Gulf Oil Lubricants India has reported a robust Q3 and 9M FY26, marked by all-time high quarterly volumes, revenue, and EBITDA. The company declared an interim dividend of Rs 21.00 per share (1,050%). Key highlights include double-digit topline growth, a sequential 67 BPS rise in Q3 EBITDA margin, and significant performance from its EV subsidiary, Tirex. The Board also approved increasing its stake in Tirex to 65%, underscoring confidence in the E-Mobility sector.
Q3 & 9M FY26 Financial Highlights
Gulf Oil Lubricants India announced record-breaking results for the third quarter and the nine months ended December 31, 2025. The company achieved All-Time Highs in Lubes Volumes, Revenue, and EBITDA for the quarter.
Key Performance Metrics (Consolidated)
- Revenue from Operations: Grew by 10.56% YoY in Q3 FY26 (Rs 1,017.55 Cr) and by 12.04% YoY in 9M FY26 (Rs 3,000.78 Cr).
- EBITDA Margin: Improved sequentially by 67 BPS in Q3 FY26 to 13.02%, despite currency pressures.
- PAT: Consolidated PAT growth for the quarter, excluding exceptional items (new labor code provision and one-time gain), stood at a healthy 7.40% YoY.
In recognition of the strong performance, the Board declared an Interim Dividend of Rs 21.00 per equity share, equivalent to 1,050% on the face value of Rs 2 per share.
Operational Performance and Strategic Moves
Business Segment Growth
Growth was broad-based, driven by higher volumes and an improved product mix, leading to Double-Digit Topline Growth in both Q3 and 9MFY26.
- B2C Segment: High double-digit gain in Passenger Car Motor Oil (PCMO) and good momentum in Agri sales.
- OEM Segment: Recorded an all-time high volume in OEM Franchise Workshops (FWS), alongside high double-digit growth in Motor Cycle Oil (MCO).
- B2B Segments: Achieved good double-digit growth in Industrial, Infra, and mining sectors through new customer acquisitions.
Manufacturing Expansion and Partnerships
Capex of Rs. 55 Crores is ongoing to enhance lube capacity by 70% to 240 Mn Ltrs across the Chennai and Silvassa facilities over two years. The company also secured key partnerships, including becoming the official lubricants partner for Ammann Genuine Oil range, and launching co-branded lubricants with ACE and XCMG.
E-Mobility and Subsidiary Growth (Tirex)
The EV subsidiary, Tirex Transmission, delivered substantial growth:
- Q3 revenue increased by 83%, and 9M revenue grew by 78%.
- Tirex achieved Positive EBITDA for both Q3 and the nine-month period.
Reinforcing commitment to this segment, the Board approved an increase in the stake in Tirex from 51% to 65% during Q2 FY26. The company continues to expand its EV fluids portfolio, launched globally and in India in 2021, specifically targeting Hybrid and Fully EVs.
Industry Outlook and Growth Enablers
The Indian Lubricants Market is positioned as the 3rd Largest Globally, with demand expected to rise from 2.6 Mn Tonnes (2023) to 3.6 Mn Tonnes (2033). Value growth (6-8% CAGR) is outpacing volume growth (3-4% CAGR) due to Premiumization.
Growth enablers include favorable demographics, rising per capita income (crossing $2,800 p.a.), and superior product advancements such as the transition to BS6 standards, driving demand for premium and synthetic oils.
Source: BSE
