Side-by-side earnings comparison across financial stats, AI summaries, management guidance, risks, quotes, and accountability signals.
Power Grid reported a strong Q3 FY26 with standalone revenue of INR 12,436 crore (+7% YoY) and PAT of INR 4,160 crore (+7% YoY), driven by improved project execution and resolution of right-of-way issues.
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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.
Read Gulf Oil Lubricants analysis →Power Grid reported a strong Q3 FY26 with standalone revenue of INR 12,436 crore (+7% YoY) and PAT of INR 4,160 crore (+7% YoY), driven by improved project execution and resolution of right-of-way issues. Management raised FY26 CapEx guidance to INR 32,000 crore and capitalization to INR 22,000 crore, with FY27 CapEx guided at INR 37,000 crore and FY28 at INR 45,000 crore. The order book stands at INR 1.95 lakh crore, with 80-90% from TBCB projects. Key growth drivers include renewable evacuation, HVDC projects, battery storage, and international expansion (e.g., Kenya). Risks include supply chain constraints for transformers and potential delays in HVDC project awards.
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.
Includes INR 1,45,513 crore works in hand plus INR 50,000 crore CWIP, to be commissioned in 3-4 years.
Raised from INR 28,000 crore; driven by renewable evacuation projects and improved execution.
Raised from INR 20,000 crore; 9M capitalization was INR 12,915 crore.
Lowest ever; improved from ~30 days, reflecting better realization and billing efficiency.
All-time high quarterly volume, driven by double-digit growth in PCMO, agri, and industrial segments.
TX revenue grew 83% in Q3; 9-month growth at 78%, targeting >₹100 cr for FY26.
9-month volume growth of 9.3%, with ADLU volume up 8% to 111,000 KL.
Interim dividend increased to ₹21 per share (150% on face value of ₹2), reflecting board confidence.
Management increased FY26 CapEx guidance from INR 28,000 crore to INR 32,000 crore, citing strong execution momentum.
Management guidance capexCapitalization guidance increased from INR 20,000 crore to INR 22,000 crore, with 9M already at INR 12,915 crore.
Management guidance capexManagement provided multi-year CapEx guidance, reflecting strong pipeline of TBCB and HVDC projects.
Management guidance capexCapitalization trajectory aligns with project commissioning timelines, with HVDC spending peaking in FY27-28.
Management guidance capex
Management reiterated medium-term guidance of growing lubricant volumes at 2-3 times the industry growth rate of 3-4%.
Management guidance growthManagement maintained the 12-14% EBITDA margin guidance, with ambition to move to 14-16% over medium term.
Management guidance marginsTX is expected to close FY26 with revenue above ₹100 crore, with a 3-4 year target of ₹300-400 crore topline.
Management guidance revenue₹55 crore capex for Silvasa and Chennai plants; Chennai capacity expected by Q1 FY27, Silvasa by Q3 FY27.
Management guidance capexDomestic transformer capacity (228,000 MVA) is insufficient vs demand (421,000 MVA in FY27), potentially delaying projects unless Chinese component imports are allowed.
high · management_commentaryWhile new guidelines have helped, ROW remains a challenge in some states; execution depends on timely adoption by local authorities.
medium · management_commentaryTwo major HVDC projects (Barmer II-Srikakulam, Bikaner V-Begunia) may slip beyond FY27, impacting CapEx phasing.
medium · analyst_questionIntrastate projects (e.g., Maharashtra, Karnataka) involve higher execution risks; management will bid selectively based on risk assessment.
low · management_commentary
Management noted rupee headwind in January and expects continued pressure; pricing actions may be needed to protect margins.
high · management_commentaryAnalyst raised concern about OMCs increasing focus on lubricants; management acknowledged competition but expressed confidence in brand and distribution.
medium · analyst_questionShort-term base oil prices have not fully correlated with crude declines due to demand-supply imbalances and refinery shutdowns.
medium · analyst_questionWhile management sees EV as opportunity, rising EV penetration could structurally reduce ICE lubricant demand over the long term.
low · data_observationWe are poised to exceed our annual guidance, which we have been talking.
Unless until the Chinese companies available in India, if relaxation by Government of India is given, then it is going to boost the transmission sector.
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.
