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Gulf Oil Lubricants Q2 FY26 financial results analysis with strong performance across B2C and B2B segments
₹ 1,264
+0.71% increased today
04 Nov - close price
Financial Performance Overview
Mumbai, India, November 5, 2025: Gulf Oil Lubricants India Limited, a Hinduja Group Company, announced its unaudited financial results for the quarter ended 30th September 2025, delivering strong double-digit topline growth and continuing to outperform industry volume growth rate by 2-3x.
Key Financial Highlights (Q2 FY26 - Standalone)
Revenue
₹956.78 Cr
+12.65% YoY
EBITDA
₹118.46 Cr
+10.56% YoY
PAT
₹87.13 Cr
+3.19% YoY
EBITDA Margin
12.4%
Maintained
Basic EPS
₹17.67
+3.0% YoY
Quarterly Performance Comparison (Standalone)
| Financial Metric | Q2 FY26 | Q2 FY25 | YoY Change | Performance |
|---|---|---|---|---|
| Revenue (₹ Cr) | 956.78 | 849.33 | +12.65% | Strong |
| EBITDA (₹ Cr) | 118.46 | 107.15 | +10.56% | Good |
| PAT (₹ Cr) | 87.13 | 84.44 | +3.19% | Steady |
| EBITDA Margin | 12.4% | 12.6% | -0.2 pp | Stable |
Management Commentary
MD & CEO Statement - Mr. Ravi Chawla
CFO Statement - Mr. Manish Gangwal
"This quarter has been steady for us, delivering 12.6% revenue growth, reflecting an improved product / segment mix. We grew our EBITDA by nearly 11% in spite of input cost pressures mainly due to sharp Rupee depreciation in Q2 and EBITDA margin was maintained at 12.4%."
"PAT was impacted by higher finance cost due to adverse INR movement leading to MTM forex losses accounted at quarter end. Going forward, we continue to closely monitor input cost trends while driving cost and margin management initiatives."
"With the strong and sustained performance of Tirex, the Board has today approved the acquisition of an additional 14% stake, increasing the overall holding to 65%, reaffirming the confidence in Tirex's long-term growth potential."
Business Segment Performance
B2C Segment Performance
B2B Segment Performance
EV Charger Business - Tirex
H1 Revenue
₹42 Cr
+75% YoY
Stake Increase
51% to 65%
Strategic Move
Investment
₹38 Cr
Additional Stake
Growth driven by existing customers scaling up deployments and new marquee wins, demonstrating continued confidence in Tirex's product and service quality.
Strategic Initiatives & New Launches
Key Business Highlights
Stock Performance & Key Metrics
Gulf Oil Lubricants Stock Analysis
Market Cap
₹6,235 Cr
Current Price
₹1,264
52W High / Low
₹1,332 / ₹911
Stock P/E
16.7
Industry P/E
17.0
Book Value
₹335
Dividend Yield
3.80%
ROCE
28.3%
ROE
25.5%
Face Value
₹2.00
EPS
₹75.8
Debt to Equity
0.29
Total Debt
₹482 Cr
About Gulf Oil Lubricants India Limited
Company Overview
Gulf Oil Lubricants India Limited (GOLIL), part of the Hinduja Group and Gulf Oil International, is a leading player in India's lubricant market offering a comprehensive product portfolio in automotive and industrial lubricants.
🎯 Business Highlights
Overall Performance Assessment: Gulf Oil Lubricants delivered a steady Q2 FY26 performance with 12.7% revenue growth and 3.2% PAT growth, demonstrating resilience despite seasonal challenges and input cost pressures. The company continues to outperform industry volume growth by 2-3x in core lubricants business. Strong performance across B2C and B2B segments, coupled with strategic initiatives like 'Unlock 2.0' and increased stake in Tirex EV charger business, positions the company well for future growth. The stock trades at a P/E of 16.7, slightly below industry average, while maintaining strong profitability metrics with ROCE of 28.3% and ROE of 25.5%.
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"Despite a seasonally impacted quarter due to uneven monsoon pattern, we delivered a resilient performance during the quarter, in line with our guidance of achieving core lubricants volume growth 2–3x the industry rate and overall double-digit revenue growth."
"The B2C segment showed strong momentum with healthy double-digit growth in personal mobility. Rural markets led by Agri sector also witnessed encouraging traction during the quarter, and we expect this momentum to continue."
"We are progressing well with 'Unlock 2.0' as our broader theme- accelerating growth across segments, leading in premium products, and transforming into a future-ready organization. With SPARK as our internal mantra, we are accelerating execution and energizing the next growth phase."