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VEEDOL - Veedol Corporat

📊 NSE: VEEDOL 🏢 Chemicals 📅 Last Updated: 12/14/2025 15:00

📢 Recent Corporate Announcements

Veedol Corp Executive Director Sanjeev Wangoo Resigns from Supply Chain Role

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 21 Apr 2026, 11:14 PM

Veedol Corporation Limited has formally submitted the resignation letter of Mr. Sanjeev Wangoo, who served as the Executive Director for Group Supply Chain Management. This filing follows a preliminary disclosure made on April 17, 2026, regarding his departure from the Senior Management Personnel (SMP) cadre. The company has complied with SEBI Regulation 30 by furnishing the official letter to the stock exchanges. Investors should monitor the company for any announcements regarding a successor to ensure continuity in supply chain operations.

Mr. Sanjeev Wangoo has resigned from his role as Executive Director – Group Supply Chain Management.
The formal resignation letter was filed with the National Stock Exchange and BSE on April 21, 2026.
The disclosure follows an initial notification regarding the resignation dated April 17, 2026.
The filing is in compliance with Sub-Para 7C of Part A of Schedule III of SEBI LODR Regulations.

💡 Investors should observe if there are any further high-level exits or if a replacement is named promptly to maintain operational efficiency. No immediate action is required as this appears to be a routine management transition.

Veedol Corp Executive Director Sanjeev Wangoo Resigns Effective April 17, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 17 Apr 2026, 09:39 PM

Veedol Corporation Limited (formerly Tide Water Oil Company) has announced the resignation of Mr. Sanjeev Wangoo, who served as the Executive Director of Group Supply Chain Management. Classified as Senior Management Personnel (SMP), Mr. Wangoo's departure was effective as of the close of business on April 17, 2026. The company has complied with SEBI Regulation 30 requirements regarding this leadership change. No immediate successor has been named in the current filing.

Mr. Sanjeev Wangoo resigned from his position as Executive Director, Group Supply Chain Management.
The resignation is effective from the close of business on April 17, 2026.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 Investors should monitor for the appointment of a new head of supply chain to ensure operational continuity. This management change is considered routine and does not necessitate immediate changes to investment positions.

Veedol Corporation Reports Resignation of Dr. Manish Khodaskar, Head of HR, Admin & CSR

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 09 Apr 2026, 12:13 PM

Veedol Corporation Limited has submitted the formal resignation letter of Dr. Manish Khodaskar, who served as the Head of HR, Admin, and CSR. This filing follows an initial disclosure made on March 10, 2026, regarding his departure from the company. As a Senior Management Personnel (SMP), this disclosure is mandatory under SEBI (LODR) Regulations. The transition appears to be a standard management exit, and the company has complied with the necessary regulatory timelines for reporting.

Resignation of Dr. Manish Khodaskar as Head – HR, Admin & CSR (Senior Management Personnel).
Formal disclosure submitted on April 9, 2026, following a prior notice on March 10, 2026.
Compliance with Regulation 30 and Schedule III of SEBI (LODR) Regulations, 2015.
The resignation pertains to the HR, Administration, and Corporate Social Responsibility functions.

💡 No immediate action is required as this is a routine management update. Investors should monitor for the appointment of a successor to ensure continuity in administrative and CSR functions.

Veedol Corporation Re-designates Abhijit Tikekar as CSR Head & Company Secretary

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 31 Mar 2026, 04:42 PM

Veedol Corporation Limited has announced a change in the designation of Mr. Abhijit Tikekar, effective April 1, 2026. Mr. Tikekar, who is currently the Company Secretary and Head of Legal, has been entrusted with the additional responsibility of Corporate Social Responsibility (CSR). His new designation will be Company Secretary and Head – Legal & CSR. The company confirmed that there is no change in his status as a Key Managerial Personnel (KMP) and the disclosure is made as a matter of good governance.

Mr. Abhijit Tikekar re-designated as Company Secretary and Head – Legal & CSR.
The additional responsibility of CSR Head is effective from April 1, 2026.
No change in the status of Key Managerial Personnel (KMP) for the company.
Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

💡 This is a routine administrative update regarding internal roles and has no impact on the company's financials. No action is required from investors based on this announcement.

Veedol Corp to Close Trading Window from April 1, 2026, for FY26 Audited Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Mar 2026, 03:06 PM

Veedol Corporation Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is a standard procedure preceding the declaration of the company's audited financial results for the quarter and year ending March 31, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are officially announced. The company has also implemented PAN-level freezing for these individuals through NSDL to ensure compliance.

