Ladies and gentlemen, good day and welcome to the Gabriel India Limited Q4 FY 2026 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 on 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 touchtone phone. Please note, this conference call is being recorded. I now hand over the call to Mr. Atul Jaggi, Managing Director from Gabriel India 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. Joining me today, we have Mr. Mahendra 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, 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 four FY 2026.
This growth was 12% overall for the year FY 2026. While the overall growth was 12%, the scooter segment saw 17% overall growth. This was helped, I think the recovery happened, as you know, post the GST, also the 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 FY 2026. If you look at the overall year, it was 9% with UVs outperforming overall industry or growing 12% year-on-year. Definitely, the consumer sentiments post the GST related benefits flowing in and the lower interest rates helped this growth momentum. The commercial vehicle production also grew a very healthy 19.5% in the quarter four FY 2026. This was 13% year-on-year with M&HCV year-on-year growth at 16%.
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. These, with sharp changes in the crude oil prices can impact the affordability negatively. It can also impact the consumer sentiments if it prolongs for a long period of time. We are already seeing up increases in the commodities currently. Overall, if you look at the long-term outlook for the Indian automotive industry, it remains very positive. It is supported definitely by the policy reforms, infrastructure development that we see all around, lot of localization initiatives taken across, and then the rising consumer demand.
Before going to the company's performance, I would like to share a quick update on the restructuring post, which will take you through a brief overview of our operations and key highlights. I would like to update you all that the composite scheme involving the amalgamation of Anchemco India Private Limited into Asia Investments 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 INR 3.1 per equity share of face value of INR 1 each, subject to shareholders' approval at the coming AGM, including the interim dividend of INR 1.9 per equity share declared earlier during the year.
The total dividend for FY 2026 stands at INR 5 per equity share compared to INR 4.7 per equity share declared in FY 2025. Now talking about the standalone performance in quarter four FY 2026, our standalone operating revenue grew by 19% year-on-year, reaching a revenue of INR 1,111 crore, supported by higher volumes and strong sales performance, including aftermarket in all our segments. For FY 2026, this stood at INR 4,223 crore, growing 16% year-on-year. All segments showed healthy double-digit growth outperforming the underlying industry growth. Quarter four FY 2026 standalone adjusted EBITDA grew by 16% year-on-year, reaching INR 101 crore with margin at 9.1%. For FY 2026, this stood at INR 383 crore, growth of 18% YOY, with EBITDA margin at 9%. In quarter four FY 2026, PBT before exceptional items grew 15% YOY to INR 86 crore with a margin of 7.7%.
For FY 2026, this stood at INR 335 crore, growth of 18% year-over-year, with PBT margin of 7.9%. Coming to the consolidated performance. In quarter four FY 2026, our consolidated operating revenue grew by 13% year-over-year, reaching to INR 1,210 crore. For FY 2026, this stood at INR 4,667 crore, growing 15% year-over-year. In quarter four FY 2026, the consolidated adjusted EBITDA grew by 6.5% year-over-year, reaching INR 717 crore with margin at 9.7%. For FY 2026, this stood at INR 452 crore, a growth of 15% year-over-year with EBITDA margin at 9.7%. Quarter four FY 2026 consolidated PBT before exceptional items grew 5.5% year-over-year to INR 92 crore with a margin of 7.6%. For FY 2026, this stood at INR 350 crore, growth of 8% year-over-year and PBT margin of 7.5%.
Coming to the subsidiary performance in Q4 FY 2026, Inalfa Gabriel Sunroof Systems Private Limited reported revenue from operations of INR 99 crores and EBITDA of INR 14.5 crores with a margin at 14.6%. FY 2026 revenue stood at INR 434 crores and EBITDA of INR 65.4 crores with a margin at 15.1%. On that note, I come to the end of my opening remarks. I now request the moderator to begin the Q&A session. Thank you.
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 on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants, you are requested to use handset 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 is built. A reminder to all, you may press star and one to ask a question.
