Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,444.80 last close on 16 Oct 2026 −0.25%
Research updated
Gabriel India Ltd.
NSE: GABRIELConsumer CyclicalAuto Parts
- Last close
- ₹1,448.90
- Day change
- +₹16.60 (+1.16%)vs
- Market cap
- ₹28,479 crIndian rupees
- Research updated
- 2 reports
About Gabriel India
Gabriel India Ltd. is a prominent name in the automotive components industry, primarily known for manufacturing suspension systems and shock absorbers. As a key player in the automotive sector, Gabriel India Ltd. serves a wide range of vehicles, including two-wheelers, passenger cars, commercial vehicles, and industrial applications. The company's extensive product line supports major automobile manufacturers, making it a critical component supplier in the automotive supply chain. Founded in 1961, Gabriel India Ltd. has established itself as a leader in innovation and quality, with a strong focus on research and development to cater to the evolving needs of the automotive market. Operating under the parent company Anand Group, Gabriel India Ltd. has a significant presence in both domestic and export markets, contributing to the industrial and economic landscape by enhancing vehicle performance and safety through its advanced suspension solutions.
- Sector
- Consumer Cyclical
- Industry
- Auto Parts
- Listing
- NSE: GABRIEL
- Employees
- 3,294
- Headquarters
- Pune, India
- ISIN
- INE524A01029
Public research · Report of
Business model & financial foundation
Gabriel India (NSE: GABRIEL), Auto Parts: revenue of ₹5,245 crore in FY26 (+29.1% on FY25), an EBITDA margin of 9.6%, net profit of ₹430.6 crore and net cash of ₹182.1 crore.
- Revenue, FY26 (₹ crore)
- 5,245
- consolidated
- Revenue growth, FY26
- +29.1%
- on FY25
- EBITDA margin, FY26
- 9.6%
- EBITDA (Raw operating EBITDA, excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 430.6
- to owners
- Return on equity, FY26
- 33.4%
- on average equity
- Net debt, FY26 (₹ crore)
- -182.1
- Net debt including leases, less liquid investments/deposits
- Market capitalisation (₹ crore)
- 27,448
- at the close of 19 Oct 2026
Company profile
ANAND Group automotive-components platform headquartered at Kuruli, Pune. Legacy ride-control serves 2W/3W, passenger/commercial vehicles and aftermarket. Project Rise adds directly consolidated businesses and equity-accounted partnerships; Jupiter extends into steering, braking, ADAS and electronics. Minority-investee turnover is not statutory group revenue.
| Item | Value |
|---|---|
| Legal name | Gabriel India Limited |
| Exchange and ticker | NSE: GABRIEL; BSE: 505714 |
| ISIN | INE524A01029 |
| CIN | L34101PN1961PLC015735 |
| Sector | Consumer Cyclical |
| Industry | Auto Parts |
| Headquarters | Pune, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP (since 2021-08-04) |
| Market capitalisation | ₹27,448 crore (19 Oct 2026) |
| Shares outstanding | 14.36 crore shares (FY26) |
| Price | ₹1,449 (close, 19 Oct 2026) |
| 52-week range | ₹795.7 - ₹1,600 (to 19 Oct 2026) |
| Website | https://www.anandgroupindia.com/gabrielindia/ |
Corporate structure and shareholding
Parent: Asia Investments Private Limited (immediate); ANAND Automobiles (ultimate).
