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Latest filing: 2026-08-13 18:29
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33% Revenue Growth in Q1 FY27; Gulf Oil Reports Record ₹1,320 Cr Revenue
Gulf Oil Lubricants reported a robust Q1 FY27 with revenue growing 33% YoY to ₹1,320 Cr, driven by a 17% volume growth in core lubricants. EBITDA increased 35% YoY to ₹170 Cr, with margins remaining resilient at 12.9% despite input cost inflation. The company has consolidated its EV charging play by increasing its stake in Tirex to 65.18%, targeting ₹300-400 Cr revenue from this segment in 3-4 years. This performance represents a significant outperformance of the industry volume growth rate of 3-4%.
Confidence: HIGH
What changedThe company achieved record quarterly revenue and profit while increasing its majority stake in its EV charging subsidiary, Tirex, from 51% to 65.18%.
Why it mattersThe results demonstrate strong execution of the 'Unlock 2.0' strategy, growing volumes at 4-5x the industry rate and successfully diversifying into non-lubricant segments like AdBlue and EV infrastructure.
Q1 FY27 Revenue: ₹1,320 CrRevenue Growth (YoY): 33%Core Volume Growth: 17%EBITDA Margin: 12.9%Tirex Stake: 65.18%Tirex Revenue Target: ₹300-400 Cr
📅 Short termThe stock is likely to react positively to the record revenue and profit figures, which show strong momentum despite supply chain disruptions in West Asia.
📈 Long termStructural growth is supported by premiumization and expansion into EV charging, providing a strategic hedge against the long-term transition away from internal combustion engines.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Base oil price volatility linked to crude oil
- Forex fluctuations impacting finance costs
- Supply chain disruptions in West Asia
Key Highlights
Revenue reached an all-time high of ₹1,320 Cr, representing a 33% increase over Q1 FY26.
Core lubricant volumes grew by 17% YoY, significantly outperforming the industry average growth of 3-4%.
PAT increased 32% YoY to ₹128 Cr, maintaining a net profit margin of 9.7%.
Increased stake in Tirex (EV Charging) to 65.18% with a total investment of ₹140 Cr.
Targeting ₹300-400 Cr revenue from the Tirex segment within the next 3-4 years.
👀 What to Watch
Watch for the operationalization of Tirex's new capacity in Q3 FY27 and the company's ability to pass on base oil price increases to maintain the 12-14% EBITDA margin band.
Rs 1,320 Cr Revenue: Gulf Oil Reports Record Q1 FY27 with 17% Volume Growth
Gulf Oil Lubricants India Limited reported a record-breaking Q1 FY27, with revenue reaching Rs 1,320 crore, a 33% YoY increase. Core lubricant volumes grew 17% YoY to 48,000 KL, significantly outperforming the industry growth rate of 3-4%. Despite supply chain disruptions in the Middle East and crude oil touching $120 per barrel, the company maintained EBITDA margins at 12.9%. PAT reached an all-time high of Rs 127.5 crore, supported by proactive pricing and inventory management.
Confidence: HIGH
What changedGulf Oil has scaled its quarterly revenue base from approximately Rs 1,000 crore to over Rs 1,300 crore, achieving record volumes and profits despite significant macro-economic and supply chain headwinds.
Why it mattersThe results demonstrate strong market share gains and the ability to pass on cost increases (crude at $120/bbl) to customers, reinforcing the company's premiumization strategy and supply chain solidity.
Q1 Revenue: Rs 1,320 crQ1 Revenue vs TTM Revenue: 32.54%Lube Volume Growth: 17% YoYEBITDA Margin: 12.9%PAT: Rs 127.5 crInventory Value Change: Rs 109 cr
📅 Short termThe stock is likely to react positively to the record-breaking revenue and PAT figures, which exceeded previous quarterly benchmarks.
📈 Long termThe company's 'Unlock 2.0' strategy and focus on high-growth segments like PCMO and EV fluids position it for structural growth, provided it can navigate the long gestation period of EV infrastructure investments.
⚠ Risk flags
- Base oil price volatility linked to crude prices
- Forex fluctuations impacting finance costs
- Low utilization levels in the public EV charging business
Key Highlights
Revenue reached a record Rs 1,320 crore, up 33% YoY and significantly higher than the previous quarter's Rs 1,055 crore.
Core lubricant volumes hit an all-time high of 48,000 KL, representing 17% YoY growth.
PAT reached a record Rs 127.5 crore, resulting in an EPS of over Rs 25 for the quarter.
