Gabriel India Limited (NSE: GABRIEL) Q1 2026 Earnings Call dated Jul. 30, 2025
Corporate Participants:
Unidentified Speaker
Atul Jaggi — Managing Director
Mahendra K. Goyal — Chief Executive Officer
Analysts:
Unidentified Participant
Jay Kale — Analyst
Mumuksh Mandlesha — Analyst
Param Vora — Analyst
Abhishek Kumar Jain — Analyst
Pritesh — Analyst
Mitul Shah — Analyst
Shubham Sehgal — Analyst
Aditya — Analyst
Soham — Analyst
Vishnu Selvam — Analyst
Aditya Khetan — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to The Gabriel India Limited Q1FY26 earnings conference call. This conference call may contain forward looking statements about the company which are based on beliefs, opinions and expectations of the company as on the 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.
I now hand the conference over to Mr. Atul Jaggi, Managing Director from Gabriel India Limited. Thank you. And over to you sir.
Atul Jaggi — Managing Director
Thank you. Good morning everyone and a very warm welcome to all of you present on the call. Joining me Today we have Mr. Mahindra Goel, CEO of Anand Group, Mr. Mohit Shirvasav, our CFO Milesh Jain, our company secretary and SGA, our investor relations Advisor. We have uploaded our results and investor presentation for the quarter ended 30th of June 2025 on the stock Exchange and on the company’s website. Hope you all had a chance to go through the same. As you all know, we recently announced a significant milestone in Gabriel India’s growth trajectory. The Board has approved a composite scheme of arrangement ushering in a new chapter in our strategic evolution.
This move goes beyond restructuring. It is a transformative step aligned with Anand Group’s Border VN to integrate capabilities, scale up operations and establish Jabil as the central pillar of its automotive component business. Our ambition is to transition from a suspension centric company to a diversified and innovation driven mobility solution provider. As part of this effort, we have recently identified four entities ncemco, dena, Anand Henkel, Anand Cyutech for potential acquisition under this scheme. This initiative builds on the momentum set in 2023 through our strategic partnership within Alpha Roof Systems. This proposed arrangement will further diversify our product offering, reduce dependence on a single category, strengthen our technology collaboration and enhance our presence across both OEMs and the aftermarket segment.
Continuing this diversification strategy, Gabriel India is also entering into a joint venture with Jinnah, an affiliate of Jinos, a South Korea based company. The JV will operate under JNAC Automotive India Private Limited with Gabriel holding the 51% stake and Jinob’s 49% stake. The JV will focus on design, development, manufacturing and distribution of arsenals for automotive and industrial use. In addition, JAIPL will enter into a technology License agreement with Ginab Corporation Ltd. A leading specialty fastener manufacturer and affiliate of Jinos, granting access to proprietary technology and technical expertise essential for producing a broad range of fasteners.
Now let me provide a brief overview of company’s operations and key highlights in the Automobile industry in Q1FY26 our standalone operating revenue grew by 14% year on year reaching 985 crores supported by strong performance in all our segments with two three wheelers growing by 12%, passenger vehicle growing by 11% and CV plus railway division and aftermarket combined growing by 29% year on year EBITDA grew by 16%, YOY reaching 91 crores with margins improving from 9 to 9.2%. We achieved EBITDA margin of 9.9% in our consolidated business compared to 9.6% in Q1FY25. This improvement was primarily driven by strong performance from JJBL standalone and inalfa in the quarter gone by, IGSS reported revenue from operations of 114 crores and EBITDA margin of 14.4%.
To reiterate, we will double our sunroof capacity by second half of CY25 to meet the growing demand. On a consolidated basis our quarterly Revenue stood at 1,098 crores with showcasing a strong growth of 16% on YoY basis. EBITDA for the quarter stood at 108 crores reflecting a strong growth of 19% on a YoY basis with EBITDA margin standing at 9.9%. PAT stood at 62 crores marking 8% y o y growth. Now coming to a brief on the industry, two wheeler and three wheeler saw a flattish quarter reaching 6.1 million units. This reflects a combination of OEM LED inventory correction and sub dual demand for the entry level fuel efficient commuter bikes which still continues to be the major part of the volume.
