Gulf Oil Lubricants FY26 revenue rises 11.7% to ₹4,056 crore
Gulf Oil Lubricants India Limited announced record financial results for FY26, with consolidated revenue rising 11.7% to ₹4,056.04 crore and EBITDA reaching ₹513.89 crore. Lubricant volumes grew 10.5% to 1,68,000 KL, while AdBlue volumes increased to 1,51,000 KL. The company declared its highest ever dividend of ₹51 per share, comprising a final dividend of ₹30 and an interim dividend of ₹21.
*this image is generated using AI for illustrative purposes only.
Gulf Oil Lubricants India Limited reported record financial performance for the quarter and financial year ended March 31, 2026, achieving its highest ever volumes, revenues, and EBITDA. Consolidated revenues crossed ₹4,056 crore for FY26, an 11.7% year-on-year growth, driven by broad-based growth across all key segments including passenger cars, commercial vehicles, and agriculture. The company delivered a consolidated EBITDA of ₹513.89 crore for the year, with an EBITDA margin of 12.67%. For Q4FY26, standalone revenue reached ₹1,040.24 crore, while consolidated revenue stood at ₹1,055.26 crore.
Financial Performance
The company reported a lubricant volume of 45,000 KL for Q4FY26, representing a 14% growth, while AdBlue volumes reached 40,000 KL, an 8% increase. For the full fiscal year FY26, total lubricant volumes stood at 1,68,000 KL, a 10.5% increase, while AdBlue volumes were 1,51,000 KL. The Board has recommended a total dividend of ₹51 per share for FY26, comprising a final dividend of ₹30 and an interim dividend of ₹21 paid earlier. This marks the highest ever dividend payout of 72% for the company.
| Metric | Q4FY26 Value | FY26 Value |
|---|---|---|
| Lubricant Volume (KL) | 45,000 | 1,68,000 |
| AdBlue Volume (KL) | 40,000 | 1,51,000 |
| Consolidated Revenue (₹ Crores) | 1,055.26 | 4,056.04 |
| Consolidated EBITDA (₹ Crores) | 136.52 | 513.89 |
Strategic Updates and Outlook
Management highlighted that the growth was achieved despite headwinds such as rupee depreciation and geopolitical crises impacting crude oil prices. The company continues to focus on its "Unlock 2.0" strategy to accelerate, premiumize, and transform the business. Its mobility subsidiary, Tirex, crossed the ₹100 crore revenue milestone during the year, securing a significant share of the new DC charger market for buses. Looking ahead, the company aims to maintain its margin band of 12%-14% despite input cost inflation. Expansion projects at Chennai and Silvassa plants are on track, with Chennai capacity expected to come online by Q3FY27 and Silvassa by Q4FY27.
Historical Stock Returns for Gulf Oil Lubricants
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +4.28% | +8.87% | +3.96% | -17.26% | -19.61% | +40.78% |
How will the new Chennai and Silvassa plant capacities impact Gulf Oil's ability to capture incremental market share once they come online in FY27, and could this trigger a price war with competitors?
With Tirex crossing the ₹100 crore revenue milestone, what is the long-term revenue potential of the EV charging business, and could it eventually offset potential volume decline in traditional lubricants as EV adoption accelerates?
Given that Gulf Oil maintained its margin band despite rupee depreciation and crude oil volatility, how sustainable is the 12%-14% EBITDA margin target if geopolitical tensions further escalate and input costs rise sharply in FY27?
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