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Rupee depreciation impacting margins
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Gulf Oil Lubricants India Ltd — Q3 FY26
Gulf Oil reported an all-time high quarterly volume of 41,500 KL, with lubricant volumes growing 8% YoY, outperforming the industry by 2x.
bullish
high
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Gulf Oil reported an all-time high quarterly volume of 41,500 KL, with lubricant volumes growing 8% YoY, outperforming the industry by 2x. Revenue grew 11.8% YoY to ₹2,951 crore for 9 months, driven by double-digit growth in PCMO, agri, and industrial segments. EBITDA margin expanded 67 bps sequentially to 13%+, aided by cost management and selective price actions, despite rupee depreciation. The EV charging subsidiary TX posted 83% revenue growth in Q3. Management reiterated the 12-14% EBITDA margin guidance and 2-3x industry volume growth target. Key risks include sustained rupee weakness and competitive intensity from OMCs expanding in lubricants.
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Quarterly Lubricant Volume
41,500 KL
+8% YoY
All-time high quarterly volume, driven by double-digit growth in PCMO, agri, and industrial segments.
TX EV Charging Revenue Growth
83%
+83% YoY
TX revenue grew 83% in Q3; 9-month growth at 78%, targeting >₹100 cr for FY26.
9-Month Lubricant Volume
123,000 KL
+9.3% YoY
9-month volume growth of 9.3%, with ADLU volume up 8% to 111,000 KL.
Dividend Per Share
₹21
+150% YoY
Interim dividend increased to ₹21 per share (150% on face value of ₹2), reflecting board confidence.
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Guidance and risk preview
Management reiterated medium-term guidance of growing lubricant volumes at 2-3 times the industry growth rate of 3-4%.
Management noted rupee headwind in January and expects continued pressure; pricing actions may be needed to protect margins.
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