Buy GNA Axles Limited; target of Rs 375: Joindre Capital

Joindre Capital's research report on GNA Axles Limited

Incorporated in 1993, G N A Axles Ltd is Punjab based manufacturer of rear axle shafts, other shafts and spindles used in on-highway and off-highway vehicular segments. GNAAL mainly manufactures and sells auto components for the fourwheeler industry. GNAAL has an annual installed capacity of 2.3mm for rear axle shafts, 0.3mm for spindles, and 0.4mm for other shafts. GAAL has a broad customer base in India and overseas. Its biggest customers include M&M, John Deere, TAFE , Automotive Axles Limited, Meritor HVS AB and Dana Limited.

Outlook

Hence we believe that the GNAAL stock should be purchased at the current price for a price target of around Rs 375 over the next 12 to 15 months.