Gabriel India Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,608.00 Cr (+22.90% YoY) and PAT growth of +15.81% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 30, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,608.00 Cr (+22.90% YoY) |
| PAT (Q2) | Rs. 123.97 Cr (+15.81% YoY) |
| EBITDA margin | 11.77% (-49 bps YoY) |
| EPS (Q2) | Rs. 3.79 (+9.54% YoY) |
Gabriel India delivered 22.9% YoY consolidated revenue growth and 15.8% PAT growth, with the HMAI acquisition already contributing via a 39.6% YoY rise in associate profit (Rs.483 Mn). Execution on Project Jupiter and HL Klemove was on schedule, the credit rating was upgraded to AA+/Stable, and net worth targets were met early. Key watch items are commodity-driven margin compression (EBITDA margin -49 bps YoY), a 134.5% jump in finance costs from the Rs.10,000 Mn NCD, and weak cash conversion (CFO/PAT 0.54x) from receivables build-up.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Standalone capex Rs.150–180 Cr FY27 | CFO, Q1 FY27 concall | H1 FY27 capex Rs.68.59 Cr (Rs.685.92 Mn) — 38–46% of annual guidance deployed in H1 | On Track |
| Net worth >Rs.4,000 Cr by Mar 31, 2027 | CRISIL rationale | Standalone other equity Rs.34,025.96 Mn (Rs.3,402.60 Cr) — already above target with 6 months remaining | Exceeded |
| Adjusted gearing <0.30x | CRISIL rationale | Debt-equity ratio 0.27x (standalone) — within guidance range | Met |
| Project Jupiter completion Sep–Oct 2026 | CRISIL expectation | Completed Sep 11, 2026 (HMAI acquisition) — within guidance timeline | Met |
| HL Klemove payment 75% by Sep 15, 2026 | Mgmt, Q1 FY27 concall | Acquisition completed Aug 25, 2026; 75% paid upfront | Met |
| FORVIA seating JV completion Dec 31, 2026 | Mgmt, Q1 FY27 concall | JV incorporated Oct 19, 2026; completion pending | On Track |
| "Margin dip of 80–100bps" (Q1 FY27) due to commodity inflation and lag in cost recovery | CFO, Q1 FY27 concall | EBITDA margin (consolidated, pre-associates) declined from 12.26% (Q2 FY26) to 11.77% (Q2 FY27) = 49 bps compression — margin pressure persists but less than flagged range | Partially confirmed |
| "Finance costs to rise" following Rs.1,000 Cr NCD at 8.15% | Mgmt, Q1 FY27 concall | Finance costs increased 134.5% YoY to Rs.147.28 Mn (consolidated) — significant increase as guided | Confirmed |
| "Project Jupiter will be EPS accretive from day one" | Chairman, AGM presentation | Share of profit from equity accounted investees: Rs.483.00 Mn (Q2 FY27), up 39.6% YoY; EPS Rs.6.80 vs Rs.6.01 YoY — associate contribution visible in P&L | Confirmed |
| "Operating leverage via CORE 90 framework" | CFO, Q4 FY26 concall | Operating margin: 7.12% (Q2 FY27) vs 7.68% (Q2 FY26) — declined 56 bps — margin compression despite framework | Not confirmed |
| Metric | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | Trend |
|---|---|---|---|---|---|---|
| Standalone EBITDA Margin (notes) | 9.0% | 9.0% | 9.1% | 8.4% | 8.21% | Declining — 79 bps below Q2 FY26 |
| Consolidated EBITDA Margin (notes) | 9.8% | 9.4% | 9.7% | 8.7% | 11.77% | Pre-associates P&L-derived; not directly comparable |
| Standalone Revenue (Rs. Cr) | 1,066 | 1,072 | 1,111 | 1,274 | 1,399 | Accelerating — +22.7% YoY |
| Consolidated Revenue (Rs. Cr) | 1,180 | 1,179 | 1,210 | 1,426 | 1,608 | Accelerating — +22.9% YoY |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.