Good day. Welcome to the Gabriel India Limited Q1 FY 2027 Earnings Conference Call. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements do not guarantee the future performance of the company, and it may involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. Joining us from the management team today are Mr. Mahendra Goyal, Group CEO and Managing Director, Mr. Atul Jaggi, Managing Director, Ride Control, and senior management team from ANAND Group and Gabriel India Limited, along with SGA, the Investor Relations Advisor to the company. I now hand the conference over to Mr. Mahendra Goyal, Group CEO and Managing Director, for the opening remarks. Thank you. Over to you, sir. Good morning, everyone. Hope you can hear me clearly and loudly. As part of Gabriel's ongoing organic growth journey and commitment to 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 Investments Private Limited for a total consideration of INR 2,231 crore. We also acquired 30% minus one share equity in HL Klemove India for a total cash consideration of $98.44 million as part of a proposed joint venture with HL Klemove. These investments represent an important milestone in the ANAND Group's 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 a few of the businesses, Dana Anand, Henkel Anand, and these are bringing the drivetrain products and of course, adhesive structural and NVH solutions. We further diversified our product offering through the acquisition of 76.1% stake in ANAND CY Myut ec and the merger of Anchemco 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 and strengthening our competitive position in driving sustainable long-term growth. The progress we have achieved to reinforce 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 Mando ANAND India Private Limited and HL Klemove 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 the 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 vehicle. 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 INR 5,886 crore, the largest company of the ANAND Group, and profit after tax of INR 358 crore in the financial year 2025/2026. The company had a net worth of INR 1,924 crore. Gabriel India will acquire 28.99% stake from Asia Investments 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 share to Asia Investments at an issue price of INR 1,305.89 per share, aggregating to INR 1,881 crore and balance INR 350 crore will be paid in cash, taking the total transaction consideration to INR 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 highly quality business with listed automotive components platform and enabling both the companies and its public shareholders to participate directly in the future value creation. Another transaction was with respect to the HL Klemove, 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 Klemove India, creating a significant opportunity for, again, Gabriel to participate in high-value technology segment, including advanced driving assistance system and automotive electronics. Importantly, this partnership provides access to the advanced capabilities like technology that would have taken considerably longer to build originally. HL Klemove India reported revenue of INR 1,000 crore plus and profit after tax of INR 123 crore in financial year 2026. As part of the transaction, Gabriel India will acquire 30% minus one equity share in HL Klemove India for a total consideration of $98.44 million. The investment will be completed in two tranche. We'll be paying $73.83 million on or before 15 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 Klemove. Together, these strategic initiatives positioning Gabriel India as ANAND's primary growth vehicle and business consolidation platform for the automotive component sector. They strengthen our portfolio, deepen our technology capabilities, extend 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. Now I'll hand over to Mr. Atul Jaggi for operational and financial update for the quarter. Yeah, Jaggi. 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 2027, with production increasing across all major vehicle categories. Two-wheeler production expanded by 23% year-on-year during the quarter one FY 2027. Scooters were the strongest contributor, recording growth of 32%, while motorcycle production increased by 18%. In the passenger vehicle, the industry production grows by 17% year-on-year during the quarter. Utility vehicles continue to lead the segment with production increasing by 21%, reflecting the continued shift in customer preference towards SUVs and crossovers. Coming to the commercial vehicle, production increased by 15% in the quarter one FY 2027. LCVs delivered a very strong growth of 21%, and 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 one FY 2027 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 one FY 2027 reflect the expanded business portfolio of Gabriel India. To facilitate a meaningful comparison, the corresponding quarter one FY 2026 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 standalone performance, revenue from operations grew by 19% YoY to INR 1,274 crore in quarter one FY 2027. The performance was supported by healthy demand across the core suspension business, continued growth in aftermarket and contribution from the Anchemco business added through the restructuring. Standalone EBITDA increased by 7% to INR 107 crore compared with INR 100 crore in quarter one FY 2026. The EBITDA margin stood at 8.4% in quarter one FY 2027. Moving to our consolidated performance, revenue from operations stood at INR 1,426 crore in quarter one FY 2027, a growth of 15.5% YoY. Consolidated EBITDA for the quarter stood at INR 124 crore, reflecting a growth of 2.3% YoY. The EBITDA margin stood at 8.7% in the first quarter. The share of profit before tax and 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. This is from INR 39 crore in quarter one FY 2026 to INR 43 crore in quarter one FY 2027. The EBT stood at INR 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 earning from joint ventures and associates under the expanded business structure. We have also presented the FY 2026 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. Thank you. We will now begin the question- and- answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Participants, please restrict yourselves to two questions in the interest of time and fairness to others. For any more questions, you may rejoin the queue. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Mumuksh Mandlesha with Anand Rathi Institutional Equities. Please go ahead. Yeah. Thank you, sir, for the opportunity, and congrats on bringing the HL Mando into listed at attractive valuation, and the one which was expected to come soon. And also an acquisition in a high growth area, ADAS technology areas. Firstly, on the relationship, sir, you're building with particular 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 such relationship with HL Group, earlier with SK Innovation, for the future growth opportunity for the Gabriel? Only one question, yeah? Okay. Yeah. I think our relationship with the HL Mando Group goes back to 1996. It has been a journey of almost 30 years now. Started with a single product, started with brakes and, of course, from time to time, we have been expanding this relationship as the trust between the partners increasing. I think we have added multiple products. We started with braking, we added suspension, and we later added the steering products, actually. 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 INR 5,500+, very close to INR 6,000 crore, if you see the result of 2026. Of course, this 25 years, 30 years relationship has built a lot of confidence. They have seen us, we have seen their manufacturing capabilities and, of course, what they are doing on the new technologies, actually. This is overall on the HL Mando, and of course, we are increasing our relationship with HL Mando again, with HL Klemove, the same group. Of course, as an overall expansion plan in Korea, HL Mando Group has been consistently working on the ADAS products for last seven, eight years. They have brought a 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 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 the people point of view, but also from management capabilities, their strength in Korea, their succession plan. I think we are very confident that we can expand our relationship with the group and therefore, I think, based on our current relationship, we became also the very trusted partner for them in India. We'll join hand together and happy to take this company up together now. That is what all the story behind this. Got it, sir. Thank you for this answer. Secondly, on the new HL Klemove JV acquisition on the ADAS area. If you can guide us how to look at the medium-term growth part for this entity. With some background, if you can share what are the new orders they are working, some of the key customer mix, which are the key customers they are working with, and any targets to share. Obviously, last two years have 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. The company has been working with 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 because the product cost itself is very large, actually. The per vehicle cost becomes 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 INR 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. The next question comes from the line of Jay Kale with Elara Capital. Please go ahead. Yeah. Good morning. Thanks for taking my question, and congratulations, team, for the transactions. My first question was on the two entities. 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 a 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 Tata 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 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 think, 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 Klemove side, the localization will start. As the industry will move, I think there's 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 that primarily the only one customer is left, Maruti Suzuki, and of course, that is something as they appropriately adopt this advanced 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 advanced. I think those opportunity will emerge as the OEM will have the plans, actually. Understood. That's heartening to know. Secondly, I thought just looking at your FY 2030 targets, of course, ambitious targets of INR 50,000 crore, that entails a lot of inorganic opportunity as well. It's heartening to know that we've started with a decent size 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 2030 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 EVs 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-autos in your FY 2030 targets? Okay. I think I look at it overall group perspective. We are INR 50,000 crore, and we'll be targeting in 2030. That is what our plan is. When we look at it, 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 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 initiatives. On the EV side, yes, we have a separate vertical already, which is there in the name of ANEVOL, which we started some time back. That is still progressing, actually. We have reached to a matured level, but we're still progressing, actually, basically. In a nutshell, I think we are not favorite to any segment, and we are not adverse to any segment. Yes, we will stay with the automotive segment, actually, from the growth