Gabriel India Limited (NSE: GABRIEL) Q4 2025 Earnings Call dated May. 21, 2025
Corporate Participants:
Unidentified Speaker
Atul Jaggi — Managing Director
Rishi Luharuka — Chief Financial Officer
Analysts:
Unidentified Participant
Mumuksh Mandlesha — Analyst
Aditya Khetan — Analyst
Vatsal Desai — Analyst
Tushar Gupta — Analyst
Viraj — Analyst
Abhishek Jain — Analyst
Amit Hiranandani — Analyst
Shashank Kanodia — Analyst
Mahesh Bendre — Analyst
Mrunmayee Jogalekar — Analyst
Amit Agicha — Analyst
Jayesh Gandhi — Analyst
Vignesh Iyer — Analyst
Sanket Kelaskar — Analyst
Shubham Sehgal — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to The Gabriel India Limited Q4FY25 earnings conference call. This conference call may contain forward looking statements about the company which are based on the 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 the 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. Thank you. And over to you sir.
Atul Jaggi — Managing Director
Thank you. Good morning and very warm welcome to everybody present on the call. With me Today we have Mr. Rishi Luharuka, our CFO, Nilesh Jain, our company secretary and SGA, our investor relation advisors. We also have with us today Mr. Mohit Srivastava who will be taking over from Rishi starting 26th of May. We have uploaded our results and investor presentation for the quarter ended 31st of March 25th on the stock exchange and the company website. I hope each one of you had a chance to go through the same. I’m pleased to announce that in line with our commitment to creating shareholder value, the Board of Directors has recommended a final dividend of rupees 2.95 per equity share on the face value of rupee 1, along with an interim dividend of rupees 1.75 per equity share declared earlier in this year.
The annual payout translates to 32%. Now I’ll provide a brief overview of the company’s operations and key highlights of the auto industry. So Gabriel is stepping into the solar damper space, recognizing the growing importance of solar energy in the global push for sustainability. One of the key components in this entire setup is the solar tracker, a device that keeps the panel aligned with the sun to capture the maximum amount of energy and improve the overall efficiency. So that’s where the dampers come in and that’s where we come in. So they help control the motion and and also reduce the damage to the trackers and ensure that the solar panels are more efficient.
So this market is expected to reach around 326 million USD by calendar year 25 and the growth expected is around 15% annually till 2030. So as of now, Gabriel is working with two export clients and one domestic customer where the production is expected to start in FY26 now coming to Q4 FY25 performance our standalone operating revenue rose by 8.4% year on year to 931 crore supported by higher volumes and strong sales performance in all our segments with two wheeler growing by 10%, passenger vehicle segment growing by 6% and CV and railway combined by 3%. EBITDA grew by 13% yoy to rupees 87 crores with margin improvement to 9.3%.
We have achieved a 10.2% EBITDA margin in our consolidated business fueled by Gabriel’s standalone performance and Inalpha. Our EBITDA margins have continuously been improving on the back of improved volumes and our Core90 program coming to the full year performance. The revenue from operations for the stand alone business grew by 9% to 3,643 crores. The two wheeler segment growth was 12%, passenger vehicle was 5% and overall CV was in line with the market where a degrowth of 4% was there. EBITDA stood at 324 crore with margins at 8.9% PAT in at 212 crore. The 14% increase over 185 crore reported in FY24 in FY25 in Alpha Gabriel Sunroof Systems Private Limited reported revenue from operations of 420 crore and PAT margins at 8.1%.
The Sunroof business continues to experience strong demand fueled by good performance of the UVs and new vehicle launches. So our well time entry has positioned us strategically and we are now set to double our sunroof production capacity by second half of CY25 to meet the growing demand. So on the consolidated basis Revenue stood at 4063 crores which grew 19.4% YoY EBITDA at 392 crores with margin at 9.6% PAT stood at 245 crore INR. Now coming to the industry the two wheeler volumes have shown upward trend in the quarter four period also reflecting a 5.3% YoY growth which was majorly backed by the strong scooter and the overall rural demand.
In terms of passenger car again there was a growth of 4.1% again due to taken down to 13.5 lakhs for the quarter four and this was primarily led by the strong performance of the UV which again grew at impressive 11% in the last quarter. The commercial vehicle segment recovered and we saw a growth of around 4.4%. We hope this trend continues coming to the EVs the the EV registration reached 2 million units in FY25, up from 1.7 million in the previous period. So we continue to strengthen our position in this particular segment which has been a strong point for us and with a few more Lois received in this particular quarter.
