GP Petroleums Limited (GULFPETRO)
₹71.10 +2.64% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, GP Petroleums' revenue was ₹230 Cr (+45.8% year on year, +41.6% on the previous quarter), and net profit ₹20.6 Cr (+243.1% year on year); the operating margin was 12.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹230 | +45.8% | +41.6% |
| Operating profit | ₹28.4 | +184.0% | +126.6% |
| Net profit | ₹20.6 | +243.1% | +120.6% |
| EPS (₹) | 4.04 | +220.6% | +120.8% |
| Operating margin | 12.3% | — | — |
GULFPETRO exchange data
NSE end-of-day data for
It closed at its upper price band (circuit) on 16 Oct, one of 9 band closes in about the last 20 sessions.
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
GP Petroleums Limited issued a corrigendum to its September 30, 2026 postal ballot notice concerning the preferential issue of Optionally Convertible Debentures (OCDs). The conversion price has been revised slightly downwards to ₹62.09 per equity share from ₹62.27, adjusting the conversion entitlement to 16,105 shares per OCD from 16,059 shares. Upon maximum conversion, the proposed allottee will hold approximately 3.06% of post-preferential issue capital, avoiding any change in control or management. Remote e-voting remains open until October 31, 2026.
- OCD conversion price adjusted to ₹62.09 per equity share from ₹62.27
- Conversion ratio modified to 1:16,105 shares per OCD versus 16,059 shares previously
- Post-conversion holding by the proposed allottee capped at 3.06% of expanded capital
- E-voting period runs from October 2, 2026, to October 31, 2026
GP Petroleums' Board has approved an investment of approximately ₹44.27 crore to acquire a minority equity stake with management control in Incubit Pipavav Terminal Private Limited (IPTPL). The proposed deal represents about 14% of GP Petroleums' market cap (₹317 crore) and 12.5% of its net worth (₹355 crore). The transaction will be funded via internal reserves and executed potentially in multiple tranches over one year. The move marks GPPL's strategic entry into liquid storage and terminal logistics at Pipavav Port, Gujarat.
- Proposed investment of approximately ₹44.27 Crores in Incubit Pipavav Terminal Private Limited (IPTPL)
- Transaction structure secures a minority equity stake alongside management control
- Funded entirely through internal reserves, potentially in multiple tranches over one year
- Final consideration remains subject to adjustments based on changes in IPTPL's share valuation
GP Petroleums announced the appointment of Mr. Shirish Suvagia as Chief Financial Officer effective October 15, 2026, replacing Mr. Arjun Verma who stepped down as CFO but continues as Executive Director. Mr. Suvagia brings over 22 years of finance, treasury, and M&A experience. Concurrently, the Board approved a ₹44.27 Cr acquisition of equity shares in Incubit Pipavav Terminal Private Limited to be funded via internal reserves over one year. The acquisition represents approximately 14.8% of the company's market cap of ₹299 Cr.
- Appointment of Mr. Shirish Suvagia as CFO w.e.f. October 15, 2026
- Approval to acquire equity shares in Incubit Pipavav Terminal Pvt Ltd for ₹44,26,97,141
- Acquisition to be funded from internal reserves across multiple tranches over a one-year period
- Outgoing CFO Arjun Verma to continue as Whole Time Director (Executive Director)
GP Petroleums announced the appointment of Mr. Shirish Suvagia as Chief Financial Officer effective October 15, 2026, replacing Mr. Arjun Verma who stepped down as CFO but continues as Executive Director. Mr. Suvagia brings over 22 years of finance, treasury, and M&A experience. Concurrently, the Board approved a ₹44.27 Cr acquisition of equity shares in Incubit Pipavav Terminal Private Limited to be funded via internal reserves over one year. The acquisition represents approximately 14.8% of the company's market cap of ₹299 Cr.
- Appointment of Mr. Shirish Suvagia as CFO w.e.f. October 15, 2026
- Approval to acquire equity shares in Incubit Pipavav Terminal Pvt Ltd for ₹44,26,97,141
- Acquisition to be funded from internal reserves across multiple tranches over a one-year period
- Outgoing CFO Arjun Verma to continue as Whole Time Director (Executive Director)
GP Petroleums has approved the acquisition of equity shares in Incubit Pipavav Terminal Private Limited (IPTPL) for ₹44.27 crore, funded entirely from internal reserves across multiple tranches over one year. The acquisition target operates bulk liquid storage terminal infrastructure at Pipavav Port, Gujarat, and reported a turnover of ₹38.48 crore in FY 2025-26. Part of the acquisition involves promoter group member Mrs. Anita Goyal, making it a Related Party Transaction under SEBI LODR. Additionally, Arjun Verma stepped down as CFO while remaining Executive Director, with Shirish Suvagia appointed as the new CFO effective October 15, 2026.
