Good morning, everyone. Hope you can hear me clearly and loudly.

As part of Gabriel's ongoing inorganic growth journey and commitment building scale, technology leadership, and future-ready capabilities, we are pleased to share that the board of directors yesterday approved two strategic transactions. One is related to acquisition of 28.99% equity stake in HL Mando Anand India Private Limited from Asia Investment Private Limited for a total consideration of ₹2,231 crore.

We also acquired 30% minus one share equity in HL Clemo India for a total cash consideration of $98.44 million as part of a proposed joint venture with HL Clemo. These investments represent an important milestone in the Anand Group long-term automotive industry and reinforce our commitment to creating a simpler, more integrated, and future-ready enterprise.

They build on successful execution of Project RISE, which is under listing approval from the stock exchange, under which Gabriel acquired equity stakes in few of the businesses: Dana Anand, Henkel Anand. These are bringing the drivetrain products and, of course, adhesives, structural, and NVH solutions.

We further diversified our product offering through the acquisition of 76.1% stake in Anand CY Myutec and the merger of Enkemco India's high-performance automotive chemical and fluid business into the Gabriel. We are pleased to report that Project RISE has been completed successfully.

As I said, we are just waiting for the approval from the stock exchange for the listing. The successful execution of the important strategic initiative marks a significant milestone in our journey and has already contributed an acceleration in EPS.

This has been a central objective of the strategic action undertaken by the Anand Group with a clear focus on enhancing value creation, strengthening our competitive position, and driving sustainable long-term growth. The progress we have achieved reinforces our confidence in direction of our strategy and the opportunities that lie ahead.

Building on this momentum, the board has now approved Project Jupiter. Through this initiative, Gabriel India will acquire strategic minority stake in HL Anand Mando Anand India Private Limited and HL Clemo India Private Limited, further strengthening its position as the group automotive component platform.

We have also uploaded a detailed business update presentation, which is self-explanatory and has all the relevant details on both transaction under Project Jupiter. Before I hand over to Mr.

Jaggi for the operational and financial update for the quarter, let me briefly outline these two strategic investments, starting with HL Mando Anand India Limited. HL Mando Anand India Limited is a leading automotive components company engaged in braking, steering system, and part of suspension business for the passenger vehicles.

The investment will strengthen Gabriel's presence across key automotive component segments, definitely broadening our product portfolio, and which is creating long-term value through operational, technological, and business synergies. To provide a sense of scale, this company has turnover around ₹5,886 crore, the largest company of the Anand Group, and profit after tax of ₹358 crore in the financial year '25-'26.

The company had a net worth of ₹1,924 crore. Gabriel India will acquire 28.99% stake from Asia Investment Private Limited, a promoter of Gabriel India.

The acquisition will be funded through a combination of equity and cash consideration. Under the transaction, Gabriel India will allot 1.44 crore equity shares to Asia Investment at an issue price of ₹1,305.89 per share, aggregating to ₹1,881 crore, and balance ₹350 crore will be paid in cash, taking the total transaction consideration to ₹2,231 crore.

Additional information on HL Mando Anand is available on slide 13, 14, 15 of the business update presentation. The strategic rationale is clear: to consolidate the group investment in HL Mando Anand under Gabriel India, aligning this high-quality business with listed automotive components platform, and enabling both the company and its public shareholders to participate directly in the future value creation.

Another transaction was with respect to the HL Clemo, which is a new investment or a new joint venture, and which is primarily in the business of ADAS. We have entered into a joint venture agreement with HL Clemo India, creating a significant opportunity for again Gabriel to participate in high-value technology segment, including advanced driving assistance systems and automotive electronics.

Importantly, this partnership provides access to the advanced capabilities like technology that would have taken considerably longer to build originally. HL Clemo India reported revenue of ₹1,000 crore plus and profit after tax of ₹123 crore in financial year 2026.

As part of the transaction, Gabriel India will acquire 30% minus one equity share in HL Clemo India for a total consideration of $98.44 million. The investment will be completed in two tranches.

We will be paying $73.83 million on or before 15th September 2026, balance $24.61 million within 18 months of signing the definitive agreements. The acquisition will be funded through a combination of internal accruals and debt.

Further details are available on slide 17, 18, and 19 of the business update presentation. The objective of this investment and joint venture is to establish meaningful presence in India's fast-growing ADAS business through a strong partnership with HL Clemo.

