Gabriel India (505714) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue reached Rs. 9,242 million, up 13.6% year-over-year, with EBITDA at Rs. 794 million (8.6% margin) and net cash position of Rs. 2,960 million as of Dec 2024.

• Acquired assets from Motherson Marelli Auto Suspension Parts, adding 3.2 million shock absorber and 1 million gas spring unit capacity, and entered a technology agreement with Marelli Suspension Systems Italy.

• Sunroof business reported Rs. 920 million in revenue with 6.7% PAT margin, and capacity is set to double by 2025.

• Strong aftermarket growth, robust export order wins, and continued focus on R&D, sustainability, and technology leadership.

• Unaudited standalone and consolidated financial results for Q3 and 9M FY25 were approved by the Board, with no material misstatements identified.

Financial highlights

• Standalone Q3 FY25 revenue was Rs. 9,241.77 million, up from Rs. 8,138.06 million in Q3 FY24; consolidated revenue was Rs. 10,165.72 million.

• Standalone EBITDA margin for Q3 at 8.6%; consolidated net profit after tax for Q3 FY25 was Rs. 601.11 million.

• Sunroof business revenue at Rs. 92 crores, PAT margin 6.7%.

• Two-wheeler segment saw 19% year-on-year growth, outperforming industry.

• Dividend payout ratio at 16% for 9M FY25.

Outlook and guidance

• Sunroof business expected to reach Rs. 800-1,000 crores in five years, with current year target of Rs. 400 crores on track.

• Vision to be among the top 5 shock absorber manufacturers globally by 2025.

• Exports targeted to reach 10% of total revenue, with new opportunities from recent acquisition.

• Sustainability targets include carbon and water neutrality, and zero waste to landfill by 2025.

• The company is evaluating the impact of the rejected joint venture application with Inalfa Roof Systems BV.