Gabriel India Ltd

About

Gabriel India is part of ANAND Group. From being a single-product company in 1961, we have transformed ourselves in line with changing market, technical and social trends and played a key role in limiting emissions of ride control products and foster the cause of environmental protection. Company manufactures over 300 models of ride control products. [1] Its products include shock absorbers, struts, front forks and others.[2]
It has a vision to be amongst top 5 shock absorber manufacturers in the world by 2025.[3]

Key Points

Revenue Breakup
Segment Mix :-
2/3 Wheeler - 67%
Passenger vehicles - 22%
Commercial Vehicles, Railways - 9%
Trading - 2%

Channel Mix :-
OEM - 83%
Replacement - 13%
Export - 4%[1]

See full details
  • Market Cap 2,244 Cr.
  • Current Price 156
  • High / Low 168 / 90.6
  • Stock P/E 23.7
  • Book Value 48.5
  • Dividend Yield 0.58 %
  • ROCE 12.3 %
  • ROE 8.90 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 22.05%

Cons

  • The company has delivered a poor sales growth of 3.51% over past five years.
  • Company has a low return on equity of 12.92% for last 3 years.
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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
542 510 510 517 473 456 425 123 460 536 581 454
490 467 476 476 441 423 392 140 424 497 531 429
Operating Profit 51 43 34 41 31 32 33 -17 36 39 49 25
OPM % 10% 8% 7% 8% 7% 7% 8% -14% 8% 7% 8% 6%
Other Income 2 3 3 2 2 3 3 2 4 6 6 3
Interest 1 1 1 1 1 1 1 1 1 1 4 2
Depreciation 10 10 10 10 10 10 13 9 10 12 11 10
Profit before tax 43 35 26 32 22 24 22 -24 29 33 41 16
Tax % 32% 37% 33% 31% 17% 27% -18% 2% -7% 28% 29% 24%
Net Profit 29 22 17 22 18 18 26 -24 31 23 29 12
EPS in Rs 2.02 1.53 1.20 1.54 1.29 1.22 1.84 -1.66 2.13 1.63 2.01 0.84

Profit & Loss

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
692 963 1,120 1,198 1,278 1,437 1,431 1,521 1,833 2,076 1,870 1,700 2,031
633 874 1,025 1,116 1,189 1,320 1,302 1,374 1,662 1,898 1,732 1,592 1,881
Operating Profit 59 89 95 83 89 117 129 146 171 178 138 108 150
OPM % 8% 9% 8% 7% 7% 8% 9% 10% 9% 9% 7% 6% 7%
Other Income 13 8 12 -2 3 3 2 6 7 9 10 19 19
Interest 16 17 17 12 9 5 2 4 3 3 4 7 8
Depreciation 20 22 28 27 27 31 33 35 38 41 44 42 43
Profit before tax 35 57 62 41 56 84 95 113 137 143 100 78 118
Tax % 32% 21% 15% 7% 24% 28% 21% 27% 31% 34% 16% 23%
Net Profit 24 45 53 38 43 60 75 83 94 95 85 60 95
EPS in Rs 2.66 2.97 4.18 5.24 5.76 6.56 6.61 5.90 4.20 6.61
Dividend Payout % 25% 16% 14% 28% 29% 25% 23% 23% 21% 23% 22% 21%
Compounded Sales Growth
10 Years:6%
5 Years:4%
3 Years:-2%
TTM:38%
Compounded Profit Growth
10 Years:2%
5 Years:-5%
3 Years:-14%
TTM:145%
Stock Price CAGR
10 Years:22%
5 Years:6%
3 Years:4%
1 Year:64%
Return on Equity
10 Years:17%
5 Years:15%
3 Years:13%
Last Year:9%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
7 7 7 14 14 14 14 14 14 14 14 14
Reserves 142 179 224 242 271 311 366 436 511 576 637 682
Borrowings 149 151 123 81 66 13 11 8 10 7 9 15
146 192 188 223 238 283 281 310 368 375 320 511
Total Liabilities 444 530 542 560 589 622 672 769 903 972 981 1,222
184 210 214 255 267 268 272 289 299 301 349 353
CWIP 12 11 4 6 12 3 2 2 8 54 20 28
Investments 13 13 0 0 0 0 0 28 62 47 35 15
234 296 325 299 309 351 397 450 534 571 578 826
Total Assets 444 530 542 560 589 622 672 769 903 972 981 1,222

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
56 75 45 108 69 100 91 136 104 93 120 204
-22 -62 17 -59 -36 -27 -36 -123 -64 -75 -96 -92
-30 -22 -60 -49 -32 -75 -23 -44 -26 -31 -28 -22
Net Cash Flow 4 -9 2 1 1 -1 32 -31 14 -13 -4 91

Ratios

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 41 36 41 37 39 44 49 51 56 50 46 63
Inventory Days 58 54 57 48 47 40 39 44 42 41 44 60
Days Payable 76 78 62 59 62 67 63 72 74 63 58 113
Cash Conversion Cycle 22 12 36 26 24 18 25 23 23 28 31 10
Working Capital Days 47 30 36 18 16 15 19 21 24 25 25 11
ROCE % 17% 24% 21% 17% 20% 26% 27% 28% 28% 26% 16% 12%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
52.75 52.75 52.75 52.75 52.75 52.75 52.75 52.75 52.75 55.00 55.00 55.00
10.87 10.75 10.34 10.31 10.55 10.76 10.59 10.73 4.27 3.83 3.28 1.00
1.89 3.51 3.84 4.34 5.09 5.36 5.92 5.79 11.31 6.57 6.76 7.08
34.50 33.00 33.07 32.61 31.62 31.14 30.75 30.73 31.67 34.60 34.96 36.92

Documents