Sunroof set-back little over large thesis; Expansions & group consolidation; strong value driver; retain BUY
Broadly in-line with ARe of Rs1.128bn, Gabriel’s consolidated EBITDA grew 14% y/y to Rs1.129bn in Q2. We expect its consolidated revenue/EBITDA/EPS to clock 16/18/34% CAGR over FY25-28, driven by: suspensions, as greater wallet-share is likely to drive 13% revenue growth.