So on that note, I come to an end of my opening remarks. I now request the moderator to begin the question and answer.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two 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 is from the line of Mumuksh Manlesha from Anandrati Institutional Equities. Please go ahead.
Mumuksh Mandlesha
Yeah, thank you sir for the opportunity and congratulations on the solid performance this quarter. Firstly, can you update on the orders for the sunroof and the solar damper? Sir, any new orders in sunroof and what could be the size of the solar damper or the sizer?
Rishi Luharuka
Mumuksh, good morning and thanks for asking that question. In the previous quarter we have not. Won any new orders. So we already have order pipeline for two lines in Chennai and as MD already suggested that we are looking at doubling the capacity in Chennai by the second quarter of this year. We are in advance discussions for various programs including including some in the western part of India. But we will appraise the community once we have that in place.
Atul Jaggi
Thanks. On the solar dampers as I just mentioned, I think we have already won a couple of export orders and one order with the domestic customers. So we are in the process of now submitting the parts and we are expecting the mass production to start later this year. So there we have three businesses which we have won.
Mumuksh Mandlesha
Is it possible to share what would be the size of this order and timeline of the implementation? Sir.
Atul Jaggi
So as I said in sort of end of this calendar year we are hoping to start the the production and then obviously the ramp up will happen. Sharing the See these are like open orders so sharing the size of the business at this moment is little difficult. But definitely I think as I had mentioned in the previous call also we are looking at this business being a sort of a 200 crore plus business in the next two years. So definitely I at this moment I can share this and get sort of more pos and other things we will be updating y ou.
Mumuksh Mandlesha
Got it sir. So Rishi sir, For this quarter there was a good improvement the standalone margin across the cost elements. Can you explain what drove the margins?
Rishi Luharuka
So mumuksh1 is obviously we are built for volumes and that’s what we have been consistently telling the market. This year we had a y o wide growth of quarters 8.4%. That’s one that drives the margin upwards. Second, is that at a contribution level also we’ve improved through our consistent efforts on the CO90 program. Some of these programs do take effect in the books of accounts in third and the fourth quarter and that’s what we are seeing here on.
Mumuksh Mandlesha
Got it sir. So on the capex side for this year, FY26 for the standalone suspension and MAs what could be capex for this Year.
Rishi Luharuka
Including MMAs, we we are looking at anywhere between 100 to 240 crores and that’s what consistently we have been sort of utilizing. Though we may have commitments which are of a bigger value but in terms of outlays that’s the number we are looking at.
Mumuksh Mandlesha
This would be including sunroof.
Rishi Luharuka
No excluding sunroof for in alpha we are looking at anywhere between. It depends actually on the western facility that we had announced previously. But broadly we are talking about anywhere between 50 to 100 crores.
Mumuksh Mandlesha
Okay, so this basically planning for the next facility in western India. This is what basically that could depend the number.
Rishi Luharuka
That’s right. Yeah.
Mumuksh Mandlesha
Got it. Got it sir. Just on the sunroof side currently say relation levels, I mean location levels around 30% where currently we do more of assembly and the BU line going ahead. If a plan to increase the localization. Just want to understand what kind of capex investment that would require to increase the localization level and which areas can. Be localized
Rishi Luharuka
For FY for 2526 we are not looking at significant change in the localization pattern. However, our endeavor is to move towards 50 to 60% of localization in three to five years of time. This will all depend upon what component we end up localizing. But as of now we are not in a position to share the numbers which are corresponding to the localization impact.
Mumuksh Mandlesha
Got it sir. And finally sir, this year target remains for the one more opportunity. I mean site sir.
Atul Jaggi
Yeah. So as we mentioned earlier also I think there are some discussions going on. So definitely the target is intact and as of now we are on track.
Mumuksh Mandlesha
Got it sir. Thank you so much for the opportunity. I’ll come back with you.
Atul Jaggi
Thank you.
operator
Thank you. Next question is from the line of Aditya Khetan from Smith’s Institutional Equities Please go ahead.
Aditya Khetan
Yeah, thank you sir for the opportunity. My first question is on to the solar dampers but given this revenue potential of 200 crore. So does this include the new facility which we are adding in the second half?
Atul Jaggi
No. So no, we are not adding any facility for this. Obviously there is a for this there is a line that would be added primarily to manufacture this which will not be a very large capex but the facility is not a separate facility. We are not adding for this. This will be manufactured in one of our plants.
Rishi Luharuka
Just to clarify they are not stating any addition of new facility in Gabriel standalone.