The scooters were up by 6% and motorcycles overall was down by minus. Coming to the passenger vehicle, the segment delivered a modest 1% YoY growth reaching 1.2 million units during the quarter. This performance was primarily constrained by a limited pipeline of new launches. The entry level models remained under pressure impacting the car sales by minus 6%. SUV continued the growth rate trajectory with a 9% upside coming to the commercial vehicle. The segment posted a mixed performance while the total sales reached 2.4 lakh units reflecting 1% YoY growth. While M and HCV segment was up by 9%.
LCV which is a major chunk of the segment was down by 1%. The bus segment remains stable driven by consistent demand for school and transport. The staff transportation on the EV side, especially in the two wheeler we saw a good 30% jump as compared to VQ1 last year. With the near term outlook remains cautious. A sustained recovery will hinge on the rural demand revival, fuel price stability and overall economic condition. Notably the RBI’s cumulative 100 basis point Revo rate cut over the last six months in anticipation to gradually borrowing cost potentially may improve the vehicle affordability and strengthen customers sentiments over time.
On this note, I come to an end of my opening remarks. I now request the moderator to begin the question and answer session.
Questions and Answers:
operator
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 one the Touchstone Telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Jay Khale from LRA Security. Please go ahead.
Jay Kale
Yeah, good morning and thanks for taking my question. So my first question is regarding your existing business. We had spoken of trying to get a lot of new orders and new customers and likelihood of gaining market share in two years suspension. So I just wanted to check where are we in that trajectory in terms of approvals in terms of incremental growth over the industry and similar question on the subgroup business as well. You all have spoken of Hyundai Ki as customers, but where are we in the discussions of getting orders from the other peers as well?
Atul Jaggi
So thank you. Jay, the first part of the question is related to two wheeler. Now definitely as you have seen the growth that we had in the first quarter was 12% against the market which was relatively flat. There are two aspects to this. One is the new models, new model launches and second aspect is where the customers where we are predominantly present like evs, Suzuki, Honda, these customers have shown far better growth than the overall industry growth. While you know that hero was significantly down this quarter whereas the TVS and tvs Honda and Suzuki have been continuously growing.
So that is definitely helping our cause. The transition into few multiple models in terms of the premiumization and the inverted front forks also Help in better price realization with the market. Because the upside down front fork production has been continuously increasing quarter on quarter as compared to like last last year. If I Compare with the first quarter, the numbers were around 2000 3000amonth which has now gone up to 15,000 give and take a month. So that also is helping the overall two wheeler story. Now coming to Sangru with the other customers beyond Hyundai and Kia.
Right now again the status remains the same. We are in the discussion stages. We have received the RFQs, we are responding to the RFQs there. But we don’t still have a firm LOI from any domestic or any other customer beyond Hyundai and Kia. While with Hyundai and Kia the journey continues. But until now we don’t have a formal LOI from this customer.
Jay Kale
And just in continuation to that, this capacity increase of 200,000 to 200,000 does kind of factor in some bit of orders X of Hyundai Ikea as well, Right. To utilize those or these can be largely met by a ramp up of Hyundai Ikea as well.
Atul Jaggi
No? So the second line utilization also considers the other customers. So it is not only 100% Hyundai Kia, but the some capacity consideration is there for customers and order models beyond what we have today.
Jay Kale
Understood. And just one more on, you know, the Fasta JV that you’ve recently announced. If you could just help us some, you know, some flavor on, you know, where are we in terms of orders over there, key customers and how do you see that ramp up going forward? What should be initial revenue run rate maybe in the first or second year.
Atul Jaggi
You were talking of the gener, the Korean jv. The question is.
Jay Kale
Yeah, the Korean JV for partners.
Atul Jaggi
So currently on that we have to construct a sort of plant there. So we are at that stage where we will start the construction of the plant. And in terms of in the first phase, again it will start with the localization of the products which are being imported. The total import would be of the tune of around say 100, 120 crores which will be in the first phase. And then parallel while we are doing this, we will continue the engagement with the other customers beyond the anchor customers to sort of start filling up the order books.
