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Revenue
₹1,179 Cr
verified against source
Revenue YoY
16%
reported change
EBITDA
₹111 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Gabriel India reported a strong Q3 FY26 with consolidated revenue of ₹1,179 crore (+16% YoY) and EBITDA margin of 9.4%. Standalone revenue grew 16% YoY to ₹272 crore, with EBITDA margin improving to 9% from 8.6% YoY, driven by higher volumes and the Core 90 operational excellence program. Key wins include an entry into Hero MotoCorp (SOP by Q1/Q2 FY27) and a Hyundai sunroof order for three variants (annual revenue potential ₹120 crore, SOP by Dec 2027). The sunroof subsidiary (IGS) posted revenue of ₹107 crore with 13.5% EBITDA margin. Management highlighted tailwinds from India-EU FTA and US-India trade deal, boosting export prospects. Risks include competitive pressure on sunroof realizations and slower-than-expected ramp-up of the second sunroof line.
Colored figures show movement against the previous available record.
Guidance to track
- First order from Hero MotoCorp will start production by end of Q1 or start of Q2 FY27, with additional models under discussion.
- Three variants of TVS-type sunroof for Hyundai will start production by December 2027, with annual revenue potential of ₹120 crore.
- Management targets increasing sunroof localization from current 33% to 60% by end of FY27 to improve margins.
- With new wins, the second sunroof line (currently idle) is expected to achieve 60-70% utilization moving forward.
Risks flagged
- Management acknowledged that increased competition in sunroofs is putting pressure on realizations and margins, requiring faster localization to offset.
- Gabriel's two-wheeler growth (13%) lagged industry production growth (15-16%), attributed to model mix and higher Hero growth, but analysts flagged potential share loss.
- The second sunroof line remains idle; utilization depends on timely SOP of new wins and refresh of existing models like Creta.
- Exceptional item of ₹13 crore due to new labor code and increased other expenses from tech support and restructuring may pressure near-term margins.
Key quotes
- I'm very happy to announce that we have made inroad into Hero MotoCorp Corporation. I think this has been a point of discussion for quite some time.
- The semi-active product is completely ready with us now. We have done a complete tuning on two vehicles.
- With multiple players coming, it is very natural to have more competition. We need to find ways to keep maintaining a healthy profitability.
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