Gabriel India Limited (GABRIEL) Q4 2026 Earnings Call Transcript

Ladies and gentlemen, good day, and welcome to the Gabrielle India Limited Q4FY26 Earnings Conference Call. This call may contain forward-looking statements about the company that are based on the beliefs, opinions, and expectations of the company as and date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchstone phone. Please note, this conference call is being recorded. And now, hand over the call to Mr. Atul Jaggi, Managing Director from GAPTL, NDR Limited. Thank you and over to you, sir.

Thank you. Good afternoon and a very warm welcome to everyone on the call. I hope everybody is doing well. So joining me today, we have Mr. Mahindra Goyal, our group CEO, Mr. Mohit Srivastava, our CFO, Mr. Nilesh Jain, our company secretary, and SGA, our investor relationship advisor. We have uploaded our results and presentation for the quarter ended 31st March 2026 on the stock exchanges and on the company's website. I hope each one of you had a chance to go through the same. Coming to the Indian automotive industry, I think the industry witnessed a strong recovery and healthy demand momentum during the last quarter, which continued even in the month of April also, with most of the vehicle segments reporting record sales. Coming to two-wheeler, the production grew 21% year-on-year in the quarter 4 FY26. This growth was 12% overall for the year FY26. While the overall growth was 12%, the scooter segment saw 17% overall growth. This was helped. I think the recovery happened, as we know, post the GST, and also the easy finance availability, infrastructure, and other rural cash flow impacts also helped the strong recovery in the two-wheeler segment. Coming to the passenger vehicle, the production grew 11% year-on-year in the quarter four FY26. If you look at the overall year, it was 9%, with U.S., outperforming overall industry, growing 12% year-on-year. Definitely, the consumer sentiments post-GST-related benefits flowing in, and the lower interest rates help this growth momentum. The commercial vehicle production also grew very healthy, 19.5% in the quarter four F by 26. This was 13% year-on-year, with MNHCV year-on-year growth at 16%. So this overall growth highlights the resilient domestic demand and improving customer sentiments, despite the global uncertainties and fuel prices and commodity-related issues that are going on. The ongoing West Asia conflict remains a key event under monitoring for the entire sector. The sharp changes in the crude oil prices can impact the affordability negatively. It can also impact the consumer sentiment if it prolongs for a long period of time. We are already seeing up increases in the commodities currently. So, but overall, if you look at the long-term outlook for the Indian automotive industry, it remains very positive. It is supported by, definitely, by the policy reforms, infrastructure development that we see all around, a lot of localization initiatives taken across, and then the rising consumer demand. So, before going to the company's performance and . I would like to share a quick update on the restructuring post which will take you to a deep overview of our operations and key highlights. So I would like to update you all that the composite scheme involving the amalgamation of Nkemco India Private Limited into Asia Investment Private Limited, followed by the demerger of automotive undertaking into Gabriel India, has now received key shareholder and NCLT approvals, with the scheme becoming effective from 22nd May 2026. Speaking on the performance of the company, I am pleased to announce that the Board of Directors have recommended a final dividend of rupees 3.1 per equity share of face value of rupees 1 each, subject to shareholders' approval at the coming AGM. Including the interim dividend of rupees 1.9 per equity share declared earlier during the year. The total dividend for FY26 stands at rupees 5 per equity share compared to rupees 4.7 per equity share declared in FY25. Now, talking about the stand-alone performance, in Q4 F26, our stand-alone operating revenue grew by 19% year-on-year, reaching revenue of 1111 crores, supported by higher volumes and strong sales performance, including upmarket in all our segments. For FY26, this could add to these 4,223 crores growing. For FY26, this stood at Rs. 383 crores, growth of 18% YOY, with EBITDA margin at 9%. The Quarter 4 FY26 PBT, the four exceptional items grew 15% YOY, 2 rupees 86 crore with a margin of 7.7%. For FY26, this two led to be 335 crore growth of 18% YOY with PBT margin of 7.9%. Coming to the consolidated performance, in Quarter 4 FY26, our consolidated operating revenue grew by 13% year in year, Reaching to rupees 1210 crore. For FY26, this stood at Rs. 4,667 crore, growing 15% YOY. In order for FY26, we consolidated adjusted EBITDA, grew by 6.5% YOY, reaching Rs. 717 crore, with margin at 9.7%. For FY26, this stood at A growth of 15% worldwide, with EBITDA margin at 9.7%. What of 4 FY26 consolidated PBT before exceptional items grew 5.5% YOY to Rs.92 crore with a margin of 7.6%, or FY26 this grew at Rs.350 crore, growth of 8% YOY and PBT margin of 7.5%. In coming to the subsidiary performance, in Q4 FY26, in Alpha Gabriel Sungrove System private limited reported revenue from operations of Rs. 99 crores and EBITDA of 14.5 crores with a margin at 14.6 percent. FY26 revenues good at 434 crores and EBITDA of 65.4 crores with a margin at 15.1 percent. On that note, I come to the end of my opening remarks. I now request the moderator to begin the During this session.

Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants, you are requested to use answers while asking a question. Further, ladies and gentlemen, in order to ensure that the management will be able to address all the questions from the participants in the question queue, we request you to kindly limit your questions to two per participant at the start. If you have a follow-up question, please rejoin the queue again. Ladies and gentlemen, we will wait for a moment while the question queue assembles.

A reminder to all, you may press star and 1 to ask a question.

We will take the first question from the line of Mumuksh Mandlesha from Anand Radhi, Institutional Equities. Please go ahead.

Yeah, thank you for the opportunity and congrats on the result and the NCD approval. Sir, firstly to Mahindra, sir, just on the Anand group had shared about the 2030 target of 50,000 crore and with Gabriel as an automotive growth engine for the group. I just want to check, would you like to share an update on the progress on this milestone, and what are the opportunities areas you are seeing on the inorganically area, and how Gabriel expected to play a role in this target?

Yeah, thanks for the question, and I think the way we have been discussing in past over a year, I think the same continues from the Gabriel perspective. I think we discussed very well, which is on course, that the Gabriel is the growth engine for the group, therefore all the businesses, the new businesses which we are entering into. Those are forming part of Gabriel, and of course, whatever new initiative which we are taking, those will form part of the Gabriel, basically. So that is what our overall objective from the Gabriel goal in 50,000 crores, and how do we see Gabriel in this growth journey, basically. So that's very clear, and that message does not change from the past communication. As far as 50,000 is the road, I think the target is very much remain with us, and we are very hopeful that as we are progressing in this journey, we should be able to achieve this target in 2030. And of course, it's too early to say anything on this, but we are making good progress in the current year to move ahead in this journey. So I think we will update you soon on this, but it's too early to comment anything on this, specifically with any condition.

Got it, sir. And just continuing with you, sir, with the NCT approvals done for the four companies, I just want to understand how's the progress for the next companies, which can be brought to debris, and just want to understand if any challenges are there from the partner side, and how should one look at the timelines.

I think the good thing is that NCLT has approved after the shareholders' approval, so thanks to all the shareholders for the approval. And now in the process of doing the rest of the formalities, I think which should be taking another one month or three weeks from now, we hope that this entire restructuring which we did, we should be able to accomplish by end of June or mid of June or maybe third week of June actually. So that is the first thing we want to conclude now. And as far as the respect to the bringing other businesses into the Gabriel Ford, as I said in the past, there is a complete intention to bring all those businesses into the Gabriel Ford. And again, I can't commit any type line because it's too early to comment on a transaction. But as far as the challenges which someone asks, there is no challenges the way we look at the next part of exercise.

Got it, sir. Great to hear this, sir. Sir, coming to Atul, sir, can you just provide an update for new opportunities like with the Genos JV, which are on the fasteners, solar dampers, and lubricant JV, sir?

Yeah. So, I think all the new opportunities are progressing as per the timelines that we have defined. I think you can start from the solar dampers. As I said, I think there is a business pipeline that is getting creative. It takes, obviously, the products are in various stages of either development or testing or validation. There are certain assured businesses, one from Europe, there's a local business, there's a North America business also. But yes, as you know, So they have to all go through the... The approval process, the validation process there, and the entire development, PTAV, et cetera, cycles have to go through. So that is going on well. Even on the bike side also, as I mentioned last time, I think we have got the first order. From a European customer, just to share with you a news which has just come. I think one of the very innovative products, you know, there was a Eurobike going on. Currently, there is a Eurobike going on in Germany. Yesterday night itself, I have just got news that Gabriel has got an Innovation Award for our... We have integrated the proper post that we have created along with European company, biggest light maker, which is called Supernova. So we will be getting that recognition on 24. We have already patented that product. So I think the progress has been good and at different stages. Now, coming to the FK part of it.

