GABRIEL - Gabriel India
📢 Recent Corporate Announcements
Gabriel India Limited has announced a Non-Deal Roadshow (NDR) to engage with institutional investors in Singapore and Hong Kong. The meetings are scheduled for March 11, 2026, in Singapore and March 12, 2026, in Hong Kong, organized by Elara Securities. These sessions will include both 1x1 and group meetings to discuss the company's performance based on publicly available information. No unpublished price sensitive information is expected to be shared during these interactions.
- Non-Deal Roadshow scheduled for March 11, 2026, in Singapore starting from 11:00 am local time.
- Investor meetings in Hong Kong scheduled for March 12, 2026, starting from 9:45 am local time.
- Event organized by Elara Securities (India) Private Limited featuring 1x1 and group meeting formats.
- Discussions will strictly adhere to publicly available information to ensure no UPSI disclosure.
- The schedule is subject to change based on the exigencies of the participants or the company.
Gabriel India Limited has announced a Non-Deal Roadshow (NDR) to engage with institutional investors in international markets. The meetings are scheduled for March 11, 2026, in Singapore and March 12, 2026, in Hong Kong, organized by Elara Securities. These sessions will include both 1x1 and group meeting formats to discuss the company's performance based on publicly available information. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during these interactions.
- Non-Deal Roadshow (NDR) scheduled for March 11, 2026, in Singapore starting at 11:00 AM local time.
- Investor meetings to continue in Hong Kong on March 12, 2026, starting at 9:45 AM local time.
- Event organized by Elara Securities (India) Private Limited featuring 1x1 and group meeting formats.
- Compliance disclosure confirms discussions will be restricted to publicly available data only.
Gabriel India has successfully fulfilled the first tranche conditions for its Joint Venture with SK On Co., Ltd (following the merger of SK Enmove into SK On). The JV company, SK Enmove Gabriel India Private Limited, has allotted equity shares in a 51:49 ratio, with Gabriel India holding a 49% stake. Key agreements including a Technology License Agreement, Business Transfer Agreement for SK Enmove India's existing business, and a ZIC Trademark License have been executed. This marks the formal commencement of the JV's operational phase and strategic entry into the lubricants and fluids market.
- Equity shares in the JV company allotted in a 51:49 ratio between SK On Co., Ltd and Gabriel India Limited.
- Execution of a Business Transfer Agreement (BTA) to acquire the existing business of SK Enmove India Private Limited.
- Technology License Agreement signed to procure technical support and information from SK On Co., Ltd.
- JV Co. granted rights to use the 'ZIC' trademark under a Brand License Agreement.
- February 27, 2026, confirmed as the First Tranche Long Stop Date following fulfillment of all conditions.
Gabriel India has successfully fulfilled the first tranche conditions for its joint venture with SK On Co., Ltd (formerly SK Enmove). The JV entity, SK Enmove Gabriel India Private Limited, has allotted equity shares in a 49:51 ratio between Gabriel India and SK On. Additionally, a Business Transfer Agreement was executed for the JV to acquire the existing business of SK Enmove India. This move is supported by technology and trademark licensing agreements for the 'ZIC' brand, marking a significant strategic expansion.
- Equity shares allotted in the JV company in a 49:51 ratio between Gabriel India and SK On Co., Ltd.
- Execution of a Business Transfer Agreement (BTA) to acquire the existing business of SK Enmove India.
- Signed Technology License Agreement (TLA) to procure technological support and assistance from SK On.
- Secured 'ZIC' Trademark Brand License Agreement for the Joint Venture's operations.
- Corporate Service Agreement signed with Anand Automotive for operational and management support.
Mrs. Kiran D Anand, part of the promoter group, has acquired 2,62,106 equity shares (0.18% stake) of Gabriel India Limited through transmission from the late Mr. Deep C Anand. This administrative transfer increases her personal holding from 1.73% to 1.91%. The transaction is exempt from open offer requirements under Regulation 10(1)(g) of SEBI (SAST) Regulations. Importantly, the total promoter and promoter group shareholding remains unchanged at 55.00%, ensuring no change in overall control.
- Transmission of 2,62,106 equity shares representing 0.18% of total share capital
- Individual stake of Kiran D Anand increased to 27,45,146 shares (1.91%)
- Total promoter group holding remains constant at 7,90,04,167 shares (55.00%)
- Acquisition is exempt under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
Gabriel India Limited will hold an NCLT-convened meeting on March 18, 2026, to seek shareholder approval for a Composite Scheme of Arrangement. The scheme involves the demerger of the Automotive Undertaking from Asia Investments Private Limited into Gabriel India. Eligible shareholders as of the March 11, 2026 cut-off date can participate in remote e-voting from March 15 to March 17, 2026. This restructuring follows the Board's initial approval on June 30, 2025, and aims to consolidate specific automotive assets under Gabriel India.