Trading window closure effective from Wednesday, April 1, 2026.
Closure pertains to the Audited Financial Results for the quarter and year ended March 31, 2026.
Trading restriction will be lifted 48 hours after the financial results are declared to the exchanges.
PAN freezing at the security level through NSDL has been imposed on designated persons.

💡 This is a routine regulatory filing and requires no immediate action from general investors. Investors should monitor the upcoming financial results announcement to evaluate the company's annual performance.

Veedol Extends Repayment Deadline for Unsecured Loan to Andrew Yule & Co. to Sept 30, 2026

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 23 Mar 2026, 10:08 PM

Veedol Corporation Limited has approved a six-month extension for the repayment of a short-term unsecured loan granted to its co-promoter, Andrew Yule & Company Limited (AYCL). The repayment deadline has been moved from March 31, 2026, to September 30, 2026, following a formal request from AYCL. The company highlighted that AYCL is a Government of India Enterprise with a satisfactory track record of meeting financial obligations. The Board and Audit Committee have ensured the extension remains on an arm's length basis with all other terms unchanged.

Repayment timeline extended by six months from March 31, 2026, to September 30, 2026.
The borrower, Andrew Yule & Co. Ltd., is a Co-Promoter and a Government of India Enterprise.
The loan is a short-term unsecured facility originally granted during the financial year 2025-26.
Board approval was based on Audit Committee recommendations, maintaining arm's length pricing and terms.

💡 Investors should monitor the timely recovery of this loan by the new September 2026 deadline. While the borrower is a government entity, the unsecured nature of the loan warrants periodic review of related-party exposure.

Veedol Corp Shareholders Approve Appointment of Kulbhushan Malhotra as Director with 97.9% Majority

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 18 Mar 2026, 12:29 PM

Veedol Corporation Limited has successfully passed an ordinary resolution via postal ballot to appoint Shri Kulbhushan Malhotra as a Non-Executive and Non-Independent Director. The resolution received overwhelming support with 97.91% of total votes cast in favour. While the promoter group was 100% in favour, a significant 86.4% of the public non-institutional votes cast were against the appointment. Despite this retail dissent, the resolution passed comfortably due to strong promoter backing.

Resolution to appoint Kulbhushan Malhotra as Non-Executive Director passed with 97.91% majority
Total valid votes cast amounted to 7,193,344 across 326 members
Promoter group contributed 7,019,341 votes, all of which were in favour of the resolution
Public non-institutional shareholders cast 174,003 votes, with 150,335 (86.4%) voting against the appointment

💡 This is a routine management update and requires no immediate action. However, investors may want to monitor the reasons behind the high percentage of public dissent regarding this specific board appointment.

Veedol Corp Head of HR, Admin & CSR Dr. Manish Khodaskar Resigns Effective April 8, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 10 Mar 2026, 07:58 PM

Veedol Corporation Limited has announced the resignation of Dr. Manish Khodaskar, who held the position of Head of HR, Admin & CSR. Classified as Senior Management Personnel (SMP), his resignation will be effective from the close of business on April 8, 2026. The company has complied with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in making this disclosure. This change is administrative in nature and does not impact the core financial or operational leadership of the company.

Dr. Manish Khodaskar has resigned from his role as Head of HR, Admin & CSR.
The resignation is effective from the close of business on April 8, 2026.
The disclosure was made under Regulation 30 of the SEBI (LODR) Regulations, 2015.
Veedol Corporation was formerly known as Tide Water Oil Company (India) Ltd.

💡 No immediate action is required as this is a routine management change in a non-core business function. Investors should continue to focus on the company's quarterly earnings and market share in the lubricants sector.

Veedol Corp Seeks Shareholder Approval for Director Appointment; Voting Ends March 17, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Feb 2026, 06:32 PM

Veedol Corporation Limited has initiated a postal ballot process to seek shareholder approval for the appointment of Shri Kulbhushan Malhotra as a Non-Executive and Non-Independent Director. The remote e-voting period is scheduled to run from February 16, 2026, to March 17, 2026. Eligibility for voting is determined by the cut-off date of February 6, 2026. This appointment follows his initial induction as an Additional Director by the Board effective February 3, 2026.

Proposed appointment of Shri Kulbhushan Malhotra (DIN: 11507259) as a Non-Executive and Non-Independent Director.
Remote e-voting period spans 30 days, starting February 16 and concluding March 17, 2026.
Shareholders appearing in the register as of the cut-off date, February 6, 2026, are eligible to vote.
The final voting results are expected to be announced on or before March 18, 2026.

