Gulf Oil Lubricants India Limited (GULFOILLUB)
₹1,089.90 +2.31% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Gulf Oil's revenue was ₹1,327 Cr (+30.6% year on year, +25.8% on the previous quarter), and net profit ₹121 Cr (+27.0% year on year); the operating margin was 12.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,327 | +30.6% | +25.8% |
| Operating profit | ₹166 | +30.1% | +21.9% |
| Net profit | ₹121 | +27.0% | +34.3% |
| EPS (₹) | 24.88 | +27.9% | +36.9% |
| Operating margin | 12.5% | — | — |
GULFOILLUB delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 50.99% of the GULFOILLUB shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.5%. That is close to its usual level.
Delivery in the last 5 sessions: 58.7% · 61.8% · 80.6% · 50.3% · 51.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Gulf Oil Lubricants India Limited has notified the exchanges under Regulation 30 regarding an upcoming analyst and institutional investor interaction. The company is scheduled to attend the Anand Rathi Conference in a group meet format on Tuesday, September 22, 2026. The intimation is routine in nature and does not convey any operational or financial updates.
- Meeting scheduled with analysts and institutional investors on Tuesday, September 22, 2026
- Participation confirmed for the Anand Rathi Conference
- Meeting format specified as a Group Meet
- Intimation filed under Regulation 30 of SEBI LODR Regulations, 2015
Gulf Oil Lubricants India Limited has informed the exchanges that Mr. Ashish Pandey, Company Secretary, Compliance Officer, and Head - Legal, has tendered his resignation effective from the close of business hours on September 16, 2026. The departure is to pursue another career opportunity outside the organization. This is a routine secretarial-level personnel change with no direct impact on the company's financial operations or core business execution.
- Resignation effective from close of business hours on September 16, 2026
- Resignation tendered on September 15, 2026
- Reason cited: to pursue better career opportunity outside the organization
- Positions vacated: Company Secretary, Compliance Officer, and Head - Legal
Gulf Oil Lubricants India Limited has announced the resignation of Mr. Ashish Pandey from his position as Company Secretary, Compliance Officer, and Head - Legal. The resignation is effective from the close of business hours on September 16, 2026. The departure is attributed to his decision to pursue career opportunities outside the organization. This represents a standard administrative change in Key Managerial Personnel with no impact on core operations.
- Resignation effective from close of business hours on September 16, 2026
- Mr. Ashish Pandey held the role of Company Secretary & Compliance Officer (KMP) and Head - Legal
- Reason cited: To pursue better career opportunities outside the organization
- Resignation letter submitted on September 15, 2026
Gulf Oil Lubricants India Limited has announced the voting results of its 18th Annual General Meeting held on September 11, 2026. All five ordinary resolutions, including the adoption of FY26 standalone and consolidated financial statements, final dividend declaration, re-appointment of director Shom Ashok Hinduja, and cost auditor remuneration ratification, were approved with over 99% majority. Institutional and promoter participation remained strong, with promoter voting at 100% in favour across all resolutions. This is a routine annual compliance filing.
- All 5 resolutions approved with requisite majority at the 18th AGM held on September 11, 2026
- Adoption of FY26 Standalone and Consolidated Financial Statements passed with 99.9971% votes in favour
- Declaration of final dividend for FY26 approved with 99.4374% votes in favour (40,082,549 votes)
- Re-appointment of Non-Executive Director Mr. Shom Ashok Hinduja approved with 99.8409% votes in favour
Gulf Oil Lubricants India Limited held its 18th Annual General Meeting (AGM) on September 11, 2026, through video conferencing with 71 members in attendance. Ordinary business transacted included the adoption of standalone and consolidated FY26 financial statements, declaration of a final dividend, and the reappointment of Non-Executive Director Mr. Shom Ashok Hinduja. In addition, ratification of remuneration for Cost Auditors for FY27 was placed before shareholders. The scrutinizer's report and final e-voting results are scheduled to be declared on or before September 16, 2026.
- 18th AGM held on September 11, 2026, attended by a total of 71 members
- Items included adoption of FY26 financial statements and declaration of final dividend
- Remote e-voting took place from September 7, 2026 (09:00 AM) to September 10, 2026 (5:00 PM)
- Voting results to be declared within two working days, on or before September 16, 2026
Gulf Oil Lubricants India Limited has disclosed the cessation of Mr. Sandeep Bangia as Senior Management Personnel (Head – Strategy, Transformation and E Mobility), effective August 31, 2026. Mr. Bangia tendered his resignation on May 18, 2026, citing personal reasons, and completed his notice period. The company (TTM revenue ₹4,367 Cr, market cap ₹5,145 Cr) continues to focus on EV infrastructure and lubricants under its core growth strategy.
- Mr. Sandeep Bangia ceased to be SMP (Head – Strategy, Transformation and E Mobility) on August 31, 2026.
- Resignation was tendered on May 18, 2026, citing personal reasons.
- Intimation filed under Regulation 30 of SEBI LODR Regulations on September 7, 2026.
Gulf Oil Lubricants India Limited has launched 'Kuch Behad Kar', a new positioning platform for its flagship motorcycle engine oil brand, Gulf Pride, featuring brand ambassador MS Dhoni. The 360-degree marketing campaign spans television, digital media, social platforms, retail, and on-ground activations, alongside a partnership with MTV Hustle Season 5. No financial outlay or marketing budget figures were disclosed in the filing. The initiative aims to drive volume growth in the two-wheeler lubricant segment by targeting everyday commuter riders across India.
- Unveiled 'Kuch Behad Kar' brand positioning platform for flagship motorcycle oil Gulf Pride featuring MS Dhoni.
- Formulated with Oxybitor technology to target everyday commuter and modest lower-cc motorcycle riders.
- Multi-channel 360-degree campaign across TV, digital, social, retail, and on-ground activations, including MTV Hustle Season 5 partnership.
- No advertising budget or financial commitment figures disclosed in the announcement.
Gulf Oil Lubricants India Limited has issued its Annual Report for FY 2025-26 and scheduled its 18th Annual General Meeting for September 11, 2026. For FY26, the company reported consolidated revenue of Rs 4,056 crore, EBITDA of Rs 510 crore, and a record dividend of Rs 51 per share (72% payout ratio). The report highlights an ongoing capacity expansion plan to scale lubricant manufacturing capacity from 140,000 KL to 240,000 KL per annum in FY 2026-27.
- 18th AGM scheduled on September 11, 2026 via video conferencing, with record cut-off date of September 4, 2026
- Consolidated FY26 revenue reached Rs 4,056 crore with operating EBITDA of Rs 510 crore
- Declared highest-ever dividend of Rs 51 per share, representing a 72% payout ratio
- Planned expansion of lubricant manufacturing capacity to 2,40,000 KL p.a. in FY 2026-27 from current 1,40,000 KL p.a.
Gulf Oil Lubricants India has issued the notice for its 18th Annual General Meeting scheduled for September 11, 2026, along with its FY25-26 Annual Report. The report highlights FY26 consolidated revenue of ₹4,056 crore, EBITDA of ₹510 crore, and a record dividend payout of ₹51 per share (72% payout ratio). Core lubricant sales volume grew 11% to 1,68,000 KL, and the company plans to increase its lubricants manufacturing capacity from 140,000 KL to 2,40,000 KL in FY27. Remote e-voting is scheduled from September 7 to September 10, 2026, with a voting cut-off date of September 4, 2026.
- FY26 consolidated revenue stood at ₹4,056 crore with EBITDA of ₹510 crore
- Record dividend of ₹51 per share with a peak dividend payout ratio of 72%
- Core lubricants sales volume increased 11% YoY to 1,68,000 KL in FY26
- Planned capacity expansion from 1,40,000 KL p.a. to 2,40,000 KL p.a. (over 70% increase) in FY 2026-27
- AGM set for September 11, 2026, with voting eligibility cut-off on September 4, 2026
Gulf Oil Lubricants India Limited has issued the notice for its 18th Annual General Meeting scheduled for Friday, September 11, 2026, through video conferencing. Key ordinary business includes the declaration of a final dividend of ₹30 per equity share (1,500% of face value of ₹2 each) for FY26. The record/cut-off date to determine e-voting eligibility has been set as September 4, 2026. Other agenda items include the adoption of FY26 audited accounts and the re-appointment of Director Shom Ashok Hinduja.
- 18th Annual General Meeting scheduled for September 11, 2026 at 3:00 p.m. IST via VC/OAVM
- Final dividend recommended at ₹30 per equity share of face value ₹2 (1,500%) for FY26
- Cut-off date for e-voting eligibility fixed as Friday, September 4, 2026
- Remote e-voting period open from September 7, 2026 (9:00 a.m.) to September 10, 2026 (5:00 p.m.)
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%.
- 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.
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.
- 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.
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.
- 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.
Gulf Oil Lubricants India Limited (GOLIL) conducted its earnings conference call on August 4, 2026, to discuss the unaudited financial results for the quarter ended June 30, 2026. The company, which has a TTM revenue of Rs 4,056 Cr and a market cap of Rs 5,685 Cr, briefed analysts on business performance and industry trends. This follows a period where the company has consistently targeted volume growth at 2-3x the industry average. The audio recording is now available for investor review on the company's website.
- Earnings call conducted on August 4, 2026, for the Q1 period ending June 30, 2026
- Company reported TTM revenue of Rs 4,056 Cr and TTM PAT of Rs 345 Cr
- Maintains a high ROCE of 27.0% and a manageable Debt/Equity ratio of 0.33
- Strategy remains focused on growing 2-3x the industry volume (industry growth at 3-4%)
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.
- 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.
Financial Performance
Revenue Growth by Segment
The company achieved a 12.6% revenue growth in Q2 and H1 FY26. Lubricants volume grew by 9.5% in Q2 FY26 (40,500 KL) and 10% in H1 FY26. AdBlue volumes grew by 24% in Q2 FY26 (36,000 KL) and 10% in H1 FY26. The Agri segment recorded double-digit growth, while the OEM segment (excluding factory fill) saw 'confident growth'.
Geographic Revenue Split
Not disclosed in available documents, though the company operates across a domestic network in India and has a global presence through its parent, Gulf Oil International, in over 100 countries.
Profitability Margins
For FY 2024-25, PAT was INR 362.25 Cr, a 17.5% increase YoY. The company maintains a long-term margin guidance band of 12% to 14%. Profitability is driven by premiumization (Syntrac) and timely price revisions to offset base oil costs.
EBITDA Margin
EBITDA margin was 12.4% in Q2 FY26, with EBITDA growing nearly 11% YoY despite input cost pressures. The company aims for higher value growth than volume growth to drive improved profitability.
Capital Expenditure
The company generated INR 423.26 Cr in cash from operations in FY25 (up from INR 348.14 Cr in FY24). Net cash used in investing activities was INR 49.40 Cr in FY25, while financing activities used INR 152.52 Cr.
Credit Rating & Borrowing
ICRA reaffirmed [ICRA]AA (Stable) for long-term fund-based cash credit (INR 92 Cr) and [ICRA]A1+ for short-term limits (INR 540 Cr). Total rated amount is INR 632 Cr. Loans are taken at market rates of interest.
Operational Drivers
Raw Materials
Base oil (primary raw material) and crude oil (indirect driver). Base oil prices are currently seeing a downward trend as of November 2025.
Import Sources
Not specifically disclosed, but base oil prices are linked to global crude movements and forex volatility, suggesting international sourcing.
Capacity Expansion
Current lubricant sales volume is 40,500 KL per quarter (Q2 FY26). The company is targeting volume growth at 2-3x the industry average (industry growing at 3-4%).