- NCLT-convened meeting for equity shareholders scheduled for March 18, 2026, at 11:00 A.M. IST
- Scheme involves the demerger of the Automotive Undertaking of Asia Investments into Gabriel India
- E-voting cut-off date is March 11, 2026, with the voting window open from March 15 to March 17
- The restructuring also involves the amalgamation of Anchemco India into Asia Investments
- The meeting will be conducted virtually via Video Conferencing (VC) or Other Audio-Visual Means (OAVM)
Gabriel India has scheduled a shareholder meeting for March 18, 2026, following NCLT directions regarding a Composite Scheme of Arrangement. The scheme involves the demerger of the Automotive Undertaking from Asia Investments Private Limited into Gabriel India. A key outcome of this arrangement is the increase in promoter shareholding from 55% to 63.53%. Public shareholding will consequently decrease from 45% to 36.47% due to the issuance of new shares as consideration for the demerged business.
- Shareholder meeting set for March 18, 2026, to vote on the Composite Scheme of Arrangement.
- Promoter group shareholding to rise significantly from 55% to 63.53% post-implementation.
- Public shareholding to be diluted from 45% to 36.47% following the issuance of new shares.
- Remote e-voting period is scheduled from March 15 to March 17, 2026, with a cut-off date of March 11.
- The arrangement involves the amalgamation of Anchemco India into Asia Investments prior to the demerger into Gabriel India.
Gabriel India Limited has officially released the written transcript of its earnings conference call held on February 03, 2026. The call focused on the company's operational and financial performance for the third quarter and the nine-month period of FY26. This disclosure is a standard regulatory requirement under SEBI Listing Obligations and Disclosure Requirements. Investors can now access the detailed management commentary and analyst Q&A session through the company's website.
- Written transcript of the Q3 & FY26 earnings call held on February 03, 2026, is now public.
- The document provides detailed insights into operational performance and management outlook.
- Filing made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
- Transcript is available on the company's website under the 'Investor Information' tab.
Gabriel India Limited has announced its participation in a Non-Deal Roadshow (NDR) scheduled for February 11, 2026, in Mumbai. The event is organized by Elara Securities (India) Private Limited and will involve meetings with institutional investors starting from 8:00 AM. The company has clarified that discussions will be based strictly on publicly available information, with no unpublished price sensitive information being shared. Such meetings are standard practice for maintaining investor relations and providing clarity on existing corporate data.
- Non-Deal Roadshow (NDR) scheduled for February 11, 2026, in Mumbai.
- Event organized by Elara Securities (India) Private Limited starting at 8:00 AM.
- Meetings involve interactions between company officials and institutional investors.
- Discussions will be restricted to publicly available information only.
Gabriel India Limited has announced a scheduled meeting with institutional investors and analysts on February 10, 2026. The meeting is organized by Elara Securities (India) Private Limited and will be held in Mumbai starting from 10:00 AM. The company has clarified that discussions will be based strictly on publicly available information, ensuring no unpublished price sensitive information is shared. Such meetings are standard practice for maintaining transparency with the investment community.
- Meeting with institutional investors and analysts scheduled for February 10, 2026
- Event organized by Elara Securities (India) Private Limited in Mumbai
- Discussions to commence from 10:00 AM onwards
- Company confirms no unpublished price sensitive information (UPSI) will be discussed
Gabriel India Limited has informed the exchanges that the audio recording of its Q3 FY26 earnings conference call is now available for public access. The call, which took place on February 03, 2026, involved discussions regarding the company's operational and financial performance for the third quarter. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations, 2015. Investors can access the recording via the provided link on the company's official website under the Investor Information section.
- Audio recording of the Q3 FY26 investor call released on February 03, 2026
- Discussion focused on operational and financial performance for the quarter
- Compliance update under Regulation 30 of SEBI Listing Obligations
- Recording accessible via the Anand Group India website link
Gabriel India reported a consolidated revenue of ₹8,111.45 million for the quarter ended December 31, 2025, representing a marginal year-on-year growth compared to ₹8,045.17 million. Net profit for the quarter stood at ₹451.11 million, slightly lower than the ₹453.52 million reported in the corresponding quarter of the previous year. However, the nine-month performance remains positive, with cumulative net profit reaching ₹1,508.40 million compared to ₹1,390.57 million in the previous year. The company also confirmed the re-appointment of Mrs. Pallavi Joshi Bakhru as an Independent Director for a second five-year term.