FK, I think we are on course. We started operations in this quarter already, and the company started generating sales. We should be moving the good in this direction, whatever business plan we made. I think we should be achieving that number in the first year. That is something on course now, and people are there. We are recruiting the team. I think everything is going as per the plan, and as far as the GENEF is concerned, the GENEF construction is going on of the building. We are expecting that to end sometime in September, and then we will start the commercial production by Q4 of the calendar year or Q3 of the financial year in the current year. And that will also start generating sales in the current year. So that is what the update on these two joint ventures.

Just to only add there, again, some good information. I think while there are small wins starting up, but we have a couple of wins already with two of the customers in the case of SK, And we have also one business win in the GNAB already. So, I think that... That work has started, and as I said, I think it has to be timeline.

Got it, sir. Yeah. Got it, sir. This customer new wins would be on the OEM side? OEM.

Yeah, they are on the OEM side. Just to share with you, one is with the Mahindra through the American Excel, and one is with the MOBIS, which is primarily on the EV battery fluid side. As I said, and general details, obviously, with the Korean customer.

Got it. Anything to share, sir, in terms of numbers? How do you see the revenues for the next few years?

Oh, yeah. See, we have already shared the business plan with you. It is, as I also mentioned, I think the start of production is expected in quarter three. What we are seeing is there we are in the process of creating the timeline, and obviously the factory is coming up. It is too early to put bigger numbers there, but yes, every business wins. Adds up to the number. So, we are also creating, for SK, we are creating a complete distribution network. Some small sales have started happening even in April also. I think, obviously, in the coming months, we will be sharing, but yes, we build block by block.

Got it, sir. Great to hear this, sir.

Thank you. Thank you. We will take the next question from the line of Amit Hiranandani from Philip Capital. Please go ahead.

Yeah, thanks for the opportunity and Congress for a good set of numbers, sir. Well, my question is revolving only on the sunroof businesses. So, it can, you know, help us understand the reason for why decline the revenues as well as Q1Q also there is some decline we observed. Even your top key customers have reported some volume growth. Secondly, EBITDA margin for Sunroof has improved on a Q on Q basis. So we want to understand the reason and sustainability of the same. Continuing with the Sunroof only, any new order wins apart from the Korean customers. And finally, on the, you know, bookkeeping, like how many sunroofs total units sold in Fi-26, and the penetration level we wanted to understand for the two-pistol Fi-25 and Fi-26.

Okay. Mohit, you want to take the margin part first, and then I come in.

I think, sir, I'll take a couple of questions in terms of replying. So, we sold close to 170,000 formulas in the year FY25-26, and the quarter-in-quarter drop, you see, is because of the TSIROS. The anticipation was that this quickly will do well, and the last quarter, the build-up and wrap-up was happening, which we could not see in this quarter, hence the drop in revenue happens. With respect to the margin, which has improved from the quarter on quarter, I think last quarter, we announced the additional royalty impact being taken into the P&L, along with the... Measures being taken to mitigate that impact through operational efficiency and our sourcing efficiency. So some work has happened, which is also reflected in this quarter's results, and we expect that momentum to continue going forward. Having said that, we continue to maintain our position that the Sunroo business margin at EBITDA level remains between 12% to 14%. Sir, you can come in on the new

business side, again, like in the last call, I mentioned three business wins with the Korean customers. We have quoted for one of the local customers, which I said that we were in advance discussion, so some progress has happened, but the decision is yet to be made. As soon as it is made, we will be sharing with you. And there are some other RFPs also. We are working with both of the current customers also.

Is that on the penetration level for F.25 and F.26 if you can highlight this?

I think it is. Somewhere around 24-25 percent is the final number variant to variant changes there, but I think anywhere around that number is the penetration.

Right. And so, secondly, in the passenger vehicle shock, any new program wins, especially in the FSD, and secondly, within the two-wheeler business, any time wins to start the business with Thedo Motor Corp? This is from my side.

