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Anand Rathi Report
Above our Rs 833 million estimate, Gabriel India Ltd. Q1 consolidated Ebitda grew a huge 32% y/y to Rs 907 million, driven by more-than-expected IGSSPL (sunroof) margins. On the change in the Anand Group's strategy, its entry into the high growth “sunroof” product line is positive and would be a major value driver.
Further diversification into new product lines would keep growth strong. The next product line announcement is expected in FY25 and another two in the next three-four years. The company is our top pick in small-cap ancillaries.
We retain a 'Buy' at a higher target price of Rs 610, 25 times standalone FY26e price to earning (earlier Rs 500) and the sunroof (now 100% holding) at Rs 165/sh (earlier Rs 55 for 49% holding).
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