You would like to add something on this.
Jay Kale
Okay. And just one last question. You know your margin trajectory, I mean it has been, you know, impressive and trending towards 10%. But you know we. You had mentioned that this 8 to 10% journey. Yes.
operator
Maybe request you to return to the question queue as there are several participants waiting for the questions.
Jay Kale
Sure. Sure.
operator
Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. Should you have a follow up question, we would request you to rejoin the queue. Thank you. The next question comes from the line of Mumuksh Manlesha from Anandrati Institute Equities. Please go ahead.
Mumuksh Mandlesha
Yeah, thank you so much for the opportunity and congrats on healthy results. So just firstly on the results side, what is this MMS, the Chuck and Chuck and two plant revenue and pockets for the Q1 how that business is doing so. And in suspension side we saw very good on CV railway segment growth. Can you just explain what led to the strong growth there? And on the sunroofs I can also share the pat margin for this processor.
Atul Jaggi
Sorry, on the sunroof I could not understand.
Mumuksh Mandlesha
Margin. You have shared the EBITDA margin. Can I also share the price margin for the sunroof business for this quarter?
Atul Jaggi
Okay, so yes, the first question moves.
Mumuksh Mandlesha
Thanks.
Atul Jaggi
Thanks a lot. The first question is on the MMAs. See we are as I mentioned earlier also we are expecting around the mmas contributing around 4% to the total top line of the Gabriel standalone. On the first quarter we booked around 30, 30 odd crores of sale. We are looking at a better second quarter. But overall the projections remain what I had mentioned in the past also 150 odd crores which will be close to 4% addition into that in terms of the profitability again as you know again plant to plant, it has now become another plant of Gabriel.
So plant to plant we generally don’t share the profitability. But yes we all. We know there are certain challenges in the MMES business. We are working on two aspects of it. One is to reduce the losses by sort of optimizing the cost part of it. And secondly we are also looking at how do we sort of improve the order book which will take definitely some time because it cannot happen in one day. So I will not be able to share the exact plant by plant profitability of this. But what we are anticipating from that business, that part of the business is being positive in Q4 and PBT.
Positive, positive
Mahendra K. Goyal
alpha PAT margin would be. Around five and a half.
Mumuksh Mandlesha
Got it. And sir, on the sand side sir, any further new orders been sir or the last update remain same. And for this upcoming Hyundai VC4 order, what kind of utilization levels for this new plant? We see uh, with this order which is uh going next year.
Atul Jaggi
So, so that the for the new plant I believe we are talking of the telegram plant. We are in discussion with the customer. The final decision is expected to happen in the coming weeks so we will come to know about that. But yes we are in advanced stage of discussions. Post these quotations that have been submitted but we will come to know in few weeks time once the decision is done by Hyundai on the. On the acquisition.
Mumuksh Mandlesha
Got it sir. So. Group acquisitions, any guidance you want to share? How do you see the growth for each of these businesses over the medium term? And any data available what could be the PVCE revenue mix ICE revenue mix for this company sir.
Atul Jaggi
See on the fastener business we what we have shared is we are looking at obviously this year we will be starting the plant construction and then the operations of the plant. We are looking at 180200 crores of revenue coming 2030 is what we had projected and with a double digit EBITDA is what we had already shared. The business primarily would contribute will be coming from the passenger car side. Yeah please.
Mahendra K. Goyal
Yeah. So I think this business is with the concept of make in India and of course all of us know that there are many players in India but there are certain parts which are being imported by customers actually and it’s a customer driven program where you will have opportunity to localize parts for customers and help make in India basically overall.
Mumuksh Mandlesha
Got it sir. And just lastly sir can you update on the CapEx side for this year because I think first quarter has seen a a larger number for the suspension or can you just share the outlook for FY26 for suspension Central business.
Atul Jaggi
So just to again Clarify Mooch the first quarter where we see CapEx that also include the the Mmes acquisition part which is around 40 crores have been contributed there. The rest has been the regular CapEx over expansion CapEx and for the year on the suspension business we are looking at 150 crores of capex and we are anticipating around 50 crores but that would all depend upon the acquisition and the Pune location. So that number may still change but we are looking at 150 crore on the suspension side.
