Automotive Axles – Efficient, Proxy Play On Cyclical Recovery In Commercial Vehicle Segment: ICICI Direct

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Automotive Axles Ltd., established in 1981, is co-promoted by the Kalyani Group (35.5% stake) and Meritor Inc. (35.5% stake).

The company is the largest independent manufacturer of rear axle drive assemblies in India (primarily for commercial vehicles; medium and heavy commercial vehicle).

It is also a prominent brake manufacturer.

Rear drive axles comprise ~60% of its topline with brakes share at ~20% and other parts comprising the rest.

The company counts all major CV original equipment manufacturers as its clients with prominent being Ashok Leyland Ltd., Mahindra and Mahindra Ltd., Volvo, Daimler India, Tata Motors Ltd. among others.

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ICICI Direct Instinct Automotive Axles.pdf


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