- Approved strategic acquisition of IPTPL shares for an aggregate consideration of ₹44,26,97,141 at ₹10.80 per share.
- Investment amounts to ~14.8% of GP Petroleums' current market cap (₹299 Cr) and ~12.5% of net worth (₹355 Cr).
- Target company IPTPL reported revenues of ₹38.48 Cr in FY26, ₹25.32 Cr in FY25, and ₹37.20 Cr in FY24.
- Arjun Verma resigned as CFO with Shirish Suvagia taking charge effective October 15, 2026.
GP Petroleums Limited submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate received from Registrar and Share Transfer Agent MUFG Intime India confirms that all dematerialisation processes and records comply with regulatory requirements. Notably, the RTA stated there were zero shareholder requests received during the quarter ended September 30, 2026. This is a recurring administrative filing and carries no operational or financial impact.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Certificate issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 12, 2026
- Confirmed zero requests from shareholders for dematerialisation during the quarter ended September 30, 2026
GP Petroleums has approved a strategic fundraise of up to ₹130 crore via private placement of debt and convertible instruments to RevX Special Credit Opportunities Fund II. The issuance comprises up to ₹30 crore in NCDs for 36 months and up to ₹100 crore in OCDs for 18 months, with proceeds earmarked for business expansion and working capital. The total fundraise is substantial, representing ~41% of the company's current market capitalization of ₹318 crore and nearly 6 times its existing debt of ₹23 crore. Both instruments carry a coupon of 13% per annum (compounded monthly, paid quarterly) plus a 1.5% upfront coupon on allotment, making it a high-cost financing structure.
- Board approved fundraise of up to ₹130 crore via NCDs and OCDs to RevX Special Credit Opportunities Fund II
- Up to ₹30 crore (300 NCDs of ₹10 lakh face value each) issued for a tenure of 36 months
- Up to ₹100 crore (1,000 OCDs of ₹10 lakh face value each) issued for a tenure of 18 months
- Both instruments carry a 13% per annum coupon rate plus an additional 1.5% coupon on deemed date of allotment
- OCD issue is subject to shareholder approval via an upcoming postal ballot
GP Petroleums Limited has issued a Postal Ballot notice seeking shareholder approval for the appointment of two Non-Executive Independent Directors for a term of two consecutive years. The appointees are Ms. Priyanka Sinha, effective from August 12, 2026, to August 11, 2028, and Mr. Rahul Arun Shetty, effective from September 21, 2026. The remote e-voting window runs from October 02, 2026, to October 31, 2026, with the cut-off date set as September 25, 2026.
- Appointment of Ms. Priyanka Sinha as Independent Director for a 2-year term ending August 11, 2028
- Appointment of Mr. Rahul Arun Shetty as Independent Director for a 2-year term
- Remote e-voting starts October 02, 2026 (9:00 a.m. IST) and closes October 31, 2026 (5:00 p.m. IST)
- Voting eligibility cut-off date fixed as Friday, September 25, 2026
GP Petroleums has approved raising up to ₹130 crore via private placement to RevX Special Credit Opportunities Fund II, representing ~42% of its current market cap of ₹309 crore. The raise comprises ₹30 crore in secured, unlisted NCDs (36-month tenure) and ₹100 crore in secured, unlisted OCDs (18-month tenure). Both instruments carry an aggressive coupon of 13% p.a. compounded monthly, plus an upfront additional coupon of 1.50%. The proceeds will fund working capital needs and business growth, subject to shareholder approval via postal ballot.
- Board approved ₹30 Cr unlisted NCDs (36-month tenure) and ₹100 Cr unlisted OCDs (18-month tenure)
- Total issue size of ₹130 Cr represents ~42% of market cap and ~37% of net worth (₹355 Cr)
- High cost of capital: 13% p.a. interest compounded monthly, plus an additional 1.50% upfront coupon
- Investor has an equity conversion option on OCDs up to 10% of exposure or ₹10 Cr, whichever is higher
- RevX gets one Board Observer and right to appoint a nominee director upon event of default
GP Petroleums Limited announced that Mr. Harshavardhan Sinha, a Non-Executive Non-Independent Director (DIN: 09439148), resigned from the board effective September 19, 2026. The resignation is attributed to relocation requirements and personal commitments in the UK, limiting his ability to dedicate time in India. The company informed the exchanges on September 21, 2026, confirming no operational disruptions. As this involves a non-executive role, day-to-day operations and executive leadership remain unchanged.
