India Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

India 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

Equity Bottom-Up

<ul>
<li>Favorable reservoir level, an uptick in Kharif Harvest, and strong sowing for the Rabi season are expected to drive good demand for tractors in the medium term.</li>
<li>We summarize the sales volume published by listed players Mahindra &amp; Mahindra(M&amp;M), and Escorts Kubota Limited.</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>


Favorable reservoir level, an uptick in Kharif Harvest, and strong sowing for the Rabi season are expected to drive good demand for tractors in the medium term.
We summarize the sales volume published by listed players Mahindra &amp; Mahindra(M&amp;M), and Escorts Kubota Limited.
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 (December 2024)

<ul>
<li>GNA Axles is a cyclical play driven by revival of the tractor industry in India and pre-buying in commercial vehicles(trucks) in the U.S. market.</li>
<li>A good monsoon in India in 2024 is expected to revive domestic tractor demand, while changes in emission regulations in the U.S. are likely to increase truck sales.</li>
<li>The company is currently valued at a comfortable 18x trailing P/E, with a 15% RoE and RoCE.</li>
</ul>


GNA Axles is a cyclical play driven by revival of the tractor industry in India and pre-buying in commercial vehicles(trucks) in the U.S. market.
A good monsoon in India in 2024 is expected to revive domestic tractor demand, while changes in emission regulations in the U.S. are likely to increase truck sales.
The company is currently valued at a comfortable 18x trailing P/E, with a 15% RoE and RoCE.


GNA Axles – A Positive Shift in the Business Cycle Could Be Approaching

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

BOB Capital Markets Ltd.

External broker reports(aggregated public sources)

<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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

GNA Axles Ltd (GNA IN)

Monthly Sales Overview of Indian Listed Tractor Companies (December 2024)

Favorable agricultural conditions expected to drive demand for tractors, positive outlook for tractor OEM stocks and related companies like GNA...

Sreemant Dudhoria

GNA Axles – A Positive Shift in the Business Cycle Could Be Approaching

GNA Axles poised for growth with revival of tractor industry in India and pre-buying in U.S. truck market, offering good value at 18x P/E with...

Sreemant Dudhoria

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Monthly Sales Overview of Indian Listed Tractor Companies (December 2024)

​Favorable agricultural conditions expected to drive demand for tractors, positive outlook for tractor OEM stocks and related companies like GNA...

Sreemant Dudhoria

GNA Axles – A Positive Shift in the Business Cycle Could Be Approaching

​GNA Axles poised for growth with revival of tractor industry in India and pre-buying in U.S. truck market, offering good value at 18x P/E with...

Sreemant Dudhoria

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

Favorable agricultural conditions expected to drive demand for tractors, positive outlook for tractor OEM stocks and related companies like GNA...

GNA Axles poised for growth with revival of tractor industry in India and pre-buying in U.S. truck market, offering good value at 18x P/E with...