On the passenger car, since you have asked specifically on the FSD, there is one development that is going on currently. Tata Motors on that. So that is one. And then secondly, again, one or two discussions with different customers on offering this technology is going on. But yes, in the development, it is currently one model. On the hero side, the first launch we are expecting, start-up production, we are expecting in quarter two there. That will be the first business that we had won, and there are a couple of other businesses which are under discussion and negotiation with them, which we would hopefully be closing So, but quarter two, you can assume the start of production.

Sure, sir. Thank you, sir, and I'll come back in the queue. Thank you.

Thank you. We will take the next question from the line of Joy Kali from Ilara Capital. Please go ahead.

Yeah, thanks for taking my question, and congratulations on a great state of numbers and a challenging environment. So, my first question is on the subsidiaries and the four subsidiaries that you have announced to us from a merger perspective, while you allow, you know, you have to progressively give, you know, the skills of financials, but just an indication of how have they performed in this fiscal, your standalone revenues grew by 16%, you know, broadly, how have they performed as a combination of four entities? Have they outperformed the standalone revenue growth? And just some color on how the integration is going on. And the second question is on You know, SK Innovation, of course, we started off with one product, but they have a global suite of many products. You know, how are we seeing discussions of further expanding the product portfolio over here and any, you know, incremental information or advice that we've made on that side?

So, Jay, if I may come in here for the first question. So, with respect to the team entities, the annual financial audit is ongoing, and we expect that audit conclusion to happen. By the middle of June. And as informed earlier, from quarter one onwards, we will consolidate the numbers. Hence, we will be able to share the better outlook with the numbers for FY2526 and the Q1 numbers as well. At this point of time, since the audit is going on, we may not be able to share the specifics about the event today.

So in general, in general, these companies are performing as for the market, and so I think we don't see anything which is to be highlighted to alarming anything which needs to be highlighted. I think everything is going as for the plan and as for the market, actually. So that is on this associate and substitute companies. And as far as the SK group is concerned, our relationship is right now with the lubricant business. So that we want to first measure at least for a year. And then maybe later we will see what could be the other opportunity with the SK group to work on other products.

Okay. And second question is, you know, on the MNAS financials, you know, we have targeted a turnover or at least PBT breakeven by FQ4. Now, how are we in that journey, you know, of course, with commodity costs increasing, how, you know, how the pass-through is happening for that entity as well as the overall business?

Okay. So on the MMS, again, the progress has been good. From where we started and where we ended the year, I think there has been a significant progress. I would surely say I think we have crossed the EBITDA positive mark, almost close to breakeven there, not through that, but yes, almost there. On that part, now we have also been able to stabilize that plant because that had a lot of challenges, which I think we have discussed earlier also. We have also now, since the operations have stabilized and obviously the technology piece is taken care of, the basic fundamentals are taken care of, we have now started working on new RFQs also there in that particular plant. Now, it is not specific to MMAS. On the commodity side, you know the escalations are there, and I think every effort is being put to have a back-to-back recovery for that, which is definitely mandatory. So, the escalations are being worked out with all the customers, all the commodities there, because they are all steep increases, and principally, I would say, the customers are aligned to pay. And I think that is the current status. I have not seen a customer which is indicating that they will not pay. So, yes, we continue that recovery because the prices are also changing on a monthly basis, I would say. But it is not specific to MMS, it is across the business, across the group.

And this is just one last, in that light, any updated targets about your margin trajectory closer to 10% going ahead, especially in this current scenario.

I think what we have all learned from COVID is that every, whatever, every six months, every year brings a new challenge. Okay, so our targets, whether it is margin improvement or whether it is going to 50,000 crores or whether it is continuing the acquisition journey, I think they cannot get derailed, I would say. In the mind also, because of certain happenings, I think we have all learned to live with these and we have all learned to overcome these challenges. Yes, a month here and there can happen, but the fundamental targets don't change. And I'm sure the kind of steep increase that is there, the moment things streamlined, I think this will come back to normal. It may take a quarter here and there, but it will be there. So that doesn't change the target that we have taken.

Thank you.

We will take the next question from the line of Radha from Motila Lospal Financial Services Limited. Please go ahead. Hello, sir.

Thank you for the opportunity. Sir, my question is with regards to DENA. Sir, the exports from DENA Indian entity to the global companies have gone up from about 30% in 2019. So, 40% in 2025. So, can you please highlight the growth opportunity in the exports market over and above the respective industry growth in those regions? I mean, are there any geographies which is rethinking strategies with respect to shifting manufacturing to India or if you could talk about any new product introductions or any new business friends apart from the Mahindra SUV like you mentioned? So, basically, I wanted to understand where do you see the scale of this business in the next few years?