EBITDA grew 35% YoY to Rs 170 crore, maintaining operational resilience with a 12.9% margin.
AdBlue volumes remained strong at 40,000 KL for the quarter.
👀 What to Watch
Investors should monitor the sustainability of the 2-3x industry volume growth target and the impact of base oil price volatility on margins. Key focus areas include the execution of the EV charging infrastructure strategy (Tirex) and the ability to maintain pricing power if crude prices remain elevated.
₹1,320 Cr Revenue: Gulf Oil Reports Record Q1 FY27 with 17% Volume Growth
Gulf Oil Lubricants India Limited (GOLIL) delivered a record-breaking Q1 FY27, with revenue crossing ₹1,300 cr for the first time, a 33% YoY increase. Lubricant volumes grew 17% YoY to 48,000 KL, significantly outperforming the industry growth rate of 3-4%. Despite crude oil volatility reaching $120/bbl and supply chain disruptions in the Middle East, the company maintained EBITDA margins at ~13%. PAT reached an all-time high of ₹127.5 cr, supported by proactive pricing and inventory management.
Confidence: HIGH
What changedGulf Oil achieved record-breaking financial and operational metrics in Q1 FY27, successfully navigating supply chain disruptions in the Middle East and high crude prices.
Why it mattersThe results demonstrate strong market share gains and operational resilience, proving the company's ability to pass on cost increases and maintain margins even when crude oil prices spiked to $120/bbl.
Q1 Revenue: ₹1,320 crQ1 PAT: ₹127.5 crVolume Growth (YoY): 17%EBITDA Margin: 13%Revenue vs TTM Revenue: 32.54%
📅 Short termPositive sentiment is expected due to record profits and volume outperformance, though Q2 is seasonally weaker due to monsoon impacts on construction and transport.
📈 Long termStructural growth remains intact through the 'Unlock 2.0' strategy, focusing on premiumization, market share gains in PCMO/Industrial segments, and long-term EV infrastructure plays.
⚠ Risk flags
- Base oil price volatility
- Rupee depreciation impacting finance costs
- Supply chain disruptions in the Strait of Hormuz
Key Highlights
Revenue reached a record ₹1,320 cr, representing a 33% YoY growth and approximately 32.5% of TTM revenue.
Lubricant volumes grew 17% YoY to 48,000 KL, which is over 3x the industry growth rate.
Highest-ever quarterly PAT of ₹127.5 cr with an EPS exceeding ₹25 for the quarter.
EBITDA increased 35% YoY to ₹170 cr, maintaining a resilient 13% margin despite input cost pressure.
AdBlue volumes reached 40,000 KL, contributing to the overall volume momentum.
👀 What to Watch
Monitor the company's ability to sustain its 2-3x industry volume growth target and the impact of base oil price volatility on margins. Watch for execution updates on the EV charging infrastructure (Tirex) and potential M&A activity using the company's available cash reserves.
32.5% Revenue Growth: Gulf Oil Reports Record Q1 FY27 Results with 17% Volume Surge
Gulf Oil Lubricants India Limited (GOLIL) delivered a robust performance for Q1 FY27, with standalone revenue rising 32.5% YoY to ₹1,320.4 Cr. Profit After Tax (PAT) grew 31.9% YoY to ₹127.5 Cr, driven by a significant 17% YoY growth in lubricant volumes, which outpaced the industry average. Despite input cost pressures from elevated crude prices and the West Asia crisis, EBITDA margins remained resilient at 12.9%, up 20 bps YoY. The company reported double-digit growth across all key segments, including B2C, OEM, and B2B.
Confidence: HIGH
What changedGulf Oil has transitioned from steady growth to high-momentum growth, achieving record quarterly revenue and profit despite global supply chain volatility.
Why it mattersThe 17% volume growth indicates significant market share gains in a slow-growing industry. Maintaining 12.9% margins despite 'unprecedented' input cost inflation demonstrates strong pricing power and operational efficiency.
Revenue (Q1 FY27): ₹1,320.4 CrPAT (Q1 FY27): ₹127.5 CrVolume Growth (YoY): 17%EBITDA Margin: 12.9%Q1 Revenue vs TTM Revenue: 32.55%
📅 Short termThe stock is likely to react positively to the significant beat in revenue and profit growth compared to historical quarterly averages.
📈 Long termThe company's 'Unlock 2.0' strategy and diversification into EV infrastructure (Tirex, Indra) provide a structural growth runway beyond traditional lubricants.
