Gabriel India Limited (GABRIEL)
₹1,448.90 +1.16% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Gabriel India's revenue was ₹1,426 Cr (+29.8% year on year, +17.8% on the previous quarter), and net profit ₹108 Cr (+74.4% year on year); the operating margin was 8.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,426 | +29.8% | +17.8% |
| Operating profit | ₹124 | +18.3% | +9.9% |
| Net profit | ₹108 | +74.4% | +63.8% |
| EPS (₹) | 6.06 | +40.6% | +30.9% |
| Operating margin | 8.7% | — | — |
GABRIEL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 33.6% of the GABRIEL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 36.87%. That is close to its usual level. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 33.4% · 29.8% · 39.2% · 33.6% · 33.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Gabriel India Limited has signed a Joint Venture Agreement with Faurecia Automotive Seating India Private Limited to establish Faurecia Anand Seating India Private Limited. Gabriel India will hold 50% less 1 share, while FORVIA will control the entity with 50% plus 1 share. The JV targets approximately 10% market share in India's automotive seating segment over the next five years, manufacturing seat frames and complete seats. The transaction is slated to close by the end of 2026, subject to regulatory clearances.
- JV ownership structured as FORVIA holding 50% plus 1 share and Gabriel India holding 50% less 1 share
- Targets approximately 10% market share in seating in India over the next 5 years
- Transaction scheduled to close by the end of 2026 pending regulatory approvals
- Expands Gabriel's product suite into seat frames and complete seats leveraging FORVIA's €26.2 billion tech portfolio
Gabriel India has approved entering into a Joint Venture with Faurecia Automotive Seating India (FASI) to manufacture passenger vehicle seats and components in India. Gabriel India will invest an aggregate of ₹49.99 Cr across two tranches for a 50% less 1 equity share stake in the JV, matching FASI's capital contribution in an initial ₹100 Cr equity base. The transaction represents ~3.75% of Gabriel's net worth (₹1,333 Cr), with completion targeted by December 31, 2026. As part of the arrangement, the JV will also acquire FASI's existing frames business on a slump sale basis.
- Board approved a 50% less 1 share JV with Faurecia Automotive Seating India (FASI)
- Total equity investment of ₹49,99,99,990 (approx. ₹50 Cr) by Gabriel India in two tranches
- Tranche 1 investment is ₹9.99 Cr at incorporation; Tranche 2 is ₹40.00 Cr at Closing
- Post-closing paid-up equity share capital of the JV Co. will be ₹100 Cr
- Target completion date for the transaction is December 31, 2026
Gabriel India has approved the allotment of 1,44,04,204 equity shares on a preferential basis to promoter entity Asia Investments Private Limited (AIPL) for consideration other than cash. The transaction serves as part consideration for acquiring equity shares of HL Mando ANAND India Private Limited for an aggregate value of ₹18,81,03,05,962 (approx. ₹1,881 Cr). This non-cash transaction represents approximately 9% of Gabriel's current market cap of ₹20,854 Cr and about 37.7% of its TTM revenue (₹4,995 Cr). Following shareholder approval on August 19, 2026, the board cleared the allotment on September 11, 2026.
- Board approved preferential allotment of 1,44,04,204 equity shares to promoter Asia Investments Private Limited (AIPL)
- Shares issued for consideration other than cash towards acquisition of HL Mando ANAND India Private Limited
- Aggregate acquisition consideration stands at ₹18,81,03,05,962 (approx. ₹1,881 Cr)
- Shareholder approval previously secured at the AGM on August 19, 2026
Gabriel India Limited informed the stock exchanges that its Non-Deal Roadshow (NDR) scheduled for September 15, 2026, from 10:00 a.m. IST onwards has been cancelled. The company cited 'some exigencies' as the reason for the cancellation. This is a routine administrative update regarding investor relations schedules and has no direct impact on financial performance or operations.
- Non-Deal Roadshow (NDR) scheduled for September 15, 2026, has been cancelled
- Event was originally slated to start from 10:00 a.m. IST onwards
- Cancellation cited due to unexpected exigencies
- Filing submitted under Regulation 30(6) of SEBI LODR Regulations, 2015
Gabriel India has approved the private placement allotment of 1,00,000 senior, unsecured, rated, listed, redeemable non-convertible debentures (NCDs) aggregating to ₹1,000 crore. The debentures carry a coupon rate of 8.15% per annum payable annually with a 36-month tenure maturing on September 10, 2029. This debt issuance represents a significant increase in leverage compared to the company's existing debt of ₹34 crore and net worth of ₹1,333 crore (~75% of net worth). The debentures are slated for listing on the Wholesale Debt Market segment of BSE Limited.