- Resignation effective date: September 19, 2026
- Director DIN cited: 09439148
- Reason cited: Relocation and immigration requirements in the UK preventing required presence in India
- Intimation filed with stock exchanges on September 21, 2026
GP Petroleums Limited announced that Mr. Harshavardhan Sinha, a Non-Executive Non-Independent Director (DIN: 09439148), resigned from the board effective September 19, 2026. The resignation is attributed to relocation requirements and personal commitments in the UK, limiting his ability to dedicate time in India. The company informed the exchanges on September 21, 2026, confirming no operational disruptions. As this involves a non-executive role, day-to-day operations and executive leadership remain unchanged.
- Resignation effective date: September 19, 2026
- Director DIN cited: 09439148
- Reason cited: Relocation and immigration requirements in the UK preventing required presence in India
- Intimation filed with stock exchanges on September 21, 2026
GP Petroleums has clarified terms regarding its ongoing transaction with Incubit Management Consultants DMCC. The company announced that the USD 100,000 payment previously categorized as an 'Exclusivity Fee' has been amended to an 'Exclusivity Deposit'. Crucially, if the proposed transaction fails to consummate, the entire USD 100,000 deposit will be fully refundable to the company within a stipulated timeline.
- Entity name clarified to Incubit Management Consultants DMCC (Incubit DMCC)
- Payment of USD 100,000 reclassified from 'Exclusivity Fee' to 'Exclusivity Deposit'
- Full USD 100,000 deposit is now refundable to the company if the transaction fails to close
- No other changes made to earlier disclosures dated August 19 and August 26, 2026
GP Petroleums Limited announced the results of its 43rd Annual General Meeting held on August 26, 2026. All 8 resolutions were approved by shareholders with over 99.2% approval margins. Key approvals include the adoption of FY26 financial statements, declaration of dividend for FY26, and appointment/re-appointment of four directors including two Non-Executive Independent Directors for a 2-year term.
- All 8 resolutions passed with overwhelming majority, totaling 26,200,270 valid votes polled
- Adoption of FY26 accounts and dividend declaration approved with 99.9995% votes in favor
- Appointments of Sukumaran Jeyakrishnan and Sandra Martyres as Independent Directors approved for a 2-year term
- Total shareholder participation represented 51.39% of total outstanding shares
GP Petroleums Limited has entered into an Exclusivity Agreement with related party Incubit DMCC to evaluate a potential cross-border acquisition codenamed 'Project Petroleum'. The agreement grants a 4-month exclusivity period to conduct due diligence on assets across India, UAE, Mauritius, and East Africa against an exclusivity fee of USD 100,000. Incubit Energy Singapore Pte. Ltd. holds a 13.89% stake in GP Petroleums, making this a related-party evaluation. The pact is non-binding and subject to satisfactory valuation, due diligence, and regulatory approvals.
- 4-month exclusivity period granted to evaluate the acquisition of assets under 'Project Petroleum'
- USD 100,000 exclusivity fee payable within 10 business days, adjustable against future consideration
- Target asset perimeter spans 4 geographies: India, UAE, Mauritius, and East Africa
- Related party transaction: Incubit Energy Singapore Pte. Ltd. holds a 13.89% stake in GP Petroleums
GP Petroleums Limited conducted its 43rd Annual General Meeting (AGM) on August 26, 2026, through video conferencing. Corporate representations were received for 2,58,66,170 shares, representing 50.73% of the paid-up equity capital. The company placed 8 agenda items for shareholder voting, including dividend declaration for FY26, adoption of financials, and the appointment of four directors. Voting results will be submitted to the stock exchanges within two working days.
- 43rd Annual General Meeting held successfully on August 26, 2026
- 2 corporate representations received representing 2,58,66,170 shares or 50.73% of equity capital
- Total of 8 resolutions placed for e-voting, including FY26 dividend declaration and 4 director appointments
- Scrutinizer appointed with final e-voting results to be declared within 2 working days
Financial Performance
Revenue Growth by Segment
Total revenue of INR 609.27 Cr declined 7% YoY from INR 655 Cr. Manufacturing revenue was INR 503.28 Cr (82.6% of total), while Trading revenue was INR 105.99 Cr (17.4%). The decline was primarily due to a strategic contraction in the trading segment.
