Quarterly Lubricant Volume
41,500 KL
+8% YoY
All-time high quarterly volume, driven by double-digit growth in PCMO, agri, and industrial segments.
GULFOILLUBRICANTSINDIA
Energy
10 Feb 2026
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
Volume growth 2-3x industry (8-9% annually)
Management reiterated medium-term guidance of growing lubricant volumes at 2-3 times the industry growth rate of 3-4%.
Management guidance growthEBITDA margin band of 12-14%
Management maintained the 12-14% EBITDA margin guidance, with ambition to move to 14-16% over medium term.
Management guidance marginsTX EV charging revenue target >₹100 cr for FY26
TX is expected to close FY26 with revenue above ₹100 crore, with a 3-4 year target of ₹300-400 crore topline.
Management guidance revenueCapex of ₹55 cr for capacity expansion
₹55 crore capex for Silvasa and Chennai plants; Chennai capacity expected by Q1 FY27, Silvasa by Q3 FY27.
Management guidance capexKey Risks
Rupee depreciation impacting margins
Management noted rupee headwind in January and expects continued pressure; pricing actions may be needed to protect margins.
high · management_commentaryIncreased competitive intensity from OMCs
Analyst raised concern about OMCs increasing focus on lubricants; management acknowledged competition but expressed confidence in brand and distribution.
medium · analyst_questionBase oil price volatility
Short-term base oil prices have not fully correlated with crude declines due to demand-supply imbalances and refinery shutdowns.
medium · analyst_questionEV transition risk to core lubricant business
While management sees EV as opportunity, rising EV penetration could structurally reduce ICE lubricant demand over the long term.
low · data_observationNotable Quotes
This quarter has been an all-time high in terms of quarterly volumes at 41,500K which is record volume for Gulf Oil.
We have been able to expand our ITA margins sequentially by nearly 67 basis points because of cost management and timely selective price actions.
Our first aim is to have a 300 to 400 cr topline from this business in next 3 years to four years time and then we'll build on that.
Frequently Asked Questions
What was Gulf Oil Lubricants's revenue in Q3 FY26?
Gulf Oil Lubricants reported revenue of ₹1,018 Cr in Q3 FY26, representing a +11.8% change compared to the same quarter last year.
What guidance did Gulf Oil Lubricants management give for FY27?
Volume growth 2-3x industry (8-9% annually): Management reiterated medium-term guidance of growing lubricant volumes at 2-3 times the industry growth rate of 3-4%. EBITDA margin band of 12-14%: Management maintained the 12-14% EBITDA margin guidance, with ambition to move to 14-16% over medium term. TX EV charging revenue target >₹100 cr for FY26: TX is expected to close FY26 with revenue above ₹100 crore, with a 3-4 year target of ₹300-400 crore topline. Capex of ₹55 cr for capacity expansion: ₹55 crore capex for Silvasa and Chennai plants; Chennai capacity expected by Q1 FY27, Silvasa by Q3 FY27.
What are the key risks for Gulf Oil Lubricants in FY27?
Key risks include Rupee depreciation impacting margins — Management noted rupee headwind in January and expects continued pressure; pricing actions may be needed to protect margins.; Increased competitive intensity from OMCs — Analyst raised concern about OMCs increasing focus on lubricants; management acknowledged competition but expressed confidence in brand and distribution.; Base oil price volatility — Short-term base oil prices have not fully correlated with crude declines due to demand-supply imbalances and refinery shutdowns.; EV transition risk to core lubricant business — While management sees EV as opportunity, rising EV penetration could structurally reduce ICE lubricant demand over the long term..
Did Gulf Oil Lubricants meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Gulf Oil Lubricants Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.