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Gabriel India Limited — Q4 FY26
Gabriel India reported a steady Q4 FY26 with consolidated revenue of ₹1,210 crore (+13% YoY) and EBITDA of ₹119 crore (+6.5% YoY), though margin contracted slightly to 9.7%.
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Gabriel India reported a steady Q4 FY26 with consolidated revenue of ₹1,210 crore (+13% YoY) and EBITDA of ₹119 crore (+6.5% YoY), though margin contracted slightly to 9.7%. Standalone revenue grew 19% YoY to ₹1,111 crore, driven by strong OEM demand across two-wheelers, passenger vehicles, and commercial vehicles. The company received NCLT approval for the scheme of arrangement involving ENMCO and Asia Investment, effective May 22, 2026, which will consolidate automotive businesses under Gabriel. New ventures in sunroofs (170,000 units sold in FY26), SK lubricants (operations started), and Janatics (factory construction on track) are progressing. Management maintained its long-term margin target of ~10% and reiterated the group's ₹50,000 crore revenue goal by 2030. Key risk: sharp commodity inflation and West Asia conflict could pressure margins if pass-through is delayed.
गेब्रियल इंडिया ने वित्त वर्ष 2026 की चौथी तिमाही में ₹1,210 करोड़ का कुल राजस्व दर्ज किया, जो पिछले साल से 13% अधिक है। कंपनी ने ₹119 करोड़ का EBITDA (कमाई) कमाया, जो 6.5% बढ़ा, लेकिन मुनाफा दर 9.7% पर थोड़ी कम रही। दोपहिया, कार और वाणिज्यिक वाहनों की मजबूत मांग से अकेले कारोबार का राजस्व 19% बढ़कर ₹1,111 करोड़ हुआ। कंपनी को ENMCO और Asia Investment के साथ विलय की मंजूरी मिल गई है, जो 22 मई 2026 से प्रभावी होगी। नए कारोबार जैसे सनरूफ (1.7 लाख बिके), SK लुब्रिकेंट्स (शुरू) और जैनाटिक्स (फैक्ट्री बन रही) अच्छा कर रहे हैं। कंपनी का लक्ष्य 10% मुनाफा दर और 2030 तक ₹50,000 करोड़ राजस्व है। जोखिम: कच्चे माल की कीमत बढ़ने या पश्चिम एशिया में तनाव से मुनाफा कम हो सकता है।
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Commodity inflation and pass-through delays
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Sunroof units sold (FY26)
170,000
N/A
Total sunroof units sold in FY26; penetration at ~24-25%.
Two-wheeler production growth (Q4 FY26)
21%
+21% YoY
Industry two-wheeler production grew 21% YoY in Q4 FY26, supporting Gabriel's volumes.
Capex guidance (FY27 standalone)
₹160-190 crore
N/A
Planned capex for standalone business in FY27, similar to FY26 level of ~₹190 crore.
Sunroof margin guidance
12-14%
N/A
Management reiterated sunroof business EBITDA margin target of 12-14% at capital level.
What Changed vs Last Quarter
NEW
Group revenue target of ₹50,000 crore by 2030
Gabriel remains the automotive growth engine for the group, targeting ₹50,000 crore revenue by 2030, with progress on track.
NEW
Standalone capex of ₹160-190 crore for FY27
Management guided standalone capex between ₹160-190 crore for FY27, in line with FY26 spend of ~₹190 crore.
NEW
Sunroof EBITDA margin of 12-14%
Sunroof business EBITDA margin at capital level is expected to remain in the 12-14% range.
NEW
Janatics commercial production by Q3 FY27
Janatics factory construction expected to complete by September 2026, with commercial production starting in Q3 or Q4 of FY27.
DROPPED
Hero MotoCorp SOP in Q1/Q2 FY27
First order from Hero MotoCorp will start production by end of Q1 or start of Q2 FY27, with additional models under discussion.
DROPPED
Hyundai sunroof SOP by Dec 2027
Three variants of TVS-type sunroof for Hyundai will start production by December 2027, with annual revenue potential of ₹120 crore.
DROPPED
Sunroof localization target 60% by FY27 end
Management targets increasing sunroof localization from current 33% to 60% by end of FY27 to improve margins.
DROPPED
Second sunroof line utilization to reach 60-70%
With new wins, the second sunroof line (currently idle) is expected to achieve 60-70% utilization moving forward.
NEW RISK
Commodity inflation and pass-through delays
Sharp increases in aluminium, steel, and plastics are pressuring gross margins; pass-through to customers may lag, impacting near-term profitability.
NEW RISK
West Asia conflict impact on consumer sentiment
Prolonged conflict could raise crude oil prices, reduce vehicle affordability, and dampen demand, especially in two-wheelers.
NEW RISK
Sunroof revenue decline due to model ramp-up delays
Q4 sunroof revenue dropped as Kia Syros ramp-up was slower than anticipated; new model launches may face similar delays.
NEW RISK
Aftermarket and export growth tapering
Aftermarket and export volumes dipped in Q4 due to supply chain prioritization for OEMs; recovery may be uneven.
RISK GONE
Sunroof margin pressure from competition
Management acknowledged that increased competition in sunroofs is putting pressure on realizations and margins, requiring faster localization to offset.
RISK GONE
Two-wheeler market share loss
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.
RISK GONE
Sunroof second line underutilization risk
The second sunroof line remains idle; utilization depends on timely SOP of new wins and refresh of existing models like Creta.
RISK GONE
Restructuring and one-time costs
Exceptional item of ₹13 crore due to new labor code and increased other expenses from tech support and restructuring may pressure near-term margins.
🤫 Topics management stopped discussing
Mentioned in Q2 FY26, Q3 FY26
Management acknowledged that increased competition in sunroofs is putting pressure on realizations and margins, requiring faster localization to offset.
Fast read
Guidance and risk preview
Gabriel remains the automotive growth engine for the group, targeting ₹50,000 crore revenue by 2030, with progress on track.
Sharp increases in aluminium, steel, and plastics are pressuring gross margins; pass-through to customers may lag, impacting near-term profitability.
View Risks →