Castrol India Limited — Q2 FY26
Castrol India delivered a steady Q3 FY26 with revenue of ₹1,363 crore (+6% YoY) and PAT of ₹228 crore (+10% YoY), driven by 7% volume growth and cost optimization.
bullish
high
Financial stats pending filing verification
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
75%Questions answered2Evaded / deflected12Questions auditedConsistentNumbers vs filing
Answered
High priority
Will new leadership change company direction?
Asked by Hersh
Management clearly stated no change in strategy and explained continuity.
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Question
I just wanted to know with the new leadership coming in should the investors expect a change in the direction or will we continue to focus on our new products as well as the old segments.
Kedar Lele (MD)
Shobato Basu is a quality product of Castrol having spent 26 years... we did not change the direction of the company we simply brought alive what we had been seeing for a while... there's no change of strategy in the near or midterm.
Evasive
High priority
Update on KMS investment performance?
Asked by Hersh
Management gave no revenue or profit numbers for KMS, only qualitative updates.
no financial performance numbers givenqualitative only
Read the exchange
Question
We have some 400 500 crores invested in key mobility solutions. So could I get just get an update on how that investment is performing and any basically quarterly or yearly updates on that?
Kedar Lele (MD)
We are maintaining the value of that investment as key mobility goes through its own expansion plan... it is allowing us to learn a lot... no change from what the blueprint of our investment was.
Evasive
Medium priority
Revenues and profits from KMS?
Asked by Hersh
Management did not disclose any revenue or profit figures for KMS.
no specific numbersdeferred to not being identified
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Question
And so what about like the revenues and profits if any from that?
Kedar Lele (MD)
It's a private company... the revenue that we get is from sale of lubricant into that network... that is a small part of our revenues and we don't identify that in our results as yet.
Answered
High priority
How to prevent margin dilution from industrial lubricants?
Asked by Dal Pop, Choice International
Management gave a clear index comparison and acknowledged margin headwind.
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Question
How would you ensure that the margins do not dilute from here on as far as the overall on the back of industrial lubricants component is concerned?
Kedar Lele (MD)
Industrial lubricants will never make same money or margin as automotive... if automotive lubricant gross margin is 100 index then industrial will be less than 25-30... we will have to remain cautious, smart and balance.
Partial answer
High priority
Strategy for EV penetration impact on lubricants?
Asked by Dal Pop, Choice International
Management gave a qualitative comparison but no concrete strategy or targets.
no specific strategy detailsqualitative only
Read the exchange
Question
What what is the company strategy or I would like to hear your thoughts about the same.
Kedar Lele (MD)
If I were to do a broad CLTV analysis... it will be a comparable number. It won't be too way off. So as long as the organization is clear and committed... we should keep seeing a business that grows with time.
Answered
High priority
Volume breakdown by segment?
Asked by Nitin Tari, Philip Capital India
Management provided volume growth percentages for each segment.
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Question
Just wanted to understand the volume number in this quarter and if you can also provide some color on that volume in terms of how much of that was automotive and how much was industrial and within automotive breakup between personal mobility and commercial vehicles.
Kedar Lele (MD)
This quarter specifically we have delivered 7% volume growth... personal mobility has grown at over 6% our CVO has grown at about 8% and industrial is in good double digits.
Answered
High priority
Volume mix percentages?
Asked by Nitin Tari, Philip Capital India
Management gave percentage ranges for each segment.
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Question
If you can provide me a break up of volume in percentage terms and the percentage of the volume in terms of automotive and C etc.
Kedar Lele (MD)
Industrial and marine does about 13-14 odd percent, CVO does about 38-40% and our personal mobilities balance which is 48-50%.
Partial answer
High priority
Stage of strategic review and data room access?
Asked by Kiran Ma, Boda PNP Pariba Mutual Fund
Management confirmed data room but gave no stage or timeline.
no timeline givendeferred to regulatory disclosure
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Question
Would you be able to share at what stage of the exercises and when is the outcome expected and at the India level have we participated any data room exercises?
Kedar Lele (MD)
I'm committed to expressing any update that comes to me to the regulator and the market within 24 hours... we have been supplying data into a data room for potential investors... I do not participate in any of that transaction.
Answered
Medium priority
Rural contribution and growth?
Asked by Kiran Ma, Boda PNP Pariba Mutual Fund
Management gave a percentage and growth rate for rural volumes.
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Question
Would you also be able to share growth in terms of the rural how much it contributes at this point of time and what is the growth that we are seeing from our rural penetration.
Kedar Lele (MD)
Close to 25% of our B2C volumes are now beginning to come from rural and growing in double digits.
Answered
Medium priority
Percentage of base oil imported vs domestic?
Asked by Bipul Sha, Sumangal Investments
Management gave a clear percentage split.
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Question
What percentage of our base oil requirement is imported and what percentage is domestic sourced?
Manali (CFO)
Today almost about 55 50 to 55% slightly more than half of our base oil comes as an import. The balance is all procured locally.
Answered
High priority
Volume in million liters for this quarter and prior?
Asked by Bipul Sha, Sumangal Investments
Management provided exact volume numbers for recent quarters.
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Question
Can you give the volume in million liters for this quarter and same quarter last year and last quarter also.
Kedar Lele (MD)
This year's three quarters: 63 million liters in Q1, 66 in Q2 and 60 million liters in this quarter.
Answered
High priority
Pricing actions and sustainability of COGS benefit?
Asked by Mandar Pawar, Kotak Mahindra Asset Management Company
Management confirmed cost reduction and gave a specific percentage, and discussed sustainability.
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Question
Can you confirm if there have been any pricing actions which have been taken in the market because this is expand and the CO benefit also whether that is sustainable going forward?
Manali (CFO)
Our cost per liter of lubricant has gone down by about 5%... this is intentional... this effort should continue even in the future.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Volume growth 7% this quarter, 8% YTD | 7% | 6% | Matches filing |
| Personal mobility grew over 6%, CVO 8%, industrial double digits | 6% | 6% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.