Gabriel India, the country's largest suspension maker, is moving from a single-product ride-control company into a diversified mobility supplier through the HMAI, HL Klemove and FORVIA seating deals. The Q2 FY27 print will speak to whether commodity cost recoveries restore margins from 8.4% toward the 9% band, and how the Project Jupiter/HMAI consolidation and the Rs. 1,000 Cr NCD reshape the numbers.
| Results date | October 30, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,274 Cr (standalone, +19% YoY) |
| Previous quarter PAT | Rs. 75.97 Cr (standalone) |
| Previous quarter EBITDA margin | 8.4% (standalone) |
| Market cap | Rs. 23,939.31 Cr |
| CMP | Rs. 1,350.75 |
The Board of Directors meets on October 30, 2026, to consider the audited financial results for Q2/H1 FY27 and an interim dividend for FY 2026-27.
Alongside the Q2/H1 FY27 results, the Board will consider an interim dividend for FY 2026-27. The record date for the dividend is November 6, 2026.
The quarter's central test is margin: standalone EBITDA margin dipped to 8.4% in Q1 FY27 from the 9.0-9.1% band through FY26 on commodity inflation and a lag in cost recovery from customers, and steel rallied to a four-year high through September (HRC up ~Rs. 6,000/t from August to Rs. 62,000-63,900/t) while aluminium only eased late in the quarter. Volume support is strong — SIAM Q2 FY27 wholesale grew 15.2% in two-wheelers (62% of Gabriel's mix), 30.7% in passenger vehicles and 28.7% in commercial vehicles — but the swing factor is whether Gabriel's PV business closes its growth gap after growing 5.5% vs 15% market growth in Q1, when PV mix share fell from 24% to 20%. Management has guided recovery of the 15,000-20,000 unit sunroof production loss from the Hyundai Creta supplier issue into Q2/Q3, and the Sep 10, 2026 allotment of Rs. 1,000 Cr NCDs at 8.15% makes Q2 the first partial quarter of materially higher finance cost from a near-zero standalone debt base. Project Jupiter (HMAI 28.99% acquisition, completion expected Sep-Oct 2026 per CRISIL) had not been confirmed complete as of October 26, 2026, so its consolidation treatment is a live unknown for the October 30 filing. The call is also likely to cover the FORVIA seating JV (JVA signed October 6, 2026; completion by December 31, 2026) and the FY27 capex programme of Rs. 150-180 Cr across Hosur, Khandsa and Sanand.
Guidance scorecard: Management's prior commitments and where tracking stands:
Margin recovery path
PV turnaround
Sunroof volumes and execution
Consolidation effects and Jupiter status
Standalone EBITDA margin dipped to 8.4% in Q1 FY27 from the 9.0-9.1% band through FY26, an 80-100bps dip that management attributed to commodity inflation and a lag in cost recovery from customers. Management said recoveries are expected to align in coming quarters.
The Hyundai Creta supplier (Hyundai Mobis) issue caused a production loss of about 15,000-20,000 units, with recovery expected in the current or next quarter and no full-year shortfall anticipated. Management has also flagged that the Rs. 1,000 Cr sunroof revenue target by FY30 may be delayed by 1-2 years.
Management has guided FY27 capex of Rs. 150-180 Cr (one response stated Rs. 160-180 Cr), versus ~Rs. 190 Cr in FY26. The ~Rs. 180 Cr programme spans Hosur, Khandsa (Gurgaon) and Sanand, plus investment in suspension technology upgrades.
Project Jupiter involves acquiring 4,81,34,427 shares (28.99%) of HL Mando Anand India from AIPL at Rs. 463.50/share, for up to Rs. 22,31,03,06,915, implying an EV/adjusted EBITDA of ~11.3x FY26. HMAI reported FY26 revenue of Rs. 5,886 Cr and adjusted EBITDA of Rs. 639 Cr, with completion expected in Sep-Oct 2026 per CRISIL.