| Entity | Holding | Business |
|---|---|---|
| Inalfa Gabriel Sunroof Systems Private Limited | 100% | Subsidiary: automotive sunroofs. FY26 actual100%; planned65% Gabriel/35% Inalfa subject PN3; older Note41 proposed49% stale/conflicting. |
| Gabriel Europe Engineering Centre | 100% | Belgian wholly-owned vehicle-component technology subsidiary; also styled European Engineering Centre BV. |
| Jinhap Gabriel Auto India Private Limited | 51% | Subsidiary: automotive/industrial fasteners; acquired27Feb2026; AR also uses Automotive in name. |
| SK Enmove Gabriel India Private Limited | 49% | JV under consolidated Note58, described associate in DirectorsReport; lubricants/e-fluids. Equity method; transition date conflict27Feb vs8Mar2026. |
| ANAND CY Myutec Automotive Private Limited | 76.1% | Post-Project Rise subsidiary: synchroniser rings/aluminium forgings. |
| Dana Anand India Private Limited | 25.1% | Post-Project Rise strategic associate: driveline products; equity method, not revenue consolidation. |
| Henkel ANAND India Private Limited | 49% | Post-Project Rise associate: adhesives/NVH/body-in-white; equity method. |
| HL Mando Anand India Private Limited | 28.99% | Jupiter associate: steering/brakes; from promoter AIPL. Sept11allotment reproduction; closing primary not retrieved. |
| HL Klemove India Private Limited | 29.9999992073% | Jupiter associate: ADAS/electronics.30%minus1share37844999/126150000. Aug24closing scheduled primary; reported reproduction. |
Schema list includes explicitly labelled associates/JVs. As-of16Oct2026; FY26 AR pre-Rise. Shares19.1634227crore post11Sep vs seeded implied17.3358crore unresolved. CRISIL proportionate consolidation analytical NOT statutory.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 55.00% | 55.03% | 63.55% | 66.29% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 6.49% | 6.58% | 6.35% | 5.99% |
| Domestic institutions | 16.20% | 16.28% | 12.92% | 11.91% |
| of which mutual funds | 15.45% | 15.48% | 12.03% | 11.07% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Gabriel sells ride-control products, front forks and aftermarket components; through Inalfa Gabriel it sells sunroofs. Project Rise added automotive fluids, Myutec and equity-accounted stakes in Dana Anand and Henkel Anand. Project Jupiter adds equity-accounted HL Mando Anand and HL Klemove. The new Faurecia Anand Seating India JV was incorporated on 19 Oct: FORVIA owns 50% plus one share, Gabriel 50% less one; the focus is seat frames and complete seats. This further shifts Gabriel toward an ANAND-group holding/partner platform, where associate profit does not become consolidated revenue.
| Peer | Why the dossier compares them |
|---|---|
| Munjal Showa (MUNJALSHOW) | Closest shock absorber/strut and 2W/4W suspension peer; narrower than post-Rise Gabriel. |
| Endurance Technologies (ENDURANCE) | Direct suspension plus brakes/transmission/aluminium; 2W OEM and global manufacturing. |
| Minda Corporation (MINDACORP) | Electronics/telematics/security OEM supplier; broader technology-content peer after Jupiter. |
| Uno Minda (UNOMINDA) | Multi-product technology/JV automotive platform; structural comparator beyond suspension. |
| Bosch (BOSCHLTD) | Technology automotive systems/electronics benchmark; different product mix and non-auto activities. |
| ZF Commercial Vehicle Control Systems India | Braking/safety OEM/aftermarket overlap; CV bias. Provider BSE-only resolution; NSE symbol not retrieved. |