⚠ Risk flags
- Base oil price volatility linked to crude oil
- Forex fluctuations impacting raw material costs
- Supply chain disruptions due to geopolitical tensions in West Asia
Key Highlights
Revenue from operations increased 32.5% YoY to ₹1,320.4 Cr, representing ~32.5% of TTM revenue in a single quarter.
Lubricant volume growth stood at 17% YoY, significantly higher than the industry growth rate of 3-4%.
EBITDA grew 34.6% YoY to ₹170.4 Cr, with margins expanding slightly to 12.9%.
PAT reached an all-time quarterly high of ₹127.5 Cr compared to ₹96.7 Cr in the previous year's quarter.
EPS for the quarter improved to ₹25.8 from ₹19.6 in Q1 FY26.
👀 What to Watch
Investors should monitor the sustainability of the 17% volume growth and the company's ability to maintain margins if crude oil prices remain volatile. Watch for progress in the EV charging segment (Tirex) and the scaling of the ElectreeFi SaaS platform as long-term growth drivers.
Gulf Oil Q1 PAT up 32% YoY to ₹127.5 Cr; ₹30 Final Dividend Record Date Set
Gulf Oil Lubricants reported a strong start to FY27 with standalone revenue growing 30.6% YoY to ₹1,327.21 Cr. Standalone net profit increased by 31.9% YoY to ₹127.52 Cr, reflecting robust volume growth and effective margin management. The company confirmed a final dividend of ₹30 per share (1500% of face value) for FY26, with the record date fixed for September 4, 2026. While the core business is performing well, its EV subsidiary Tirex remains in the investment phase, reporting a loss of ₹5.07 Cr on revenue of ₹12.08 Cr.
Confidence: HIGH
What changedThe company reported its Q1 FY27 financial results and finalized the administrative timeline for its ₹30 per share final dividend payment.
Why it mattersThe strong double-digit growth in both top and bottom lines suggests the company is successfully gaining market share and executing its premiumization strategy. The high dividend payout (approx 2.7% yield on current price) provides significant immediate return to shareholders.
Standalone Revenue (Q1 FY27): ₹1,327.21 CrStandalone Net Profit (Q1 FY27): ₹127.52 CrYoY Revenue Growth: 30.6%Final Dividend per Share: ₹30Dividend Record Date: September 4, 2026Q1 Revenue vs TTM Revenue: ~32.7%
📅 Short termThe stock is likely to react positively to the strong earnings growth and the clarity on the high dividend payout timeline.
📈 Long termThe company continues to outpace industry growth rates; however, long-term value will depend on the successful scaling of EV charging infrastructure and maintaining margins amidst raw material price fluctuations.
⚠ Risk flags
- Raw material (base oil) cost volatility
- Forex fluctuation risks
- Continued losses in EV subsidiary Tirex
Key Highlights
Standalone Revenue for Q1 FY27 reached ₹1,327.21 Cr, a 30.6% increase from ₹1,016.45 Cr in Q1 FY26.
Standalone Net Profit rose to ₹127.52 Cr, up 31.9% compared to ₹96.66 Cr in the same quarter last year.
Final Dividend of ₹30 per share (1500% of FV ₹2) confirmed with a record date of September 4, 2026.
Basic EPS for the quarter improved to ₹25.76 from ₹19.60 in the corresponding previous year quarter.
Subsidiary Tirex Transmission reported revenue of ₹12.08 Cr with a net loss of ₹5.07 Cr for the quarter.
👀 What to Watch
Investors should monitor the sustainability of the 30%+ revenue growth and the impact of base oil price volatility on margins in upcoming quarters. The progress of the EV charging subsidiary (Tirex) toward break-even is a key secondary metric to watch.
₹30 Final Dividend: Gulf Oil Sets Sep 4 Record Date; Q1 PAT Rises 32% YoY to ₹127.5 Cr
Gulf Oil Lubricants has fixed September 4, 2026, as the record date for a final dividend of ₹30 per share (1,500% of face value) for FY26. Alongside this, the company reported robust Q1 FY27 results, with revenue growing 30.6% YoY to ₹1,327.21 cr and PAT increasing 31.9% YoY to ₹127.52 cr. The dividend represents a yield of approximately 2.7% at the current market price of ₹1,108.1. The company also expanded its equity base slightly by allotting 1,16,701 shares under its ESOP scheme.
Confidence: HIGH
What changedThe company has finalized the timeline for its FY26 dividend payout and reported a significant year-on-year improvement in quarterly financial performance.