- Consolidated revenue for Q3 FY26 was ₹8,111.45 million, up slightly from ₹8,045.17 million in Q3 FY25.
- Consolidated net profit for the quarter reached ₹451.11 million, a marginal decline from ₹453.52 million YoY.
- Nine-month (9M FY26) consolidated revenue grew to ₹24,354.33 million from ₹23,015.15 million in 9M FY25.
- Nine-month (9M FY26) consolidated net profit increased to ₹1,508.40 million from ₹1,390.57 million YoY.
- The board approved the re-appointment of Mrs. Pallavi Joshi Bakhru as an Independent Director for a 5-year term starting May 2026.
Gabriel India reported a strong Q3 FY26 with revenue growing 15.9% YoY to ₹10,716 million and PAT increasing 21.6% YoY to ₹656 million. The company maintained a healthy EBITDA margin of 9.0% while achieving a 21.0% YoY growth in EBITDA. A key highlight is the company's dominant market position, holding an 87% share in the Commercial Vehicle segment and a 62% share in the Electric 2-Wheeler market. Strategic expansion into solar dampers and e-bike components is on track, with solar damper manufacturing expected to commence in Q1 FY27.
- Revenue for 9M FY26 grew 15.1% YoY to ₹31,222 Mn, supported by strong traction in Utility Vehicles and CVs.
- EBITDA for Q3 FY26 rose 21.0% YoY to ₹961 Mn with margins holding steady at 9.0%.
- Maintains a dominant market position with 87% share in CVs and 62% share in the E2W segment.
- Capex of ₹1,387 Mn incurred in 9M FY26, primarily for the Chakan-2 plant and other growth initiatives.
- Entry into the solar dampers market with orders from 3 customers; production expected to start in Q1 FY27.
Gabriel India Limited has revised its equity subscription amount for its joint venture with South Korea-based Jinos Co., Ltd. The new investment amount for Gabriel India in Jinhap Gabriel Auto India Private Limited is set at INR 24,11,73,695. Importantly, the shareholding ratio remains unchanged at 51% for Gabriel India and 49% for Jinos. This amendment follows commercial discussions and formalizes the capital commitment for the partnership established in July 2025.
- Revised investment amount for Gabriel India is ₹24.12 crore (INR 24,11,73,695).
- Shareholding ratio in the JV remains fixed at 51:49 between Gabriel India and Jinos Co., Ltd.
- Amendment agreement to the Share Subscription Agreement (SSA) was executed on February 3, 2026.
- The JV company is Jinhap Gabriel Auto India Private Limited, located in Tamil Nadu.
- All other terms and conditions of the original July 2025 agreement remain unchanged.
Gabriel India's board met on February 03, 2026, to approve the unaudited standalone and consolidated financial results for the quarter ended December 31, 2025. The board also approved the re-appointment of Mrs. Pallavi Joshi Bakhru as a Non-Executive Independent Director for a second five-year term, ensuring continuity in leadership. This re-appointment is scheduled to take effect from May 26, 2026, subject to shareholder approval. The trading window for the company's securities is set to reopen on February 06, 2026.
- Approved Unaudited Standalone and Consolidated Financial Results for the quarter ended December 31, 2025
- Re-appointed Mrs. Pallavi Joshi Bakhru as Independent Director for a second term of 5 years
- Independent Director's new term runs from May 26, 2026, to May 25, 2031
- Trading window for company securities to reopen on February 06, 2026
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 15.5% YoY in H1 FY26 to INR 2,279 Cr. Standalone segment growth in Q2 FY26 was led by Commercial Vehicles/Railway at 35% YoY, 2/3-Wheelers at 15% YoY, and Passenger Vehicles at 13% YoY. The Sunroof business (IGSSPL) saw a significant ramp-up, contributing ~9% to total revenue in Q1 FY25 compared to 2% in FY24.
Geographic Revenue Split
Domestic market remains the primary driver with healthy demand, while exports remained subdued due to global macro-economic headwinds. The company maintains a presence in six continents through 12,000 retailers and 600 dealers, but specific regional percentage splits are not disclosed.
Profitability Margins
Gross margins expanded due to favorable channel mix and raw material moderation. Operating margins improved from 8.7% in FY24 to 9.6% in FY25. PAT margin stood at 5.25% in FY24 (INR 179 Cr) compared to 4.45% (INR 132 Cr) in FY23.
EBITDA Margin
Consolidated EBITDA margin reached 9.9% in H1 FY26 (INR 225 Cr), up from 9.8% in Q2 FY26 (INR 116 Cr). FY25 EBITDA was INR 324.21 Cr, a 10.6% increase YoY, driven by volume growth and the CORE 90 operational excellence program.
