Tax 70.72 45.17 4.04 13.97 58.55 34.18 22.77 19.23
Profit After Tax 52.64 33.83 2.96 12.16 38.05 22.31 14.91 12.50

Key Financial Ratio

DESCRIPTION Mar-23 Mar-22 Mar-21 Mar-20 Mar-19 Mar-18 Mar-17 Mar-16
EPS 20.66 13.27 1.16 4.77 14.93 8.76 5.89 4.91
Book Value 82.82 68.82 53.17 53.69 53.99 42.74 36.34 32.25
ROA 12.64 9.49 0.99 4.29 12.62 9.65 8.55 6.96
ROE 27 21.76 2.17 8.87 30.87 22.15 17.17 16.47
Debt/Equity 0.23 0.24 0.57 0.34 0.50 0.77 0.06 0.17
Current Ratio 1.78 1.56 1.42 1.67 1.46 1.33 1.60 1.37
Quick Ratio 1.77 1.07 0.94 1.24 1.02 0.92 0.75 0.67

Product Line

Wide range of products offered by Axles & their customers

Axles India manufactures Drive Axle Housings, Trailer Axle Beams, Hub Reduction Axle Housings for medium and heavy-duty commercial vehicles.

Rear Axle Housings AXLE HOUSINGS FOR 5.5 - 49 T GVW Vehicles

Customers – Tata Motors, Ashok Leyland, Mahindra Trucks, SML Isuzu, VE Commercial, Daimler India, Dana India


Customers – Ashok Leyland, VE Commercial, Mahindra, Daimler India, Volvo Trucks

Rear Axle Housings – Exports

Axle Housings for 6 Ton GVW – 40 Ton GCW Vehicles

Customers – Dana, USA & Volvo Trucks Asia

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Company’s Operations

Revenues of INR 495.41 crore (FY22- INR 413.08 crore) are derived from top four customers which is more than 40% of overall contribution.

The Company expects the operating cash flows and cash to be sufficient to meet the operating requirements for the next twelve months.

Axles activities involving foreign customer base and importing certain materials exposes it to FX risk arising from foreign currency transactions in USD. To minimize the currency exposure Axles has started to deal in derivative market (hedging) to safeguard itself from the volatile market.

The Company has only one class of equity shares having a par value of INR 10 per share.

Related parties & Joint Venture

Sundaram Finance Holdings Limited, Wheels India Limited & Dana Global Products Inc.

Subsidiaries of Jointly controlled Entities: –

Dana Automotive Systems Group LLC, Dana Commercial Vehicle Mfg. LLC, Dana Commercial Vehicle Prod. LLC, Dana Heavy Vehicle Systems Group & Dana Australia Pty Ltd.

Key Personnel

Mr. S. Ram - Chairman

Mr. V. Madhavan – Managing Director

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For any queries, reach out to: unlisted@rurashfin.com or Call: +91 224157 1111