Aditya Khetan
Got IT. So this 200 crore is from the first line only which we have right now.
Atul Jaggi
This is the what we. I think what we mentioned just to clarify that the we are looking at this next two years. Okay, this is what we had mentioned. Aditi, I think some confusion here. You are mixing sunroof with solar damper. The first line that we mentioned is for the sunroof. The line for the solar is yet to be put in place.
Aditya Khetan
Got it. Okay, answer. Any sort of volume guidance for the next one year in cv PV and two wheelers.
Atul Jaggi
Obviously market. You know there are the projections are there. Two wheeler is expected to grow at around 6 to 6 to 7% is expected to be monsoon. The predictions are quite positive in terms of PV again we are looking at the number varies so what we are looking our expectation is 4 to 5% at least there on PV has recovered so we hope that trend continues. I think last quarter finally the CV was positive so we are hopeful that at least that continues best case scenario.
Aditya Khetan
Got it sir. On the two wheelers. So the Hero Motocop business will be added in this fiscal.
Atul Jaggi
I hope so.
Aditya Khetan
Okay, so sir, if suppose it is not added. So we are looking at a single digit growth in volumes for two wheeler.
Atul Jaggi
See what we while that effort is going on in a positive direction. But in the case of two wheelers for last many years I think we have outgrown the market significantly. So with or without Hero we believe the trend will continue.
Aditya Khetan
Got it, Got it. So just one last question into the sunroof business or is it possible to share the FY25 volume figure on the total capacity of 2 lakhs?
Rishi Luharuka
So unfortunately these are contractual obligations with the customer so we are not in a position to do so. But you can take the vehicle population and use an estimate around it. We are a single source for Creta and for Alcazar at this point in time and for the Kia New. New car.
Aditya Khetan
Got it. And this new facility of. Of Sangru will be added in the later end of like FY26 or you. You think it will be added in the mid only at this point in.
Rishi Luharuka
Time it’s difficult to comprehend when it will be happening. It is dependent on some discussions that are going along with the customer lines. So once that is clear we’ll let you know.
Aditya Khetan
Got it. Thank you sir. Thank you sir.
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. Next question is from the line of Vatsal Desai from HDFC Mutual fund. Please go ahead.
Vatsal Desai
Hello. Good morning. Hello.
Rishi Luharuka
We can hear you.
Vatsal Desai
Hi sir. Firstly your voice was a little difficult when you answered the question for standalone capex.
Rishi Luharuka
Sorry, your question, you are not very clearly audible. You need to probably come closer to the.
Vatsal Desai
Am I audible now sir?
Rishi Luharuka
No, still not very clear.
Vatsal Desai
Hello. Hello.
Rishi Luharuka
Please go on. It’s very very low on the volume.
Vatsal Desai
Is it clear now, sir?
Atul Jaggi
Yeah, you’re better.
Vatsal Desai
So my question was I missed the standalone capex figure up. Hello. Hello.
Atul Jaggi
Yeah, can you hear us? If. If we are audible then I think Rishi said it is anywhere between 100 and 150 crores.
Vatsal Desai
Okay, understood. And my second bicycle. So could you please give a quantum estimate of what the revenue and the budget will look like for the European bicycle.
Atul Jaggi
So Vachal, while I think your voice was again cracking but I think you were asking about the E bike business. The European bicycle business. So yes, I think we. We are in discussion. We are in advance discussion with three to four customers There oe customers. The manufacturers of the E bikes. A few products now which are already developed and being offered to the customer. So this is the current status there now in terms of margins. Obviously the business has to. Has to get finalized and then only we can sort of commit on the margins. But yes, this product generally globally has a reasonably good margin and it is an attractive product is what I can share with you today.
But yes, once we have the firm Lois in hand I think we will be better positioned to talk about the. The immediate top line and the bottom line here.
Vatsal Desai
Okay, understood.
operator
Thank you. Next question is from the line of Tushar Gupta from Sagun Capital. Please go ahead.
Tushar Gupta
Hello sir. Thank the opportunity. I want to know example of this year from Mar.
Atul Jaggi
We can’t hear you at all.
Tushar Gupta
Hello. Hello. Am I audible?
Atul Jaggi
Yeah, try to be little louder. Sorry.
Rishi Luharuka
There is a network connectivity issue at your end. We are not Able to hear you. You are cracking up.
Tushar Gupta
Now. I am unclear. Hello.
Rishi Luharuka
Yeah, it’s better.