Mumuksh Mandlesha
Got it sir. Thank you so much for the opportunity.
Atul Jaggi
Thank you.
operator
Thank you. Ladies and gentlemen please limit your questions to per participant. Should you have a follow up question we would request you to rejoin the queue. The next question comes from the line of Adity Tech Hathan from Smiths Institutional Equities. Please go ahead.
Aditya Khetan
Yeah, thank you sir for the opportunity. My first question is on to the front core production. So you had mentioned like this has ramped up for a 15,000amonth from earlier. So 3,000amonth. But this has been particularly from which quarter if you can highlight because if we look at the margin trajectory compared to last quarter has been on the lower side only. So just wanted to know this change has been from which quarter and has that flow through the bottom line.
Atul Jaggi
So there are two aspects. Thank you. There are two aspects to the question. One is the numbers that I mentioned were against for Q1 this year with respect to the quarter one last year. Okay. So on the especially on the inverted front post were the number secondly on the margins. Yes. While definitely the margins from all the ramp up and the new products have flown in. The certain challenge on the NMAS also has sort of has been there for the first quarter which we have already discussed in the past also for which we are working on and that is what I said in the previous question that we are anticipating that part of the business turning out to be positive by the end of the year quarter four.
Aditya Khetan
Got it sir. Onto the Chakan 2 plant which we have stated that that plant has been completed. Just want to know sir, what was the CAPEX figure and what is the incremental revenues we are expecting from this plant?
Atul Jaggi
I just mentioned this. We are looking at around 150 odd crores as an incremental business coming in for for this year.
Aditya Khetan
Got it, Got it. Okay. And.
Atul Jaggi
Shared. They are all in the public domain. So.
Aditya Khetan
Got it. Got it sir. Onto the Sun Group site. Sir, just wanted to clarify. The capex for H2 is around 70 to 80.
Atul Jaggi
For the sunroof. One of the key because we have already invested in the second line. Now the next CAPEX would be coming primarily from a next plant coming in. What we have been discussing now that will depend upon finally the decision that happens on the business acquisition for the Telegram plant of Hyundai and other customer RFQs that we are addressing. So once that happens then the CAPEX will come into the place for the second plant.
Aditya Khetan
Got it. Thank you.
Atul Jaggi
Thank you.
operator
Thank you. The next question comes from the line of Param Vora from Kreenetra Assets managers, please go ahead.
Param Vora
Hello, good morning and thank you for taking my question. So what I wanted to ask was that the company is already making change to the railways. So can we see any growth expectations, you know, in regarding financial year 26. And financial year 27.
Atul Jaggi
On the railways is the question. Yeah, yeah. So definitely again railway, you know it is always linked with the number of bogeys and the number of coaches that the government is planning for the New trains. We are present across all the product segments including the vande Bharat and train 18 and the locals. So definitely there’s a lot of trust from the government on improving the railway connectivity. So we will see a growth now how much of what is the number of coaches that they are planning for? 27. We will have to wait and watch. But we are anticipating a reasonable growth coming this year also in the next year.
Year also.
Param Vora
Okay, and next question is that while the domestic dominance is a key driver, are there any plans to elevate companies global presence and increase the share of export revenues?
Atul Jaggi
So there are definite plans to improve the exports not only in the shock absorbers part where we are in discussion with Saudi customers. We are also looking at improving the exports through two product subsegments. I would say one is the solar dampers and second is the E bikes which are primarily for the European market. The solar damper is again a global product that is being done.
We have already won couple of orders for the exports where I’m expecting the production to start in the quarter one next year for the exports while the solar damper production will start this year but in this quarter rather. But it will be first for the domestic market and then it will be for the export market. Similarly on the bike part we are expecting the production to start by the end of the year or Q4, 25, 26 which will definitely add on to the export. In addition to what we are in discussion with some couple of customers on the shock absorber side, the automotive shock absorber side.
Param Vora
Okay, thank you. I’ll wait back in queue.
operator
Yeah, thank you. The next question comes from the line of Abhishek Kumar Jain from Alpha. Accurate. Please go ahead.