Together, these strategic initiatives positioning Gabriel India as the Anand's primary growth vehicle and business consolidation platform for the automotive components sector. They strengthen our portfolio, deepen our technology capabilities, expand our addressable market, and enhance our ability to create sustainable long-term value for all stakeholders.

With Project Jupiter, we are not simply adding new investment to our portfolio, we are taking the next step in Gabriel India's transformation, building a stronger, more technology-driven, and a future-ready enterprise supported by world-class partnerships and positioned to capitalize on the evolving opportunities within the automotive industry. Thank you so much, and now I'll hand over to Mr.

Atul Jaggi for operational and financial update for the quarter. Yeah.

Over to you, Atul. Yeah.

Thank you, Mr. Goyal.

Good morning, everyone, and a warm welcome to everybody who has joined the call. I hope all of you are doing well.

The manufacturing activity in the automotive industry remained very positive during the first quarter of FY '27, with production increasing across all major vehicle categories. Two-wheeler production expanded by 23% year-on-year during the quarter 1 FY '27.

Scooters were the strongest contributor, recording growth of 32%, while motorcycle production increased by 18%. In the passenger vehicles, the industry production rose by 17% year-on-year during the quarter.

Utility vehicles continued to lead the segment, with production increasing by 21%, reflecting the continued strength in customer preference towards SUVs and crossovers. Coming to the commercial vehicles, production increased by 15% in the quarter 1 FY '27.

LCVs delivered very strong growth of 21% and M&HCV production was higher by 6%. At the same time, crude oil and commodity price volatility along with the other geopolitical developments in the West Asia remained important factors to monitor because of their potential impact on the input cost, vehicle ownership economics, and customer sentiments.

Coming to the quarter 1 FY '27 performance, before taking you through the financial performance, I would like to briefly explain the reporting structure following the completion of the restructuring. The financial results for quarter 1 FY '27 reflect the expanded business portfolio of Gabriel India.

To facilitate a meaningful comparison, the corresponding quarter 1 FY '26 figures have also been presented after incorporating the financial performance of the businesses covered under the restructuring. Therefore, the year-on-year comparison discussed today are also on a like-to-like basis.

Coming to the stand-alone performance, revenue from operations grew by 19% YoY to ₹1,274 crore in quarter 1 FY '27. The performance was supported by healthy demand across the core suspension business, continued growth in aftermarket, and contribution from the Enkemco business added through the restructuring.

Stand-alone EBITDA increased by 7% to ₹107 crore compared with ₹100 crore in quarter 1 FY '26. The EBITDA margin stood at 8.4% in quarter 1 FY '27.

Moving to our consolidated performance, revenue from operations stood at ₹1,426 crore in quarter 1 FY '27, a growth of 15.5% YoY. Consolidated EBITDA for the quarter stood at ₹124 crore, reflecting a growth of 2.3% YoY.

The EBITDA margins stood at 8.7% in the first quarter. The share of profit before tax in equity accounted in invested companies Dana Anand India Private Limited, Henkel Anand India Private Limited, and SK Enmove Gabriel India Private Limited has increased by 10% YoY basis from ₹39 crore in quarter 1 FY '26 to ₹43 crore in quarter 1 FY '27.

The PBT stood at ₹133 crore, a growth of 6% year-on-year, with margin standing at 9.3%. The consolidated performance reflects the contribution from our subsidiaries, together with the company's share of earnings from joint ventures and associates under the expanded business structure.

We have also presented the FY '26 financial performance by incorporating the businesses covered under the restructuring in both the reported financials and the presentation. On that note, we come to the end of our opening remarks.

I now request the moderator to begin the question-and-answer session. Thank you so much.

Yeah. Thank you, sir, for the opportunity and congrats on bringing the HL Mando into listed and attractive valuations, and the one which was unexpected to come soon.

Also, an acquisition in the high-growth area, ADAS technology areas. Sir, firstly, on the relationship, sir, you're building with particularly large Korean entities like HL Group, which is expanding the relationship for Gabriel in the area of ADAS technology, can you share more background story?

What is driving such relationships and how are you seeing the such relationship with HL Group, earlier with SK Innovation, for the future growth opportunities for the Gabriel?

Only one question, yeah? Okay.

I think our relationship with with the HL Mando Group goes back to 1996. It has been a journey of almost 30 years now.

Started with the with the single product, started with brakes, and, of course, from time to time, we have been adding expanding this relationship as the trust between the partners increasing. I think we have added multiple products.

We added braking started with braking, we added suspension, and we later added the steering products, actually, you know. Happy to share that in 30 years' time, of course, we had many other businesses also within Anand Group, but this company has grown the most.

