Gulf Oil Lubricants India Ltd(GULFOILLUB)

NSE: GULFOILLUBBSE: 538567

₹ 1,054.25+0.87%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 5,224 crNext results: 28 Oct 2026Website: www.gulfoilindia.comUpdated: 24 Oct 2026

About

Gulf Oil Lubricants India Ltd, part of the Hinduja Group, makes, markets and distributes automotive and industrial lubricants for B2C and B2B customers. It also sells AdBlue® diesel exhaust fluid and, through its subsidiary Tirex, EV chargers. Reported revenue was ₹4,056.04 Cr in FY26. The company describes itself as one of the leading players in India's private lubricants sector.^[1][2]

Business segments

Sales mix in Q1 FY27 was about 45% B2B (industrial, infrastructure, mining, marine) and 55% B2C (automotive retail, OEM franchisee workshops, agri).^[3]
AdBlue® volumes held steady at 38,000-40,000 KL per quarter in Q1 FY27. Gulf is a top-3 supplier in India with a 20-25% market share.^[3]
Lubricants were reported as a single segment in FY25, with consolidated revenue of ₹3,631.16 Cr.^[4]

Products and brands

The company sells more than 400 products (FY26).^[1]
The automotive range covers engine, transmission and specialty oils, cooling and brake fluids, and AdBlue®. It serves two-wheelers, cars, commercial vehicles, tractors and off-highway equipment.^[4]
The industrial range covers hydraulic, slideway, turbine and industrial gear oils, and metalworking fluids.^[4]
In FY26 the company launched OEM products, including Gulf VA Superbike Fully Synthetic Engine Oil for Aprilia and Gulf Sure Nxt BS-III for Piaggio Commercial Vehicles.^[1]
In Q3 FY26 it launched fire-resistant and zinc-free hydraulic oils for construction equipment, plus new synthetic gear oils.^[5]
By the company's internal estimates, Gulf ranks among the top 2/3 brands on brand recognition across segments (FY26).^[1]
Brand ambassadors are MS Dhoni, Hardik Pandya and Smriti Mandhana. Partnerships include Chennai Super Kings, Williams Racing and a MotoGP team.^[4]

Operations and capacity

There are two lubricant plants: Chennai (50,000 KL a year) and Silvassa (90,000 KL a year). Combined capacity was 140,000 KL a year on a two-shift basis as of FY25.^[4]
Combined AdBlue® capacity is about 2,79,000 KL a year (FY26), from two in-house plants and 12 external satellite plants.^[1]
The global R&D centre is at Ennore, Chennai. The Silvassa QC laboratory holds NABL accreditation (ISO/IEC 17025:2017) (FY26).^[1]
Both plants hold ISO 9001, 14001, 45001 and IATF 16949 certifications. Silvassa is IGBC Platinum-rated and Chennai is IGBC Gold-rated.^[4]
The company had 638 permanent employees in FY26.^[1]
Much of the base oil and additives is imported. Their prices follow global crude, chemical trends and currency movements (FY26).^[1]

Key operating volumes

Core lubricants volume was 48,000 KL in Q1 FY27, an all-time quarterly high and up 17% YoY. The previous high was 45,000 KL in Q4 FY26.^[3]
Core lubricants volume was 1,68,000 KL in FY26, up 11%, compared with 152,000 KL in FY25.^[1][4]
AdBlue® volume was 1,51,000 KL in FY26, compared with 140,000 KL in FY25.^[1][6]
In FY26, lubricants volume growth outpaced the industry by more than 2-3x.^[1]
Synthetic and advanced products were below 10% of lubricant volume in Q1 FY27. The target is a rise of 1-1.5 percentage points a year.^[3]

Customers and distribution

The company has long-standing partnerships with more than 50 OEMs (FY26).^[1]
In FY26 it renewed its multi-year partnership with Mahindra & Mahindra's Farm Equipment Business (Mahindra Tractors), a relationship spanning more than a decade.^[1]
The export network spans more than 25 countries (FY26).^[1]
As of FY25 the distribution network covered 90,000+ touchpoints, ~11,600 bike and car stops, 320+ auto distributors, 1,500 rural stockists and ~70 industrial distributors.^[4]
In Q3 FY26 the company signed construction equipment OEM partnerships with Ammann India, ACE and XCMG.^[5]

Expansion and capex

Lubricants capacity is planned to rise from 140,000 KL to 2,40,000 KL in FY27, under a ₹55 Cr capex programme.^[1][3]
Chennai is expanding from 50 to 100 million litres, targeted for Q3 FY27. Silvassa is expanding from 90 to 140 million litres, expected by Q4 FY27.^[3]
Maintenance capex runs at ₹30-40 Cr a year.^[3]
Tirex is building a new EV charger plant, expected to start in Q3 FY27, with a target of ₹300-400 Cr revenue within 3-4 years.^[3]

Recent developments

In FY26 the company bought another 14.18% of EV-charger maker Tirex Transmission, raising its holding to 65.18%. Tirex revenue crossed ₹100 Cr.^[1]
In Q1 FY27, supply disruption in West Asia (Hormuz) pushed up input costs. Gulf made three B2C price increases and staggered B2B formula revisions.^[3]
Gulf has developed two data-centre liquid cooling fluids (PO-based and mineral-based), which are in testing with hardware and cooling service providers.^[7]
Gulf holds strategic investments in Indra Renewable Technologies (home EV chargers) and Techperspect Software (ElectreeFi, e-mobility software).^[4]

Market Cap

₹5,224 Cr

High / Low

₹1,289 / 865

Stock P/E

14.4

Price / Book

3.5

Book Value

₹312

EPS

₹70.4

No. of Shares

4.93 Cr

ROCE

26.4%

ROE

23.2%

OPM

13.1%

Debt / Equity

0.33

Sales

₹4,056 Cr

Net Profit

₹345 Cr

Promoter holding

66.8%

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