I think export business has been priority in Dana, and it's the export going back to the partner, basically the global location. So I think from that point of view, we continue to grow this business the way it has been growing in the past. So we don't see any hurdle, anything on this, but I can't comment on any numbers specifically or any geography. But the strategy is to shift the global operations as it is the appropriate time for them also to India. So that continues. I think we are doing good and continue to do good actually.

Okay, sir. Thanks. And second is, sir, if you look at the historical financials of Dana India and the asset terms, it seems like there is still a lot of scope to ramp up the production with the current gross block, and hence there could be a scope for further operating like this. So, your current margin in that business is already higher than all the other shares in India as well as global. So, is it a fair understanding that margin, there is a potential for further margin expansion in the Dana business or do you think this is the peak?

No, we, as I said, it's going on well, so it continues. You know, all challenges, very difficult to comment on margin, sometimes exchange going up, going down, there are commodity infections, there is a volume, volume changes many times, so I think at least whatever visibility we have today, based on that, we don't see any challenge. Things are going fine, and they continue to go like that.

Again, I would only add that I think until the time the fundamentals of the company are strong. Okay, one little challenge here and there on some impact that comes should not worry us, correct? Commodities, et cetera, are all taken care back-to-back there, and I think Dana has proven as a fantastic proven record of continual improvement in operations in profitability, and there's no reason why it should not continue.

Yes, sir. So last question is on Henkel. The margins in the Henkel business have been quite volatile. So if you can highlight what is the major base raw material that Henkel uses and where do you think the sustainable margins are for this company?

It's basically, sometimes the commodity fluctuation is happening very strongly, especially in the current quarter. So, I don't know really for which number you are talking from the Henkel perspective, which year you are talking. So I have no idea because as Movic said that our audit is going on for the current year numbers, though results will be out. So our numbers are only available for 2024-25. After that, we have not declared any number on this. But yes, I think the margins continue the way it is. Of course, some challenges with respect to the commodity on the quarter, I'm sure the department could be there because there is a recovery lag many times. So, but yes, otherwise there's no specific regions of changes of margins, because I really don't know which margin. What year you are comparing or which year you are comparing?

Sir, I was talking about the last 10 years, sir.

Last 10 years, yes, there have been a lot of changes also in the business. Sometimes the product mix is changing, new technology is coming, so of course manufacturing facilities were out. Shifted in between where we have a cumulative production going on at Pune. Of course, in those years, when we had a large investment, probably had impact on the margins. But yes, last couple of years, the company has been doing good, and that's why we look at it.

Thank you. Thank you. Thank you very much.

Thank you. Before we take the next question, a reminder to all the participants, you may press star and one to ask a question. We have the next question from the line of Dishan Cheyenne from Anand Rathi. Please go ahead.

Thank you for the opportunity. My question is regarding the standalone results. The gross margin were lower by 90.3 on K. So, what would be the reason? Is it mainly due to higher input cost or a mix of higher four-wheeler or lower exports? And any one-offs to call in standalone and stand-off margins in any other line item results?

Yeah, thanks for the question. Yes, quarter four compared to quarter three per drop in the gross margin, mainly due to material cost impact. And of course, the material cost impact due to streams, supply chain, we have to prioritize. And the mix also took an impact where aftermarket and exposed value took a backseat and the focus was to cater the region blind. More impact also for a couple of inflations being asked by suppliers, which we have to incorporate to cater the lines. We have lost the claim to the customers, but due to the timing difference, we have to take that impact into our clients. I think that has been the main reason for this increase in interest cost, which is leading the drop in months.

Okay. So what would be the inflation range in terms of like mid-single or high single rate moving forward?

It is impossible to decide because every day the commodity prices are changing because just to share with you even the settlements also which used to happen quarterly, six monthly, I think on certain commodities the settlements are also happening now on a monthly basis and customers are also releasing the purchase orders. So it is Part to part, there is a huge difference. Like if you take aluminium, and then you take plastics, and then you take steel, there is a huge difference in terms of inflation. So very difficult to say where it will go and how it will change. Because in March, the rates were completely different than April. The April rates were completely different than May. The war talks tomorrow, June may be much better. You may again see an increase. So that continues. So putting a number is, is that I think most important is to ensure recovery.