I think this company has reached to almost ₹5,500 plus, I like very close to the ₹6,000 crore if you see the result of 2026. Of course, this 25 years, 30 years relationship has built up a lot of confidence.

They have seen us, we have seen their manufacturing capabilities, and, of course, what they're doing on on the new technologies, actually. This is overall on the HL Mando.

Of course, we are increasing our relationship with HL Mando again with HL Clemo, the same group. Of course, as a as a overall expansion plan in Korea, Mando HL Mando Group has been consistently working on on the ADAS products for last seven, eight years.

They have brought special focus on this business by creating a separate entity, which was part of the consolidated entity earlier in Korea. That is one.

Of course, as you know that most of most of the people, they want to do business in India, they look for partner as well. I think since we have a very strong relationship and we also trusted many things, not only from from the people point of view, but also from management capabilities, their strength in Korea, their succession plan, I think we were very, very confident that we can expand our relationship with the group.

Therefore, I think based on our current relationship, we became also the very trusted partner for them in India. We joined hand together.

Happy to take this company up together now. I think so that is what all the story behind this.

Got it, sir. Thank you for this answer, sir.

Secondly, just on the new HL Clemo JV acquisition on the ADAS area, if you can guide us how to look at the medium-term growth path for this entity with some background, if you can share. What are the some new orders they are working, some of the key customer mix, which are the key customers they are working with?

Any targets to share, obviously, last two years has seen 23% CAGR, if you can guide us how to look at the medium-term opportunity for this entity?

Okay. I think it's very difficult to share the overall numbers.

Yes, as we look at this business and would like to just answer maybe what is built up in the pricing also of this transaction, I think we have a great hope from this business. The business pipeline is very strong, and good thing is not only with Korean customers, this company has been working with Mahindra and with Tata Motors, actually.

That is one of the important thing. Just to share a small thing on this, that the Mahindra new vehicle which they have launched in last two-wheelers, this company has a business.

Similarly with Tata Motors. I think the growth opportunities are enormous from this business.

Product cost itself is very large, actually. The per vehicle cost becomes very, very large, which help us to take turnover very significantly high in very few years, actually.

I think we have a very high expectation and see that in our journey of ₹50,000 crore in 2030, this company will make significant difference, actually.

Got it, sir. Got it.

Thank you. Thank you for the opportunity.

I'll come back again in the queue. Thank you.

Yeah. Good morning.

Thanks for taking my question and congratulations, team, for the transactions. My first question was on the two entities.

I just wanted to check with you, one of the things that the local OEMs are also struggling with in adopting these kind of technologies is the localization effort. Just wanted to check from your perspective in these entities, are we significantly high in terms of localization and hence cost competitiveness?

How are we versus peers in India who are offering this? Are there any significant players who've already set up capacities over here?

Just from a cost competitiveness and peer set, wanted to check whether we have opportunities in other OEMs apart from Korean OEMs and Mahindra and Tatas that you mentioned.

Yeah. Thank you.

I think localization point of view, if you look at the first transaction, which is with respect to the HL Mando Anand, I think there is a fair level of the localization has already reached. From the business perspective, this company was depending on Korean customers.

Very pleased to share that the dependence has significantly reduced. Now almost, I can say, 40% of the business is coming from non-Korean companies with respect to HL Mando, actually.

We have opened door with all the customers. We started with Hyundai, of course.

When Kia came in, we had a business with Kia. Now we are with Tata Motors, we are with Mahindra, we are with Maruti Suzuki as well, actually.

I think HL Mando is well poised from that point of view. When you look at the other transaction on the HL Clemo side, the localization will start.

I think, as the industry will move, I think there is a fair plan to further localize. As I said, already from the business perspective, other than Korean customers, we are there with Mahindra, we are there with Tata.

I think the only one customer is left, Maruti Suzuki, and, of course, that is something as they appropriately adopt this ADAS technology also, we will have opportunities with them as well. Far they have not reached to a level where adopting a proper level of the ADAS.

I think those opportunity will emerge as the OEM will have the plans, actually.

Understood. That's heartening to know.

Secondly, if I have to just look at your FY '30 targets, of course, ambitious targets of ₹50,000 crores, that entails a lot of inorganic opportunities as well. It's heartening to know that you've started with a decent-sized inorganic opportunity apart from the earlier two ones announced last year.

Any targets or any direction that you can give that how should we see the mix in FY '30 from a segment perspective? Is it that incrementally passenger vehicles will be a larger component going ahead given your relationships with the Koreans?