💡 This is a routine management appointment and requires no immediate change in investment strategy. Shareholders should review the director's credentials in the postal ballot notice and cast their votes via the NSDL platform by March 17.

Veedol Units Observe One-Day Nationwide Strike; No Material Impact Expected

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Feb 2026, 02:27 PM

Veedol Corporation Limited reported that certain units of the company observed a one-day strike on February 12, 2026. The strike was part of a nationwide general strike called by various political parties rather than internal labor disputes. The company has formally stated that it does not anticipate any material impact on its business operations or financial performance due to this event. This disclosure was made in compliance with SEBI (LODR) Regulation 30 requirements.

Certain company units participated in a one-day strike on February 12, 2026.
The disruption was caused by a nationwide general strike called by political parties.
Management expects no material impact on overall business operations.
The disclosure is a regulatory filing under SEBI (LODR) Regulations, 2015.

💡 No action is required as the event was a temporary, external disruption with no lasting impact on the company's fundamentals. Investors should continue to focus on the company's quarterly performance and market share in the lubricants sector.

Veedol Corp Declares ₹14 Per Share Interim Dividend; Issues TDS Guidelines

🟢 POSITIVE ⭐ 7/10

DIVIDEND 📅 05 Feb 2026, 05:28 PM

Veedol Corporation Limited has announced a second interim dividend of ₹14 per equity share for the financial year 2025-26. The record date to determine eligible shareholders is fixed for February 6, 2026. The company has provided detailed instructions regarding Tax Deduction at Source (TDS), which ranges from 10% to 20% for resident shareholders depending on PAN status. Shareholders seeking tax exemptions or lower treaty rates must submit necessary documentation by February 11, 2026.

Second interim dividend declared at ₹14 per equity share of face value ₹2 each
Record date for dividend entitlement is set as Friday, February 6, 2026
Standard TDS of 10% for resident shareholders with valid PAN; 20% for those without
Exemption from TDS for resident individuals if total annual dividend is below ₹10,000
Deadline for submitting tax-related documents (Form 15G/15H/DTAA) is February 11, 2026

💡 Investors should ensure their PAN and bank account details are updated with their Depository Participant to receive the dividend. Those eligible for lower tax rates should submit the required forms by the February 11 deadline to avoid higher tax deductions.

Veedol Corp Receives 'CARE AA; Stable' Rating for ₹99 Crore Bank Facilities

🟢 POSITIVE ⭐ 6/10

REGULATORY 📅 05 Feb 2026, 01:23 PM

CARE Ratings has assigned a high-grade 'CARE AA; Stable' rating to Veedol Corporation's long-term bank facilities worth ₹12 crore. Additionally, the agency assigned a dual rating of 'CARE AA; Stable / CARE A1+' for long-term and short-term facilities totaling ₹87 crore. The total rated bank facilities amount to ₹99 crore, reflecting a very strong credit profile and a stable outlook for the company. These ratings indicate a high degree of safety regarding timely servicing of financial obligations and very low credit risk.

CARE Ratings assigned 'CARE AA; Stable' for ₹12.00 crore long-term bank facilities.
Assigned 'CARE AA; Stable / CARE A1+' for ₹87.00 crore long-term and short-term facilities.
Total bank facilities covered under this rating exercise amount to ₹99.00 crore.
The ratings are valid for one year from the initial communication date of January 02, 2026.
Facilities include fund-based limits from HDFC Bank and Union Bank, and non-fund based limits from Citi, HSBC, and Standard Chartered.

💡 The high credit rating (AA/A1+) confirms the company's strong financial health and low default risk, which supports a positive long-term outlook. Investors should view this as a validation of the company's balance sheet strength and liquidity.

Veedol Corp Q3 Profit Rises to ₹43.55 Cr; Declares 700% Interim Dividend (₹14/Share)

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 02 Feb 2026, 09:53 PM

Veedol Corporation Limited reported a strong performance for Q3 FY26 with consolidated net profit rising to ₹43.55 crore from ₹37.34 crore YoY. Revenue from operations grew by 11.5% to ₹537.73 crore, driven by steady demand in the lubricants segment. The company rewarded shareholders by declaring a second interim dividend of 700% (₹14 per share) with a record date of February 6, 2026. Additionally, the board approved the appointment of Shri Kulbhushan Malhotra as an Additional Director.

Consolidated Net Profit grew 16.6% YoY to ₹43.55 crore in Q3 FY26.
Consolidated Revenue from Operations increased to ₹537.73 crore vs ₹482.42 crore YoY.
Declared a massive 700% second interim dividend amounting to ₹14 per equity share.
Standalone Basic EPS increased significantly to ₹25.68 from ₹19.78 in the previous year's quarter.
Shri Kulbhushan Malhotra appointed as Additional Director (Non-Executive & Non-Independent).