Tushar Gupta
Sir, I want to know the revenue potential from asset acquisition current year from Mary mmas.
Atul Jaggi
Okay. So we had already advised the market for it. We are looking at anywhere between 100 to 200 crores of top line.
Tushar Gupta
This year. Sir.
Atul Jaggi
Starting this year. This year.
Tushar Gupta
This year or what are the margin we can expect from this segment?
Atul Jaggi
We do not share margin profiles.
Tushar Gupta
Okay, thank you sir. That’s my.
Atul Jaggi
Thank you sir.
operator
Thank you. We take the next question from the line of Viraj from simple. Please go ahead.
Viraj
Hi. Thanks for the opportunity.
Atul Jaggi
Yeah. Viraj,
Viraj
am I audible?
Atul Jaggi
Yeah,
Viraj
yeah. Just. Thanks for opportunity. Just three specific questions. First is on Sandroo. If you can just elaborate on the contingencies provisions which you have taken of 15 crores. You know what does it pertain to and going forward what kind of impact it would have on financial and related question is margins. If you adjust for this 15 crore margins in the Sandroof business even in this quarter is close to 20%. So if you can just give some more perspective the drivers of margin.
Atul Jaggi
I’ll take the first two questions regarding the provisions that we have taken on account of the classification issues with the imports that entity is doing. We are in discussions with our experts to understand whether the classification requires a change or not. As of now we have provided for an amount which is commensurate to the impact that we that we might have in a worst case situation. And this for one of the products was already understood by us that there might be some issue. So we were building on these numbers as of now we are sufficiently and adequately provided for the year 2425.
Your next question is with regards to going forward. Well, this is something that we will be able to only appraise once we are clear on the outcome of the discussions and the analysis that we are doing on the HSN classification. So once that is true we will be in a position to tell the impact and how we will compensate the same. And that is also the reason why you see not a significant dip in the margin profile. But as we have always been saying that the current margin profiles are higher on account of one of the programs getting localized.
So that’s a special price going forward again owing to competition. We have always suggested that anywhere between 10 to 14% is the margin profile at an EBITDA level for this entity.
Viraj
Okay, just one follow up on this. You know if I look at the console minus standalone for the second half, you know we have something like around 26 crores of operating expenses and Q4 unknown was 16 crore. So this 15 crore of provision is rooted through PNL or just trying to understand.
Rishi Luharuka
Yeah, provision will be rooted through PNL and it’s not an H2 phenomena. This has been been built up since in.
Viraj
Okay, got it. Just one last question. The acquisition of Meli as if I have to look at going forward in 26. Any perspective we can give in terms of scalability and profitability as well. Will it be a drag on the P n going into 26?
Atul Jaggi
Yeah, so as I think Rishi already mentioned, so with sort of immediate or a short term view we are looking at top line of say 100 to 200 crores in between there. So whatever be the drag on the profitability will not be too significant anyway considering the top line. Now as I think we have been mentioning earlier also we see a good potential both in the gas dampers and obviously with the current customers on the regular products, the strut and the shock absorbers. So we have already started working with some customers there. We sort of took over the operations from April So there’s only 45 days that have gone.
So we are also getting a good hope of the operations and other things and the challenges. So yes, we have started interacting with the customers to see how we can improve the top line there and also working on improving the bottom line. So we have already started on both the activities. Hopefully I think in the coming quarters we will have some better orders in that segment also or that location also.
Viraj
Okay, sure. Thank you.
Atul Jaggi
Thanks Virat.
operator
Thank you. Next question is from the line of Abhishek Jain from Alpha Accurate Advisors Private Limited. Please go ahead.
Abhishek Jain
Thanks for opportunity and congratulations. In the two wheeler successful system is improving for the inverted folks versus the traditional folks. So how do you see the revenue growth over there in next two years?
Atul Jaggi
Sorry, just give me a second. Yes, so as you rightly said and I think we discussed it earlier also the market has started moving towards the inverted froth where the price realization is definitely better. We have also started getting more orders from different customers on that. And this is, this is the fast growing sort of sub segment for us. I think as we mentioned we started supplying for TVS Apache and there’s another LOI that we have received from tvs. We are working on couple of other projects with another OEMs and then I think recently we have won two more orders with one of the evidence customers who want to use the inverted front forks there.
So definitely this, the growth here would support the overall two wheeler growth and as I said the price realization is definitely better. So that will be an additional support.
Abhishek Jain
Now how much the difference in the price realization?
