Kross Limited (KROSS) share price

₹239.70 on NSE as of 2026-10-08. -9.17% on the day. market cap ₹1,546 Cr. P/E 26.8. 52-week range ₹158.28 to ₹278.56. Automobile and Auto Components.

www.krosslimited.com

What the company does

Kross Manufacturers (I) Pvt. Ltd. (KMIPL) which has changed its name to Kross Limited since January 17, 2017 and got listed on BSE and NSE platform (ISIN: INE0O6601022) during September 2024 and was promoted by Mr. Sudhir Rai and his wife Mrs. Anita Rai. The company commenced operations in 1993 and is engaged in manufacturing of automobile parts (axle shafts, coupling flanges, tractor parts, etc.) for commercial vehic les as well as tractors. It has three manufacturing plants including a forging unit in Jamshedpur.

Filed by CARE Ratings, page 2.

Kross Ltd Q1 FY27: Revenue Up 32%, Profit Up 24%, and a ₹118 Cr Hole in the Investing Line

At a glance

Kross Limited makes trailer axles, suspensions and forged components for trucks and tractors. The company works out of Jamshedpur, in Jharkhand.

Revenue from operations was ₹184.3 crore in the three months to June 2026. The same quarter a year earlier brought ₹139.4 crore, a rise of 32.3%. Operating profit reached ₹22.6 crore against ₹16.2 crore, up 39.5%. The operating margin was 12.2%, against 11.6% a year before. Profit after tax came to ₹13.3 crore against ₹10.7 crore, up 24.4%. Earnings per share were ₹2.06 against ₹1.66.

Management says profit grew more slowly than operating profit mainly because depreciation rose after strategic capital investments. Depreciation is the yearly charge for wear on plant and machinery already bought. It was ₹3.0 crore for the quarter, against ₹2.1 crore a year earlier.

The preceding quarter, the three months to March 2026, recorded revenue of ₹225.4 crore. Profit after tax in that quarter was ₹22.5 crore, the largest quarter in the company's printed history.

The year to March 2026 closed with revenue of ₹673.2 crore and profit of ₹55.2 crore. The year before that brought ₹620.4 crore and ₹48.0 crore. Cash from operations was ₹27.8 crore, after a negative ₹32.1 crore the previous year. Cash used in investing was ₹117.9 crore, the largest such figure in the printed series.

Alongside the results, the board took on record two resignations. One was an independent director and the other the Head of Accounts and Finance. The board re-appointed three independent directors and appointed a fourth.

Introduction

Kross was incorporated in 1991. For more than three decades it has made high-performance and safety-critical components for commercial vehicles, tractors and trailer axles. It listed on the BSE and NSE on 16 September 2024, after an initial public offering of ₹500 crore. That is thirty-three years as a quietly competent Jharkhand forging outfit, and about two as a listed one.

The recent operating story is a construction story. In February 2025 the board approved a seamless tube plant at Adityapur Industrial Area, in Saraikela Kharsawan, Jharkhand. The project is costed at ₹167 crore and is meant to add 120,000 tonnes of annual capacity. The company intends it to reduce dependence on bought-in raw material. Surplus capacity there is earmarked for sectors such as oil and gas.

In December 2024 the board approved the acquisition of 6.56 acres for future expansion. In February 2026 the company commissioned an axle beam extrusion plant, an investment of ₹25 crore financed from the public issue. The company describes that plant as the first of its kind in India. Tipping jacks, a new product for the trailer segment, entered commercial production in November 2025. Four capital projects have therefore been running more or less concurrently.

The credit view is on record as well. India Ratings, a credit-rating agency, affirmed the bank loan facilities at IND A/Stable in June 2026. The agency also assigned ratings to additional limits at the same time. It lists improvement in scale and operating margins, product diversification, an established market position and comfortable credit metrics as strengths. It names the cyclical nature of the automobile industry as the weakness.

India Ratings records capital spending of ₹100.2 crore in the year to March 2026. The comparable figure for the year before was ₹28.4 crore. The agency puts free cash flow at negative ₹77.3 crore for the later year. Free cash flow is what remains of the cash a business generates after it pays for plant and equipment.

India Ratings says revenue in the year to March 2026 was supported by benefits from GST rationalisation. The agency also credits a revival in the medium and heavy commercial vehicle and trailer segments.

Business model

Kross makes the parts that stop a loaded trailer from becoming a news item.

The catalogue is a list of things few people outside a workshop can name. Trailer axles, mechanical and air suspensions, landing gears and king pins sit on it. So do bevel gears, brake drums, spiders and universal joint crosses. Then come axle shafts, tube yokes, PTO shafts and main shafts. Ring gears, rock shafts, joint differential crosses and stub axle assemblies complete it. It reads less like a product line than like a spell being cast over a truck.

Two businesses sit inside the one company. Trailer axles and suspension assemblies brought 40.66% of revenue in the three months to June 2026. The component business supplies medium and heavy trucks, tractors and off-highway vehicles, and made up the rest. Commercial vehicle components were 42.94% of revenue in that quarter. Tractor components accounted for 9.93% and exports for 4.51%. Other items made up the remaining 1.97%.

The company is backward integrated, meaning it performs in-house the steps a supplier would otherwise buy. Those steps run from design through forging, casting, heat treatment, machining and surface coating. In practice that means five integrated plants in Jamshedpur. Between them they forge parts of up to 40 kg input weight. Four furnaces harden and temper metal at 100 tonnes a day. The result is machined on CNC, VMC and HMC lines, which are computer-controlled machine tools. Presses on the floor range from 400 tonne to 2,500 tonne. A 3-tonne hammer works alongside them, because in a forging shop the answer eventually becomes a bigger press.

Annual installed capacity covers 7.8 lakh coupling flanges and 2.8 lakh differential spiders. It also covers 2.7 lakh axle shafts and 1.0 lakh anti-roll and stabiliser bars. Trailer axle and suspension assemblies now run at 7,500 units a month. Utilisation in the year to March 2026 was 65% in forging and 72% in machining. Casting ran at 75% of its capacity across the same financial year.

Distribution runs through exclusive dealer arrangements in selected areas and warehouses in seven locations. A sales and service team of more than 75 people also provides roadside assistance. When an axle fails in Bihar at two in the morning, the dealer network is the product.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Kross Limited.

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