- Allotment of 1,00,000 senior, unsecured NCDs of face value ₹1,00,000 each aggregating to ₹1,000 crore
- Coupon rate fixed at 8.15% per annum, payable annually
- Tenure of 36 months, with allotment on September 10, 2026, and redemption on September 10, 2029
- Default/delay interest penalty set at 2% per annum over and above the 8.15% coupon
Gabriel India Limited has informed the exchanges that company officials will participate in an Ambit Capital-organized Non-Deal Roadshow (NDR). The investor meetings are scheduled to take place in Mumbai on September 15, 2026, starting from 10:00 AM onwards. The management clarified that discussions will strictly adhere to publicly available information, and no unpublished price-sensitive information will be shared.
- Non-Deal Roadshow scheduled for September 15, 2026, starting at 10:00 AM onwards
- Investor meetings organized by Ambit Capital in Mumbai
- Only publicly available information to be discussed with no UPSI shared
Gabriel India has issued a clarification regarding the valuation methodology for acquiring a 28.99% equity stake (4,81,34,427 shares) in HL Mando Anand India Private Limited from its promoter, Asia Investments Private Limited. The transaction consideration will be discharged through the allotment of 1,44,04,204 equity shares of Gabriel India on a preferential basis, with the balance in cash. The company confirmed that the valuation was based on audited FY26 financial statements and that there is no change to the approved share exchange ratio or transaction terms.
- Proposed acquisition of 4,81,34,427 equity shares (28.99% stake) in HL Mando Anand India Private Limited.
- Consideration structured via preferential allotment of 1,44,04,204 equity shares of Gabriel India plus cash.
- Valuation confirmed to be based on audited financial statements for FY ended March 31, 2026.
- No change in the equity share exchange ratio or deal terms pursuant to the joint valuation report dated July 21, 2026.
CRISIL Ratings has assigned a 'Crisil AA+/Stable' rating to Gabriel India's proposed Rs 1,000 crore Non-Convertible Debentures (NCDs) and reaffirmed its 'Crisil AA+/Stable' rating on Rs 170 crore long-term bank facilities. The proposed debt issuance will primarily fund acquisition-related requirements under 'Project Jupiter' (stake acquisitions in HL Mando Anand India and HL Klemove India). Despite the planned Rs 1,000–1,200 crore debt raise, CRISIL expects financial leverage to remain conservative with adjusted gearing below 0.30x and net worth expanding to ~Rs 4,000 crore by March 2027.
- Assigned 'Crisil AA+/Stable' rating to Rs 1,000 crore Non-Convertible Debentures.
- Reaffirmed 'Crisil AA+/Stable' rating on Rs 170 crore long-term bank facilities.
- Company expects to raise Rs 1,000–1,200 crore debt to fund Project Jupiter acquisitions while maintaining gearing below 0.30x.
- Project Jupiter includes a 28.99% stake acquisition in HL Mando Anand (Rs 2,231 crore) and ~30% in HL Klemove ($98.4 million).
- Net worth projected to expand to ~Rs 4,000 crore by March 31, 2027, from ~Rs 1,300 crore in FY25.
Gabriel India has entered into a strategic joint venture with South Korea's HL Klemove by acquiring a 30% less one share stake in HL Klemove India Private Limited for $98.44 million (approximately ₹935 crore). The acquisition encompasses 3,78,44,999 equity shares to enter the high-growth Autonomous Driving, ADAS, and automotive electronics segment. The investment of ₹935 crore is substantial, representing ~18.7% of Gabriel India's TTM revenue (₹4,995 crore) and ~70% of its net worth (₹1,333 crore).
- Acquiring 30% less one share (3,78,44,999 equity shares) in HL Klemove India Private Limited.
- Total transaction consideration is US$98.44 million (approximately ₹935 crore).
- Expands portfolio into ADAS radars, cameras, lidar, autonomous driving control units, and automotive ECUs.
- Parent partner HL Klemove recorded approximately KRW 1.8 trillion in revenue in 2025 and holds 2,700+ patents.
Gabriel India's Board has granted in-principle approval to raise up to ₹1,000 crore through the private placement of senior, unsecured, rated, listed, redeemable Non-Convertible Debentures (NCDs). The proposed issuance consists of up to 1,00,000 NCDs of face value ₹1,00,000 each to be listed on BSE. The Board has also constituted a Finance Committee to manage and finalize terms of the issuance. The fundraise is substantial, representing ~75% of the company's net worth (₹1,333 Cr) and ~20% of TTM revenue (₹4,995 Cr), compared to its current low debt of ₹34 Cr.