perspective. Thank you. The next question comes from the line of Viraj with SiMPL. Please go ahead. Yeah. Hi. Thanks for the opportunity. Just a couple of questions. First is, can you just call out if there are any restructuring or module related charges on FY 2026? On an analyzed 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 you expect playing out in 2027 and next two, three years, and do you see any major tailwinds for the business? I think you talked about HL Klemove. There's an 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. [inaudible], you have seen a very subdued growth vis-a-vis what the end industry has done, and similarly in terms of profitability, you've seen a degrowth in the FY 2026. What has really happened there, and how do you see those two entities going forward? Yeah. One second, actually. Shall 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, and 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 that cost has any significance with respect to our profitability. The latter part of the question with respect to the two entities. One was the question on the regulatory events related to this transaction. I think regulatory events is primarily already approved by the Board of Directors. That is done. Therefore, we place both the transactions. 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 Klemove, right? Similarly, do you see any other regulatory norms which would positively or negatively affect our various businesses? 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 Klemove, 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 the ADAS technology. I see this is happening in commercial vehicle at a lower level. 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 it is steering, or it is ADAS, because all deal with safety. We see the positive impact in future of all those changes as far as the business is concerned. One more thing which is also very important to understand that 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 2026, profitability has 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 some issue, the operating issue at one of the supplier of Hyundai Mobis, 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, 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 2026. We have seen a profit degrowth. Henkel, again, I think it's an issue with respect to some of the commodity changes which we started with the Middle East situation. That has impacted. We account for these recoveries on the actual basis. I think these impacts will come in future in their profitability, actually. Thank you. The next question comes from the line of Amit Hiranandani with PhillipCapital. Please go ahead. Yes. Congratulations to the team for two strong acquisitions. Sir, just on the HL Klemove, 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 INR 20,000- INR 60,000, INR 70,000 per vehicle. All will depend what kind of a level our OEMs would like to target in their vehicle. I think the content can go as high as INR 60,000 and as low as maybe INR 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. As we look at, we are entering into the joint venture, as we examine the business plan, I think there are fair localization plan in this direction as well. Right. And sir, how much gross debt and cash we have as on 30 June, and how much amount are we planning to raise for HL Klemove? Yeah. We have about INR 250 crore of cash at the end of quarter one, and so far we have been funding our working capital and CapEx from the internal accruals, which we can avail the short-term facility, which should take care of the first tranche of collection, which we intend to discharge by September. The total debt we will be putting up for the shareholders' approval is about INR 1,500 crore. However, on the stock and debt term basis, we feel that we will be having a debt of INR 1,000 crore. Okay. Thank you. The next question comes from the line of Rakesh Jain with Axis AMC. Please go ahead. Yeah, hi. Congratulations, [inaudible], 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? With this INR 5,500 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%-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 these 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 stand today. Thank you. Thanks. I think from the export perspective, right now we do maybe 7%-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 partners are looking, including HL Mando. I think what generally the direction is that how 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 ADAS. I think it's a need in my view, and it's an 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 the engineering centers, and that become part of our business. We are not participating in any business which is outside of India, actually. This is helpful, sir. Thank you so much. All the best. The next question comes from the line of Aditya Khetan with SMIFS Institutional Equities. Please go ahead. Thank you, sir, for the opportunity. Just a couple of questions. Sir, onto the standalone business, we have seen a decent dip of 80-100 basis points on margins. If you can quantify any sort of cost pressures we are seeing 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 light, what was the revenue and EBITDA, and how much loss we have taken, sir, during this quarter? What sort of volume numbers we are looking for FY 2027 and update on the second phase of sunroof. Yeah. Okay. Coming to the first question on the margins on the standalone business. Yes, if you look at the details of the number, in this quarter, there has been pressure on the material cost due to the commodity inflation that has happened. It is a combination of impact that comes on a mathematical level, because even if the