Raw Material Costs
Raw material costs are highly sensitive to base oil price movements and crude oil. The company uses timely price revisions to mitigate these impacts. Operating margins moderated to 11.4% in FY23 from 13.0% in FY22 due to raw material price increases.
Manufacturing Efficiency
The company achieved its highest-ever quarterly volume in Q2 FY26 despite it being a monsoon quarter. It focuses on cost optimization and efficient working capital management.
Logistics & Distribution
The company utilizes a wide distribution network and strong marketing efforts to improve market share in the domestic lubricants industry.
Strategic Growth
Expected Growth Rate
6-12%
Growth Strategy
The 'Unlock 2.0' strategy focuses on growing 2-3x the industry volume. Key pillars include premiumization (Syntrac), expanding in low-market-share segments like Industrial and Passenger Car Motor Oil (PCMO), and capitalizing on AdBlue growth (10-15% expected) due to BS6 norms. Growth is also pursued through M&A, such as increasing the stake in Tirex to 65% to enter the EV charging space.
Products & Services
Automotive and industrial lubricants, Syntrac motorcycle oil, high-end motor oil, AdBlue (diesel exhaust fluid), EV fluids, and EV charging stations (via Tirex).
Brand Portfolio
Gulf, Syntrac, AdBlue, Tirex.
New Products/Services
Launched Syntrac for motorcycles and high-end motor oil. EV fluids and EV charging infrastructure (Tirex) are key future growth areas.
Market Expansion
Focusing on segments with lower market share like Industrial and PCMO. Also exploring global opportunities in the EV space and core lubricant acquisitions.
Market Share & Ranking
GOLIL is one of the leading players in the Indian lubricant industry, consistently gaining market share by growing 2-3x the industry rate.
Strategic Alliances
Strategic tie-ups with OEMs for factory fills and franchisee workshops for maintenance contracts. Part of the Hinduja Group.
External Factors
Industry Trends
Industry volume growth is 3-4% with value growth at 6-8% (FY23-33 CAGR). Shift toward BS6 norms is driving 10-15% volume growth in AdBlue. The industry is evolving toward EV fluids and digital transformation.
Competitive Landscape
High competition in the domestic lubricant industry; GOLIL competes by leveraging brand strength and marketing campaigns.
Competitive Moat
Durable advantages include the well-recognized 'Gulf' brand, strong parentage of the Hinduja Group, a wide distribution network, and a consistent track record of outperforming industry growth (2-3x).
Macro Economic Sensitivity
Highly sensitive to automotive sector demand and GDP growth. GST reforms are expected to boost consumption and automotive demand.
Consumer Behavior
Shift toward premium synthetic lubricants and increased demand for AdBlue due to stricter emission norms.
Geopolitical Risks
Exposure to global crude oil price volatility and forex fluctuations (USD/INR).
Regulatory & Governance
Industry Regulations
Operations are subject to stricter emission norms (BS6) and governmental regulations regarding the Indian economy and tax legislation.
Environmental Compliance
Compliance with BS6 emission norms is a major driver for the AdBlue segment. The company also focuses on ESG as a pillar of excellence.
Taxation Policy Impact
Recent GST reforms are cited as a positive driver for boosting consumption in the automotive sector.
Risk Analysis
Key Uncertainties
Volatility in base oil prices and crude oil can impact margins. Forex volatility (INR depreciation) poses a risk to PAT. ROCE dropping below 23% is a specific credit monitorable.
Geographic Concentration Risk
Primarily focused on the Indian domestic market, though part of a global conglomerate.
Third Party Dependencies
Dependency on OEM partners for factory fills and franchisee workshop maintenance contracts.
Technology Obsolescence Risk
The company is mitigating EV disruption risks by investing in EV fluids and EV charging infrastructure (Tirex).
Credit & Counterparty Risk
The company maintains a strong financial profile with healthy return indicators and a comfortable capital structure.