Atul Jaggi
It is very difficult to, it is very difficult to say because the front folks works on sizes and there are like there are at least 10 to 12 sizes and the price can vary significantly but on a Apple to Apple basis it can be say two times, two and a half times in certain cases. On a very top premium level it can sometimes be also three times but that is not very common. Generally it is around two to three and a half times.
Abhishek Jain
And my last question on the you are going to add Solar Damper and EV Fun Pro. So what would be the incremental revenue for these two products in next two years?
Atul Jaggi
So yes I think Solar Damper we discussed this question was asked earlier also because since we have started getting the firm orders from the customers so I think we are looking at the revenue around 200 crores in next couple of years on the E bikes as I mentioned, I think we are in advanced discussions because right now the focus was more on the development of the product and sort of creating a basket. Now we are in discussion with the few OE customers in Europe. So I think once some progress happens I’ll be in a better, better position to talk about the expected revenues.
Abhishek Jain
Thank you.
operator
Thank you. Next question is from the line of Shashank Kanodia from ICICI Securities. Please go ahead. The participants line seems to have disconnected. The next question is from the line of Amit Hiranandani from Philip Capital. Please go ahead.
Amit Hiranandani
Hi sir. Congrats for the good set of performance. Just a small two questions. Standalone revenue on Q1Q basis was flat but EBITDA margin improvement was about 73 basis points. So any one offs here. And secondly how do you see the margin after merging Merlee Madhya San starting Q1FY26?
Rishi Luharuka
Amit, I’ll take the first question. Well as we’ve always been stating, Core90 is a program that sort of embodies the whole profit improvement plan and some of these impacts obviously start coming in the later part of the the year. Having said that your question is regarding one off. So there are no one offs in this.
Atul Jaggi
Yeah. And maybe on the, on the second question as I mentioned I think there will be impact but it is not going to be very significant. Looking at the standalone overall top line and and the revenues that in the short term we are expecting from the entity. So yes and we have already started working on the margin improvement there also there Will be a little drag but it will not be very significant is what we are expecting.
Amit Hiranandani
Purely if we exclude the Marili Madhyason. So are we on track to achieve the double digit level for the standard road by 2?
Atul Jaggi
So I think we are moving in that direction is what I can say. The project in hand, the Core 90 sort of program, the revamped Core 90 is definitely supporting and we are on track to sort of meet whatever we have committed on the. We have been consistently improving which is a good, good sign and we want to move in that particular direction.
Amit Hiranandani
Right. Just last one question sir. Can Hero Motorcom will be Gabriel’s top three customer in the first year itself?
Rishi Luharuka
No, not anyway FZ we don’t have while we are discussing few things there but we don’t have a firm loi. I just want to clarify the expectation from all of you and all of us is that Hero should become a customer and our efforts are towards that. Becoming a top three customer in the first year is practically not possible because obviously
Atul Jaggi
the expectation is there then the development time is there, lead time is there and obviously you will start a business with one model. So it is always a gradual process.
Amit Hiranandani
All right sir. Thank you so much sir. All the best.
Rishi Luharuka
Thank you.
operator
Thank you. As a reminder, participants are requested to limit questions to two per participant. Next question is from the line of Shashankanodia from ICICI securities. Please go ahead.
Shashank Kanodia
Yeah. Hi. Good morning sir and congratulations for superior performance. I just wanted to check what will be the structure of Alpha JV going forward. Right. So right now we are consolidation roughly 100% of the pack to our console numbers. So prudently, you know, how do we project? So should we bring 49% of the pact of the JV going forward and you know, what’s the progress on that JV formation?
Rishi Luharuka
So Shank. Thank you. Thank you for asking that question. I can share what we can which is that we are in advanced discussion to formalize approach for the PN3 reapplication. It has got certain elements which obviously because of confidentiality we are not in a position. Once we have applied the same and have some guidance around it, we will be able to answer your pointed question in terms of 49% but unfortunately we will not be able to share that at this point in time.
Shashank Kanodia
Okay. And second sir, in your presentation you mentioned this GP reaching thousand crores of revenue potential by 2030. Right. And it’s been an import situation. Put a tenure ramp up of the first pitch and an excellent. So is it a conservative guidance or is it a possible that we attain this 1000 course in FY28 itself.
Rishi Luharuka
Would desire and wish. But it has too many moving parts including the new competition that we are seeing in the market. If you ask me, FY28 it is very aggressive to take that number.
Shashank Kanodia
And sir, lastly, if you can help us pinpoint the opportunity selling of this E bike business. So I think what’s the number of units being sold in that particular market? The aspects of the product, some sort of flavor you can give it, sir. Give it, sir.
