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Sunroof business underperformance due to weak Kia model sales
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Gabriel India Limited — Q2 FY26
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%.
bullish
medium
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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.
गेब्रियल इंडिया ने Q2 FY26 में मजबूत प्रदर्शन किया। कुल कमाई ₹1,180 करोड़ रही, जो पिछले साल से 15% ज्यादा है। कंपनी का मुनाफा (EBITDA) ₹116 करोड़ (+18%) और मार्जिन 9.8% रहा। सभी सेगमेंट में ग्रोथ हुई: दो/तीन पहिया (+15%), यात्री वाहन (+13%), और कमर्शियल वाहन/रेल (+35%)। कंपनी ने लुब्रिकेंट्स के लिए SK Move के साथ जॉइंट वेंचर बनाया, जिससे 5-6 साल में ₹500 करोड़ की कमाई का लक्ष्य है। सनरूफ JV में हिस्सेदारी 65% कर दी। प्रबंधन ने आने वाले समय में दोहरे अंकों का मार्जिन बनाए रखने का भरोसा दिया, लेकिन MMA कंपनी को संभालने के कारण फिलहाल मार्जिन बढ़ाना मुश्किल है। जोखिम: कमजोर Kia मॉडल बिक्री से सनरूफ कारोबार और नई Creta में ICE प्लेटफॉर्म खोने का खतरा।
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Two/Three-Wheeler Segment Growth
15%
+15% YoY
Segment revenue grew 15% year-on-year, driven by strong rural demand and revised GST structures.
Passenger Vehicle Segment Growth
13%
+13% YoY
PV segment grew 13% YoY, supported by GST 2.0 rate reduction and festive season demand.
CV/Railway Segment Growth
35%
+35% YoY
Commercial vehicle and railway division grew 35% YoY, driven by strong CV demand and railway coach additions.
Sunroof Business Revenue
₹114 crore
N/A
Sunroof JV revenue was ₹114 crore with 16.5% EBITDA margin, but capacity utilization remains low due to weak Kia model sales.
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Guidance and risk preview
The SK Move JV aims to achieve ₹500 crore revenue within 5-6 years, starting commercialization in FY27 with significant numbers by FY28.
The sunroof JV's capacity utilization remains low as Kia Seltos and Alcazar models have not performed as expected, leading to a flatter revenue tra...
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