Kross Ltd(KROSS)

NSE: KROSSBSE: 544253

₹ 306.65+4.21%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 1,978 crWebsite: www.krosslimited.comUpdated: 24 Oct 2026

About

Kross Ltd manufactures critical forged, machined and cast components for commercial vehicles and tractors, supplying trailer axles, suspensions, axle shafts and related parts to OEMs and the aftermarket. The company reported FY26 revenue of ₹673.2 crores, and Q2 FY27 revenue of ₹235.1 cr, up 79.6% year-on-year. It is India's second-largest trailer axle manufacturer, with a domestic market share of approximately 26 - 28% as of H1 FY26.^[1][2]

Revenue mix

Trailer axles and suspension were ~49% (49.31%) of revenue in Q2 FY27 vs 43.58% in Q2 FY26; the component business made up ~51%.^[2]
Tractor and agri components contributed roughly 11% of total revenue in H1 FY26; the segment is targeted to reach 15% of revenue over the next two years.^[3][2]
Exports were ~8% of the component business in Q2 FY27; exports were ~4.5% of total revenue in Q1 FY27 and ~4% in FY26.^[2][4]

Manufacturing capacity and utilisation

Axle manufacturing capacity stands at 7,500 units/month as of Q1 FY27, up from 5,000 units/month, after India's first axle beam extrusion plant was commissioned on February 27, 2026.^[4]
The axle beam extrusion plant is in commercial production, running at ~60 - 65% utilisation in Q2 FY27.^[2]
Utilisation in H1 FY27: forging 65%, machining 72%, casting 75%.^[2]
Tipping jack installed capacity is 800 units/month; the company targets 65 - 70% utilisation by Q4 FY27.^[4]
A 2,000-tonne and a 1,000-tonne screw press were commissioned in Q3 FY26 and a 1,600-tonne press in early 2026, broadly doubling forging capacity.^[5]

Key operating volumes

Trailer axle volumes were ~9,500 units in Q1 FY27 (+34% YoY) and exceeded 10,500 units in Q4 FY26; trailer volumes in Q2 FY27 were above Q4 FY26.^[4][2]
Suspension volumes were ~3,200 - 3,300 units in Q1 FY27 and exceeded 3,500 units in Q4 FY26.^[4]
Tipping jack production reached 220 kits in Q1 FY27, up from 75 - 80 kits in Q4 FY26 at launch.^[4]
Tractor segment volumes grew ~40% YoY in Q1 FY27; tractor demand held steady in Q2 FY27 on low channel inventory.^[4][2]

Customers and distribution

Top-5 customers' share fell to 35.79% in Q2 FY27 from 40.53% in Q1 FY27; it was 58.3% in H1 FY26.^[2][3]
Key M&HCV OEM customers are Tata Motors and Ashok Leyland; a third tractor OEM customer was added in Q1 FY27.^[6]
Purchase orders were secured from a Sweden-based company and a leading European Tier-1 player, as of Q2 FY27.^[2]
Price revisions with most OEMs and Tier-1 customers were concluded by Q2 FY27.^[2]

Market position

Kross held ~26 - 28% of the domestic trailer axle market in H1 FY26, India's second-largest, and targets ~35% through its extruded beam technology.^[3]

Expansion and capex

Seamless tube plant: 120,000 t capacity, ~₹167 cr investment; production trials planned for Feb - Mar 2027, commercial revenue expected from FY28.^[2][4]
FY27 capex is estimated at ~₹120 - 125 crores: ~₹100 crores for the seamless tube unit plus ₹20 - 25 crores for maintenance and casting.^[6]
A high-pressure moulding line (HPML) foundry is set to double existing casting capacity; it was targeted for September 2026.^[2][4]
Planned forward integration into cold drawn tube manufacturing, as stated in Q2 FY27.^[2]
IPO proceeds were fully deployed by end of FY26; future capex is to be funded from internal accruals.^[6]

Recent developments

Commercial production began at the axle beam extrusion plant, which was commissioned on February 27, 2026, and ran at ~60 - 65% utilisation in Q2 FY27.^[4][2]
Management expects H2 FY27 volumes to be 10-15% above H1, with Q3 and Q4 stronger than Q2 on M&HCV demand.^[2]
The Parivartan scheme, effective October 30, 2026, restricts BS4-or-lower vehicles from Delhi NCR, with a 10-year road-tax holiday and free registration.^[4]

Market Cap

₹1,978 Cr

High / Low

₹327 / 151

Stock P/E

28.5

Price / Book

3.8

Book Value

₹76

EPS

₹8.6

No. of Shares

6.45 Cr

ROCE

16.4%

ROE

11.9%

OPM

12.3%

Debt / Equity

0.11

Sales

₹673 Cr

Net Profit

₹55 Cr

Promoter holding

68.6%

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