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Revenue
₹1,180 Cr
verified against source
Revenue YoY
15%
reported change
EBITDA
₹116 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Gabriel India reported a strong Q2 FY26 with consolidated revenue of ₹1,180 crore (+15% YoY) and EBITDA of ₹116 crore (+18% YoY), with margins improving to 9.8%. Growth was driven by all segments: two/three-wheeler (+15%), passenger vehicles (+13%), and CV/railway (+35%). The company announced a JV with SK Move for lubricants targeting ₹500 crore revenue in 5-6 years, and revised the Inalfa sunroof JV to 65% ownership. Management guided for double-digit margins over the medium term, though near-term margin expansion is constrained by the MMA acquisition turnaround. Key risks include sunroof business underperformance due to weak Kia model sales and potential loss of ICE platform on a new Creta variant.
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Guidance to track
- The SK Move JV aims to achieve ₹500 crore revenue within 5-6 years, starting commercialization in FY27 with significant numbers by FY28.
- Management reiterated the aspiration to achieve double-digit EBITDA margins over the next couple of years, despite near-term pressure from MMA acquisition.
- The MMA business is expected to achieve positive PBT by the end of the current fiscal year, with margins eventually aligning with Gabriel's average.
- Capital expenditure for FY26 is anticipated to be around ₹150 crore, potentially reaching ₹180 crore if asset upgrades are required.
Risks flagged
- The sunroof JV's capacity utilization remains low as Kia Seltos and Alcazar models have not performed as expected, leading to a flatter revenue trajectory and potential delay in the ₹1,000 crore target.
- Gabriel lost the ICE variant of a new Creta platform to a competitor, retaining only the EV variant which currently has lower volumes, potentially impacting future market share.
- The MMA acquisition is currently dragging down consolidated margins, and while management expects positive PBT by year-end, any delay could pressure overall profitability.
- Multiple new players are entering the sunroof market, which could lead to pricing pressure on new business wins and impact margins.
Key quotes
- We can easily expect a four to five percent increase in the market share in the PC side also starting from the next year.
- Our aim is that this 500 crore business in next five to six years time.
- The 2030 number of thousand may not happen in 2030. There can be a delay of one or two years there in this business.
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