💡 The stock remains attractive for dividend-seeking investors following the ₹14/share payout. Monitor the stock's performance leading up to the February 6 record date for the dividend.

Veedol Corp Q3 PAT Jumps 65% QoQ to ₹43.6 Cr; Declares ₹14/Share Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 02 Feb 2026, 09:49 PM

Veedol Corporation Limited (formerly Tide Water Oil) reported a strong sequential performance for the quarter ended December 31, 2025, with standalone PAT rising 65.4% QoQ to ₹43.64 crore. The Board has declared a substantial second interim dividend of 700%, which translates to ₹14 per equity share of face value ₹2. Consolidated revenue grew to ₹537.73 crore, reflecting steady growth in the lubricants segment. Additionally, the company has fixed February 6, 2026, as the record date for the dividend payment.

Standalone PAT increased 65.4% QoQ to ₹43.64 crore from ₹26.39 crore in the previous quarter.
Declared a second interim dividend of ₹14 per share (700% of face value) for FY 2025-26.
Consolidated revenue from operations rose to ₹537.73 crore, a 5.6% growth over the previous quarter.
Standalone EPS improved significantly to ₹25.68 for the quarter compared to ₹15.52 in Q2 FY26.
Record date for the interim dividend is set for February 6, 2026, with payment within 30 days.

💡 Investors should track the stock for the upcoming dividend record date of February 6 to be eligible for the ₹14 per share payout. The strong sequential recovery in profitability suggests improving operational efficiency.

Veedol Corp Q3 Profit Grows 16.6% YoY to ₹43.55 Cr; Declares ₹14 Interim Dividend

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 02 Feb 2026, 09:47 PM

Veedol Corporation Limited (formerly Tide Water Oil) reported a consolidated net profit of ₹43.55 crore for the quarter ended December 31, 2025, a 16.6% increase from ₹37.34 crore in the year-ago period. Revenue from operations rose 11.5% YoY to ₹537.73 crore, reflecting steady demand in the lubricants segment. The Board declared a second interim dividend of ₹14 per share (700% of face value), with the record date set for February 6, 2026. Standalone performance was also robust, with profit after tax reaching ₹43.64 crore for the quarter.

Consolidated Revenue from Operations grew to ₹537.73 crore in Q3 FY26 from ₹482.42 crore in Q3 FY25.
Consolidated Net Profit increased to ₹43.55 crore, while Standalone Net Profit rose to ₹43.64 crore.
Declared a second interim dividend of ₹14 per share on a face value of ₹2 (700%).
Consolidated EPS for the quarter improved to ₹25.63 from ₹21.97 YoY.
Record date for dividend eligibility is February 6, 2026, with payment within 30 days.

💡 The company's strong earnings growth and high dividend payout make it an attractive hold for long-term investors. Monitor the upcoming record date of February 6 to qualify for the ₹14 per share dividend.

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💰 Financial Performance

Revenue Growth by Segment

The company operates in a single reportable segment, Lubricants. Standalone revenue from operations for FY25 was INR 1,527.28 Cr, representing a 1.88% decrease from INR 1,556.54 Cr in FY24. Consolidated revenue for FY25 was INR 1,970.49 Cr, a 1.96% increase from INR 1,932.61 Cr in FY24.

Geographic Revenue Split

India (Standalone) accounts for approximately 77.5% of consolidated revenue at INR 1,527.28 Cr. International operations and JVs, including Veedol UK and Veedol International DMCC (Middle East), contribute the remaining 22.5% (INR 443.21 Cr).

Profitability Margins

Standalone Net Profit Margin improved by 14.95% to 8.18% in FY25, up from 7.11% in FY24. However, the Operating Profit Margin declined by 15.42% to 4.50% from 5.33% in the previous year due to product mix shifts and cost pressures.

EBITDA Margin

Standalone EBITDA (Profit before Depreciation, Interest, and Tax) was INR 166.36 Cr (10.89% margin) in FY25, up 12.2% from INR 148.25 Cr. Consolidated EBITDA reached INR 240.24 Cr (12.19% margin), a 17.65% increase from INR 204.19 Cr in FY24.

Capital Expenditure

Historical capital expenditure is reflected in the acquisition of Right-of-Use assets, which amounted to INR 2.29 Cr in H1 FY26 compared to INR 29.13 Cr in H1 FY25. Planned CAPEX for capacity expansion is not explicitly disclosed in absolute INR Cr.