Okay. And my next question would be regarding Sandhu. So when should we see the next model ramp up for Sandhu? And are there any wins in the last quarter? Or does it win in the last quarter?

Yeah, the previous quarter, I shared that three wins were there. This quarter, while the RFQs have been addressed, there is no decision that has happened. In terms of the new models coming into production, I think I have already given the dates earlier. One of the EV models of Cyrus variants, because you know Cyrus almost became zero, they have started producing in the last few months, now EV. For domestic and export is starting now. So that is going to be there. But all the new models that are under development, there are five of them, actually, they start coming in from the different ages in the of this year and then next year. Okay. Thank you, sir. I have already shared the dates in the past exact month when it is starting. Order three, if I remember correctly, but I can check and again share also. We share that. Okay. Thank you, sir.

We will take the next question from the line of Anurag Kaikwar from Sri Bahubali's stockbroking. Please go ahead.

Hi, congratulations on a great set of numbers. Could you tell how much CAPEX are you planning in FY27?

This year, we did about 190-odd tours. And the rate which we take is about 160 to 180 crores of critics, and the endeavour is to keep the effect in line with what we have done.

Oh, just understand. Another question was on the semi-active product that we talked about last quarter. So, have you on-boarded any customer for the commercialization of the semi-active product?

So, two parts to this question. One is on the two-wheeler side, one is on the... Mr. Carl Said. Yes, a POC has been done with one of the customers and the POC is being planned with another customer, but as of now, there is no formal LOI.

Okay, and what would be the margins here? Yes.

You won't need to tell the margins so that you always start asking the discount from here on. But anyway, the margins will be better than the current products. I can't put a number on this.

Okay.

Thank you.

Thank you. We will take the next follow-up question from the line of Amit Hiranandani from Philippe Capital. Please go ahead.

Sir, anything to read on the in the aftermarket side because the growth has tapered down in the Q4 despite we have added some new touch points. Also, anything on the exports as well, sir?

So, I think I most touched on this point. It is aftermarket, it is, I think, the growth, the opportunity is there, the growth was there. Yes, I think, especially in the month of March, there were certain challenges that were there, primarily on the supply chain side, going to, you know, there was acute shortage of aluminium and gas in the month of March. So, it was a... I think the priority was to run the OEM lines there because there were some commitments there. I think that was the reason why you see a little dip in the numbers. Otherwise, I think the aftermarket continues to grow. It has been growing for the last so many years, and we see good opportunities. In terms of export also, I think last year we had overall better numbers than the previous year. That journey would continue. One or two new platforms are being discussed. Yes, they take their own time to sort of realize, but yes, we are very, very focused on. On the aftermarket, there is nothing to worry. It is more on the supply chain side.

And this export Q4 drop was temporary due to shipping challenges and all?

Well, again, there were certain delays there. As I said, I think because March, a huge pressure from the OEM, everybody was closing the year, everybody wanted to have new records, you know, how the commercial vehicle performed in the last quarter. So, and because of the acute gas shortages, the Tier 2's... I had major impacts to run their plants, so it was a calculated conscious decision to prioritize certain products from the oil side.

Understood. Sir, second question to Mohit sir. Sir, if you can help us the total KTEX outlook considering all the new entities as well and if you can you know give some bifurcation between the stand-alone sunroof and the new entities please.

Thank you. So, for standard one, I just clarified that for this year, we did approximately 190 crores of CAPEX. Next year, outlook is looking between 160 to 190 crores for standard-alone business. For consolidated entity level, as I mentioned that currently, we are still under the last leg of team conclusion, and Mr. Goyal informed that by... In the middle of June, we will conclude everything. So from Q1 onwards, I think I will be in a better position to give the outlook of the entities coming under through Project RISE. So just wait for one more quarter to get the consolidated outlook of TPEX.

Sure, sir. If I can excuse one last question, you know, can you help us the broad numbers of these four, you know, entities, revenue, bidda, pack number for the full year?

I think as our group CEO mentioned that the entities have done in line with what market has done. You have seen the number of Gabriel and you have the FY24, 25 numbers of all these entities, so we do not expect any significant delta, but all these entities are undergoing financial audit for FY26, which we expect to close by the middle of June. And once we complete that audit, along with the Q1, we will come up with the number for approximately 526, sir.