- Approved raising up to ₹1,000 crore via private placement of NCDs
- Issuance of up to 1,00,000 senior, unsecured, redeemable NCDs at ₹1,00,000 face value each
- Proposed for listing on the BSE Limited
- Constituted a Finance Committee of the Board to oversee and execute the debenture issuance
Gabriel India has executed a Joint Venture Agreement (JVA) and Share Purchase Agreement (SPA) on August 21, 2026, to acquire a 30% minus one (1) equity share stake in HL Klemove India Private Limited. The transaction follows the initial disclosure made on July 21, 2026. The purchase is scheduled to close on August 24, 2026, or another mutually agreed date. Following completion, HL Klemove India will become an Associate Company of Gabriel India.
- Executed definitive JVA and SPA on August 21, 2026, to acquire 30% minus 1 equity share in HL Klemove India.
- Target closing date for the share purchase set for August 24, 2026.
- Target entity will become an Associate Company of Gabriel India post-transaction.
- Follows initial transaction intimation disclosed on July 21, 2026.
Gabriel India Limited announced the voting results of its 64th Annual General Meeting held on August 19, 2026. All ordinary and special resolutions set out in the AGM notice were approved by shareholders with the requisite majority. Key approvals included the adoption of FY26 financial statements, declaration of a final dividend of ₹3.10 per equity share (face value ₹1), re-appointment of statutory auditors Price Waterhouse Chartered Accountants LLP for a second 5-year term, and alterations to the Memorandum and Articles of Association. Notable institutional voting dissent was observed on the adoption of new Articles of Association (47.38% institutional votes against) and the auditor reappointment (35.85% institutional votes against), though both passed overall.
- Final dividend of ₹3.10 per equity share (FV ₹1) approved with 99.9996% overall votes in favour
- All resolutions passed, with overall voting turnout reaching 82.2% to 82.3% of total voting rights
- Approval granted to alter MoA to increase authorised share capital with 99.9996% votes in favour
- Adoption of new Articles of Association passed with 90.03% overall support despite 47.38% institutional dissent
- Price Waterhouse re-appointed as statutory auditor for a second 5-year term with 92.42% total votes in favour
Gabriel India Limited has updated the effective cessation date for Mr. Nilesh Jain, Company Secretary & Compliance Officer (KMP). Following his resignation tendered earlier (disclosed on August 06, 2026), his last working day has been adjusted from August 21, 2026, to August 24, 2026 (close of business hours). Mr. Jain is leaving to pursue external professional opportunities, with no other material reasons stated.
- Cessation date revised from August 21, 2026, to August 24, 2026 (close of business hours)
- Resignation is from the post of Company Secretary & Compliance Officer (KMP)
- Prior disclosure on the matter was dated August 06, 2026
- Departure is to pursue professional opportunities outside the company
Shareholders of Gabriel India Limited approved an increase in the company's Authorised Share Capital at its 64th Annual General Meeting held on August 19, 2026. The authorised share capital has been increased from ₹18,72,40,000 to ₹20,16,44,204, expanding the authorised equity shares from 17,72,40,000 to 19,16,44,204 shares of ₹1 each. The alteration to Clause V of the Memorandum of Association (MOA) accommodates future equity issuance. Additionally, the shareholders approved the adoption of a new set of Articles of Association (AOA) to align with the Companies Act, 2013.
- Authorised Share Capital increased from ₹18,72,40,000 to ₹20,16,44,204
- Authorised equity share base expanded by 1,44,04,204 shares to 19,16,44,204 equity shares of ₹1 each
- Preference share capital remains unchanged at 1,00,000 Redeemable Cumulative Preference Shares of ₹100 each
- Shareholders approved new Articles of Association replacing Companies Act 1956 provisions at the 64th AGM on August 19, 2026
Gabriel India Limited held its 64th AGM on August 19, 2026, where shareholders approved key strategic and financial resolutions. Notably, members approved a preferential issue of 1,44,04,204 equity shares at ₹1,305.89 each (aggregating to ₹1,881.03 crore) to Asia Investments Private Limited to acquire shares in HL Mando Anand India Private Limited. Shareholders also cleared a final dividend of ₹3.10 per share for FY26 and approved raising borrowing limits to ₹1,600 crore and investment limits to ₹4,000 crore. Additionally, the appointment of Mahendra K. Goyal as Group CEO & MD for 5 years was ratified.
- Approved preferential issue of 1,44,04,204 equity shares at ₹1,305.89 per share, totaling ₹1,881.03 crore to Asia Investments Pvt Ltd
- Approved material related-party transaction to acquire equity shares of HL Mando Anand India Pvt Ltd
- Declared final dividend of ₹3.10 per equity share (face value ₹1) for FY25-26
- Increased borrowing limits under Section 180(1)(c) to ₹1,600 crore and Section 186 investment limit to ₹4,000 crore
- Confirmed appointment of Mahendra K. Goyal as Group CEO and MD for a 5-year term w.e.f. July 21, 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).