Is there any conscious effort to diversify further maybe into CVs and two-wheelers also? Any direction you can give from that perspective?

Also, is non-auto anywhere in the scheme of things, any segment of the non-auto in your FY '30 targets?

Okay. I think I look at it overall group perspective.

We are ₹50,000 crore and will be targeting in 2030, that is what our plan is. When we look at it, the Gabriel becomes definitely the key entity for bringing these growth opportunities.

Right now, we are focusing on automotive components group businesses, what we intend to bring to the Gabriel India. Yes, not limiting ourselves to the passenger car.

I think there's no such strategy that we will be only limiting to the passenger car. Our growth is around commercial vehicle.

We have a lot of focus on the two-wheeler side, actually, the business. That is another segment which is growing.

We also intend to bring focus on the off-highway segment. That is also going to be our priority as one of the growth area.

These are some of the initiative. On the EV side, yes, we have a separate vertical already, which is there in the name of ANVIOL, which we started sometime back.

That is still progressing, actually. We have reached to a mature level, but still progressing, actually, basically.

In nutshell, I think we are not favorite to any segment and we are not adverse to any segment, but, yes, we will stay with the automotive segment, actually, from the growth perspective.

Yeah. Hi.

Thanks for the opportunity. Just a couple of questions.

First is can you just call out if there are any restructuring or merger-related charges on FY '26? On an annualized basis, what would that be?

That is one. Second is on the JVs and the new businesses, can you give some color in terms of what are the major regulatory events we expect playing out in '27 and next 2-3 years, and do you see any major tailwinds for the business?

I think you talked about HL Clemo, there's a autonomous emergency braking standard which is going to be implemented. Any color you can give on that?

Third is, again, on the JV, see, if you look at Henkel or Myutec, right, the year gone by, you have seen a very subdued growth vis-a-vis what the end industry has done. Similarly, in terms of profitability, you've seen a degrowth in the FY '26.

What is really, please, happened there, and how do you see those two entities going forward?

One second, actually. Should I answer?

Yeah.

The restructuring cost question which you mentioned, Viraj. I think in the Project RISE earlier and now in the Project Jupiter, we have transparently declared all the advisors whom we have worked to ensure the high level of governance, and their advisory fees have been incorporated in last year profit and loss.

Whatever we will be paying for this year has also been incorporated. The number which you see for the profitability is after considering those costs.

At the overall level, we do not see that cost has any significance with respect to our profitability. Now, the later part of the question with respect to the two entities, Mr.

Goyal.

One was the question on the regulatory events related to this transaction.

I think regulatory events is already approved by the board of directors. That is done and therefore we place both the transaction.

Sir, sorry to interrupt. What I meant from a regulatory is say you have CAFE norms, then you have industry standards in terms of autonomous emergency braking, which might probably impact positively the HL Clemo, right?

Similarly, do you see any other regulatory norms which would positively or negatively affect our various businesses? Yeah.

I think if you look at both the products are to deal with the safety. You can see from the safety perspective, the regulatory changes which may emerge in future is definitely going to help both the products, actually.

When you look at from the steering point of view or from the braking point of view, which is part of HL Mando. If you look at the HL Clemo, which is primarily again to deal with ADAS products, actually.

You can see what is happening now, the ADAS regulations are being effective. I think there are different level of ADAS technology.

I see this is happening in commercial vehicle at a lower level and, of course, the things are moving in the passenger car as well. Looking from the future perspective, the regulatory will only help growing these businesses, whether it is braking or is steering or it is ADAS, because all to dealt with safety.

We see the positive impact in future of all those changes as far as our business is concerned. One more thing, which is also very important to understand that the ADAS is to deal with braking and steering, actually.

It's a very integrated solution which we should be able to provide from the technology point of view, which I'm not sure that very easy that someone else will try to bring it to the customer, actually. I think it should all help in the growth of the business.

On the two JVs, sir, you've seen not a great performance in '26 and profitability is also degrown.

I think one of the thing was with respect to the sunroof business, that is primarily I'm sure you must have heard that there was the operating issue at one of the supplier of Hyundai, Mobis, and where the Hyundai was not able to produce the vehicles, actually. Almost our business was down because of the Hyundai was not able to produce the Creta, and that impacted the business, especially in the sunroof.

That is creating some impact in the current quarter, actually. I think as we look at from the customer perspective, they say that they should be able to recover the production which they lost in the first quarter.