We will take the first question from the line of Mumuksh Mandlesha from Anand Rathi Institutional Equities. Please go ahead.
Yeah. Thank you for the opportunity and congrats on the result and the NCLT approval. Sir, firstly to Mahendra Goyal sir. Just on the ANAND Group, had earlier shared about the 2030 target of INR 50,000 crore and with Gabriel as an automotive growth engine for the group. Just want to check, would you like to share an update on the progress on this milestone? What are the opportunities areas you're seeing in inorganic areas, and how Gabriel expected to play a role in this target?
Thanks for the question. 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 Gabriel is the growth engine for the group. Therefore, all the new businesses which we are entering into, those are forming part of Gabriel. Of course, whatever new initiative which we are taking, those will form part of the Gabriel business. That is what our overall objective from the Gabriel goal in INR 50,000 crore and how do we see Gabriel in this growth journey, basically. That's very clear. That message has not changed from the past communication.
As far as 50,000 is concerned, I think the target 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. 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. I think we will update you soon on this, but it's too early to comment anything on this, specifically with any transaction.
Got it, sir. Just also continuing with you, sir, again, with the NCLT approvals done so now for the four companies, I just want to understand how is the progress for the next companies which can be brought to Gabriel, 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 out of the shareholders approval. Thanks to all the shareholders for the approval. 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. That is what first thing we want to conclude now. As far as with respect to the bringing other businesses into the Gabriel fold, as I said in past, there is a complete intention to bring all those businesses into the Gabriel brand. Again, I can't commit any timeline because it's too early to comment on a transaction. As far as the challenges which someone asked, 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. Atul, can you just provide update, particular new opportunities like with the Jinos JV, which is on the fastener, solar dampers, and lubricant JV, sir?
Yeah. I think all the new opportunities are progressing as per the timelines that we had defined. I think you can start from the solar damper. As I said, I think there is a business pipeline that is getting created. 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. Yes, as you know, they have to all go through the approval process, the validation process there, and the entire development, PPAP, etc., cycles have to go through. 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 product, there was a Eurobike going on. Currently, there's Eurobike going on in Germany. Yesterday night itself, I've just got a news that Gabriel has got an innovation award for our integrated dropper post that we have created along with a European company, biggest light maker, which is called Supernova. We will be getting that recognition on 24th. We have already patented that product. I think the progress has been good at different stages. Coming to the SK part of it.
SK, I think we are on course. We started the operations in this quarter already. The company started generating sales. We should be moving 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. As far as Jinos is concerned, Jinos construction is going on of the building. We are expecting that to end some time 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. That will also start generating sales in the current year. That is what update on these two joint ventures.
Just to only add, there is again, some good information. I think while they are small wins starting up, but anyway, a couple of wins already with two of the customers in the case of SK, and we have also one business win in the Jinhap already. I think that work has started, and as I said, I think as per the timeline.
Got it, sir. Yeah. Got it. This customer, new wins would be on the OEM side for this case?
Yeah.
Yeah, they are on the OEM side. Just to share with you, one is with the Mahindra through the American Axle, and one is with the Mobis, which is primarily on the EV battery fluid side. As I said, Jinhap it is 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?
Yeah. See, we have already shared the business plan with you. As Mr. Goyal also mentioned, I think the Jinhap start of production is expected in quarter three. What we are seeing is there, we are in the process of creating the timeline, obviously the factory is coming up. Maybe too early to put bigger numbers there, yes, every business win adds up to the number. 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'll be sharing. Yes, we build block by block.
Got it, sir. Great to hear this, sir.
Got it. There's an uptick in between, Mumuk.
Yeah, thank you.
I request the press-
Yeah, I'll come back.
to please join the queue. Yeah.
No worries.
Thank you. We will take the next question from the line of Amit Hiranandani from PhillipCapital. Please go ahead.
