Kross Ltd Q2FY26 — The Tractor-Truck Marriage That Minted ₹131 Cr in Revenue, Plans ₹167 Cr Seamless Tube Dream, and Just Won’t Stop Expanding

1. At a Glance

Welcome toKross Ltd (BSE: 544253, NSE: KROSS)— a company that started in 1991 making axles and suspension parts but now behaves like it’s auditioning forFast & Furious: Jamshedpur Drift. WithQ2FY26 revenue of ₹130.9 croreandPAT of ₹8.08 crore, it’s flexing its manufacturing muscle in the tractor, trailer, and commercial vehicle ecosystem.

The stock trades at₹165with amarket cap of ₹1,059 crore,P/E of 21.4, andROCE of 21.7%. Not bad for a company that literally builds undercarriage parts and now dreams of becoming India’s nextauto components rockstar.

It’s gotdebt of just ₹60 crore(debt-to-equity 0.13),ROE of 16.5%, andinterest coverage of 9.4x, meaning it could pay interest comfortably even if half its clients delayed payments because “Bhai, payment next week pakka.”

Kross isn’t here for small talk. It’s building a ₹167 croreseamless tube plant in Jharkhand, expanding itsaxle beam extrusion lineto 7,500 units per month, and even addingtipping jack productionby November 2025. The IPO it launched in September 2024 raised ₹500 crore — and the company claims not a single rupee of deviation in fund utilization.

Now that’s what we calltight bolts, cleaner books, and heavy metal progress.

2. Introduction

If Arihant was the funny builder of Chennai,Krossis the gritty machinist of Jamshedpur — born in the grease of gearboxes and raised on the fumes of diesel. Incorporated in 1991, the company spent decades quietly producing components nobody sees but every vehicle needs.

Fromaxles, suspensions, and bevel gearstoking pins, universal joints, PTO shafts, and anti-roll bars, Kross’s parts basically hold India’s trucks and tractors together. If your farm tractor ploughed last season without shaking itself to pieces — you might owe Kross a thank-you.

But behind that modest industrial story is a powerful transformation. Post-IPO, the company has gone from a niche vendor to anambitious Tier-1 component supplier, serving big names likeAshok Leyland, Dana, Tata International DLT, Automotive Axles, TAFE, and evenHino.

It’s not a glamorous brand you’ll find on billboards — it’s the kind of company that makesthe stuff that makes the stuff move.And that’s precisely why analysts are finally taking it seriously.

With₹605 crore in FY25 revenue,₹49.5 crore PAT, andOPM of 12.8%, Kross is quietly outperforming industry averages — proving that even small auto ancillaries can have big torque.

3. Business Model – WTF Do They Even Do?

In plain English: Kross builds the bones of big machines.

Here’s the breakdown:

• Trailer Parts Division– Think axles, suspensions, landing gears, and king pins. Basically, the lower back of every truck and trailer.
• Tractor Components Division– Hydraulic lifts, rear axles, and spindle assemblies for farm tractors. The rural India backbone.
• Truck Components Division– Parts for transmission, steering, gear shifting, and chassis — i.e., the joints that keep the truck from doing the Garba on the highway.
• Trailer Components– Everything from axle assemblies to braking parts, crafted with TÜV-certified precision.

The company manufactures5,000 trailer axles and suspension assemblies per month(soon to be7,500 unitsonce its new extrusion plant starts in FY26).

Utilization levels are excellent — 70–85% across products. For example,axle shafts at 82%,anti-roll bars at 81%, andtrailer axles at 68%. These aren’t sleepy factories; these are metal gyms running near full capacity.

And it doesn’t end there — they’re enteringseamless tube manufacturing(₹167 crore capex, 1.2 lakh capacity addition). It’s like watching an old-school manufacturer morph into a mini-Tube Investments.

The cherry on top? Kross’s top five clients contribute~62% of revenues, giving it concentrated but reliable demand visibility.

So what does Kross really do? It takes your truck’s skeleton, gives it muscles of steel, and adds joints that don’t squeak.

4. Financials Overview