Why it mattersThe high dividend payout demonstrates strong cash flow, while the 32% PAT growth indicates successful execution of the 'Unlock 2.0' strategy and premiumization in the lubricant segment.
Final Dividend: ₹30 per shareDividend Yield: ~2.7%Q1 Revenue Growth (YoY): 30.6%Q1 PAT Growth (YoY): 31.9%Record Date: September 4, 2026
📅 Short termThe stock is likely to see positive interest in the coming weeks driven by the strong earnings beat and the upcoming dividend record date.
📈 Long termThe company's consistent volume growth (2-3x industry rate) and expansion into EV charging (Tirex) support a positive structural outlook.
⚠ Risk flags
- Base oil price volatility
- Forex fluctuations impacting finance costs
- Monsoon-related seasonality in collection cycles
Key Highlights
Final dividend of ₹30 per equity share (1,500% of ₹2 face value) recommended for FY26
Q1 FY27 Revenue from operations grew to ₹1,327.21 cr from ₹1,016.45 cr in the previous year's quarter
Net Profit for Q1 FY27 increased to ₹127.52 cr, a 31.9% jump from ₹96.66 cr YoY
Record date for dividend entitlement and AGM e-voting fixed as September 4, 2026
Allotted 1,16,701 fully paid-up equity shares during the quarter under the ESOP-2015 scheme
👀 What to Watch
Investors should note the September 4 record date to be eligible for the ₹30 dividend and monitor if the company can sustain the 30%+ revenue growth seen this quarter in a volatile base oil price environment.
₹127.5 Cr PAT; Gulf Oil Reports 32% YoY Profit Growth in Q1 FY27; ₹30 Final Dividend Set
Gulf Oil Lubricants delivered a strong Q1 FY27, with revenue growing 30.6% YoY to ₹1,327.21 cr and net profit rising 31.9% YoY to ₹127.52 cr. The company confirmed a final dividend of ₹30 per share (1,500% of face value), translating to a ~2.7% yield on the current market price. While the core lubricant business showed robust growth, its EV charging subsidiary, Tirex, reported a net loss of ₹5.07 cr on revenue of ₹12.08 cr. The results represent a significant sequential improvement over the March 2026 quarter revenue of ₹1,055 cr.
Confidence: HIGH
What changedThe company has reported a record quarterly revenue and profit, significantly exceeding the performance of the previous four quarters, and finalized the timeline for its substantial final dividend.
Why it mattersThe results validate the company's 'Unlock 2.0' strategy and its ability to maintain margins despite a sharp rise in raw material costs (up 55% YoY). The high dividend payout reflects strong cash flow generation.
Q1 Revenue: ₹1,327.21 crQ1 Net Profit: ₹127.52 crFinal Dividend: ₹30 per shareDividend Record Date: September 4, 2026Q1 Revenue vs TTM Revenue: ~32.7%
📅 Short termThe stock is likely to react positively to the earnings beat and the high dividend yield (~2.7%) ahead of the September record date.
📈 Long termThe company's focus on premiumization and EV infrastructure (Tirex) provides a structural growth path beyond traditional lubricants, though EV profitability remains a medium-term watch point.
⚠ Risk flags
- Volatility in base oil prices (raw material costs)
- Ongoing losses in the EV charging subsidiary (Tirex)
- Forex fluctuations impacting finance costs
Key Highlights
Revenue from operations surged 30.6% YoY to ₹1,327.21 cr from ₹1,016.45 cr in June 2025.
Net profit increased to ₹127.52 cr, a 31.9% growth compared to ₹96.66 cr in the year-ago quarter.
Final dividend of ₹30 per share approved with a fixed record date of September 4, 2026.
Raw material costs increased significantly to ₹826.17 cr from ₹533.47 cr YoY, reflecting higher input costs.
Basic EPS for the quarter rose to ₹25.76, up from ₹19.60 in Q1 FY26.
👀 What to Watch
Investors should monitor the volume growth in the core lubricant segment to see if it continues to outpace the industry by 2-3x, and track the narrowing of losses in the Tirex EV subsidiary.
Gulf Oil FY26 Revenue Crosses ₹4,000 Cr Milestone; Total Dividend Declared at ₹51 Per Share
Gulf Oil Lubricants India Limited reported a strong performance for FY26, with consolidated revenue reaching an all-time high of ₹4,056 crore, an 11.7% YoY increase. The company maintained industry-leading volume growth at 14% for Q4, significantly outperforming the market. While Profit After Tax (PAT) saw a slight decline to ₹350.92 crore due to incremental obligations from new labor codes, the company declared a substantial final dividend of ₹30, bringing the total FY26 dividend to ₹51 per share. Additionally, its EV charging subsidiary, Tirex, achieved a revenue milestone of ₹100 crore.