Atul Jaggi
See, globally it is a very large market. Obviously the global size of that market would be. And just to clarify, you are talking of the E bike business, correct?
Shashank Kanodia
Yes, yes, yeah.
Atul Jaggi
So globally it is a very, very large business. Both it is a B2B and B2C business. The global market would be more than a sort of a billion dollar kind of a market or beyond that size. What we are targeting is currently a part of that market where we are working with few OEMs. So the focus for us is B2B and the product development is happening accordingly. We are also working with one of the OEMs to sort of co create a product which will be a very unique product for the market. In terms of the price realization, again, it all depends upon the kind of bike that is there.
So very difficult to mention because the price may vary from say A$30 to maybe 200 $200 or €200 or even sometimes more than that. But generally it is anywhere between 30 to 70 is something where the majority of the market lies per fourth I’m talking about.
Shashank Kanodia
Right.
Atul Jaggi
Are reasonably good. But obviously we will have to sign the. The LOI is to exactly pinpoint on what is the margin. But generally the margins are attractive and price. I said 30 to 70 is something which is the mass market.
Shashank Kanodia
Right, thank you. And so lastly, you know, you have been aspiring to become a top five shopper place globally which eventually meant that company clocking a billion dollar of sales. Initial target was obviously 2025. But now sir, how do you foresee that timeline? You know, and is that the same aspirations till date also?
Atul Jaggi
So the aspiration to be one of the global top five is definitely there. Yes. In terms of the timeline, as you rightly said, I think the difference between say 7 and 5 is our difference and the billion dollar. Okay, so how do we bridge that is something which we are working on. Obviously there is a. There is a strategic plan in place support that. But yes, we need to. Obviously we need to look beyond India to achieve that number. So putting an immediate timeline on this may not be possible. But yes, there is a plan to move continuously move towards that.
Shashank Kanodia
Thank you so much and wish you all the best.
operator
Thank you. Next question is from the line of Mahesh Bindre from LIC Mutual fund. Please go ahead. Mahesh sir, you are online. You may unmute and talk.
Mahesh Bendre
Hi sir, I’m audible.
Atul Jaggi
Yeah, I am clearly my sir,
Mahesh Bendre
if I look at a company level, I mean the last two years has been phenomenal for us. We added multiple businesses. Sunroof is one business. Then we did acquisition. Now we are talking of the E bike. And in one of the interviews our chairman has also mentioned that adding more businesses probably this year and next year. So any view on this in terms of addition of new business over next two, three years?
Atul Jaggi
So see there are two aspects to it. One is the product line which we sort of keep you posted. Like the solar or the E bikes or the gas damper part. We have been updating you on adding the new sort of product. Yes, as I mentioned earlier there are some discussions that are going on. We have shared in the past also that we would like to add at least one product this year. And as of now I can share that we are on track. But sharing more details at this moment may not be possible.
Mahesh Bendre
So would this be organically? I mean organic addition.
Atul Jaggi
This adding new product would be inorganic.
Mahesh Bendre
Inorganic.
Atul Jaggi
Organic is the product lines that we have been talking about. This is something which we have been doing it and we would continue to do and explore more opportunities like that. But this new product would be inorganic.
Mahesh Bendre
Okay. Okay. And sir, Anand Group has set a timeline for you know, achieving 20, I think 30,000 crores of revenue by 2030. And Gabriel being a main company within Yanand Group. So what is our role in terms of achieving group’s target?
Atul Jaggi
A small correction. The group vision Is to be 50,000 crore by 2030. And that is what we. I think the group chairperson and the group CEO had mentioned. So obviously if the group has to grow more than double then Gabriel also has to grow more than double. So being a flagship company, our target also remains the same.
Mahesh Bendre
Sure. Thank you. Thank you so much sir.
Atul Jaggi
Thank you.
operator
Thank you. Next question is from the line of Mrunmai Zoglekar from Asit C. Mehta Investment Intermediates. Please go ahead.
Mrunmayee Jogalekar
Hello. Am I audible?
Atul Jaggi
Yeah.
Mrunmayee Jogalekar
Hi sir. Good morning. Thank you for the opportunity. Sir, my question was related to the sunroof business. So this quarter we have seen a uptick. Would that largely be aided by creta EV and KIA Sider.
Atul Jaggi
The take was in line with the new program on the KIA platform.
Mrunmayee Jogalekar
Okay. All right. And would it be fair to assume that the sunroof business was almost close to say 90, 95% utilization in the quarter?