Abhishek Kumar Jain
Thanks for opportunity, sir. So in this quarter we have seen that employee cost and the other expenditure is high. Is it because of the integration of your numbers of the MMAS or is there any one offs in this quarter?
Atul Jaggi
Yeah, thanks. Thanks Abhishek. So there are two aspects to it. One is the integration cost of MMAS has also been factored in and some part of the the project rise cost also has been factored in. The restructuring cost has been factored in for the activities that we have completed till now. So both have been factored in.
Abhishek Kumar Jain
Okay. So there’s no one offs apart from the integration.
Atul Jaggi
So there is no. Yeah. These are all sort of costs that we have incurred obviously for all the growth activities that we are doing. There is more normal expenses that we have booked into beyond this.
Abhishek Kumar Jain
Okay. And as you are targeting around 150 crores revenue from the MMA in FY26. So what is your expected EBITDA on this? 150 crores.
Atul Jaggi
So exactly I will not be able to share. As I said, it is a plant of, it is a form of the plant of Gabriel. So we will not be able to share the expected ebitda. The only thing that as I shared was we are looking at it being PVT positive by quarter four of this year.
Abhishek Kumar Jain
Okay, thank you sir. That’s all for my.
Atul Jaggi
Again, just to clarify, it will have a lesser EBITDA than the than the standalone business.
operator
Thank you. The next question comes from the line of Pritesh from Lucky Trading. Please go ahead.
Pritesh
Yeah. Sir, just one question. Now considering the consolidation of your group entities and you know, addition of a number of product lines, if you have to call out the revenue growth rate combined entity, what should be the range of the revenue growth rate that you would look at considering these additional product line and the product expansions, capacity expansions that you’re doing for 26 and 27. Any ballpark revenue growth you want to give out.
Atul Jaggi
So yeah. I think from the consolidation point of view of course there will be something will be totally consolidated from the sales point of view and some of them will be, will be not part of the sales. But we have to do the consolidation of whatever is as per the accounting standards. So I think we will have almost 20 to 25% jump in the sales of Gabriel which is the size of two businesses which we have already shared on the investor portfolio when we have presented or also reflected company wise event. So those who are available on those sites also basically.
But this is what we expect around 20% jump in the Gabriel sales in addition to the Gabriel normal growth.
Pritesh
Okay, this is in addition to Gabriel’s normal growth.
Mahendra K. Goyal
Yes.
Pritesh
Okay. Now on that base, if you have to look at your expansions, what kind of top line growth we should look at, you know, a year from now, let’s say in FY27.
Atul Jaggi
No, sorry, you will have to repeat the question. I think Mr. Goyal already I said.
Pritesh
On that base of FY26 which is, you know, which we called out based on 20% addition to Gabriel’s growth rate of FY26 where the revised base for FY27 for FY26 which had all the companies put together and all the businesses put together which are announced as of now, what kind of growth we should look at 12 months from now based on whatever expansion that you have taken up FY26.
Mahendra K. Goyal
We should not be able to consolidate. Actually it may take time from the regulatory approval point of view. So this will be the way it is. Gabrielle, today I think in FY27, which will be the following year from FY26 I already answered the growth which is we are expecting around 20% growth from the consolidation and normal growth of Gabriel also.
Pritesh
Okay, my last question is other than this, what size of business still stays out of the Gabriel listed as a group? How much business still stays out of Gabriel listed?
Mahendra K. Goyal
That was. I think I already. We covered it last time also when we have a investor call. But I think it’s still to answer. We are Fairly covered by 40% of the total group size with this consolidation exercise which we did. And that remains with the group actually.
Pritesh
Oh. Thank you sir.
operator
Thank you. The next question comes from the line of Jay Kali from Alara Securities. Please go ahead.
Jay Kale
Yeah, thanks for taking my question again. Just in conclusion to my earlier question, you know what the margin side, you know we had a target of eight going to 10% for the standalone business X of any of these acquisitions being done. Where are we in that? Of course we’ve traversed half of it. Any updated targets that you’d like to share, whether those targets will be met in the next one or two years and how are we looking at margins from here for the core business?