recovery is there is always a denominator impact that comes in. Secondly, sometimes there is also a little lag in the recovery. What we are spending in a month doesn't get recovered in the same month there. The recoveries are sort of getting aligned with the customer. Some of them already settled, some of them in the discussion. Sometimes it can take some time to release the purchase orders, et cetera. This is 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 you look at the quarter, they are around, I think, somewhere around [15,000-20,000 unit] 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. From the budget point of view, we are not looking at any shortfall coming in. It is a timing issue, definitely, for something 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%-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? I think if you look at the smaller cars, the growth is significantly higher than the market growth. 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. 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? Like it's coming back to the normal range or this will continue? See, these things, they purely depend upon the models where we are present and how the model, the new launches will perform. Obviously, given a 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. Thank you. The next question comes from the line of Radha with Motilal Oswal. Please go ahead. Hello. Congratulations, team, and thank you for the opportunity. My first question is, you mentioned that M&M and Tata are top customers from Mando of 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 India versus the suspension business of Mando? In terms of technology, do they have all the passive, active, plus semi-active suspension technology as well? Can you be a little clearer? I think either you are on a speaker or you are at a place where your voice is echoing. Yes. Yeah. I think maybe if you can speak a little slowly and don't use the speaker, it will be helpful, please. Yes, sir. Is this better? No. No. Radha, could you please use your phone on the handset mode? Yeah. Hello. Is this better? Yes, much better. Please go ahead. Okay. 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 standalone 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. Whatever we talked about, it was related to the steering products from the HL Mando side. 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 for the market, so we don't see any issue. In fact, with this transaction, it becomes complementary for us, whether the business is in Tata Motor, with Mando, HL Mando or with Gabriel, finally it becomes part of the Gabriel as this consolidation. 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 U.S.A. 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 these 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. I think these discussion may take place. Right now our joint venture has been doing very good, this business. 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, considering the way the business is performing currently. I think those analysis will take place later, but it's too early right now. Thank you. The next question comes from the line of Pratik Bhayani with Union AMC. Please go ahead. Pratik, please unmute your line in case if you're on mute, and go ahead with your question. No, Pratik. Your voice is very feeble. Could you please use your phone on the handset mode, please? Am I audible? Yes. Could you be a little louder? You can be a little louder and go ahead with your question. Thank you. Yeah. Thank you for the opportunity and congratulations on the transaction. Just a 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 INR 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 target which the company has given. One part was the INR 180 crore order expansion which was called out in the media a 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, what is the trajectory they would want to 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 the, I would say, the suspension part of the business or the Mando business, where I think a couple of points were discussed. One was the CapEx part, the extensions 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 the 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 investments, including the technology investment 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 at potential opportunities on the auto shock absorber side and also on the solar and e-bike side. I think basis the combination of all three, we had set up a target of 10% exports in the coming timeline. This is to answer your question. Thank you. The next question comes from the line of Shashank Kanodia with ICICI Securities. Please go ahead. Good morning, sir, and congratulations on the good set of acquisitions, especially protecting the interest of minority shareholders and the acquisition becoming EPS accretive from day one. I have just one question, sir. As you mentioned that 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 due course of time, and if you could assign any timeline to it, or this is something which is difficult to consolidate? I think if you see, as we have been talking last one year, whole Project Rise that 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 and also as appropriately fitting, bring in 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 sale, 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 fitting from a strategy point of view or from the partner's perspective also. We don't deny that those will not come. Yes, timeline we have to see as it is appropriate, actually. Understood. Thank you, sir. I'm sure of the rest. Thank you. The next question comes from the line of Jayesh Gandhi with Harshad H Gandhi Securities. Please go ahead. Jayesh, please go ahead with your question and unmute your line in case if you're on mute. Am I audible? Yes, Jayesh, go ahead please. First of all, 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 now 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. 