Gabriel India Ltd(GABRIEL)

NSE: GABRIELBSE: 505714

₹ 1,363+0.62%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 26,120 crWebsite: www.anandgroupindia.com/gabrielindiaUpdated: 24 Oct 2026

About

Gabriel India Ltd manufactures shock absorbers, struts, front forks, gas springs and suspension systems for two- and three-wheelers, passenger vehicles, commercial vehicles, railways and the aftermarket, and makes sunroofs through its Inalfa Gabriel joint venture. It reported FY26 revenue of Rs 4,666.93 Cr. The company has led India's domestic suspension market since 1961, and holds a 40% share of the Indian shock absorber aftermarket and 88% of the commercial vehicle segment.^[1]

Business segments

Automobile components is the single reportable segment, with FY24 revenue of Rs. 33,426.48 million.^[2]
The two- and three-wheeler segment grew 21% year on year in Q1 FY27 and is the largest part of standalone revenue. Its market share was 32% as of Q2 FY26.^[3]
The passenger vehicle segment grew 5.5% year on year in Q1 FY27, against industry growth of 17%. Its market share was 24% as of Q2 FY26.^[3]
The commercial vehicle and railway segment grew 13.3% year on year in Q1 FY27. Gabriel holds 88% of the CV segment and is the only Indian-approved supplier of Vande Bharat shock absorbers.^[3]
Aftermarket sales were INR 450 Cr. in FY25 (up 7.3% year on year), and domestic aftermarket sales passed INR 400 Cr. for the first time. Gabriel holds 40% of the Indian shock absorber aftermarket.^[4]
The sunroof subsidiary IGSSPL had Q3 FY26 revenue of INR 107 crores. Its FY25 revenue, in its first full year, was INR 420 Cr.^[5]

Products and brands

The core range covers shock absorbers, struts, front forks (including inverted, or upside-down, forks) and gas springs for two- and three-wheelers, passenger vehicles, commercial vehicles and railways.^[4]
The aftermarket range has more than 4,000 SKUs, with over 1,300 new SKUs launched in the last five years. 97 new SKUs were added in Q1 FY26.^[4]
Inverted front fork volume rose about 5x year on year to roughly 15,000 units a month in Q1 FY26.^[6]
New product lines are solar dampers (domestic production start in FY26, exports from FY27) and upside-down front forks for European e-bike makers (production start targeted for Q3 FY27).^[6][4]
Under a technology agreement with TracTive Suspension B.V. of Belgium, Gabriel has exclusive rights to make DDA valves for motorbike shocks and cartridges in India.^[4]

Operations and R&D

Eleven manufacturing locations: Hosur, Nashik, Parwanoo, Sanand, Dewas, Manesar, Chakan Plants 1 and 2, Khandsa, Chhatrapati Sambhajinagar and Sriperumbudur (sunroofs).^[4]
The MMAS asset purchase, completed on April 1, 2025, added yearly capacity of 3.2 million shock absorbers and 1 million gas springs at Chakan Plant 2.^[4]
The Sriperumbudur sunroof plant started with capacity of 200,000 units a year, which is being raised to 400,000 units. Its second line was commissioned in H2 FY26 but is idle.^[4]
Gabriel has three R&D centres with 84 R&D engineers. It has filed 87 patents, of which 32 have been granted. Its centre in Belgium leads advanced R&D.^[4]
R&D spending in FY25 was Rs 42.85 Cr, or 1.2% of net sales.^[4]
Over four years, import substitution cut dependence on Chinese imports by more than 50%.^[4]

Key operating numbers

Gabriel's share of the electric two-wheeler market was 57% in Q1 FY27. Electric two- and three-wheelers made up 10% of two- and three-wheeler segment revenue in the same quarter.^[3]
The CV segment grew 35.4% year on year in 9M FY26, against industry growth of 10.4%. CV made up 13% of total sales.^[5]
Standalone capex was Rs. 323 Mn in Q1 FY27. For 9M FY26 it was Rs. 1,387 Mn, against Rs. 952 Mn in 9M FY25.^[3]

Customers and distribution

Two- and three-wheeler customers include TVS Motor, Suzuki, Honda Motorcycle & Scooter India, Bajaj Auto, Yamaha, Ather Energy and Ola Electric.^[4]
Gabriel won its first development model from Hero MotoCorp, a new customer, in Q3 FY26. Production start is expected in Q1 or early Q2 FY27.^[5]
Gabriel lost the petrol/diesel (ICE) version of the upcoming Creta platform to a competitor but kept the electric version. It won three new Maruti platforms in Q2 FY26.^[7]
Gabriel won a 10-year railway export order from Siemens.^[4]
The aftermarket network has 9 CFA locations, more than 700 distributors and dealers, and more than 26,000 retail outlets across six continents.^[4]

Expansion and capex

Under Project Jupiter, Gabriel will buy 28.99% of HL Mando Anand for INR 2,231 crores, paid through shares worth INR 1,881 crores plus INR 350 crores in cash. Completion is targeted by September 30, 2026.^[3]
Under Project Jupiter, Gabriel will also buy a 30%-minus-one-share stake in the HL Klemove ADAS joint venture for USD 98.44 mn. The first tranche of USD 73.83 mn is due by September 15, 2026.^[3]
A new Hyundai sunroof order targets about INR 120 crores of yearly revenue at 130,000 units, with production starting in December 2027.^[5]
The SK Enmove lubricants joint venture (49% Gabriel) targets Rs. 500 crores of revenue in 5-6 years. The JINHAP fasteners joint venture (51% Gabriel) targets Rs. 180-200 crores by FY30.^[7]
A composite scheme of arrangement is meant to make Gabriel the main growth engine of the ANAND Group, which targets Rs 50,000 Cr by 2030.^[4]
Gabriel aims to be carbon neutral, water neutral and send zero waste to landfill by 2027.^[4]

Recent developments

October 2026: FORVIA and the ANAND Group announced a seating joint venture, Faurecia Anand Seating India, with FORVIA holding 50% plus one share.^[8]
Q1 FY27: The board approved Project Jupiter, covering stakes in HL Mando Anand India and HL Klemove India. It takes Gabriel to about 70% of ANAND Group revenue.^[3]
Q1 FY27: The sunroof business lost about 15,000-20,000 units because a supplier disruption at Hyundai Mobis cut Creta output.^[3]
Q3 FY26: The NCLT admitted the composite scheme of arrangement at the first motion hearing in early January 2026.^[5]
Q2 FY26: IGSSPL's shareholding was changed to 65% Gabriel and 35% Inalfa after the Ministry of Heavy Industries rejected the original 49:51 structure.^[7]

Market Cap

₹26,120 Cr

High / Low

₹1,600 / 796

Stock P/E

75.1

Price / Book

15.2

Book Value

₹95

EPS

₹17.6

No. of Shares

14.36 Cr

ROCE

26.1%

ROE

19.8%

OPM

7.8%

Debt / Equity

0.11

Sales

₹4,667 Cr

Net Profit

₹252 Cr

Promoter holding

66.3%

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