Buy Automotive Axles; target of Rs 1730: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Automotive Axles

Automotive Axles (AAL), established in 1981, is largest independent manufacturer of rear axle drive assemblies in India (primarily for CVs, M&HCV). As of FY20, rear drive axles comprise ~60% of its topline with brakes share at ~20% and other parts comprising the rest • It counts all major OEMs as its clients in CV domain with prominent names being Ashok Leyland, VECV Commercial Vehicles, M&M among others.

Outlook

We retain BUY rating given robust growth prospects in the CV space. We introduce FY24E. We now value the company at a revised target price of Rs 1730 i.e. 20x P/E on FY24E EPS (earlier TP Rs 1260).

More Info

At 17:30 Automotive Axles was quoting at Rs 1,509.70, up Rs 81.70, or 5.72 percent.

It has touched an intraday high of Rs 1,533.60 and an intraday low of Rs 1,484.40.

It was trading with volumes of 1,110 shares, compared to its thirty day average of 1,314 shares, a decrease of -15.52 percent.

In the previous trading session, the share closed down 2.32 percent or Rs 33.85 at Rs 1,428.00.

The share touched its 52-week high Rs 1,650.00 and 52-week low Rs 945.00 on 12 January, 2022 and 23 April, 2021, respectively.

Currently, it is trading 8.5 percent below its 52-week high and 59.76 percent above its 52-week low.

Market capitalisation stands at Rs 2,281.45 crore.

For all recommendations report, click here

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