Gulf Oil Lubricants India Q2 FY27 results: net profit up 36.4% to ₹114.52 crore, revenue up 45.7%

How did Gulf Oil Lubricants India perform in Q2 FY27?

Gulf Oil Lubricants India reported consolidated revenue from operations of ₹1,409 crore in Q2 FY27, up 45.7% from ₹966.77 crore in Q2 FY26. Total income rose 44.7% to ₹1,435.94 crore, while EBITDA increased 39.3% to ₹163.52 crore. The EBITDA margin fell 0.5 percentage points to 11.6%, and the profit margin declined 0.6 percentage points to 8.1%.

Profit before tax rose 36.1% to ₹153.98 crore from ₹113.12 crore, and tax increased 34.6% to ₹39.39 crore. Net profit consequently rose 36.4% to ₹114.52 crore from ₹83.95 crore, while profit attributable to owners increased 34.9% to ₹115.43 crore. Basic EPS was ₹23.3, up 34.3% from ₹17.35.

Compared with Q1 FY27, revenue increased 6.1% to ₹1,409 crore from ₹1,327 crore. EBITDA fell 1.4% to ₹163.52 crore from ₹165.80 crore, and its margin declined 0.9 percentage points to 11.6%. Profit before tax fell 6.5% to ₹153.98 crore, net profit declined 5.2% to ₹114.52 crore and basic EPS decreased 6.4% to ₹23.3. On a standalone basis, revenue was ₹1,379.43 crore and profit after tax was ₹117.19 crore, against ₹87.13 crore in the year-ago quarter.

What changed in Gulf Oil Lubricants India's costs and profit?

Total expenses increased 45.8% to ₹1,282 crore in Q2 FY27 from ₹879.16 crore in Q2 FY26. Cost of materials was the largest movement, rising 77.4% by ₹394.97 crore to ₹905.55 crore. Other expenses rose 17.9% or ₹43.10 crore to ₹283.45 crore, depreciation increased 30.8% or ₹5.02 crore to ₹21.34 crore, and employee cost rose 10.7% or ₹5.79 crore to ₹59.69 crore.

Finance costs increased 14.9% or ₹2.01 crore to ₹15.48 crore, while other income rose 7.0% or ₹1.78 crore to ₹27.28 crore. Tax expense increased 34.6% or ₹10.12 crore to ₹39.39 crore. There was no exceptional item. Sequentially, cost of materials rose ₹79.38 crore, finance costs increased ₹7.02 crore, and other expenses fell ₹38.08 crore; other income rose ₹0.40 crore and tax fell ₹4.46 crore.

How did the first half of FY27 go?

In H1 FY27, consolidated revenue rose 38.0% to ₹2,735.87 crore from ₹1,983.23 crore in H1 FY26. Total income increased 37.4% to ₹2,790.03 crore from ₹2,031.27 crore. The first-half profit before tax rose 32.3% to ₹318.69 crore from ₹240.94 crore.

H1 FY27 net profit increased 31.4% to ₹235.36 crore from ₹179.13 crore. Basic EPS rose 30.9% to ₹48.18 from ₹36.8. Revenue growth of 38.0% therefore exceeded profit growth of 31.4% over the first half.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹3,696.69 crore, against ₹3,014.97 crore at 31 March 2026. Total equity rose to ₹1,682.91 crore from ₹1,583.64 crore, while borrowings increased to ₹773.7 crore from ₹514.34 crore. Cash and cash equivalents were ₹1,268.59 crore, compared with ₹1,135.89 crore at the previous balance-sheet date.

Inventories increased to ₹864.12 crore from ₹594.66 crore, trade receivables rose to ₹743.2 crore from ₹534.76 crore, and trade payables increased to ₹834.49 crore from ₹658.17 crore. H1 FY27 operating cash flow was ₹35.67 crore, against ₹23.86 crore in H1 FY26; investing cash flow was ₹16.98 crore against ₹28.16 crore, financing cash flow was ₹80.06 crore against ₹15.51 crore, and capital expenditure was ₹30.28 crore against ₹19.62 crore.

How has Gulf Oil Lubricants India done over the last 8 quarters?

Revenue reached its highest level in the eight-quarter series in Q2 FY27 at ₹1,408.66 crore, compared with its lowest at ₹920.4 crore in Q3 FY25. Profit peaked at ₹120.84 crore in Q1 FY27 and was lowest at ₹76.13 crore in Q3 FY26. The latest quarter therefore showed higher revenue but lower profit than the preceding quarter.

The EBITDA margin peaked at 13.5% in Q4 FY25 and bottomed at 11.6% in Q2 FY27. Revenue has risen year on year in each of the last eight quarters, while profit has risen year on year in each of the last two quarters. The current revenue direction is upward, but both profit and margin eased from Q1 FY27.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, subject to limited review by S R B C & Co. LLP. The review report was unmodified. The company did not disclose a dividend or fund raise in the cited same-day filings.

In a separate filing dated 27 October 2026, the company reported a fire at its Nagvas warehouse in Valsad, Gujarat. It said the cause was uncertain but appeared prima facie to have originated from an adjacent unit. No injuries or casualties were reported, the damage assessment was continuing, and the stock at the affected warehouse was insured.

What did Gulf Oil Lubricants India's management say?

Management said Q2 lubricant volumes grew 16%, while H1 volumes rose 17% at 3x-4x the industry pace. The company expects close-to-double-digit H2 volume growth and continues to target 2x-3x the industry’s 3%-4% growth rate. CEO Ravi Chawla said: “In terms of outlook, it’s always been our strategic and operational executional priority to grow 2x to 3x the market.”

Management maintained AdBlue volume growth guidance of 10%-15% for H2 FY27 and the coming financial year, B2C volume growth of at least 2x market growth, and personal mobility volume growth of 3%-4%. It also kept the 12%-14% near-term EBITDA margin band and said progress toward 14%-16% would occur over the medium term, not in the next 1-2 quarters. Synthetic motorcycle and car products are targeted at about 10% of the portfolio over the next 3-4 years.

CFO Manish Gangwal said the company had delivered every litre sought by customers and OEM partners amid supply and cost challenges. Management said calibrated pricing and timely price increases protected per-litre margins. Risks identified on the call included crude and base-oil inflation, West Asia and Hormuz disruption, elevated working capital, weak agriculture demand and 4-5 days of equivalent production loss from the Valsad fire. Expansion capex was about ₹60-62 crore, and Silvassa readiness moved to Q1 FY28.

How did Gulf Oil Lubricants India shares react?

The filing appeared after market hours. From the price when the results were published, the stock fell 0.9% after 5 minutes, 2.8% after 15 minutes and 2.5% after 30 minutes. On the reaction day, it fell 1.4% from the previous close, compared with a 1.5% decline for the other lubricants stocks and a 0.7% rise for the Nifty Microcap 250.

By the next day’s close, the stock was down 2.9% from its pre-results close, against a 2.4% fall for the sector median and a 1.9% fall for the market. By the fifth-session close, it was up 0.8% from the pre-results close, versus a 0.4% decline for the sector median; the market comparison was not available.

Earlier reaction-day moves were mixed. The stock rose 3.7% on 3 August 2026, 2.7% on 27 May 2026 and 2.0% on 9 February 2026; it fell 2.1% on 5 November 2025 and 1.2% on 13 August 2025. The largest move in the listed history was an 8.8% rise on 6 February 2025.