Key Highlights
Consolidated FY26 revenue crossed the ₹4,000 crore mark for the first time, reaching ₹4,056 crore.
Standalone EBITDA for FY26 grew 8.6% YoY to ₹510.38 crore with a margin of 12.8%.
Total dividend for the financial year is ₹51 per share, representing a high payout to shareholders.
Lube volumes grew by 14% YoY in Q4 FY26, which is approximately 3x the industry growth rate.
EV subsidiary Tirex surpassed ₹100 crore in revenue for FY26, showing strong traction in the e-mobility segment.
👀 What to Watch
Investors should view the consistent volume outperformance and high dividend yield as positive indicators of management execution. The successful scaling of the EV charging business (Tirex) provides a long-term hedge against the transition to electric vehicles.
Gulf Oil Reports Record Q4 FY26; FY26 Revenue Crosses ₹4,000 Cr, Total Dividend at ₹51/Share
Gulf Oil Lubricants India Limited (GULFOILLUB) reported record-breaking performance for Q4 FY26, with lubricant volumes growing 14% YoY to 45,000 KL and quarterly EBITDA hitting an all-time high of ₹135 crores. For the full year FY26, revenue surpassed the ₹4,000 crore milestone for the first time, driven by a 10.5% growth in lubricant volumes, which is 2x-3x the industry average. The company declared a record total dividend of ₹51 per share for the year, reflecting a high payout ratio of 72%. Its EV charging subsidiary, Tirex, also hit a significant milestone by crossing ₹100 crores in annual revenue.
Key Highlights
Achieved record quarterly lubricant volumes of 45,000 KL (+14% YoY) and record quarterly EBITDA of ₹135 crores.
Full-year FY26 revenue crossed ₹4,000 crores with a consolidated EBITDA of ₹514 crores.
Declared a record total dividend of ₹51 per share for FY26 (₹21 interim + ₹30 final), representing a 72% payout ratio.
EV charging subsidiary Tirex surpassed ₹100 crores in revenue, with Gulf Oil increasing its stake to 65%.
Maintained industry outperformance with 10.5% annual volume growth compared to the industry's 2-3% growth rate.
👀 What to Watch
Investors should take note of the company's robust cash generation and high dividend yield, coupled with its ability to consistently outperform the lubricant industry growth. The successful scaling of the EV charging business (Tirex) provides a credible long-term growth lever as the automotive market transitions.
Gulf Oil FY26 Revenue Crosses ₹4,000 Cr; Total Dividend Declared at ₹51 Per Share
Gulf Oil Lubricants India Limited delivered a strong top-line performance for FY26, with consolidated revenue crossing the ₹4,000 crore milestone (₹4,056.04 Cr, +11.7% YoY). Despite 14% volume growth in Q4—triple the industry average—consolidated PAT for FY26 declined slightly by 3.51% to ₹344.85 Cr, impacted by a ₹22.78 Cr provision for new labor codes and elevated input costs. The company announced a massive final dividend of ₹30 per share, bringing the total FY26 dividend to ₹51 per share. Its EV subsidiary, Tirex, also hit a significant milestone by crossing ₹100 Cr in revenue.
Key Highlights
Consolidated FY26 revenue grew 11.7% YoY to ₹4,056.04 Cr, with EBITDA crossing ₹500 Cr for the first time.
Q4 lubricant volumes surged 14% YoY, significantly outperforming the industry growth rate.
Total dividend for FY26 stands at ₹51 per share (2,550% on FV of ₹2), including a final dividend of ₹30.
EV charging subsidiary Tirex Chargers achieved a revenue milestone of ₹100 Cr in FY26.
FY26 PBT was impacted by a one-time estimated obligation of ₹22.78 Cr due to new labor codes notified in Nov 2025.
👀 What to Watch
Investors should take note of the industry-leading volume growth and the exceptionally high dividend yield. While margin pressures from crude volatility persist, the company's aggressive market share gains and scaling EV business make it a strong pick for growth and income-focused portfolios.
