1.At a Glance
Gabriel India Ltd — the shock absorber that never seems toabsorba price correction. This Anand Group gem, now bouncing around ₹1,117 (as of Nov 19, 2025), sports a ₹15,997 crore market cap with a P/E of 71.3. If that doesn’t make your head spin, the stock’s one-year return of162%surely will. With ROCE at a slick 26.1% and ROE at 19.4%, Gabriel seems to have decided it’s not just making shocks anymore — itisthe shock to the Indian auto parts market.
Q2 FY26 (Sep 2025) saw sales zoom to₹1,066 crore, up15.4% YoY, while PAT jumped to₹60.6 crore, also15% higher YoY. The 9% operating margin may look modest, but when your P/E is higher than an iPhone battery percentage, who cares about margins, right?
Like theBhagavad Gitareminds us:“Karmanye vadhikaraste, ma phaleshu kadachana”— Gabriel just keeps working, producing shocks, struts, and forks; the “phal” (stock price) takes care of itself.
2.Introduction – The Stock That Refused to Fall
What do you call a company that makes shocks and then shocks the market? Gabriel India Ltd.
Over the last year, this Pune-based veteran has gone from being a quiet auto ancillary player to a full-blown stock market celebrity. While the Nifty Auto index politely revved in third gear, Gabriel hit turbo mode — rising162% in just twelve months. The irony? It makes components that cushion bumps, but its stock chart looks like a mountain peak.
Gabriel’s customer list reads like a Who’s Who of Indian automobiles — Maruti Suzuki, Bajaj Auto, Royal Enfield, Ashok Leyland, Mahindra, and even Indian Railways (because apparently, Vande Bharat coaches need their daily dose of Gabriel too).
But don’t be fooled by the shiny chrome. Beneath the glamour lies a company grinding away at old-school manufacturing —over 500 modelsof ride control products, 7 factories, 3 R&D centers, and now, even a sunroof business because, well, why not?
And while most auto ancillaries are praying to EV gods for survival, Gabriel is busy filing patents (75 so far, 6 granted) and forming JVs faster than Bollywood forms sequels — from sunroofs with Inalfa to lubricants with SK Enmove, and fasteners with Jinhap.
3.Business Model – WTF Do They Even Do?
Imagine a world where everything that moves on wheels — bikes, cars, trucks, and even trains — owes its smoothness to one Indian company. That’s Gabriel India.
They make what you and I casually ignore:shock absorbers, struts, and front forks— those silent heroes that prevent your spleen from shattering every time your car meets an Indian pothole.
- 2 & 3-Wheelers (61% of revenue):Gabriel’s playground. It’s one of the top 3 in 2-wheelers and theleader in 3-wheelers. If your auto-rickshaw ride felt less bumpy today, thank Gabriel.
- Passenger Vehicles (24%):Supplies to most OEMs, dominates the aftermarket, and owns ~35% of the utility vehicle suspension market.
- Commercial Vehicles & Railways (13%):Here, Gabriel is practically the monopoly boss —89% market share. It made India’s first indigenous damper for Rajdhani, Shatabdi, and the glorious Vande Bharat coaches.
- Trading (2%):A side hustle because every Indian business needs one.
Revenue channels?OEM (86%),Replacement (12%), andExport (2%)— which is like saying “mostly Indian, mildly global.” But with new plants in Europe (Belgium) and ambitions in Latin America and Africa, Gabriel is slowly turning global — one bumpy road at a time.
4.Financials Overview
| Metric | Latest Qtr (Q2 FY26) | YoY Qtr (Q2 FY25) | Prev Qtr (Q1 FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹1,066 Cr | ₹924 Cr | ₹985 Cr | +15.4% | +8.2% |
| EBITDA | ₹92 Cr | ₹79 Cr | ₹88 Cr | +16.4% | +4.5% |
| PAT | ₹60.6 Cr | ₹53 Cr | ₹56 Cr | +14.3% | +8.2% |
| EPS (₹) | 4.22 | 3.67 | 3.88 | +15.0% | +8.8% |
Annualized EPS:₹16.88 →P/E = 66x(slightly below current 71x
because math refuses to flatter the overenthusiastic market).
Commentary:For a company with less than ₹4,000 crore in annual revenue, that’s a whole lot of investor optimism baked into one small-cap crust. EBITDA margins are holding steady near 9%, but clearly, this isn’t a story about margins — it’s a story aboutmomentum.
5.Valuation Discussion – Fair Value Range
Let’s put on our valuation goggles:
(a) P/E Method:Industry average P/E = 32xGabriel EPS (TTM) = ₹15.6→ Fair Value Range = ₹500 – ₹650
(b) EV/EBITDA Method:EV = ₹15,906 CrEBITDA (TTM) = ₹344 CrEV/EBITDA = 46x (ouch).Industry median = 18–22x → Fair Range = ₹700 – ₹850
(c) DCF Method:Assuming 12% CAGR over next 5 years, discount rate 10%, terminal growth 4% → Fair Value ≈ ₹800–₹900
🎯 Fair Value Range (Educational Only): ₹650 – ₹900 per shareDisclaimer: This fair value range is for educational purposes only and is not investment advice.
6.What’s Cooking – News, Triggers, Drama
- JV Fever:October 2025 saw Gabriel sign a 51:49 JV withSK Enmove (South Korea), investing ₹29.4 crore to manufacture high-performance lubricants. Because apparently, shocks now need their own oils.
- Fasteners Foray:In July 2025, Gabriel invested ₹26.83 crore for a51% stake in Jinhap Automotive India Pvt. Ltd., entering the fasteners segment — or as we like to call it, “nuts and bolts but with a balance sheet.”
- Sunroof Business:Remember the 2023 acquisition ofInalfa Gabriel Sunroof Systems Pvt. Ltd. (IGSSPL)? The company now holds65% stake(Inalfa 35%) and aims for 2,00,000 sunroofs annually by FY26.
- Scheme of Arrangement:Both NSE (Nov 17) and BSE (Nov 18) gave green lights for Gabriel’samalgamation & demerger plan, which will soon head to NCLT.
- Dividend Party:Interim dividend declared at ₹1.90 per share on Nov 12, 2025.
- CFO Resignation (Mar
