NSE: GULFOILLUB · BSE: 538567
GULF OIL LUB. IND. LTD.
Manufactures and sells branded lubricants across passenger car motor oil, commercial vehicle oil, agricultural oils, and industrial segments, including projects such as bridges, dams, highways, tunnels, and mining. In FY26, consolidated revenue crossed ₹4,056 crore, with Q4 FY26 standalone revenue at ₹1,040 crore, up 13.7% year-on-year. Lubricants volumes grew 14% year-on-year in Q4 and 10.5% for the full year, with broad-based double-digit growth across PCMO, CVO, agri, OEM franchise workshops, and high double-digit growth in B2B industrial categories. The company also operates an EV-charging subsidiary, Tirex Chargers, which crossed the ₹100 crore revenue milestone in FY26. It is part of the Hinduja Group and reports over 50 OEM tie-ups and more than 1,000 B2B clients. Materials account for 52.7% of revenue, the single largest cost line, reflecting exposure to base oil and additive prices linked to crude oil. EBITDA margins compressed by 44-61 basis points in FY26 due to elevated crude oil prices and rupee weakness, while net profit declined about 3.5% after a ₹22.64 crore incremental charge for new labour codes. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Passenger car motor oil (PCMO), Commercial vehicle oil (CVO), Agricultural lubricants, OEM franchise workshops, B2B industrial segments, EV charging subsidiary (Tirex Chargers). Branded lubricants manufacturer and marketer with growing B2B industrial and EV charging exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,192 | 2,999 | 3,301 | 3,631 | 4,056 |
| EBITDA (ex other income) | 285 | 343 | 421 | 472 | 491 |
| margin % | 13.0 | 11.4 | 12.8 | 13.0 | 12.1 |
| Owners' profit | 0 | 0 | 308 | 360 | 348 |
| EPS, as reported (₹) | 41.89 | 47.30 | 62.76 | 73.09 | 70.47 |
| ROE % · ROCE % | 20.2 · 27.2 | 19.7 · 28.6 | 22.5 · 30.7 | 23.3 · 32.3 | 21.8 · 30.9 |
| Debt / equity (x) | 0.34 | 0.28 | 0.24 | 0.28 | 0.32 |
| Cash from operations | (24) | 273 | 341 | 395 | 350 |
| Capex | (25) | (23) | (28) | (53) | (51) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 864 | 920 | 953 | 1,016 | 967 | 1,018 | 1,055 | 1,327 |
| Profit before tax | 111 | 129 | 125 | 128 | 113 | 102 | 120 | 165 |
| Net profit | 83 | 97 | 93 | 95 | 84 | 76 | 90 | 121 |
| EPS (₹) | 17.01 | 19.89 | 18.70 | 19.45 | 17.35 | 15.50 | 18.17 | 24.88 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CASTROL INDIA LIMITED | 18,665 | 17.6 | 9.78 | — | 30.9 | 40.4 | — | 27.2 |
| GULF OIL LUB. IND. LTD. ◆ | 5,305 | 14.1 | 3.35 | 8.0 | 21.8 | 27.6 | — | 14.5 |
| SAVITA OIL TECHNOLO. LTD | 4,606 | 11.1 | 2.54 | 15.4 | 10.0 | 13.3 | — | 26.8 |
| PANAMA PETROCHEM LTD | 2,801 | 5.8 | 1.91 | 9.7 | 14.5 | 17.3 | 16.2 | 22.6 |
| GANDHAR OIL REFINE IND L | 2,538 | 8.4 | 1.81 | 10.8 | 9.8 | 11.4 | — | 16.4 |
| VEEDOL CORPORATION LTD | 2,213 | 10.1 | 2.14 | 8.4 | 18.5 | 19.0 | 11.5 | 16.8 |
| Greenhitech Ventures Limited | 48 | 64.9 | — | — | — | 1.0 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.1 | 9.8 | 13 of 20 | 37% |
| P/B | 3.4 | 2.1 | 14 of 18 | 24% |
| ROCE | 27.6 | 17.1 | 4 of 19 | 83% |
| ROE | 21.8 | 14.5 | 6 of 17 | 69% |
| Debt / Equity | 0.3 | 0.3 | 10 of 18 | 47% |
| EBITDA margin | 14.5 | 12.7 | 8 of 17 | 56% |
| Revenue growth | 30.6 | 26.2 | 6 of 14 | 62% |
| Profit growth | 27.0 | 56.9 | 10 of 15 | 36% |
| Market cap | 5305 | 2669 | 8 of 20 | 63% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 FY27 revenue rises 44%, PAT 34%; EBITDA margin eases to 11.8% | compliance | minimal | — | — |
| 28 Oct 2026 · Q2 revenue rises 46%, profit 36%; Valsad warehouse fire under review | results | high | — | — |
| 28 Oct 2026 · September quarter revenue up 46%, net profit up 36%; Valsad warehouse fire | results | high | — | — |
| 27 Oct 2026 · Fire at Nagvas warehouse; no injuries reported | capex operations | high | — | — |
| 26 Oct 2026 · Gulf Oil Lubricants to meet investors and analysts on October 29, 2026 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Q2 and H1 FY27 earnings call scheduled for October 30 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Gulf Oil Lubricants schedules Q2 and H1 FY27 earnings call | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 6 Oct 2026 · Gulf Oil Lubricants gets ESG rating of 63 from Crisil, category Strong | business updates | medium | — | — |
| 5 Oct 2026 · Quarterly Compliance Certificate for Demat Activity | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.