I meant about Henkel and CY Myutec JVs for FY '26. We have seen a profit degrowth.

Henkel, again, I think it's a issue with respect to some of the commodity changes, which we started with Middle East situation. Now that has impacted and we account for these recoveries on the actual basis.

I think these impacts will come in future in their profitability, actually.

Yes, congratulations to the team for two strong acquisitions. Sir, just on the HL Clemo, just wanted to understand how much is the content per vehicle and the localization plans you have on this thing?

Yes, the content per vehicle will always depend, actually, but I think in my view I think my estimate is maybe ₹20,000 to ₹60,000, ₹70,000 per vehicle. All will depend what kind of a level our OEMs would like to target in their vehicle, but I think the content can go as high as ₹60,000 and as low as maybe ₹20,000 or slightly less, actually.

That is one part of information. I think there are fair localization plan, those details we will continue to share with you.

We are entering into the joint venture, as we examined the business plan, I think there are fair localization plan in this direction as well.

Right, right. Sir, how much gross debt and cash we have as on 30 June and how much amount are we planning to raise for HL Clemo?

Yeah. We have about ₹250 crores of cash at the end of quarter 1.

Far, we have been funding our working capital and capexes from the internal accruals, which we can avail the short-term facility, which should take care of the first tranche of transaction which we intend to discharge by September. The total debt we will be putting up for the shareholders' approval is about ₹1,600 crores.

However, on the short- and mid-term basis, we see that we will be having a debt of ₹1,000 crores.

All right.

Yeah. Hi.

Congratulations, Mahendra and Jaggi ji, for another set of companies consolidating. I have two questions.

My first question is mainly on the HL Mando's revenue. If you can dissect this, what percentage of the revenue come from exports today, because ₹5.5 thousand crore, given their affiliation with two Korean OEMs, it seems that there's a sizable portion of export revenue which is sitting.

How should one think about it? Because for HL Mando globally, we are about almost 10% to 12% of their global revenue.

We are fourth largest. Is that something one should keep in mind when looking at the revenue trajectory going forward in terms of the export opportunity?

How does the export opportunity size the group thinks about from this transaction? Second question I have on the ADAS journey.

We do see that the HL Group talking about software-defined vehicles, ADAS picking up. Do you think that we are on the inflection point where this OEMs are going to translate into the journey of ADAS and software-defined vehicles in India?

How do we transpire that across OEMs from a capability point of view? If you can tell us how does our ADAS stands today?

Thank you. Yeah.

Thanks. I think from the export perspective, right now we do maybe 7% to 8% of the current business size exports.

I can't guide you any number in future, but I would like to generally relate with the overall business outlook what most of our partner are looking, including HL Mando. I think what generally the direction is that how the India become a manufacturing sector for supporting their businesses out of India, actually.

That is the theory, that is the objective which will drive further exports as we move ahead in future years. That is something which we are very confident that the exports opportunities will emerge with this direction of our partners, actually.

That is one part. Second is with respect to ADAS, I think, as I mentioned, that I think all new vehicles, you see this configuration is there on the software point of view of the ADAS.

I think it's a need in my view and it's a additional feature which OEMs are building into their vehicle. That is something which I would say that there will be a overall focus from the OEM point of view.

What we can bring to the table, I mentioned already that we will be the unique players which are bringing braking, steering, and ADAS together, actually, to the OEM. One can understand that ADAS is to do everything with braking or the steering, actually.

If you look at this concept, we become one of the unique supplier in India to provide a integrated solution to the OEMs, actually. As far as our capabilities are concerned, we have a huge number of people who are in India and who are also in Korea working in engineering centers.

Those facilities are definitely helping us to grow the technology, actually.

Sure. Just one follow-up for the ADAS.

The software piece of the business, does it come as a part of our integration or that sits with the global entity?

Whatever is required for the vehicle software for the business which we will be targeting in India, so that services will be availed from engineering centers and that become part of our business. We are not participating in any business which is outside of India, actually, already.

This is helpful, sir. Thank you so much and all the best.

Thank you, sir, for the opportunity. Just a couple of questions.

Sir, onto the stand-alone business, we have seen a decent dip of 80 to 100 basis points on margins. If you can quantify any sort of cost pressures we have seen over there?

Second, sir, onto the sunroof side, you mentioned that there was production loss from one of your customers, Hyundai Creta. Any numbers, sir, if you can throw, what was the revenue and EBITDA and how much loss we have taken during this quarter?

Sir, what sort of volume numbers you're looking for FY '27, and update on the second phase of sunroof?