Yeah, thanks for the opportunity and congrats for good set of numbers, sir. Sir, my question is revolving only on the Sunroof businesses. If you can help us understand the reason for why decline the revenues, even in 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 Q1Q basis. We wanted to understand the reason and sustainability of the same. Continuing with the Sunroof only, any new order wins apart from the Korean customers? Finally, on the bookkeeping, how many Sunroof's total units sold in FY 2026, and the penetration level we wanted to understand for the two fiscal, FY 2025 and 2026.
Okay. Mohit, do 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. We sold close to 170,000 sunroofs in the year FY 2025, 2026. The quarter-on-quarter drop you see is because of the Kia Syros. The anticipation was that this vehicle will do well, and the last quarter, the buildup and ramp up was happening, which we could not see in this quarter, hence the drop in revenue happened. 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 other sourcing efficiency. Some work has happened, and which is also reflected in this quarter's results. We expect that momentum to continue going forward.
Having said that, we continue to maintain our position that sunroof business margin at EBITDA level remains between 12%-14%.
Yeah.
Yeah, sir, you can come in on the next part of.
On the new business side, again, like in 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 advanced discussions, some progress has happened. Yes, the decision is yet to be made there. As soon as it is made, we will be sharing with you. Okay. There are some other RFQs also. We are working with both of the current customers also out there.
Sir, on the penetration, sunroof penetration level for FY 2025 and 2026, if you can highlight please?
I think it is the same.
It's somewhere around 24, 25% is the final number. Variant to variant changes are there, but I think anywhere around that number is the penetration.
Right. Sir, secondly, in the passenger vehicle shop as well, any new program wins, especially in the FSD, and secondly, within the two-wheeler business, any timelines to start the business with Hero MotoCorp? This is from my side. That's it.
On the passenger car, since you have asked specifically on the FSD, there is one development that is going on currently with Tata Motors on that. That is one. Secondly, again, one or two discussions with different customers on offering this technology is going on. Yes, in the development, it is currently one model. On the Hero side, the first launch we are expecting startup production, we are expecting in quarter two there. That is 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 soon. Quarter two, you can assume the start of production.
Sure, sir. Thank you, sir, and I'll come back in the queue. Thank you.
Sure, Mohit. Thank you.
Thank you. We will take the next question from the line of Jay Kale from Elara Capital. Please go ahead.
Yeah. Thanks for taking my question, and congratulations on a steady state of numbers in a challenging environment. My first question is on the subsidiaries, the four subsidiaries that you'll have announced from a merger perspective. While you'll have to progressively disclose your financials, but just an indication of how have they performed in this fiscal, your standalone revenues grew by 16%. Broadly, how have they performed as a combination of four entities? Have they outperformed the standalone revenue growth? Just kind of some color on how the integration is going on. The second question is on SK Innovation. Of course, you started off with one product, but they have a global suite of many products. How are we seeing discussions of further expanding the product portfolio over here and any incremental information or headway that we've made on that side?
Jay, if I may come in, Mohit here. For the first question, with respect to the SK entities, the annual financial audit is ongoing, and we expect that audit conclusion to happen by the middle of June. As informed earlier, from quarter one onwards, we will consolidate the numbers. Hence, we would be able to share the better outlook with the numbers for FY 2025/2026 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 entity.
In general, these companies are performing as per the market.
I think we don't see anything which is to be highlighted to alarming anything. We need to highlight it. I think everything is going as per the plan and as per the market, actually. That is on these associates and subsidiary companies. As far as SK Group is concerned, our relationship is right now for the lubricant business, so that we want to first make sure for at least for a year, and then maybe later we will see what could be the other opportunity with SK Group to work on other products.
Okay. Second question is on the MMAS financials. We had targeted a turnover or at least PBT breakeven by Q4. How are we in that journey? With commodity costs increasing, how the pass-through is happening for that entity as well as the overall business.
