ICICI Direct's research report on Gabriel India
Gabriel India (GIL) is a global top-10 shock absorber manufacturer serving 2-W, 3-W, PV, CV, railway and aftermarket segments. FY22 revenue mix – ~65% 2-W, 3-W, ~22% PV, ~13% CV & railways • FY22 market share – 25% in 2-W, 3-W, 23% in PV, 85% in CV & railways • On-boarded EV players in 2-W, 3-W space & is sole supplier for Ola Electric.
Outlook
We retain BUY; EV proof product profile & prominent EV OEMs on-board. Rolling over our valuations, we now value GIL at 15x P/E on FY24E for a revised target price of Rs 140/share (earlier target price Rs 170).
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