Atul Jaggi
So I think as we have been discussing, we are looking at the standalone core business as a double digit beta. The continuous progress is there over the past maybe two to three years. I think we have been, we have been improving the profitability in a very stable, in a very systematic manner. As I mentioned that we don’t want to do anything which is ad hoc by just cutting down some cost or something because we are also a growing organization. We need to factoring lot of other aspects of the business to make sure that the business remains healthy.
Our Core90 program has been a great support in this journey and we continue so the effort towards double digit EBITDA remains there. And as we have already mentioned that we are looking at next few quarters. I think crossing that number.
Jay Kale
Understood. Great, that’s good. Just one more question from your, you know, group entities getting integrated. Now of course one is the financial impact but from a business standpoint where are you more excited about in terms of synergies? Is it that you’ll get more access to the global market because some of the global because of the group entities exposure to the global market. So any cross selling of products of the existing entity that is possible or any cost structure Benefits, you know, that are possible. Where is the management most excited about leveraging the strength of these group companies going forward?
Atul Jaggi
Again, these are all I would say the four entities that I think we spoke about earlier, they are all sort of in different part of business. They’re all in different kind of business. There will be different synergies with them like the forging business that we discussed. Now definitely we see a lot of opportunities looking at our strength in two wheeler. The aluminum forging is something where the market demand, demand is very high. There are not too many players rather I would say good players in the market today. People are looking at various alloys for lightweighting and we see a fantastic opportunity there for growth.
On the other business, similarly on the Cisco and Kemco business, the network that Gabriel has today in terms of our aftermarket presence and the brand that we have, we can leverage that brand, we can leverage the network and we can definitely in addition to the only relationships we can grow it in the aftermarket significantly with the other two, it is primarily I think it is more global relationships. It is more technology coming in. It is more. So we will have to over a period of time and build more synergies there. So some of them are I would say immediate short term.
Some of them we are looking at more medium to long term.
Jay Kale
Great. And just one last clarification on how do you see this PN3 approval for the sunroof business? Where are we in that? Of course it’s been rejected once but you had mentioned that there is still effort going on any timeline, whether you know what eventually it will be. It will be 100%, 49, 51, 60. Anything on that? Any clarity on that?
Mahendra K. Goyal
See as you know that the government of India is not permitting anything right now. I think all what we expect that. I think the original understanding was that the Gabriel should be the minority. That is the original plan which was even by integrating. But we see that that is not happening and we foresee that when we look at the Indian government conditions. I think it’s still. I think the approval should only happen for minority shareholding for the N Alpha globally actually. Otherwise PN3 application will not be approved.
Jay Kale
Okay, so it’s fair to assume that it will be a majority. How much of majority for Gabriel? Still not known. But most likely it should be a majority for Gabriel.
Atul Jaggi
Eventually those those discussions are going on. It will depend upon two factors. One is the approval again and the second is obviously the discussions with the partners. So. Once we sign for it, we. Will definitely be able to Share more details on that.
Jay Kale
Sure. Thanks. Thanks. And all the best.
Atul Jaggi
Thank you. Thank you so much.
operator
Thank you. The next question comes from the line of Mitul Shah from Dam Capital. Please go ahead.
Mitul Shah
Thank you for the opportunity. Sir, I have one question on your sunroof business. As we got decent traction in last one one and half year but after, excuse me still we are catering to Hyundai Kia Group only and as you also mentioned in your initial remark that other OEM related discussion is going on but nothing concrete. So what would be the competitive landscape after considering other few players also entering in the same business with a global tie ups and all. These are the global technologically superior companies. So what will be our advantage over others and how do you see the situation and our market share ambition in next two, three years?
Atul Jaggi
So. As you rightly mentioned, I think when we started or when we had the agreement with Nalpha to manufacture the sunroof, the competitive landscape was very different. Post that today the competitive landscape has dramatically changed with I think almost every key global player having some tie up in India and many of them have their own parent association globally with different customers. So that also has to be sort of factored in. And this is a product which takes time for the OEM also because obviously there are, there’s a long development time, there’s also a long development cost that is engaged there.