Credit Rating & Borrowing

The company held ratings of CARE AA; Stable (Long-term) and CARE A1+ (Short-term) as of October 31, 2024. These ratings were reaffirmed and subsequently withdrawn at the company's request. Borrowing costs are low, with standalone finance costs at INR 3.46 Cr in FY25.

⚙️ Operational Drivers

Raw Materials

Base oil is the primary raw material, representing the largest portion of the cost of goods sold. Its price is directly linked to global crude oil price fluctuations.

Import Sources

Sourced through a globally integrated supply chain, with significant procurement linked to Middle Eastern and international oil markets to support subsidiaries in the UK, UAE, and India.

Key Suppliers

Not explicitly named in the documents, but typically involves major Public Sector Undertakings (PSUs) and global petrochemical entities.

Capacity Expansion

Current capacity is not disclosed in MT; however, the company is re-organizing European operations to consolidate the supply chain, including the dissolution of Veedol Deutschland GmbH to streamline production through Veedol UK.

Raw Material Costs

Raw material costs are highly volatile due to crude oil linkage; the company noted that intense competition restricts its ability to immediately pass on these cost increases, impacting the operating margin which fell 15.42% YoY.

Manufacturing Efficiency

Focus has shifted toward improving the product mix; while standalone turnover dipped 1.88%, the focus on premium synthetic lubricants led to a 16.8% increase in standalone PAT to INR 127.25 Cr.

📈 Strategic Growth

Growth Strategy

Growth will be achieved through international expansion via distributors and franchise partners, a strategic shift toward high-performance synthetic lubricants, and the consolidation of European supply chains to improve operational efficiency.

Products & Services

Engine oils for passenger cars, two and three-wheelers, heavy commercial vehicles, buses, tractors, and off-highway vehicles; industrial lubricants; Genuine Oil; and vehicle care products for brakes and air intake systems.

Brand Portfolio

Veedol.

New Products/Services

Next-generation synthetic lubricants and bio-lubricants designed to meet stricter emission norms and improve fuel efficiency.

Market Expansion

Expansion of the international distributor network and the incorporation of Veedol Ireland Limited (June 2024) to strengthen the European footprint.

Market Share & Ranking

Recognized as a leading manufacturer in India; specific market share percentage not disclosed.

Strategic Alliances

50% Joint Venture with Eneos (Eneos Tide Water Lubricants India Private Limited), which achieved a turnover of INR 298.82 Cr (+19.8% YoY) and a PBT of INR 76.05 Cr (+93.7% YoY) in FY25.

🌍 External Factors

Industry Trends

The industry is shifting toward premiumization and synthetic lubricants (viscosity-driven) due to stricter global emission norms and the need for improved fuel efficiency.

Competitive Landscape

Intense competition from large Public Sector Undertakings (PSUs) and established private sector lubricant companies.

Competitive Moat

The Veedol brand (established 1921) has a rich legacy and strong brand equity, which acts as a durable advantage in a commoditized market. This is sustained through a robust distribution network and franchise partners.

Macro Economic Sensitivity

Highly sensitive to industrial modernization and GDP growth, which drives the demand for industrial lubricants and heavy commercial vehicle engine oils.

Consumer Behavior

Shift toward high-performance synthetic lubricants as consumers seek better engine durability and compliance with modern vehicle standards.

Geopolitical Risks

Global supply chain integration exposes the company to trade barriers and geopolitical tensions affecting crude oil and base oil pricing.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by stricter emission norms and environmental standards for lubricant formulations; the company maintains ISO 31000:2018 certification for Risk Management.

Environmental Compliance

Focus on eco-friendly lubricants and bio-lubricants to comply with stricter environmental regulations and reduce environmental impact.

Taxation Policy Impact

Standalone tax expense for FY25 was INR 9.49 Cr, a significant decrease from INR 26.59 Cr in FY24.

Legal Contingencies

An exceptional item of INR 6.56 Cr was charged in FY25 for stock destroyed by fire. No frauds were reported by auditors under Section 143(12) of the Companies Act.

⚠️ Risk Analysis

Key Uncertainties

Volatility in base oil prices (linked to crude) and the potential inability to pass on costs in a competitive market are the primary risks, potentially impacting operating margins by over 15%.

Geographic Concentration Risk

77.5% of revenue is concentrated in the Indian market (Standalone operations).

Third Party Dependencies

High dependency on global base oil suppliers and third-party distributors for international market expansion.

Technology Obsolescence Risk

The shift toward Electric Vehicles (EVs) poses a long-term risk to traditional engine oil demand, which the company is addressing through advanced synthetic and next-gen products.