Gulf Oil Lubricants Recommends ₹30 Final Dividend; Total FY26 Payout Reaches ₹51 Per Share
Gulf Oil Lubricants India Limited has recommended a final dividend of ₹30 per share for FY 2025-26, bringing the total annual dividend to ₹51 per share including the interim payout. For the full year, the company reported a revenue growth of 11.7% reaching ₹4,056 crore, although net profit saw a marginal decline of 3.5% to ₹344.8 crore. This profit dip was primarily due to a one-time exceptional charge of ₹22.78 crore related to the implementation of new labour codes. The company's cash position remains robust with cash and equivalents ending at ₹1,135.8 crore.
Key Highlights
Recommended a final dividend of ₹30 per share (1500% of face value), resulting in a total FY26 dividend of ₹51.
Annual Revenue from Operations grew 11.7% year-on-year to ₹4,05,604.06 Lakhs.
Consolidated Net Profit for FY26 stood at ₹34,484.94 Lakhs compared to ₹35,738.73 Lakhs in the previous year.
Recognized a one-time exceptional expense of ₹2,278.21 Lakhs due to the Code on Wages, 2019 implementation.
Strong liquidity position with Cash and Cash Equivalents increasing to ₹1,13,588.54 Lakhs as of March 31, 2026.
👀 What to Watch
Investors should view the high dividend payout and steady revenue growth as positive indicators of cash flow strength. The slight decline in annual profit is largely attributable to a non-recurring exceptional item, suggesting underlying operational stability.
Gulf Oil FY26 Revenue up 11.7% to ₹4,056 Cr; Final Dividend of ₹30 per share
Gulf Oil Lubricants reported a steady 11.7% YoY growth in annual revenue, reaching ₹4,05,604 lakhs for FY26. However, consolidated net profit for the year saw a slight decline of 3.5% to ₹34,485 lakhs, primarily impacted by a one-time exceptional item of ₹2,278 lakhs related to new labor code provisions. The company has rewarded shareholders with a significant final dividend of ₹30 per share, bringing the total payout for the year to ₹51. Despite higher finance costs, the company maintained a robust cash position of ₹1,13,588 lakhs.
Key Highlights
Annual Revenue from Operations grew 11.7% YoY to ₹4,05,604 lakhs in FY26.
Recommended a final dividend of ₹30 per share (1500%), totaling ₹51 per share for the full year.
Net Profit for FY26 stood at ₹34,485 lakhs, impacted by a ₹2,278.21 lakh exceptional charge for labor code compliance.
Finance costs for the year increased by 56.8% YoY to ₹5,637.57 lakhs.
Cash and Cash Equivalents at the end of the year remained strong at ₹1,13,588.54 lakhs.
👀 What to Watch
Investors should view the results as stable, with the profit dip being largely attributable to a non-recurring exceptional item. The high total dividend payout of ₹51 per share makes it an attractive pick for yield-focused portfolios.
Gulf Oil Renews Multi-Year Strategic Partnership with Mahindra Tractors
Gulf Oil Lubricants India has signed a multi-year renewal of its strategic partnership with Mahindra & Mahindra’s Tractor Division. This agreement is the longest in their 12-year history and ensures Gulf Oil holds the largest share of business within Mahindra's tractor ecosystem. The partnership, which expanded to tractors in 2014, focuses on co-branded initiatives and supply chain efficiency. This renewal reinforces Gulf Oil's strong OEM relationship portfolio, which includes over 50 major manufacturers.
Key Highlights
Renewal of a multi-year agreement with Mahindra & Mahindra's Farm Equipment Business.
Gulf Oil will hold the largest share of business for the duration of the partnership.
The partnership has evolved over 12 years since its inception in the tractor segment in 2014.
Gulf Oil maintains a robust network with over 50 OEMs and 1,000+ industrial clients.
👀 What to Watch
This renewal provides long-term revenue stability and validates Gulf Oil's strong positioning in the OEM segment. Investors should remain positive on the stock as it secures its market share with a leading tractor manufacturer.
Gulf Oil Q3 FY26: Record ₹1,018 Cr Revenue; Declares ₹21 Interim Dividend
Gulf Oil Lubricants India reported a record Q3 with consolidated revenue reaching ₹1,017.55 crore, a 10.56% YoY increase. While reported PAT declined 21.77% YoY to ₹76.13 crore, this was primarily due to a ₹22.78 crore one-time provision for new labor codes and a high base effect from a land sale in the previous year. Operationally, the company outperformed the industry with 2x volume growth and saw its EV subsidiary, Tirex, grow revenue by 83% YoY. A significant interim dividend of ₹21 per share was declared, reflecting strong cash flow and management confidence.
Key Highlights
Consolidated revenue for 9M FY26 crossed the ₹3,000 crore milestone, growing 12.04% YoY.