So it is unlike some of the other components where every model, every platform, this component keeps changing. The process here is little longish. So considering all this we are quite optimistic about the growth beyond the anchor customers. But we have again I would say we are also fortunate to have two good anchor customers where we are. We see a good growth path but hopefully I think in a quarter or maybe two quarters we will definitely see some outcome coming in. The market will remain distributed in terms of share of business. While it is today difficult to foresee how it pans out with different customers but it will be quite distributed market the way.
Mitul Shah
Based on these any minor changes in the strategy or possible slower ramp up going ahead considering weight and what situation initially and then we’ll ramp up at a later stage or something like that on the slower capex or anything.
Atul Jaggi
So the only point is because all the investments that we had planned for the Chennai plant we have already done so the Capex has already been executed there. Some of the businesses are there some of the businesses in anticipation. Now the only point here is on the second plant. This is a product which cannot be comparatively and easily transported. So you need to be closer to the customer Just because of the one, the sheer size of the product and the logistic cost and secondly the criticality in terms of aesthetics and handling. So basically what happens on the certain platforms that we are discussing both with Hyundai as well as the other customers? The only slowdown that may be possible.
Again, it all depends upon the decision that happens. If the decision goes in our favor, we may have to actually expedite the whole thing. If unfortunately the decision is not in our favor, then we will have to sort of wait and watch on the, on the future investment for the time being. But whatever has to be done in Chennai is already implemented.
Mitul Shah
Thanks and all the best, sir.
Atul Jaggi
Thank you.
operator
Thank you. Before we take the next question, we would like to remind participants you may press star and one to ask a question. The next question comes from the line of Shubham Sehgal from Simpel. Please go ahead.
Shubham Sehgal
Hello.
Atul Jaggi
Yes, we can hear you.
Shubham Sehgal
Yeah, so my question was on the new JV we just had. So like you mentioned that our main reason to get into the JV was customer driven itself. But I wanted to ask so will this be only a local play or a global play? And also the GE partner, what are their key trends and their position in both fasteners and precision force products globally?
Mahendra K. Goyal
Yeah, I think this is. As we said, this joint venture is started now and the primary purpose is making India for most of the customers. And of course we will be looking global opportunities. That is definitely is part of the game action that is not factored in our business plan. But that is something which we will be exploring with a partner as we have done in other businesses. And similarly this will also include the precision forging parts as part of the business plan.
Shubham Sehgal
So I wanted to ask what are the key strengths and positions of our JD partner in the fasteners and decision force runs globally?
Atul Jaggi
Partner.
Mahendra K. Goyal
You. You’re saying like what is the global present of the JV partner?
Shubham Sehgal
The GO partner? Yes.
Mahendra K. Goyal
Yeah. I think this JV partner is primarily focusing in in Korea and that is what the plan is actually overall. So they there are many players in this segment and the category of parcel is differ in many varieties. A nutshell around I would say 500 million dollar partner actually basically.
Shubham Sehgal
And like what would be the key. Strengths of a partner?
Atul Jaggi
Again as Mr. Goyal mentioned, the key strength is some on two aspects. One is the specialized fasteners, specialized coatings. There are fasteners which are needed with very special coatings for specific applications. And obviously the jet is in forging. So these are the two areas where this company Works the top line is already mentioned around $500 million is the scale of operations for them presence in US.
Shubham Sehgal
Okay. All right. The next question was so like on the merger of the group companies could you just let us know what would be the share of aftermarket for each of the chains and also what kind. Of synergies are we seeing?
Atul Jaggi
So on the synergies I just answer this question. So we have seen some short term midterm synergies with two of the entities. We are seeing some long term synergies on technology on the global market with the other two which is Dena and Henkel and aftermarket presence. Again it is very sort of different across all the the entity is the.
Mahendra K. Goyal
Percentage it differs you know from the, from the product portfolio point of view, from the segment point of view. Two wheeler, three wheeler, four wheeler. And not only there is the commercial segment when we talk about the four wheeler. But if I understand your question precisely Hytor doesn’t so much of the aftermarket Dana point of view we have almost, I would say around 25% of the market share in aftermarket. And similarly on the, on the synchronizer ring side there is no much of the aftermarket this segment. But similarly on the other side the NCAM correlated business.