Sure, sir. All the mess, sir. Thank you so much. Thank you.

Thank you. We will take the next question from the line of Abdul Joshi from 3 Vintage Capital. Please go ahead.

All right. Thanks for the opportunity. Am I audience? So, on the two-wheeler side, we have multiple SOPs in Q4, as you have mentioned in the PPT, Suzuki, Access, or Breeze. In addition to that, we have SOP of zero in Q2. Considering that, how we look at the volume growth for this year, FY27, and the second part is on our major revenue How we are seeing the trends, maybe on the schedule side, even this month we have seen that Vahant data indicate our major customer PVS is still doing well. But going forward, how are the trends we are looking at the two-wheeler industry and anything to read into the next schedules that indicate that there could be a slowdown into the demand. If you can throw some light on that, that would be it.

So, yes, there are two parts of your question. One is on the new product. Generally, you know, on the two-wheeler side, the new launches start coming in. So this is how all the two-wheeler new models are refreshed or these things happen. So this is how the industry works in the two-wheeler. So you continue to develop and then starting from the Ganesh Festival till Diwali, I think you'll see multiple launches coming in. I don't see anything specifically changing. Yes, in the last quarter, we started the ABS versions of certain models, like Suzuki, we started ABS, etc. But major new models should start flowing in, as always, in these particular months. Second, coming to the volumes, if we go with the projections, the projections are really, really strong from all the customers, which is in the name of one customer, but I can tell you that the projections are strong from all the customers. Currently, it is all about streamlining the supplies to maximize the output, but the OEMs are all quite bullish on the numbers. We will have to wait and watch even. The numbers for May have been good, June, July projections are good and then obviously you get into the festival season. But if the war continues for a very long time, then we will have to wait and watch. Otherwise, as we stand today, the projections are good.

And same is with on the TV side as well.

TV also, yes. TV numbers are doing well. Everybody is doing well. I think we had Aruti conference. They are quite positive about the numbers. We had Mahindra conference. They are very positive about the numbers.

Thank you. Thank you so much. And just the bookkeeping question on the other cost, there seems to be some increase in weight if you can give details why it has gone up on that part, if it would be okay.

No, sorry, I could not get your question. Which cost?

Other costs that have gone up.

You are referring for quarter on quarter or? Quarter on quarter, yes.

Quarter-on-quarter, I think we discussed on the gross margin, right? I don't think that the other cost…

Yeah, gross margin you have already clarified. Okay, I will take it off, yes, no problem.

With any way you check, because I don't think that the other cost has gone up, but anyway, you can check and then revert on this. We have noted this, we will come back.

We will take the next follow-up question from the line of Radha from Odila Losfar, Financial Services Ltd. Please go ahead.

Hi, sir. Thank you again. Sir, Dana Global Entity earlier had a 49% stake in a company called Axels India, which was sold to TSF Group in 2025. So, just wanted to understand, are there any product overlap or any other relations of Dana India with this entity?

The thing has changed to our position. So, the way our joint venture is with Dana, that continues without any impact, actually.

Is there any product overlap, sir?

As you said, no change, basically. Nothing is changing from our perspective.

Yes, since they make Accel housing, I wanted to understand whether the product is same between the two entities.

No, they were making earlier also Accel housing. They continue to do that. And what we do, what we make, this company is making Accel, complete Accel, not Accel housing for the LV category. So we continue to do that. So for us, nothing has changed. And I can't comment on the rest of the data if anything changed for them. But for us, something has changed.

So, we are making entire Axel and this company is only making actual housing. Is that the right understanding?

Axel is complete Axel we are making and Axel housing is bought actually.

This is what Mr. Goel said. So, we make the complete product. Yeah, we make the full product.

Thank you.

Thank you very much. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Adbal Jaggi for the closing comments. Thank you.

Thank you. So thanks for all the questions. So I take this opportunity to thank everyone for joining the call. I hope we have been able to address all the queries. For any further information, please get in touch with any one of us or SGA, our investor relation advisor. Thank you so much again for joining the call. Thank you.

Thank you, members of the management. On behalf of Gabriel India Limited, that concludes this conference. Thank you all for joining with us today, and you may now disconnect your lines. Thank you.