Declared an interim dividend of ₹21.00 per equity share, representing 1,050% of the face value.
EV charging subsidiary Tirex delivered 83% revenue growth and achieved positive EBITDA for the quarter.
Ongoing ₹55 crore capex to expand lubricant capacity by 70% to 240 million liters at Chennai and Silvassa.
EBITDA margins improved sequentially by 67 bps to 13.02% despite currency depreciation pressures.
👀 What to Watch
Investors should look past the headline PAT decline which was driven by non-recurring provisions; the underlying volume growth and EV segment turnaround are strong positives. The high dividend payout and capacity expansion plans signal robust long-term growth prospects in both traditional and emerging segments.
Gulf Oil Lubricants Q3 FY26: Record 41,500 KL Volumes and INR 21 Interim Dividend
Gulf Oil Lubricants achieved its highest-ever quarterly volumes of 41,500 KL, growing at 8% which is double the industry average. EBITDA margins expanded sequentially by 67 basis points to cross the 13% mark, supported by premium product mix and cost management. The company declared a substantial interim dividend of INR 21 per share (1,050% of face value) and reported 83% revenue growth in its EV charging subsidiary, Tirex. Management remains optimistic with a planned INR 55 crore CapEx for plant expansions in Chennai and Silvassa.
Key Highlights
Record quarterly lubricant volumes of 41,500 KL, outperforming industry growth by 2x.
9M FY26 revenue reached INR 2,951 crores, a growth of 11.8% year-on-year.
Interim dividend declared at INR 21 per share, reflecting strong cash flow and board confidence.
EV subsidiary Tirex reported 83% Q3 top-line growth with new marquee clients like Mahindra and MG.
EBITDA margins improved to 13%+ despite rupee depreciation and cost pressures.
👀 What to Watch
Investors should maintain a positive outlook given the record volume growth and strong dividend payout. The company's ability to maintain 2x market growth and expand margins despite macro headwinds makes it a robust pick in the lubricants space.
Gulf Oil Declares ₹21 Interim Dividend; Q3 Revenue Rises 10.5% to ₹1,017.5 Crore
Gulf Oil Lubricants has declared a substantial interim dividend of ₹21 per share (1050% of face value) for FY 2025-26, with the record date set for February 13, 2026. The company's Q3 revenue grew by 10.5% YoY to ₹1,017.55 crore, demonstrating steady top-line momentum. However, net profit for the quarter declined to ₹76.13 crore from ₹97.32 crore YoY, primarily due to a one-time exceptional charge of ₹22.78 crore related to new labor code wage definitions. The company also strengthened its EV segment by increasing its stake in Tirex Transmission to 65.18%.
Key Highlights
Declared interim dividend of ₹21 per equity share (1050% of face value) with record date of Feb 13, 2026.
Q3 FY26 revenue from operations increased 10.5% YoY to ₹1,017.55 crore.
Net profit stood at ₹76.13 crore, impacted by a ₹22.78 crore exceptional item for labor code compliance.
Increased stake in subsidiary Tirex Transmission Private Limited from 51% to 65.18% for ₹38.09 crore.
Nine-month revenue for FY26 reached ₹3,000.78 crore compared to ₹2,678.42 crore in the previous year.
👀 What to Watch
Investors should note the record date of February 13 to be eligible for the ₹21 dividend. The stock remains attractive for income-seeking investors, as the profit dip is largely due to a non-recurring regulatory provision rather than operational weakness.
Gulf Oil Q3 Revenue Hits Record ₹1,017 Cr; Declares ₹21 Interim Dividend
Gulf Oil Lubricants reported its highest-ever quarterly consolidated revenue of ₹1,017.55 crore, up 10.56% YoY, driven by 8% volume growth which is double the industry average. While reported PAT declined 21.77% to ₹76.13 crore, this was primarily due to a one-time provision of ₹22.78 crore for new labour codes and a high base effect from a land sale in the previous year; adjusted PAT actually grew by 7.40%. The company rewarded shareholders with a significant interim dividend of ₹21 per share. Operational performance remained robust with EBITDA margins improving 67 bps sequentially to 13.05%.
Key Highlights
Consolidated quarterly revenue hit an all-time high of ₹1,017.55 crore, up 10.56% YoY.
Declared an interim dividend of ₹21.00 per equity share (1,050% on face value of ₹2).
Lubricant volumes grew by 8% YoY, outperforming the industry growth rate by 2x.
EV charging subsidiary Tirex delivered 83% revenue growth in Q3 and achieved positive EBITDA.