On the MMAS, 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. We have also been able to stabilize that plant, because that had lot of challenges, which I think we have discussed that here 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. It is not specific to MMAS.
On the commodity side, you know the escalations are there. I think every effort is being put to have a back-to-back recovery for that, because which is definitely mandatory. The escalations are being worked out with all the customers, all the commodities there, because they are all steep increases. Principally, I would say, the customers are aligned to pay there. I think that is the current status. I have not seen a customer which is indicating that they will not pay. Yes, we continue that recovery because the prices are also changing on a monthly basis, I would say. It is not specific to MMAS, it is across the business, across the group.
Sir, just one last in that light, any updated targets about your margin trajectory closer to 10% going ahead, especially in this current scenario? That's all from my side. Thank you.
Jay, I think what we have all learned from COVID is that every quarter, every six months, every year brings a new challenge. Okay. Our targets, whether it is margin improvement or whether it is going to INR 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. I'm sure the kind of steep increase that is there, I think the moment things streamline, I think this will come back to normal. It may take a quarter here and there, but it'll be there. That doesn't change the target that we have taken.
Yes. Thanks. I'll come back in the queue. Thank you.
Thanks, Jay.
Thank you. We will take the next question from the line of Radha from Motilal Oswal Financial Services Limited. Please go ahead.
Hello, sir. Thank you for the opportunity. Sir, my question is with regards to Dana. Sir, the exports from Dana Indian entity to the global company have gone up from about 30% in 2019 to 40% in 2025. Can you please highlight the growth opportunity in the exports market over and above the respective industry growth in those regions? Are there any geographies which are rethinking strategies with respect to shifting manufacturing to India? If you could talk about any new product introductions or any new business wins apart from the Mahindra SUV, like you mentioned. Basically, I wanted to understand where do you see the scale of this business in the next two, three years?
I think export business has been priority in Dana, and the exports are going back to the partner, basically the global locations. I think from that point of view, we continue to grow this business the way it has been growing in past. We don't see any hurdle, anything on this. I can't comment on any numbers specifically or any geography. The strategy is to shift the global operations as it is appropriate time for them also to India. That continue. I think we are doing good and continue to do good actually, basically.
Okay, sir. Thanks. Second is, sir, if you look at the historical financials of Dana India and the asset turns, 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 leverage. Your current margins in that business is already higher than all the other peers in India as well as global. Is it a fair understanding that there is a potential for further margin expansion in the Dana business, or do you think this is the peak?
No. As I said, it's going on well, so it continues. You know all challenges, very difficult to comment on margin. Sometimes the exchange going up, going down, and are commodity impacted. There is a volume changes many times. 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.
I would only add that I think till 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. I think Dana has a fantastic proven record of continual improvement in operations and profitability, and there's no reason why it should not continue.
Yes, sir. Sir, last question is on Henkel. The margins in the Henkel business has been quite volatile. 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 commodity fluctuation is happening very strongly, especially in the current quarter. I don't know really for which number you are talking from the Henkel perspective, which year you are talking. I have no idea because, as Mohit said that our audit is going on for the current year numbers. Those results will be out. Our numbers are only available for 2024-2025. After that, we have not declared any number on this. Yes, I think the margins are continuing the way it is. Of course, some challenges with respect to the commodity on the quarter to quarter could be there because there is a recovery lag many times. Yes, otherwise, there is no specific reasons of change in the margins because I really don't know which quarter 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. Of course, manufacturing facilities were 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. Yes, last couple of years the company has been doing good and that's what we look at it.
Okay, sir. Thanks and all the best.
Thank you. We have the next question from the line of Dishant Jain from Anand Rathi. Please go ahead.
Thank you for the opportunity. My question is regarding standalone results. The gross margin was lower by 19 QoQ. What would be the reason? Is it mainly due to higher input cost or a mix of higher four-wheeler or lower exports? Any one-offs to call in standalone and Sandvik margins in any other line item as well?