So it’s a very very vast market. Actually from the different point of view like it’s daf, it is coolant, it is brake fluids, there are different products. So I think it’s very difficult to calculate the market size as this market is also evolving.
Shubham Sehgal
Okay, thank you.
operator
Thank you. The next question comes from the line of Aditya from Securities Investment Management. Please go ahead.
Aditya
Thanks for the opportunity.
operator
Hello Mr. Adit, we are able to hear you.
Aditya
Hello. Am I audible now? Yes.
Atul Jaggi
Yeah. Yeah. Now it is clear. I think.
Aditya
Yeah. So sir, what would be the capex for the fastener plant which we are building?
Mahendra K. Goyal
So the overall capex is. I think we intend to have almost incurring in the project implementation around 60 to 70 crore altogether. That is for the entire project. Partly it will be contributed through equity, partly it will be contributed from to come loans.
Aditya
Understood. And when will this plant start commercialization?
Mahendra K. Goyal
I think it should take a year from now.
Aditya
Understood, Understood. And so you mentioned that you are looking at 180 to 200 crores in this business by financial year 30. But I just wanted to understand what will be the total market for these. Imported kind of fasteners in India.
Mahendra K. Goyal
Okay, let me. Let me try to give you this imported market should be in my view around 1500 crore.
Aditya
Understood. Understood. So sir, thanks for the opportunity.
Atul Jaggi
Thank you.
operator
Thank you. The next question comes from the line of Soham from RV Investments. Please go ahead. Voice is very low. Yes, sir.
Soham
Sir, what was the revenue in a rooftop segment sunroof segment this year? Quarter.
Atul Jaggi
And 14, 114 crores.
Soham
At what margin it was with the margins.
Atul Jaggi
14.4. 14.4% I think. Yeah.
Soham
What are we expecting for FY26? Around 400.
Atul Jaggi
See again we will not be able to share the the projections for the future quarters on per se the EBITDA margin. As we have already mentioned, we have been having this kind of a margin for quite some time. We have always maintained that the competition is increasing. In the long run we are expecting it to stabilize around anywhere while the effort will be to have a better margin. But we are looking at a long term 12, 13% EBITDA stabilizing there. There have been some challenges in the first quarter with one of the models of KIA not performing.
The new launch. The Ciro not performing up March practically June was almost nil production. So that has impacted the top line a little bit. We are not very hopeful even for the second quarter. But the projections after that have been sort of at least positive from Kia. So that that would impact some of these top line growth as compared to the our projections. Earlier projections.
Soham
On the Gabriel standalone side like what volume increase you should expect for FY26 compared to the.
Atul Jaggi
See, we will not be. As I said, the first quarter has been good. We have outperformed the market significantly in all the segments. We just gave you a brief on that. For the full year revenue projection we will not be able to share any forward looking guidance. Please.
Soham
Thank you.
operator
Thank you. The next question comes from the line of Vishnu Selvam from UTI amc. Please go ahead.
Vishnu Selvam
Hello sir. Thank you for the presentation and congratulations on a good set of results. I just wanted to get some clarity on the utilization levels for the second line once it becomes operational in towards what kind of utilization levels are you looking at? For the sunroofs.
Atul Jaggi
On the second line we would be looking at. We’ll say next year we would be looking at around maybe 50% utilization is my estimate. We will have to match the numbers. Just a second. I think we are looking at around 40 to 50% utilization on the current capacity for the next year.
Vishnu Selvam
Okay, sir. Thank you so much.
Atul Jaggi
Thank you.
operator
Thank you. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Thank you. And over to you, sir.
Atul Jaggi
Yeah. Thank you. So I take this opportunity to thank everyone for joining the call. I hope we have been able to address all your queries. For any further information, please get in touch with any of us or SGA or our investor relations advisor. Thank you so much for joining the call. Thank you.
operator
Thank you. On behalf of Gabriel India Limited. That concludes concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.