Financial Performance (Standalone, Unaudited - Limited Review)

H1 FY27 Performance (Half Year Ended September 30, 2026)

  • Revenue from operations: ₹571.08 crore, representing 84% year-on-year (YoY) growth.
  • EBITDA: ₹49.43 crore, representing 178% YoY growth. EBITDA margin stood at 8.66%.
  • Profit After Tax (PAT): ₹36.46 crore, representing 206% YoY growth. PAT margin not explicitly stated.
  • Earnings Per Share (EPS): ₹7.15.
  • Prior period (H1 FY26) comparatives: Revenue ₹310.65 crore, EBITDA ₹17.79 crore, PAT ₹11.91 crore, EPS ₹2.34.

Q2 FY27 Performance (Quarter Ended September 30, 2026)

  • Revenue from operations: ₹340.75 crore, representing 124% YoY growth and 48% quarter-on-quarter (QoQ) growth.
  • EBITDA: ₹21.04 crore, representing 157% YoY growth but a 26% decline QoQ. EBITDA margin was 6.2%.
  • Profit After Tax (PAT): ₹15.27 crore, representing 179% YoY growth but a 28% decline QoQ. PAT margin was 4.5%.
  • Earnings Per Share (EPS): ₹3.00.
  • Prior period comparatives: Q2 FY26 revenue ₹152.35 crore, EBITDA ₹8.20 crore, PAT ₹5.47 crore. Q1 FY27 revenue ₹230.33 crore, EBITDA ₹28.40 crore, PAT ₹21.19 crore.
  • The QoQ decline in profitability was attributed to higher growth in raw material costs and an inventory drawdown in Q2 versus stock accumulation in Q1. The revenue mix also shifted, with trading contributing 35% of Q2 revenue compared to 21% in Q1.
  • Q2 FY27 revenue was the highest in the last five quarters. H1 FY27 revenue of ₹571.1 crore constitutes 89% of the full-year FY26 revenue (₹642.6 crore).

Management Commentary

Mr. Arjun Verma, Managing Director, stated: "The first half delivered strong growth in revenue and profitability, while the higher scale of operations has sharpened our focus on collections, working capital and execution. Our priorities are to strengthen the contribution from higher-value manufactured products, improve distribution productivity and build a more efficient supply chain. The Board-approved proposals for capital raising and investment in the Pipavav terminal are intended to support this strategy, subject to the necessary approvals and completion conditions. We remain focused on disciplined, sustainable growth."

Key Developments

Pipavav Terminal Investment (October 13, 2026)

  • The Board approved the acquisition of shares in Incubit Pipavav Terminal Pvt. Ltd. for approximately ₹44.27 crore.
  • The investment is to be funded from internal accruals.
  • The acquisition will be completed in tranches over a period of up to one year.
  • The Pipavav terminal has a capacity of about 250,000 KL across 46 tanks, with about 20,000 m³ configured for base oils. It reported a turnover of ₹38.5 crore in FY26.

Leadership Transition (October 2026)

  • Mr. Arjun Verma was elevated to Managing Director.
  • Mr. Dilip Vaswani was elevated to Non-Executive Co-Chairman.
  • Mr. Ayush Goel was re-designated as Executive Chairman & Whole-Time Director.
  • Mr. Shirish Suvagia was appointed Chief Financial Officer and designated as a Key Managerial Personnel (KMP).
  • Mr. Jogesh Sharma was appointed Chief Operating Officer (COO) - Lubricants.
  • Mr. Sunil Shetty was appointed Chief Human Resources Officer (CHRO).

Company Overview & Business Operations

  • GP Petroleums is a manufacturer of IPOL lubricants and rubber process oils, and the exclusive partner for Repsol lubricants in India.
  • The company has an integrated blending facility in Vasai, Maharashtra, with an 80,000 KL per annum production capacity and 15,000 KL of base oil storage.
  • Its product portfolio includes Automotive Lubricants (IPOL, Repsol), Rubber Process Oils (IPOL, ARTEC), Industrial Lubricants & Greases (IPOL), and Metalworking & Specialty Oils (IPOL).
  • The company describes itself as India's largest manufacturer and supplier of cutting coolants.
  • It exports to more than 12 countries and is recognized as a STAR Export House.

Industry Context

  • India is the 3rd largest lubricants market in the world.
  • The market is expected to grow at a value CAGR of 6-8% from 2023 to 2033, driven by premiumisation.
  • Demand is projected to rise from 2.6 million tonnes in 2023 to 3.6 million tonnes in 2033E.

Governance

  • The Board of Directors consists of Mr. Arjun Verma (Managing Director), Mr. Ayush Goel (Executive Chairman), Mr. Dilip U. Vaswani (Non-Executive Co-Chairman), Mr. Rajesh Mittal (Independent Director), Ms. Priyanka Sinha (Independent Director), and Mr. Rahul Arun Shetty (Independent Director).
  • Key management includes Mr. Shirish Suvagia (CFO), Mr. Jogesh Sharma (COO-Lubricants), Mr. Sunil Shetty (CHRO), and Ms. Kanika Sehgal Sadana (Company Secretary & Compliance Officer).

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