Yeah. Thanks for the question. Yes, quarter four compared to quarter three saw a drop in the gross margin, mainly due to material cost impact. Of course, the material cost impact due to strained supply chain, we have to prioritize. The mix also took an impact where aftermarket and export volume took a back seat and the focus was to cater the OE line. War impact also saw a couple of inflations being asked by suppliers, which we had to incorporate to cater the lines. We have locked the claim to the customers, but due to the timing difference, we have to take that impact into our P&L. I think that has been the main reason for this increase in the material cost, which is leading the drop in margin.
Okay. What would be the inflation range in terms of mid-single or high single digit 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. It is part to part. There is a huge difference. If you take aluminum and then you take plastics and then you take steel, there is a huge difference in terms of inflation. Very difficult to say where it will go and how it will change. The March rates were completely different than April. The April rates were completely different than May. The war stops tomorrow, June may be much better. Escalates, June may again see an increase. That continues. Putting a number. I think most important is to ensure recovery.
Okay. My next question would be regarding Sandvik. When should we see the next model ramp-up for Sandvik? Are there any wins in the last quarter? Order wins 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 Syros variant, because Syros almost became zero. They have started producing in last few months. EV for domestic and export is starting now. That is going to be there. All the new models that are under development, there are five of them actually, they start coming in from the different stages of this year and then next year.
Okay. Thank you, sir.
I have already shared the dates in the past exit months when it is starting, I think quarter three, if I remember correctly, but I can check and again share also. We share that.
Okay, sir. Thank you, sir.
Got it.
Thank you.
Thank you. We will take the next question from the line of Anurag Gaikwad from Shree Bahubali Stock Broking. Please go ahead.
Hi. Congratulations on a great set of numbers. Could you tell how much CapEx are you planning in FY 2027?
Yeah. Mohit?
CapEx, this year we did about INR 190 odd crores. The range which we take is about INR 160-180 crores of CapEx. Endeavor is to keep the asset turn in line with what we have done in past. About INR 150-180 crores of CapEx to cater the growth which we are targeting in FY 2027.
Okay, understood. Another question was on the semi-actives product that we talked about last quarter. Have you onboarded any customer for the commercialization of the semi-active product?
Yeah, two parts to this question. One is on the two-wheeler side, one on the car side. On the two-wheeler side, two developments with two customers have started. The LOIs are there and the development has started. They will start coming in as per the development timelines. On the passenger car side, while some collaborative work is happening with a customer, but there is no formal LOI as of now. Yes, a POC has been done with one of the customers and a POC is being planned with another customer. As of now, there's no formal LOI which is available.
Okay. What would be the margin share of?
You want me to tell the margin so that the OEs start asking the discounts from here on, but anyway, the margin will be better than the current products.
Okay.
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 PhillipCapital. Please go ahead.
Sir, anything to read in the aftermarket side? The growth has tapered down in the Q4, despite we have added some new touchpoints. Anything on the exports as well, sir?
I think Mohit touched on this point. Aftermarket, I think 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, owing to there was acute shortage of aluminum and gas in the month of March. 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 last so many years, and we see good opportunity. 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 realize, but yes, we are very focused on both. On the aftermarket, there's nothing to worry there. It is more on the supply chain side, I think also.
This export Q4 drop was temporary due to shipping challenges and all?
There were certain delays there, as I said, I think because March, a huge pressure from the OEMs. Everybody was closing the year. Everybody wanted to have new record. You know how the commercial vehicle performed in the last quarter. Because of the acute gas shortages, the tier two's had major impacts to run their plants. It was a calculated, conscious decision to prioritize certain products from the OE side.
Understood. Sir, second question to Mohit sir. Sir, if you can help us, the total CapEx outlook considering all the new entities as well. If you can give some bifurcation between these standalones and group and the new entities, please.
