Credit Rating- New

Date: August 27, 2026 BSE Limited National Stock Exchange of India Limited 25th Floor, P. J. Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Bandra (E), MUMBAI – 400 001 MUMBAI – 400 051 (Company Code: 505714) (Company Code: GABRIEL) Subject: Intimation regarding Credit Ratings under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) Dear Sir/Madam, Pursuant to Regulation 30 read with Schedule III of the Listing Regulations and SEBI Master Circular no. SEBI/HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated January 30 2026, we hereby inform you that CRISIL Ratings Limited, vide its letter dated August 27, 2026, has assigned its rating to the Company’s non- convertible debentures and has reaffirmed its rating on long term bank facilities. The details of the assigned and reaffirmed credit ratings are provided below: Sr. Facilities/Instruments Amount Rating type Rating Remarks No. (Rs. In crore) 1. Long Term Bank Facilities 170 Long Term Crisil Reaffirmed AA+/Stable 2. Non-Convertible 1,000 Non-Convertible Crisil Assigned Debentures Debentures AA+/Stable The copy of the above disclosure will also be made available on the website of the Company at: https://www.anandgroupindia.com/gabrielindia/investors/ Kindly take the same on your records. Thanking you, For Gabriel India Limited Mohit Srivastava Chief Financial Officer Email id: secretarial@gabriel.co.in Encl: A/a Rating Rationale August 27, 2026 | Mumbai Gabriel India Limited 'Crisil AA+ / Stable' assigned to Non Convertible Debentures Rating Action Regulator Of Total Bank Loan Facilities Rated Rs.170 Crore Instrument Long Term Rating Crisil AA+/Stable (Reaffirmed) RBI Rs.1000 Crore Non Convertible Crisil AA+/Stable (Assigned) SEBI Debentures Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to Annexure for Details of Instruments & Bank Facilities Detailed Rationale Crisil Ratings has assigned its ‘Crisil AA+/Stable’ rating to Rs 1,000 crore non-convertible debentures of Gabriel India Limited (Gabriel) and has reaffirmed its ‘Crisil AA+/Stable’ rating on the long-term bank facilities. Crisil Ratings has taken note of Gabriel’s announcement on July 21, 2026, under Project Jupiter, comprising the acquisition of a 28.99% stake in HL Mando Anand India Pvt Ltd (HLMA) from the ANAND group’s investment and holding company, Asia Investments Pvt (AIPL) Ltd for an aggregate consideration of about Rs 2,231 crore, to be discharged through the issuance of equity shares of Gabriel worth ~Rs 1,881 crore to the ANAND group promoter (holder of 100% stake in AIPL), and cash consideration of ~Rs 350 crore. Crisil Ratings has also noted the acquisition of a 30% less one share stake by Gabriel in HL Klemove India Pvt Ltd (HLKI) for $98.4 million, with a long-term joint venture arrangement with HL Klemove group. These transactions bring profitable automotive component businesses such as automotive electronics and Advanced Driver Assistance Systems (ADAS) under Gabriel's umbrella. These represent the next phase of the ANAND group's automotive business consolidation or expansion strategy following Project Rise, under which AIPL's automotive business undertaking and investments in Dana Anand India Pvt Ltd, Henkel Anand India Pvt Ltd and Anand CY Myutec Automotive Pvt Ltd were consolidated under Gabriel, significantly broadening its scale and product portfolio. The ratings reflect Crisil Ratings assessment that the ongoing consolidation of automotive businesses and strategic partnership interests under Gabriel will materially strengthen its business risk profile and strategic importance within the ANAND group. Through Project Rise and Project Jupiter, Gabriel has evolved from a predominantly ride-control systems manufacturer into the group's principal automotive platform with a broader earnings base, greater diversification and increasing relevance in the group's long-term automotive strategy. The ongoing reorganisation reflects a clear strategic direction by the ANAND group, with around 70% of the identified businesses and partnership interests already, or about to get, consolidated under Gabriel since the commencement of the restructuring programme in June 2025. Furthermore, the group intends to progressively consolidate the balance businesses under Gabriel over the medium to long term, further reinforcing its strategic importance and underpinning the strengthening in its overall credit risk profile. Following completion of Project Rise and the proposed transactions under Project Jupiter, Gabriel's business risk profile is expected to strengthen materially through presence across multiple automotive component segments including ride control systems, driveline products, NVH (noise, vibration and harshness) solutions, specialty fluids, structural adhesives, aluminium forgings, steering systems, braking systems, ADAS and automotive electronics. The significantly broader product portfolio enhances diversification across products, customers and vehicle segments, while creating opportunities for higher content-per-vehicle, cross-selling and deeper OEM (original equipment manufacturer) engagement. The consolidated platform also benefits from longstanding partnerships with leading global technology providers, providing access to advanced technologies while leveraging the ANAND group's manufacturing, localisation and customer relationships. The broader business mix is expected to support improved resilience through greater scale, operating leverage and a higher contribution from technology-intensive businesses. While certain investments are accounted for under the share-of-profit method, their economic contribution materially enhances Gabriel's earnings profile, cash flow generation capacity and overall business risk profile. Project Rise involved a complex, multi-step restructuring and business reorganisation, resulting in a relatively longer implementation timeline. In contrast, Project Jupiter primarily involves acquisition of shareholding from existing investors and is subject largely to shareholder and regulatory approvals. Given its relatively straightforward structure, the transaction is expected to be completed by September-October 2026. Gabriel reported a healthy operating performance in fiscal 2026, supported by strong growth across automotive segments, continued scale-up of sunroof business, aftermarket expansion and acquisition of the suspension business of Marelli Motherson Auto Suspension Parts Pvt Ltd (MMAS). Consolidated operating income increased 14.9% on-year to Rs 4,667 crore (pre-restated basis), while operating margin moderated to 9.4% from 9.8% due to the inclusion of the relatively lower- margin MMAS business, elevated commodity costs and supply chain disruptions in the fourth quarter. Following the implementation of Project Rise on May 22, 2026, Gabriel reported strong revenue growth of about 16% on year in the first quarter of fiscal 2027, with operating income increasing to Rs 1,426 crore from Rs 1,234 crore in the corresponding prior- year quarter (restated basis), supported by robust performance across the two-wheeler segment, aftermarket business, new OEM programme launches and contributions from the acquired businesses. However, operating margin moderated to 8.7% from 9.6% during the same period, owing to commodity cost inflation, lag in pass-through of raw material cost increases and the inclusion of relatively lower-margin businesses acquired under Project Rise. In the first quarter of fiscal 2027, Gabriel also reported share of profit of around Rs 43 crore from the associate and joint venture investments transferred under Project Rise, highlighting the earnings contribution from these businesses. 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