Atul Jaggi
Well, for the first line that we have as an installed capacity, the answer is yes. Close to 75, 78% utilization.
Mrunmayee Jogalekar
Okay. Okay. For the quarter.
Atul Jaggi
Yes.
Mrunmayee Jogalekar
Okay. And the second line that we are planning to commercialize by end of this calendar you mentioned. So you had mentioned previously that there are more models in the pipeline, you know, which will start contributing to the volume. So will that also, you know, align with the similar timeline?
Atul Jaggi
No, the line comes eight months to 12 months before because then a lot of samplings and other things needs to happen. So by 28, 27, 28, we are expecting that line to get also utilized.
Mrunmayee Jogalekar
Okay. Okay. And sir, if I look at the difference between console and standalone this quarter, the employee costs were very low and depreciation costs went up significantly. So what kind of base should we look at for these two line items?
Atul Jaggi
Depreciation largely is owing to some reclassification that we have done within alpha. So for the quarter you can take that as a reflection and take it for forward looking guidance. And for the employee cost, my suggestion would be to look at the annualized number.
Mrunmayee Jogalekar
Okay, sir, thank you for that. All the best.
Atul Jaggi
Thank you.
operator
Thank you. Next question is from the line of Palak from MIV Investment Management. Please go ahead. Sorry to interrupt. Parak ma’ am, your voice is breaking a lot.
Unidentified Participant
Hello. Hello. Hello. Hello.
Atul Jaggi
You need to be closer to the mic. We are not able to hear you. Composition of sunroof. We are only manufacturing currently the BLTA sunroof which is the panoramic sunroof. So 100% of what we are producing is panoramic.
Unidentified Participant
Thank you.
operator
Thank you. Next question is from the line of Amit Agicha from HG Hawa. Please go ahead.
Amit Agicha
Good morning sir. Am I audible?
Atul Jaggi
Yeah.
Amit Agicha
Thank you for the opportunity and congratulations for good set of numbers. Sir, in your presentation on slide number 46, the ambition is like the company aims to achieve 50% of energy needs which have been met by renewable sources by 2025. And the status shows that 17% is already achieved. So can I know like what are the major roadblocks to achieving 50%?
Atul Jaggi
A couple of them. I’ll help you understand Amit. One is obviously there are some regulatory frameworks in couple of states which do not allow us for a group captive that can significantly change the percentage. The Other is that we are looking at some opportunities in terms of enhancing our rooftop solar as well and some energy changes in terms of the change in LPG to png.
Amit Agicha
Sir, may I know the total employee headcount like the consolidated.
Atul Jaggi
I would suggest to wait for some while while we release the annual report. We’ll share the numbers then.
Amit Agicha
Thank you sir. And all the best for the future.
Atul Jaggi
Thank you.
operator
Thank you. Next question is from the line of Jayesh Gandhi from Harshad Edge Gandhi securities Private Limited. Please go ahead.
Jayesh Gandhi
Am I audible? Yeah. Sir, I have a question on damper only you have given the market size of solar tracker. Is it not possible to provide a market size of damper.
Atul Jaggi
Market size.
Jayesh Gandhi
Or maybe you can just let us know. We will let you know the courts of a damper.
Atul Jaggi
The cost of the damper again it is. It is exactly the same same challenge like what I have been mentioning about say the front forks and all. See the cost of the damper. Just to again share with you the cost can vary say from say $10 number to a 60 $70 number. Okay.
Jayesh Gandhi
As a percentage of the damper.
Atul Jaggi
I mean sorry talking of the damper cost in the. I, I obviously the solar tracker cost I will have to check the. Because it also depends upon lot of other factors in the the entire solar tracker. But I am talking of the damper cost. So the damper cost can vary between $10 to at least 60 70$.
Jayesh Gandhi
Okay. And though you don’t share product wise margin but is this product going to, is it going to be a similar kind of margin as the company is enjoying or is it going to be superior or inferior? What you can say.
Atul Jaggi
Our aspiration is to in this product to have a better margin than what the conventional products have.
Jayesh Gandhi
Okay. And one last thing. Do you think this product can also be kind of a thousand crore kind of a product in say five, seven years?
Atul Jaggi
No, we as of now we are not, we are not expecting that. We are working with very limited customers. We are in the process of developing good technologies for this and then we would like to ramp up and as I mentioned I think the first target that we have taken is to sort of take it to 200 plus crore anywhere between 200, 300 crore in next say three years time and then see how this goes. By that time we will also understand the product, the market, the technology in more detail.