Capital Expenditure
Planned capex of INR 314 Cr over fiscals 2024 to 2025 to support capacity expansion and JV investments. The company also maintains unutilized fund-based limits of INR 150-170 Cr.
Credit Rating & Borrowing
Maintains a strong financial risk profile with a debt-free balance sheet at the standalone level. Interest coverage ratio was robust at 38.18 times in FY24. Borrowing is limited to working capital loans for the sunroof subsidiary.
Operational Drivers
Raw Materials
Steel, aluminum, and rubber components (implied by ride-control products). Raw material costs are a significant portion of the cost structure, though specific percentage breakdowns per material are not disclosed.
Import Sources
Not specifically disclosed, though the company leverages global relationships of strategic partners for supply chain synergies.
Capacity Expansion
Sunroof business (IGSSPL) commercialized in Q4 FY24 and is ramping up to meet robust demand. The company is also expanding manufacturing capabilities through the Marelli Motherson Auto Space (MMAS) asset purchase.
Raw Material Costs
Raw material prices moderated in FY24 and FY25, contributing to a 90 bps improvement in operating margins. Procurement is optimized through the CORE 90 program to mitigate price volatility.
Manufacturing Efficiency
RoCE was healthy at over 25% in FY24, driven by higher capacity utilization and shifting trends toward premiumization and UVs.
Strategic Growth
Expected Growth Rate
8-10%
Growth Strategy
Growth will be driven by the ramp-up of the sunroof business (targeting 16.5% margins), expansion into the lubricant aftermarket (targeting INR 500 Cr in 5-6 years), and the turnaround of the MMAS acquisition. The company is also focusing on premiumization in the 2-wheeler and PV segments and increasing EV manufacturer order inflows (EV mix was 4% in FY23).
Products & Services
Ride-control products (shock absorbers, struts, front forks), sunroof systems, solar dampers, gas springs, and automotive lubricants.
Brand Portfolio
Gabriel, Inalfa Gabriel Sunroof Systems.
New Products/Services
Sunroof systems (contributing 9% to revenue), lubricants (new business line), and advanced modular clean-tech solutions for EVs.
Market Expansion
Expansion of the sunroof business and strengthening the European engineering team (G.E.C.C.) to focus on global markets.
Market Share & Ranking
Market leader in ride control with 30% share in 2/3-Wheelers, 24% in Passenger Vehicles, and 88% in Commercial Vehicles.
Strategic Alliances
Joint Venture with Inalfa for sunroofs (Gabriel to increase stake to 65%) and Asset Purchase Agreement with Marelli Motherson Auto Space (MMAS).
External Factors
Industry Trends
Shift toward electrification (EVs), premiumization in urban geographies, and rising demand for sunroofs in passenger vehicles. The industry is evolving toward intelligent and sustainable mobility systems.
Competitive Landscape
Highly competitive ride-control and lubricant markets; faces pricing pressure from both peers and large OEMs.
Competitive Moat
Moat is built on 60+ years of engineering excellence, dominant market share (88% in CVs), and strong OEM relationships. Sustainability is supported by the high entry barriers of technical JVs (e.g., Inalfa).
Macro Economic Sensitivity
Sensitive to global GDP (lowered to 2.8%) which impacts export demand, and domestic automotive production cycles.
Consumer Behavior
Increasing consumer preference for Utility Vehicles (UVs) and premium features like sunroofs is shifting the product mix toward higher-margin segments.
Geopolitical Risks
Global macro-economic headwinds have previously subdued export growth.
Regulatory & Governance
Industry Regulations
Subject to automotive safety standards, pollution norms, and fresh PN3 approvals for JV restructuring.
Environmental Compliance
Investing in Zero Liquid Discharge systems across manufacturing facilities.
Taxation Policy Impact
Effective tax rate for FY25 was approximately 25.6% (INR 72.86 Cr tax on INR 284.72 Cr PBT).
Risk Analysis
Key Uncertainties
Integration and turnaround of the MMAS acquisition (currently margin-dilutive) and potential volatility in raw material prices.
Geographic Concentration Risk
High concentration in the Indian domestic market, which is both a strength (market leadership) and a risk (local economic cyclicality).
Third Party Dependencies
Dependency on technical partners like Inalfa for the high-growth sunroof segment.
Technology Obsolescence Risk
Risk of shift to new suspension technologies; mitigated by R&D investments in active and passive systems and EV-specific products.
Credit & Counterparty Risk
Low risk given the high credit quality of major OEM clients (CRISIL AAA/AA+ rated).