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. Other question is for HL Klemove. 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 INR 1,000 crore of the company in the current year FY 2026, which is right now unaudited results, but yes, very close to the audit. We are looking for adjusted EBITDA of around INR 129 crore from this business. 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 much given in our investor deck. You can refer slide 13 and 17. 13, yeah. Which will give you the details of both the entities. I think all the expected answers are there on these two slides. Thank you. The next question comes from the line of Viraj Sanghvi with Ambit Capital. Please go ahead. Hi, sir. Thank you for taking my questions. Congratulations on the transactions. I have two questions surrounding HL Klemove. First one is that HL Mando Group globally has been vocal about its prospects on robotics, humanoids, and actuators, and HL Klemove 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 Klemove India entity? Secondly, HL Klemove India seems to be doing primarily business with HL Mando ANAND, which means you're providing an integrated solution. Would that be something which will continue going forward, or would there be more third-party sales also happening from HL Klemove India? Thanks. I think the company started with supporting HL Mando in India. Therefore, as a supplier they are working, that continue to work. It means that if HL Mando is growing business and the projects which are primarily related to the ECU and those will continue. From the HL Klemove 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. The product size also, I shared almost [INR 50,000 crore-INR 60,000 crore] per vehicle set. We have all good future for HL Klemove. Certainly, our target is just to support for HL Mando that continues. 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 HL Klemove is concerned, actually. Good thing for us that we are partner in both, if there were any transaction happening within these companies, it is helping us overall. Sure. On the first question, sir, about robotics actuators and- The products. Sorry? Sorry, can you say again, what was it? For the first- Question was that there are other products like actuators and robots. 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 continued to add the product. Similarly, that happens in any joint venture. Once the relationship is there, the trust is there, which is there from 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 more opportunities coming in the Indian market, and we will continue to explore expanding the portfolio. Giving a sort of a firm answer today on this, I think it is too early. 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 the preferred partner for the businesses actually. Thank you. The next question comes from the line of Naman with Sanghvi Family Office. Please go ahead. Naman, please go ahead with your question. Can you hear me? Hello. Naman, yes, now please go ahead. Yes, you're audible now. Thank you. Right. Sir, my understanding from the business update presentation that now majorly after these structuring 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. 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. A significant portion is already done with this transaction. Of course, as it is appropriate, we will also look at other businesses at the right time as agreed. Okay. Thank you. That's it. Ladies and gentlemen, due to time constraints, we will take the last question from the line of Shweta Sharma with Arihant Capital. Please go ahead. Thank you so much, sir, for the opportunity. Hope I'm audible. Yeah. Go ahead. Sir, my question is regarding fundraising 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 Anchemco consolidation and the Gabriel, some debt amount transfer to the company. What is the debt equity outlook for FY 2027, and what are the expected annual interest cost implications? This was my first question. This is Manish here from ANAND. We have no plans to work on QIP right now. As Mohit explained earlier, we are looking at funding these both transactions as a combination of debt and equity. That is the plan. For that, we will find out whether what kind of finance works out. This is where we are. What was your other question? On the debt-to- equity. Debt-to- equity should be 1: 1. Once we close our both these transactions, the debt-to- equity from the 2026, 2027 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? 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 PNL which we have presented for Q1 2026/2027 approval this size will go up. I think we are at a very comfortable stage of raising approximately INR 800 crore of debt. We are evaluating, as I mentioned, various instruments, 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. Ladies and gentlemen, that ends the question- and- answer session. I would now like to hand the conference over to Mr. Mahendra Goyal for the closing remarks. Thank you so much for participating in today's call. 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 a Strategic Growth Advisors or Investor Relation Advisors. Thank you once again for your participation. Thank you so much. Have a good day. Thank you, sir. Ladies and gentlemen Thank you. Ladies and gentlemen, on behalf of Gabriel India Limited, that concludes this conference call. Thank you for joining us. You may now disconnect your lines.