Okay. Coming to the first question on the margins on the stand-alone business, yes, if you look at the details of the number, in this quarter, there's been pressure on the material cost due to the commodity inflation that has happened.

It is a combination of fact that comes on a mathematical level because once even if the recovery is there, there is always a denominator impact that comes in. Secondly, there is sometimes there is also a little lag in the recovery.

What you are spending in a month doesn't get recovered in the same month there. The recoveries are sort of getting in aligned with the customer.

Some of them already settled, some of them are in the discussion. Sometimes it can take some time to release the purchase orders, etc.

Basis that only we take it as a part of. Yes, whatever there is a delay in recovery, we are looking forward in next quarters to make the recovery.

That is on the margin part. Secondly, on the sunroof business, I think Mr.

Goyal already mentioned there was some challenges with one of the suppliers leading to the lower production. I think the overall numbers when we look at the quarter, they are around I think somewhere around 15 to 20,000 numbers that could have been produced more.

The good thing is that the customer has started pulling those numbers. They are very confident of making up those gaps in this quarter and the next quarter.

I think so from the budget point of view, we are not looking at any shortfall coming in, because it is a timing issue definitely for some things which is completely beyond the control of whether the OEM or all the suppliers, but we are not looking at any shortfall coming in.

Got it. Sir, onto the passenger vehicles, when we look, sir, during the quarter we have grown by some 5.5% versus the passenger vehicle market growing by 15%.

Clearly, we have underperformed over here, and our share also in the total top-line mix has came down from 24% to 20%. Any change, sir, are we focusing more onto the smaller cars, like you mentioned in the presentation, earlier we were present into the SUV side?

Has that mix gone down more towards smaller car, which is why the growth is slowing? Any thoughts on that, sir?

If you look at smaller cars, the growth is significantly higher than the market growth, but the gap is primarily on account of the UVs there. Some of the models I think that have performed really well, we are not there on those platforms.

Some of the biggest customers' overall wallet share has been coming down, so that is also impacting because we are very strong there. It is a model mix issue I think for the quarter, which is leading to this change.

Will this improve, sir, going ahead, coming back to the normal range, or this will continue? Again,

see, these things they are purely depend upon the models where you're present and how the new launches will perform. Obviously, given our choice, I would like all our models to do exceedingly well.

Let us keep the fingers crossed. Yes, the model mix issue has sometimes been very supportive also and sometimes it can be a challenge.

Yes, I think generally it averages out over a period of time.

Congratulations, team, and thank you for the opportunity. Sir, my first question is you mentioned that M&M and Tata are top customers from HL Mando ex of, of course, Hyundai and Kia.

Wanted to understand whether Mando is supplying shock absorbers to M&M and Tata as well? If yes, then how will this be differentiated between the suspension business of Gabriel stand-alone versus the suspension business of HL Mando?

In terms of technology, do they have all the passive, passive plus, semi-active suspension technology as well?

Can you be a little clearer? I think either you're on a speaker or you are at a place where it is Your voice is Your voice is echoing.

Yeah. I think maybe you can speak a little slowly and don't use the speaker.

It will be helpful, please.

Yes, sir. Is this better?

No.

No.

Yeah. Hello?

Is this better?

Yes, much better. Please go ahead.

Okay. Sir, you mentioned that M&M and Tata are top customers from HL Mando.

Wanted to understand whether HL is supplying shock absorbers to M&M and Tata as well? If yes, then how will this be differentiated from the suspension business of Gabriel stand-alone and the suspension business of HL Mando?

In terms of technology, do they have passive and semi-active suspension technology as well?

Yeah. I think from the business perspective, we don't see right now Tata having business with HL Mando, and whatever we talked about it was related to the steering products from the HL Mando side.

Tata, we don't have any business with Tata Motors, and that is what it is. I think from the technology point of view, they are well ahead as per the market.

We don't see any issue. In fact, with this transaction, it becomes complementary, actually, for us.

Whether the business is in Tata Motors with HL Mando or with Gabriel, finally it becomes part of the Gabriel, actually, as this consolidation, actually. That is, in fact, helping us to integrating the technology directly or indirectly, and also the business into our fold.

Understood, sir. Second question is Dana parent entity in USA has merged with Eaton Mobility, and that significantly expands the product portfolio of Dana.

Is there any conversation around how the Eaton Mobility plants in India are going to operate, whether there can be synergies that can be beneficial for Gabriel from this point of view?

It's too early to comment, actually. The transaction is just announced.