For standalone, I just clarified that for this year we did approximately INR 190 crore of CapEx. Next year outlook is looking between INR 160 crore to INR 190 crore for standalone 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 middle of June we will conclude everything. From Q1 onwards, I think I will be in a better position to give the outlook of the entities coming under through Project Rise. Just wait for one more quarter to get the consolidated outlook of CapEx.
Sure, sir. Sir, if I can squeeze one last question. Can you help us the broad numbers of these four entities, the revenue with our PAT 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've seen the number of Gabriel, and you have the FY 2024, 2025 numbers of all these entities. We do not expect any significant delta. All these entities are undergoing financial audit for FY 2026, which we expect to close by middle of June. Once we complete that audit, along with the Q1 results, we will come up with a number for FY 2026 as well.
Sure, sir. All the best, sir. Thank you so much. Thank you.
Thank you.
Thank you. We will take the next question from the line of Avadhoot Joshi from Tri vantage Capital. Please go ahead.
Hi, thanks for the opportunity. Am I audible?
Yes. Audible. Please go ahead.
On the two-wheeler side, we have multiple SOPs in Q4, as you have mentioned into PPT, Suzuki, Access or Breeze. In addition to that, we have SOP of Hero in Q2. Considering that, how we look at the volume growth for this year, FY 2027? The second part is on our major revenue comes from two-wheelers. How we are seeing the trends, maybe it's on the schedule side? Even this month, we have seen that one data indicates our major customer TVS is still doing well. Going forward, how are the trends we are looking at the two-wheeler industry and if 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 would be helpful. Thanks.
Yes. There are two parts of your question. One is on the new product. Generally, in the two-wheeler side, the new launches start coming in around the festival season. This is how all the two-wheeler new models or refresh or these things happen. This is how the industry works in the two-wheeler. 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, et cetera. 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 strong from all the customers.
Mention the name of one customer. 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. 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. Then obviously you get into the festival season. If the war continues for a very long time, we will have to wait and watch. Otherwise, as we stand today, the projections are good.
Okay. The same is with on the CV side as well?
CV also, yes. CV, they are doing well. Everybody is doing well. I think we had Maruti conference. They are quite positive about the numbers. We had Mahindra conference. They are very positive about the numbers. Yeah.
Understood. Thank you so much. Just a bookkeeping question on the other cost. There seems to be some increase in it. If you can give details why it has gone up on that part, it would be helpful.
No, sorry, I could not get your question. Which cost?
Other costs that have gone up.
You are referring for quarter-on-quarter or last?
Quarter-on-quarter. Yes.
Quarter-on-quarter, I think we discussed on the gross margin part. I don't think that the other cost-
Yeah, gross margin you have already clarified. Okay, I will take it off then. No problem.
Yeah. Anyway, 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'll come back.
Thank you. We will take the next follow-up question from the line of Radha from Motilal Oswal Financial Services Limited. Please go ahead.
Hi, sir. Thank you again. Sir, Dana Global entity earlier had a 49% stake in a company called Axles India, which was sold to TSF Group in 2025. Just wanted to understand, are there any product overlap or any other relations of Dana India with this entity?
Nothing has changed to our position. Our joint venture is with Dana. That continues without any impact, actually.
Is there any product overlap, sir?
As I said, no change, basically. Nothing is changing from our perspective.
Yes, since they make axle housings, I wanted to understand whether the product is same between the two entities.
No. They were making earlier also, axle housing. They continue to do that. This company is making complete axle, not axle housing, for the LV category. We continue to do that. For us, nothing has changed. I can't comment on rest of the Dana if anything changed for them, but for us, nothing has changed.
They are making entire axles and this company is only making axle housing. Is that the right understanding?
Complete axle we are making and axle housing is bought actually.
This is what Mr. Goyal said. I think we make the complete product. Yeah, we make the full product.
Okay, sir. Sure. Okay. Yeah. Thanks a lot.
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. Atul Jaggi for the closing comments. Thank you and have a good day, sir
Thank you. Thanks for all the questions. 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 advisors. 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.