Gulf Oil Lubricants India Limited has announced its unaudited financial results for the third quarter and nine months ended December 31, 2025, showcasing strong operational performance despite certain regulatory headwinds affecting profitability.

Strong Revenue Performance Across Segments

The company delivered robust top-line growth during Q3FY26, with consolidated revenue from operations increasing significantly across both quarterly and nine-month periods.

The company achieved its highest ever quarterly volume, driven by strong performance across multiple business segments including high double-digit growth in PCMO (Passenger Car Motor Oil) within the B2C segment and notable momentum in agricultural sales.

EBITDA Growth Despite Margin Pressure

Gulf Oil Lubricants maintained healthy EBITDA growth while experiencing slight margin compression due to currency headwinds.

The EBITDA margin for the quarter improved sequentially to 13.05%, representing a 67 basis points positive quarter-on-quarter movement despite continued pressure from INR depreciation.

Profitability Impact from Regulatory Changes

While operational performance remained strong, the company's profitability was significantly impacted by new regulatory provisions.

The decline in PAT was primarily attributed to incremental estimated obligations of Rs 22.78 crores for consolidated financials on account of new labour codes notified effective November 21, 2025. Excluding the impact of this provision and a one-time gain from the previous year, the company's standalone PAT growth for the quarter was 7.40% year-on-year.

Exceptional Subsidiary Performance

The company's EV charger subsidiary Tirex delivered outstanding results, demonstrating the success of Gulf Oil's diversification strategy into the electric mobility space. Tirex reported strong top-line and bottom-line performance with quarterly revenue growth of 83% and nine-month growth of 78%. The business achieved positive EBITDA for both Q3 and the nine-month period.

Strategic Partnerships and Product Innovation

During the quarter, Gulf Oil Lubricants strengthened its market position through strategic partnerships with leading construction equipment manufacturers including Ammann India for the Ammann Genuine Oil range, ACE (Action Construction Equipment Ltd.) for new additions to the ACE Genuine Oil range, and XCMG for XCMG-branded genuine lubricants.

The company also launched its next-generation product range, including Fire-Resistant Hydraulic Oil, Energy-Efficient Zinc Free Hydraulic Oil, CEV V Diesel Engine Oil, new Synthetic formulations, and Synthetic Gear Oil.

Shareholder Returns

The Board declared an interim dividend of Rs 21.00 per equity share for FY26, representing 1,050% of the face value of Rs 2.00 per share. This continues the company's track record of consistent dividend payments, with a 24.2% CAGR in dividend growth from FY15 to FY25.

Gulf Oil Lubricants India Limited has delivered exceptional financial performance in Q3 FY26, achieving record quarterly revenue and EBITDA figures. The Board of Directors approved the unaudited financial results for the quarter and nine months ended December 31, 2025, at their meeting held on February 9, 2026.

Record Financial Performance

The company's standalone operations generated revenue of ₹997.92 crores in Q3 FY26, representing a robust 10.28% year-on-year growth from ₹904.88 crores in Q3 FY25. EBITDA reached an all-time quarterly high of ₹130.27 crores, up 6.60% from ₹122.20 crores in the corresponding period last year.

Nine-Month Performance Highlights

For the nine-month period ended December 31, 2025, Gulf Oil demonstrated consistent growth with standalone revenue of ₹2,951.07 crores, up 11.81% from ₹2,639.28 crores in the previous year. On a consolidated basis, the company achieved a significant milestone with nine-month revenue crossing ₹3,000 crores, reaching ₹3,000.78 crores compared to ₹2,678.42 crores, marking a 12.04% increase.

Board Meeting Outcomes and Regulatory Compliance

The Board meeting commenced at 5:00 p.m. (IST) and concluded at 7:10 p.m. (IST) on February 9, 2026. The Board declared an interim dividend of ₹21.00 per equity share, representing 1,050% of the face value of ₹2 per share, with the record date set as February 13, 2026. The company has fulfilled its regulatory obligations under Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Impact of New Labour Codes

Profitability was impacted by incremental estimated obligations due to new labour codes notified effective November 21, 2025. The Government of India implemented four new labour codes, including the Code on Wages, 2019. The company recorded additional estimated obligation of ₹2,264.11 lakhs for standalone financials and ₹2,278.21 lakhs for consolidated financials, disclosed as exceptional items.

Strategic Acquisitions and Business Expansion

The Board approved acquisition of an additional 14.18% stake in subsidiary Tirex Transmission Private Limited for ₹3,808.77 lakhs from existing shareholders, increasing shareholding from 51% to 65.18%. The company also allotted 15,173 fully paid-up equity shares pursuant to the exercise of stock options by employees under the Employee Stock Option Scheme-2015.

Sustainability Initiatives

Both lubricant manufacturing plants in Chennai and Silvassa now operate with 100% solar rooftop capacity installations. During the nine-month period, rooftop solar systems contributed over 28% of total plant power consumption, reflecting the company's commitment to clean energy adoption and operational sustainability.