It is not even closed, actually. I think this discussion will fall in place maybe once the transaction is also closed.

As you would see that it was announced last month. I think the process has to close from the process point of view.

Then I think this discussion may take place. Right now, our joint venture has been doing very, very good.

This business, and when we do look at any integration solution in future, maybe we have to see whether it is right for us or not to go with the Eaton, actually, considering the way the business is performing currently, actually. I think those analysis will take place later, and it's too early right now.

Am I audible?

Sir. Thank you for the opportunity and congratulations on the transaction.

Just couple of questions. Firstly, on the consolidation part, what are the white spaces which the management is now incrementally looking to address, considering that the balance of the entities would be consolidated someday in the future?

In order to reach to that ₹50,000 crore mark, what are the white spaces which the management is looking for? That is one.

Second, if the management can also address on the newer capex and the capacity expansion targets which the company has given. One part was the ₹180 crore odd expansion which was called out in the media couple of days back.

What was that related to, as in which all entities are they trying to address, considering a host of entities are already present in Hosur? Also on the export target, the 10% export target, which all entities they are targeting to ramp up on the exports part?

Those would be my two questions.

I think the reference that you are taking is predominantly on I would say the suspension part of the business of the stand-alone business. There I think couple of points were discussed.

One was the capex part, the expansions that we are doing in various locations, including the one in the largest plant around Hosur. It is not only limited to Hosur, it is also across certain other expansions, because we are expanding our plant in Khandsa, which is Gurgaon.

We are also making expansions in our Sanand plant. I think it was a combination of all the expansions and new investment, including the technology investments that we are making on the suspension business.

On the export part, I think we discussed predominantly on the way forward on the export opportunities that we are looking as potential opportunities on the passenger shock absorber side and also on the polar and the bike side. I think basis the combination of all three, we had set up a target of 10% exports in the coming time line.

This is to answer your questions.

Good morning, sir, and congratulations on a good set of acquisitions, especially protecting the interest of minority shareholders and the acquisitions becoming EPS accretive from day one. I have just one question, sir.

As you mentioned that post Mando in our kitty, we now account for 70% of the group revenues. What's the outlook on the rest 30% of the pie?

Is it something which gets consolidated in the due course of time and if you could assign any time line to it, or this is something which is difficult to consolidate?

I think if you see as we have been talking last one year for Project RISE that the Gabriel is our growth engine, and that's what we have been talking. Our idea is to also look at bringing new businesses into Gabriel, also as appropriately fit in, bringing the existing business into the Gabriel fold from Asia, actually, or from Anand.

We made significant progress. As you can see that with Project RISE, we reached up to the 58% of the group sales, and with now Project Jupiter, which is Mando, which I said the largest business which we are bringing into the Gabriel fold, we'll be reaching almost 70%.

The balance 30% is left. I think that appropriate time, as we have seen in past, those efforts will be there as they are appropriately fit in from the strategy point of view or from the partner's perspective also.

We don't deny that those will not come, but yes, time line we have to see as it is appropriate, actually.

Understood, sir. Thank you and wish you all the best.

Am I audible?

Okay. Congratulations for the acquisitions.

I have two questions. First is, does this agreement on JV give us an opportunity to increase our holding in future also?

Okay. There is no option right now, but it doesn't mean that we can't do that.

I think if I look at overall the global scenario, mostly the people will look for an opportunity to give us opportunity to increase our share, because they also need cash. As Indian market is doing good, definitely our desire will be to increase our stake, actually, basically.

If it is not in agreement, it doesn't mean that it is not possible. Everything can be discussed and decided, whatever is not written in the agreements.

Okay. Sir, another question is for HL Clemo.

Can you just provide an opportunity size and competitive landscape which is there currently in India? I guess you haven't provided any color on the margins which the company is doing currently.

I think we have already shared our information, which is there in the investor deck, which is uploaded already. I think if we look at the 2026 results, we are talking around ₹1,000 crore of the company in the current year, financial year 2026, which is right now unaudited results, but yes, very close to the audit.

We are looking for adjusted EBITDA of around ₹129 crore from this business, actually. That is again unaudited, but very close to the audit.

This is something which is there. As far as the facilities are concerned, the facilities are there manufacturing in Chennai, which is also very very much given in our investor deck, actually.

You can refer slide 13 and 17, which will give you the details of both the entities. I think all the expected answers are there on these two slides.

Hi, sir. Thank you for taking my questions.

Congratulations on the transactions. I have two questions surrounding HL Clemo.