Profit Before Tax (PBT) was impacted by a ₹22.78 crore provision for estimated obligations under new labour codes.
👀 What to Watch
Investors should look past the headline PAT decline which was driven by one-off regulatory provisions and focus on the strong volume growth and market share gains. The high dividend payout and rapid growth in the EV charging segment (Tirex) make it a strong pick for both yield and growth-oriented portfolios.
Gulf Oil Lubricants Declares ₹21 Interim Dividend; Q3 Revenue Grows 10.5% YoY
Gulf Oil Lubricants India Limited has declared a substantial interim dividend of ₹21 per equity share for FY 2025-26, with the record date set for February 13, 2026. The company reported a 10.5% YoY increase in revenue from operations, reaching ₹1,017.55 crore for the quarter ended December 31, 2025. Net profit for the quarter saw a decline to ₹76.13 crore compared to ₹97.32 crore in the previous year, largely due to a one-time exceptional item of ₹22.78 crore related to new labour code provisions. Additionally, the company strengthened its position in the EV space by increasing its stake in Tirex Transmission to 65.18%.
Key Highlights
Declared interim dividend of ₹21 per share (1,050% of face value) with record date of Feb 13, 2026.
Revenue from operations increased 10.5% YoY to ₹1,017.55 crore in Q3 FY26.
Net profit stood at ₹76.13 crore, impacted by a ₹22.78 crore exceptional charge for new labour code compliance.
Increased stake in EV subsidiary Tirex Transmission Private Limited from 51% to 65.18% for ₹38.09 crore.
Raw material and packing costs rose 9.8% YoY to ₹521.32 crore during the quarter.
👀 What to Watch
Investors should view the high dividend payout as a sign of strong cash flow, while the profit dip appears temporary due to a one-time regulatory provision. The steady revenue growth and expansion in the EV charging segment (Tirex) remain positive long-term drivers.
Gulf Oil Q3 Revenue Up 10.5% to ₹1,017 Cr; Declares ₹21 Interim Dividend
Gulf Oil Lubricants reported a 10.5% YoY increase in revenue for Q3 FY26, reaching ₹1,017.55 crore. However, Net Profit declined by 21.7% YoY to ₹76.13 crore, primarily due to a one-time exceptional expense of ₹22.78 crore related to new labor code provisions. The company declared a substantial interim dividend of ₹21 per share, representing 1,050% of the face value. Additionally, the company strengthened its EV play by increasing its stake in subsidiary Tirex Transmission to 65.18%.
Key Highlights
Revenue from operations grew 10.5% YoY to ₹1,01,755.31 lakhs from ₹92,039.72 lakhs.
Declared an interim dividend of ₹21 per equity share with a record date of February 13, 2026.
Net Profit impacted by a ₹2,278.21 lakh exceptional item for estimated obligations under new labor codes.
Profit Before Tax (before exceptional items) saw a marginal decline of 3.2% YoY to ₹12,488.48 lakhs.
Increased stake in EV charging subsidiary Tirex Transmission Private Limited from 51% to 65.18% for ₹3,808.77 lakhs.
👀 What to Watch
Investors should look past the one-time exceptional hit to PAT and focus on the steady revenue growth and high dividend yield. The increased investment in Tirex indicates a long-term commitment to the EV infrastructure space which warrants monitoring.
Gulf Oil Shareholders Approve Manish Kumar Gangwal as Whole-Time Director with 99.79% Votes
Gulf Oil Lubricants India Limited has announced that its shareholders have approved the appointment of Mr. Manish Kumar Gangwal as a Director and Whole-Time Director. Mr. Gangwal will continue to serve in his current capacity as the Chief Financial Officer (CFO) in addition to his new board responsibilities. The resolutions were passed via postal ballot with overwhelming support, receiving over 99% of votes in favor for both proposals. This move formalizes his leadership role and ensures continuity in the company's strategic and financial management.
Key Highlights
Appointment of Mr. Manish Kumar Gangwal as a Director approved with 99.11% votes in favor.
Appointment as Whole-Time Director (while remaining CFO) approved with 99.79% votes in favor.
A total of 40,702,603 valid votes were cast during the e-voting period which ended February 7, 2026.
Promoter group, holding 33,100,725 shares, voted 100% in favor of both resolutions.
The resolutions are deemed passed as of February 7, 2026, the final date of remote e-voting.
👀 What to Watch
Investors should view this as a positive step for management stability and continuity as a key executive is elevated to the board. No immediate action is required as this is a routine governance matter.