Jayesh Gandhi
Got it sir. Thank you and good luck for future.
Atul Jaggi
Thank you. Thank you Jay.
operator
Thank you. Next question is from the line of Vignesh Iyer from Sequent Investments. Please Go ahead.
Vignesh Iyer
Congratulations sir on a great set of numbers. Two questions from my side. Firstly I want to know that our networking capital days is around 29 days which seems to be highest in, you know in the last five years. Could you help us understand, I mean how it would be going forward? And my second question is wanted to know what would be the capex size in FY26 and the breakup of growth capex and maintenance.
Rishi Luharuka
Vignesh. Well the first question is with regards to. I’ll take the second one. The capex we’ve already given a guidance of 100 to 150 crores. Roughly 40 odd crores remains as maintenance capex. Best of that could be either R and D or capacity enhancement.
Atul Jaggi
Working capital.
Rishi Luharuka
The working capital is basically an impact owing to the change in the SAP. We’ve upgraded from ECC to SAP rise and only to having some blackout days. Because of this migration we had built up some inventory and there were some other impacts on the current liability as well. So it was a quarter phenomena to my understanding and best expectation it should normalize in the first quarter itself.
Vignesh Iyer
Sir, can you share some mix of inventory receivable and payable.
Rishi Luharuka
We released the balance sheet so broad numbers are there effectively from that.
Vignesh Iyer
Thank you.
operator
Thank you. Next question is from the line of Sanket Kailaskar from ashika Stock Broking Ltd. Please go ahead.
Sanket Kelaskar
Thank you for the opportunity sir and congratulation on good set of numbers. First question is on gas spring. So what is the revenue potential in Gas Spring going ahead and what is the timeline when we can fully utilize our gas spring capacity?
Atul Jaggi
Yeah. So on the gas spring currently there are actually two players in the Indian market. One is the sort of the acquired entity that is now the Gabriel plant where the market share is 5% and the competitor has 95% share. So if you ask me the opportunity there is a tremendous opportunity that is available to take this number from 5% to a market much higher number. So this is the opportunity that is there. And in terms of the capacity, the current capacity utilization is around 68 to 70%. So we have some capacities available. But yes, if we have to significantly change the market share which we would like to do then some capacities have to be added in the gas dampers.
Sanket Kelaskar
Okay sir, so my second question is on aftermarket. How do you plan to expand in aftermarket? Do you plan to increase your number of offerings or just your view on aftermarket like how much contribution do you expect from it?
Atul Jaggi
Yes, aftermarket is a very important lever for us both in terms of bottom line in terms of top line. And I think we have been growing year on year in the aftermarket space. So again, in terms of the focus areas there, continuous addition of the new products, like as an example we are now launching, because of the the MMAS acquisition, we have been able to add a lot of these gas dampers and few other products which are not in our portfolio. So obviously continuous launching of the new products, continuous focus on NPD in aftermarket and also the new product lines in the aftermarket.
In addition to that, we are also looking at some geographies like Latin America, etc. To focus on the exports, pure aftermarket exports. So yes, it continues to be a very significant lever for us moving forward.
Sanket Kelaskar
Okay, sir. Thank you sir. Thank you, sir.
operator
Thank you. Next question is from the line of Shubham Sehgal from Skill Ventures. Please go ahead.
Shubham Sehgal
Hello, Anatomy. Yeah, yeah, my question was on our Sunroof subsidiary. So what are the revised terms in terms of the tech license fee and royalty and any revisit on the JV structure or. It’s done and dusted.
Atul Jaggi
As of now. 5% is shared by both the partners, which is in alpha and Gabriel till we apply for the PN3. And we have further update on that that will continue on the jv. We’ve already stated our position. We are in advanced discussions to formulate a way forward and do the reapplication. Once we have some more information to share, we’ll be happy to discuss.
Shubham Sehgal
So any timelines do we have for that?
Atul Jaggi
Well, we were targeting, as we had mentioned last time, March. But we want to be doubly sure of the approach that we are taking. So hopefully by end of this quarter we should be in a position to reapply.
Shubham Sehgal
Okay, thank you. Thank you.
operator
Thank you. As there are no further questions from the participants, I now hand the conference over to Mr. Atul Jaggi for closing comments.
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 us or sga, our investor relations advisor. Thank you so much. Have a good day.
Rishi Luharuka
Thank you everybody for the support you guys have shown us. Hope that same will continue going forward.
operator
On behalf of Gabriel India Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.