First one is that HL Mando Group globally has been vocal about its prospects on robotics, humanoids, and actuators, and HL Clemo India seems to be in a line of business which is similar to those solutions. If they plan to bring those products to India, would they be housed in this HL Clemo India entity?

Secondly, HL Clemo India seems to be doing primarily business with HL Mando Anand and, which means you're providing an integrated solution. Would that be the something which will continue going forward, or would there be more third-party sales also happening from HL Clemo India?

Thanks.

I think the company started with supporting HL Mando in India, and so therefore that whatever as a supplier they are working, that continue to work. It means that if HL Mando is growing business and the products which are primarily related to the ECU and those will continue.

From the HL Clemo independently, I think that is not the strategy that they will only depend on HL Mando. Our primary aim, not only aim, it's already started, actually.

We have good business with Mahindra secured, we have good business with Tata secured already. Those are in their upcoming vehicle, which are already on the road, and the product price also I shared almost ₹50,000 to ₹60,000 per vehicle side.

We have all good future and for HL Clemo, but certainly our target is just to support for HL Mando, that continues, because there's no point in replicating the facilities at two places. The primary objective to grow independently business on the other side as far as the HL Clemo is concerned, actually.

Good thing for us that we are partner in both, even any transaction happening within these companies, it is helping us overall.

Sure. On the first question, sir, about robotics, actuators, and

humanoid?

Sorry.

Sorry, can you say again? What was

the

question, Viraj? There are other products like actuators and robotics.

Mhm. I think, as Mr.

Goyal explained, even if you look at the HL Mando Group also, I think we started with one product. Over a period of time, we continue to add the product.

Similarly, so that happens in any joint venture once the relationship is there, the trust is there, which is there for in the last 30 years. Obviously, this has just I think signed off now, and obviously at the appropriate time, we will also look at the opportunities, more opportunities coming in Indian market, and we'll continue to explore expanding the portfolio.

Giving a sort of a firm answer today on this, I think it is too early on.

Only one thing is to understand that I think we are their partner in India, anything Mando do globally which they want to bring to India, I think we become their preferred partner for the businesses, actually.

Hello?

Right. Sir, my understanding from the business update presentation that now majorly after these restructuring that has taken place, majority of the Anand Group's revenue will now kind of be reflected at Gabriel.

Is that understanding correct, or are there some other entities also that might be in another round for restructuring? That's the only question.

I think we already answered that same thing, that we started this journey with the Project RISE and now with the Project Jupiter, and we have been very openly talking to all of you that our aim is to bring new investment in Gabriel and also look at appropriate opportunity to transfer the existing business into the Gabriel fold. Significant portion is already done with this transaction, and, of course, as it is appropriate, we will also look at other businesses at the right time, basically.

Okay. Thank you.

That's it.

Thank you so much, sir, for the opportunity. Hope I'm audible.

Yeah. Go ahead.

Sir, my question is regarding fund-raising via QIP. Given the Gabriel historical cash or comfortable balance sheet position, is this capital tagged for inorganic acquisition or accelerated sunroof or EV capex or debt restructuring?

Also, as we see after the Enkemco consolidation in the Gabriel, some debt amount transferred to the company. What is the debt-equity outlook for FY '27 and what are the expected annual interest cost implications?

This was my first question.

This is Manish Shirke from Anand. We have no plans to work on QIP right now, as Mohit explained earlier.

We are looking at funding these both transactions with a combination of debt and equity. That is the plan.

For that, we will find out what kind of finance works out. This is where we are.

What was your other question? On the debt-equity?

Debt-equity should be 1:1. Once we close our transactions, both these transactions, the debt-equity from the '26-'27 perspective should be 1:1.

Right now, it is less than 0.1 to 0.2. Then it will be around 1:1.

What will be the annual interest cost implications? See,

we still have to work it out the various sources of funds which we are evaluating from the various instruments of debt. As Manish explained, we are at a very comfortable stage looking at the consolidated balance sheet and P&L which we have presented for Q1.

Subject to approval, this size will go up. I think we are at a very comfortable stage of raising approximately ₹800 crores of debt.

We are evaluating, as I mentioned, various instruments and we work it out the cost and probably it will start reflecting from the next quarter. We'll be in a better position to explain the cost of interest from next quarter onwards.

Thank you so much for participating today's call, and we hope that we have been able to address all your queries. For any further information, kindly get in touch with any of us or Strategic Growth Advisors, our investor relation advisors.

Thank you once again for your participation. Thank you so much.

Have a good day.