| Sona BLW Precision Forgings (SONACOMS) | Drivetrain/gears/EV overlap with Dana; export/EV mix differs. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,315 | 2,950 | 3,403 | 4,063 | 5,245 |
| Cost of revenue (vendor classification) * | 1,810 | 2,300 | 2,589 | 3,063 | 3,509 |
| Other operating costs (vendor classification) * | 180.1 | 225.0 | 247.7 | 289.2 | 342.9 |
| EBITDA (vendor classification) * | 169.6 | 229.9 | 306.4 | 412.4 | 457.7 |
| Raw operating EBIT, excluding other income | 130.7 | 182.5 | 232.7 | 308.4 | 378.5 |
| Finance costs | 4.27 | 4.58 | 8.24 | 10.2 | 26.4 |
| Profit before tax, after exceptional items | 126.5 | 177.9 | 243.8 | 324.2 | 523.2 |
| Total income tax expense | 36.9 | 45.6 | 65.1 | 79.2 | 91.0 |
| Profit after tax, including non-controlling interest | 89.5 | 132.4 | 178.7 | 245.0 | 432.1 |
| Diluted EPS as reported (₹) | 6.23 | 9.21 | 12.44 | 17.05 | 24.29 |
| Materials, traded purchases and inventory change | 2,552 | 3,011 | 3,852 | ||
| Employee benefits expense | 212.3 | 252.9 | 325.0 | ||
| Other expenses, unadjusted | 345.9 | 409.9 | 566.1 | ||
| Raw operating EBITDA, excluding other income | 292.6 | 389.7 | 502.1 | ||
| Other income | 19.4 | 26.0 | 28.6 | ||
| Depreciation and amortisation | 59.9 | 81.3 | 123.6 | ||
| Exceptional gains/(charges), signed | 0.00 | 0.00 | -15.3 | ||
| Share of profit/(loss) of equity-accounted investees | 0.00 | 0.00 | 157.6 | ||
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 1.56 | ||
| PAT attributable to owners of Gabriel India | 178.7 | 245.0 | 430.6 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 766.8 | 870.3 | 1,002 | 1,183 | 1,392 |
| Gross debt including lease liabilities | 12.9 | 11.2 | 75.0 | 69.1 | 148.1 |
| Cash and cash equivalents | 41.0 | 39.8 | 59.9 | 37.8 | 113.6 |
| Trade receivables, net | 382.4 | 383.7 | 491.4 | 600.2 | 676.5 |
| Inventories | 210.0 | 224.8 | 301.5 | 363.9 | 409.4 |
| Trade payables including MSME dues | 473.1 | 440.5 | 587.7 | 626.2 | 736.1 |
| Net property, plant and equipment excluding ROU/intangibles | 19.5 | 19.5 | 477.5 | 573.7 | 656.6 |
| Capital work in progress excluding intangible development | 35.2 | 36.7 | 39.2 | 41.8 | 38.3 |
| Total assets | 1,353 | 1,428 | 1,779 | 2,024 | 2,430 |
| Liquid current investments (mutual funds) | 101.6 | 36.9 | 103.9 | ||
| Bank deposits available within 12 months | 141.4 | 170.4 | 112.7 | ||
| Net debt including leases, less liquid investments/deposits | -228.0 | -176.0 | -182.1 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net operating cash flow after tax | 0.14 | 157.1 | 176.6 | 203.8 | 345.3 |
| Free cash flow (vendor definition) * | 18.8 | 47.7 | 13.8 | -4.76 | 105.5 |
| Dividends paid (cash outflow negative) | -18.0 | -27.4 | -45.3 | -61.0 | -69.5 |
| Cash PPE and intangible capex (outflow negative) | -74.0 | -74.9 | -162.8 | -208.6 | -199.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Period-end paid-up equity shares | 14.36 | 14.36 | 14.36 | 14.36 | 14.36 |
| EPS share denominator, scheme-adjusted where restated (crore shares) | 14.36 | 14.36 | 17.72 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,027 | 1,017 | 1,073 | 1,234 | 1,180 | 1,179 | 1,381 | 1,426 |
| Cost of revenue (vendor classification) * | 760.3 | 755.7 | 844.2 | 803.3 | 870.5 | 871.1 | 903.0 | 1,059 |
| Other operating costs (vendor classification) * | 103.6 | 104.2 | -171.5 | 116.5 | 120.5 | 129.0 | 124.9 | 156.4 |
