Anand Rathi's research report on Gabriel India
Exceeding our estimated Rs966m, Gabriel’s Q2 consolidated EBITDA surged 34% y/y to Rs987m. On the change in strategy, the company’s entry into the high growth “sunroof” product line is positive and would be a major value driver. Further, diversification into new product lines partnerships/acquisitions would keep growth strong. The next M&A announcement is expected in FY25 and another two in three-four years.
Outlook
The company is our top pick in small-cap ancillaries. We introduce our FY27e, with 14%/17%/19% revenue/EBITDA/PAT growth. We retain a Buy at a higher TP of Rs700 (earlier Rs610), 28x consolidated FY27e EPS.
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