Profitability Margins
Operating Profit Margin improved to 6.4% (up 5% YoY) and PBT margin rose to 5.8% (up 2% YoY) from 5.7%. Net Profit After Tax was INR 26.32 Cr for FY 2024-25.
EBITDA Margin
Operating Profit Margin was 6.4% in FY 2024-25, reflecting a 5% increase from 6.1% in the previous year, indicating improved operational efficiency despite lower sales volumes.
Capital Expenditure
Not disclosed in absolute INR Cr; however, the company entered a Joint Venture with West Coast Oils LLP in May 2025 to expand manufacturing into specialty bitumen products.
Credit Rating & Borrowing
Not disclosed in available documents. The company has no long-term debt and maintains a low Debt-Equity ratio of 0.10.
Operational Drivers
Raw Materials
Base oil (crude oil derivative) is the core input for manufacturing lubricating oils, greases, and rubber process oils.
Import Sources
Middle East and Eastern Europe are identified as key transit and production regions for oil products impacting the company's supply chain.
Capacity Expansion
Planned expansion into specialty bitumen products (Emulsions, PMB, CRMB) through a Joint Venture with West Coast Oils LLP established in May 2025. Current installed capacity in MT is not disclosed.
Raw Material Costs
Base oil costs are the primary driver. Geopolitical tensions in oil-producing regions disrupted supply and pricing in FY25, leading to a strategic rationalization of trading activities to protect manufacturing margins.
Strategic Growth
Expected Growth Rate
6%
Growth Strategy
GPPL is shifting focus from low-margin trading to high-margin core manufacturing and automotive lubricants. The company entered a Joint Venture with West Coast Oils LLP on May 6, 2025, to manufacture specialty bitumen products (PMB, CRMB), targeting infrastructure growth and leveraging the PLI scheme.
Products & Services
Lubricating oils, greases, rubber process oils, bitumen emulsions, PMB (Polymer Modified Bitumen), and CRMB (Crumb Rubber Modified Bitumen).
New Products/Services
Specialty bitumen products including PMB and CRMB through the new Joint Venture, targeting the infrastructure sector.
Market Expansion
Expansion into the specialty bitumen market through a Joint Venture with West Coast Oils LLP.
Strategic Alliances
Joint Venture with West Coast Oils LLP established on May 6, 2025.
External Factors
Industry Trends
The industry is facing a regulatory shift toward sustainability with the April 2023 mandate for re-refined base oils. The automotive lubricant segment grew 6% YoY for the company.
Competitive Landscape
Faces rising competition from regional players and challenges in network retention and distributor credit exposure.
Competitive Moat
Moat consists of a strong brand and distribution network, which allowed the automotive lubricants division to grow 6% YoY despite a 7% drop in total revenue. This brand strength provides a durable advantage in a competitive market.
Macro Economic Sensitivity
Highly sensitive to the automobile sector's growth, infrastructure spending, and government initiatives like the Production Linked Incentive (PLI) and Foreign Direct Investment (FDI).
Consumer Behavior
Rising disposable income and urbanization are driving higher vehicle consumption, increasing demand for automotive lubricants.
Geopolitical Risks
Conflicts in the Middle East and Eastern Europe disrupt the supply of crude and refined oil products, introducing pricing uncertainty and shipping route disruptions.
Regulatory & Governance
Industry Regulations
Key regulations include the April 2023 mandate for re-refined base oil usage and statutory obligations under the Companies Act 2013 for internal financial controls.
Environmental Compliance
The company must comply with the Government of India mandate (effective April 2023) to use re-refined base oils in finished lubricants.
Taxation Policy Impact
Effective tax rate for FY 2024-25 was approximately 25.8%, with total tax expense of INR 9.14 Cr on a PBT of INR 35.46 Cr.
Risk Analysis
Key Uncertainties
Primary uncertainties include geopolitical conflicts in oil-producing regions impacting base oil supply, oil market volatility, and potential technology obsolescence.
Third Party Dependencies
Significant reliance on base oil suppliers, with supply dynamics heavily influenced by global geopolitical tensions.
Technology Obsolescence Risk
Identified as a risk factor; the company manages this through strategic focus on high-value automotive and specialty bitumen products.
Credit & Counterparty Risk
Distributor credit exposure and liquidity pressures impacting cash flows are critical areas of risk management.
