Gabriel India

Gabriel India reported a strong Q2 FY26 with standalone operating revenue growing by 15.4% year-on-year to ₹1,066 crores. This was supported by higher volumes and robust sales across all segments. Standalone EBITDA increased by 19% YoY to ₹96 crores, with margins improving from 8.7% to 9%. On a consolidated basis, quarterly revenue reached ₹1,180 crores, a 15% YoY growth, while consolidated EBITDA stood at ₹116 crores, up 18% YoY, with margins of 9.8%. For H1 FY26, consolidated revenue was ₹2,279 crores, growing 15.5% YoY, and EBITDA was ₹225 crores, up 19% YoY, with margins at 9.9%.

The company entered a new joint venture with SK Enmove Co., Ltd, a Korean corporation, to engineer, manufacture, and market a comprehensive range of automotive and industrial lubricants, including e-fluids and thermal management fluids. Gabriel India holds a 49% stake in this JV, which is expected to generate ₹500 crores in business over the next 5-6 years. Additionally, the joint venture agreement with Inalfa Roof Systems for sunroofs was revised, with Gabriel India's shareholding increasing to 65% (from an earlier proposed 49%) and Inalfa's to 35%, following the rejection of the previous PN3 approval by the Ministry of Heavy Industries in 2024. This revised structure is subject to fresh regulatory approval.

In Q2 FY26, the 2, 3-wheeler segment grew by 15% YoY, passenger vehicles by 13%, and the commercial vehicle railway division by 35% YoY. The 2-wheeler segment saw 10% YoY growth in units, with exports up 25%. The passenger vehicle segment grew 2.4% YoY in units, with EV exports up 23%. Gabriel India has secured 3 new platforms from Maruti for the passenger vehicle segment and expects a 4-5% increase in PC market share from next year. In the EV 2-wheeler segment, the company aims to maintain over 50% market share, building on its first-mover advantage.

Inalfa Gabriel Sunroof Systems Private Limited reported Q2 FY26 revenues of ₹114 crores with EBITDA margins of 16.5%. However, the sunroof business is experiencing a flatter trajectory due to the underperformance of Kia Syros and Alcazar models, leading to lower capacity utilization. A significant concern is the loss of the new Creta platform for sunroof production, which is slated for 2027. Consequently, the earlier target of achieving ₹1,000 crores in sunroof revenue by 2030 may now face a 1-2 year delay, and the company is actively working on new RFQs to fill the pipeline.

Gabriel India is focusing on transitioning from a suspension-centric company to a diversified, innovation-driven mobility solution provider. This includes a shift towards premiumization, with new product developments like inverted front forks and mono shocks, exemplified by a new Yamaha order. The company has a tech center in Europe, continuously investing in technology upgradation, filing patents, and working on multiple Proof of Concepts (POCs) for both 2-wheeler and passenger car segments. The CORE 90 program continues to be instrumental in managing costs and improving margins, helping to mitigate challenges like power tariff pressures.