| EBITDA (vendor classification) * | 103.5 | 100.9 | 114.1 | 109.3 | 118.9 | 113.9 | 122.1 | 171.5 |
| Raw operating EBIT excluding other income | 79.3 | 72.1 | 85.0 | 87.6 | 87.8 | 81.4 | 102.6 | 91.9 |
| Finance costs | 1.97 | 2.99 | 2.98 | 4.98 | 2.84 | 3.20 | 8.43 | 5.98 |
| Profit before tax, after exceptional items | 82.2 | 78.5 | 87.4 | 125.8 | 91.0 | 71.9 | 147.4 | 133.3 |
| Total income tax expense | 19.3 | 18.4 | 23.1 | 20.3 | 22.0 | 17.3 | 28.4 | 25.1 |
| Profit after tax including NCI | 62.9 | 60.1 | 64.4 | 105.5 | 69.0 | 54.7 | 119.0 | 108.1 |
| Diluted EPS as reported (₹) | 4.38 | 4.18 | 4.48 | 5.94 | 4.81 | 3.81 | 6.67 | 6.06 |
| Materials, traded purchases and signed inventory change | 760.3 | 755.7 | 792.5 | 899.2 | 870.5 | 871.1 | 1,024 | 1,059 |
| Employee benefits expense | 64.4 | 65.2 | 63.0 | 81.5 | 76.5 | 71.6 | 78.3 | 85.6 |
| Other expenses, unadjusted | 103.6 | 104.2 | 108.9 | 135.4 | 120.5 | 129.0 | 145.7 | 156.4 |
| Raw operating EBITDA excluding other income | 98.7 | 91.5 | 108.8 | 118.2 | 112.8 | 106.9 | 133.2 | 124.2 |
| Other income | 4.82 | 9.46 | 5.37 | 4.46 | 6.07 | 7.04 | 10.4 | 4.63 |
| Depreciation and amortisation | 19.4 | 19.4 | 23.7 | 30.7 | 25.1 | 25.5 | 30.6 | 32.3 |
| Exceptional gains/(charges), signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -13.3 | -1.08 | 0.00 |
| Share of profit/(loss) of equity-accounted investees | 0.00 | 0.00 | 0.00 | 38.7 | 0.00 | 0.00 | 43.9 | 42.7 |
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.20 | 0.00 | 0.00 | 0.79 | 0.78 |
| PAT attributable to Gabriel India owners | 62.9 | 60.1 | 64.4 | 105.3 | 69.0 | 54.7 | 118.3 | 107.4 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 37.7% | 27.4% | 15.4% | 19.4% | 29.1% |
| EBITDA margin | 8.6% | 9.6% | 9.6% | ||
| Net margin | 5.3% | 6.0% | 8.2% | ||
| Return on equity | 19.1% | 22.4% | 33.4% | ||
| Return on capital employed | 17.5% | 22.0% | 23.8% | 26.5% | 27.1% |
| Return on assets | 11.1% | 12.9% | 19.3% | ||
| Net debt (₹ crore) | -228.0 | -176.0 | -182.1 | ||
| Net debt / EBITDA | -0.78x | -0.45x | -0.36x | ||
| Interest cover | 30.6x | 39.8x | 28.2x | 30.3x | 14.4x |
| Asset turnover | 1.82x | 2.12x | 2.12x | 2.14x | 2.36x |
| Receivable days | 60 | 47 | 53 | 54 | 47 |
| Inventory days (on revenue) | 33 | 28 | 32 | 33 | 28 |
| Payable days (on revenue) | 75 | 55 | 63 | 56 | 51 |
| Cash conversion | 0.99x | 0.83x | 0.80x | ||
| Capex intensity | 3.2% | 2.5% | 4.8% | 5.1% | 3.8% |
| Free cash flow (₹ crore) | -73.9 | 82.2 | 13.8 | -4.76 | 145.9 |
| Dividend payout | 25.4% | 24.9% | 16.2% | ||
| EPS, diluted (₹) | 6.23 | 9.21 | 12.44 | 17.05 | 24.29 |
| Book value per share (₹) | 53.38 | 60.58 | 69.77 | 82.38 | 96.90 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Raw operating EBITDA, excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases, less liquid investments/deposits; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Raw operating EBITDA, excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS as reported).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 19 Oct 2026); market data at the close of 19 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Gabriel India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Gabriel India
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Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 19 Oct 2026; page updated 19 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.