Veedol Corporation Ltd(VEEDOL)

NSE: VEEDOLBSE: 590005

₹ 1,267.6-2.54%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,209 crWebsite: www.veedolindia.comUpdated: 24 Oct 2026

About

Veedol Corporation Limited, established in 1928, is a premier global lubricant manufacturer operating in over 70 countries across automotive and industrial segments. In FY26 the company reported consolidated revenue of ₹2,168.54 crore and PAT of ₹191.62 crore. India revenues are approximately 80% automotive, with international operations spanning subsidiaries in the UK (Veedol UK, Granville) and the Middle East.^[1][2][3]

Business segments

Automotive lubricants account for ~80% of India revenues in FY26 and have held that share for approximately 30 years; the segment covers two-wheelers, passenger cars, commercial vehicles, tractors and off-highway equipment.^[3]

Products and brands

The company holds global rights to the master brand Veedol and its sub-brands. In FY26 it launched the NextGEN Fully Synthetic engine oil range under the SynthGlide (PCMO) and SwiftPower (MCO) product series.^[1]
The NextGEN Fully Synthetic range uses proprietary Engine Power Retention (EPR™) technology and EstoBioLides™ bio-sourced estolide-based fluid technology, with extended drain intervals up to 20,000 km; patent filings are under process.^[1][3]
Automotive lubricants meet global standards including API CK-4+, API CI-4+, API SN, API SM, JASO MA2 and JASO MB, and carry approvals from several OEMs in India.^[1]
The UK step-down subsidiary Granville Oil & Chemicals Limited (GOCL) markets the Granville brand, which has expanded approximately threefold since acquisition and is described as very highly profitable.^[3][1]

Manufacturing and capacity

Five Indian plants: Silvassa (37,440 KL/year), Oragadam Tamil Nadu (36,000 KL/year), Turbhe Maharashtra (21,000 KL/year), Faridabad Haryana (9,600 KL/year) and Howrah West Bengal (8,500 KL/year); total installed capacity 1.1 lakh kilolitres.^[1][3]
Granville Oil & Chemicals Limited operates its own manufacturing facility in Rotherham, UK.^[1]
Capacity utilisation was ~70% of real available capacity in FY26, with average plant OEE of 62% across facilities.^[3][1]
Renewable energy accounted for 30% of plant electricity consumption in FY26; Scope 1 & 2 emissions fell ~9.5% year-on-year.^[3]

R&D centres

Two DSIR-recognised in-house R&D centres: Turbhe, Navi Mumbai (tribology research and lubricant development, NABL-accredited to ISO/IEC 17025) and Oragadam, Chennai (high-quality greases for automotive and industrial applications).^[1]
A new Technology Centre was inaugurated at Turbhe in FY26, focused on premium synthetics, industrial fluids and EV applications.^[3]

Customers and distribution

India distribution network in FY26: 500+ distributors and dealers, 50,000+ retail outlets and workshops, and 32 depots.^[1]
OEM partners include Honda, Hero, Yamaha (served through a 50:50 joint venture with Japan's ENEOS Corporation established in 2014) and XCMG (construction and mining machinery).^[1]
Direct exports go to six countries (Taiwan, Thailand, Sri Lanka, Bhutan, Bangladesh, Nepal) and accounted for approximately 1.15% of total turnover in FY26; wholly owned subsidiaries distribute across approximately 64 additional countries.^[1]

Key operating metrics

Lube base oil and raw material prices more than doubled from end-February 2026 onwards, creating significant working capital pressure that management is managing with existing cash balances.^[3]
Inventory reduction initiatives in FY26 cut finished-goods inventory by approximately 13 million litres and reduced overtime by 600+ hours.^[1]

International subsidiaries

The Middle East subsidiary turned profitable and began paying dividends to Veedol Corporation for the first time in FY26, adding to international cash flow alongside UK operations.^[3]
Related party transaction limit with ENEOS VCL India approved up to ₹751 crore and with Standard Greases & Specialities up to ₹610 crore, both until the 104th AGM (FY27).^[3]

Expansion and capex

No capacity capex is planned in the near term in FY26; with utilisation at ~70%, management will reassess once geopolitical oil-market volatility resolves.^[3]

Market Cap

₹2,209 Cr

High / Low

₹1,839 / 1,239

Stock P/E

10.1

Price / Book

2.1

Book Value

₹594

EPS

₹110.0

No. of Shares

1.74 Cr

ROCE

24.0%

ROE

19.7%

OPM

9.6%

Debt / Equity

0.00

Sales

₹2,169 Cr

Net Profit

₹192 Cr

Promoter holding

64.6%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials