Key Financial Figures - Standalone

Q4 FY26 Performance:

  • Revenue from Operations: ₹1,040.24 Crores (13.68% YoY growth from ₹915.08 Crores in Q4 FY25)
  • EBITDA: ₹135.08 Crores (8.52% YoY growth from ₹124.47 Crores)
  • EBITDA Margin: 12.99% (61 basis points decline from 13.60% in Q4 FY25)
  • Profit Before Tax (PBT): ₹120.90 Crores (-2.05% YoY from ₹123.43 Crores)
  • Profit After Tax (PAT): ₹90.02 Crores (-1.74% YoY from ₹91.62 Crores)
  • Basic EPS: ₹18.22 (not annualized)

FY26 Full Year Performance:

  • Revenue from Operations: ₹3,991.31 Crores (12.29% YoY growth from ₹3,554.36 Crores in FY25)
  • EBITDA: ₹510.38 Crores (8.58% YoY growth from ₹470.07 Crores)
  • EBITDA Margin: 12.79% (44 basis points decline from 13.23% in FY25)
  • Profit Before Tax (PBT): ₹471.37 Crores (-2.96% YoY from ₹485.74 Crores)
  • Profit After Tax (PAT): ₹350.92 Crores (-3.13% YoY from ₹362.25 Crores)
  • Basic EPS: ₹71.13

Key Financial Figures - Consolidated

Q4 FY26 Performance:

  • Revenue from Operations: ₹1,055.26 Crores (10.76% YoY growth from ₹952.74 Crores)
  • EBITDA: ₹136.52 Crores (6.04% YoY growth from ₹128.74 Crores)
  • EBITDA Margin: 12.94% (57 basis points decline from 13.51%)
  • Profit Before Tax (PBT): ₹120.09 Crores (-4.09% YoY from ₹125.21 Crores)
  • Profit After Tax (PAT): ₹89.59 Crores (-3.46% YoY from ₹92.80 Crores)
  • Basic EPS: ₹18.17 (not annualized)

FY26 Full Year Performance:

  • Revenue from Operations: ₹4,056.04 Crores (11.7% YoY growth from ₹3,631.16 Crores in FY25)
  • Consolidated revenue crossed ₹4,000 Crores milestone
  • EBITDA: ₹513.89 Crores (8.58% YoY growth from ₹472.45 Crores)
  • EBITDA Margin: 12.67% (34 basis points decline from 13.01%)
  • Profit Before Tax (PBT): ₹463.20 Crores (-3.39% YoY from ₹479.47 Crores)
  • Profit After Tax (PAT): ₹344.85 Crores (-3.51% YoY from ₹357.39 Crores)
  • Basic EPS: ₹70.47

Exceptional Items and Adjustments

  • PBT for FY26 was impacted by incremental estimated obligations of ₹22.64 Crores (Standalone) and ₹22.78 Crores (Consolidated) on account of New Labour codes notified effective November 21, 2025
  • FY25 PBT included one-time gain on sale of land & building amounting to ₹11.97 Crores

Operational Highlights

  • Achieved all-time high quarterly lubricants volumes, revenue, and EBITDA
  • 14% lubricants volume growth and 14% revenue growth in Q4 YoY
  • 9% volume CAGR over the last 4 years
  • Double-digit growth across all key segments: PCMO, CVO, Agri, MCO, OEM, B2B Industrial, Infrastructure, and Mining
  • Strong performance in B2C & Franchise Work Shop (FWS) segments
  • New customer acquisitions and increased traction from existing customers in B2B segments

Dividend Declaration

  • Board declared final dividend of ₹30 per equity share
  • Total dividend for FY26: ₹51 per equity share (including interim dividend of ₹21 declared and paid in February 2026)
  • Represents 2,550% on face value of ₹2
  • Highest-ever dividend payout with 72% payout ratio for FY26

Capacity Expansion Plans

  • Planned capex of ₹55 Crores for production capacity expansion at Chennai and Silvassa facilities
  • Silvassa facility: Current capacity 90 million liters to expand to 140 million liters (50% increase) by Q4 FY27
  • Chennai facility: Current capacity 50 million liters to expand to 100 million liters (100% increase) by Q3 FY27
  • Total installed capacity to increase by 70%
  • Capex to be spread over two years

Manufacturing Facilities

Silvassa Plant (West India):

  • Lubricants manufacturing capacity: 90,000 KL per annum
  • AdBlue® manufacturing capacity: 36,000 KL per annum
  • Certifications: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, IATF 16949:2016
  • VDA license by QMC Germany for AdBlue®
  • BIS Certification marks license as per IS17042:Part I:2020
  • NABL accredited QC lab with Standard ISO/IEC 17025:2017
  • World-class fully automatic PLC enabled blending operations
  • Dedicated manufacturing facility for specialized metal working fluids
  • Fully automatic filling machine
  • Automated Storage and Retrieval System (ASRS)
  • Rooftop solar panels installed

Chennai Plant (South India):

  • Lubricants manufacturing capacity: 50,000 KL per annum
  • AdBlue® manufacturing capacity: 39,000 KL per annum
  • Certifications: ISO 9001:2015, ISO 14001:2015, IATF 16949:2016, ISO 45001:2018
  • Gold Certified by IGBC
  • Blending technology from ABB France—Simultaneous Metered Blender (SMB), Automated Batch Blender (ABB)
  • New global R&D Centre (Gulf's biggest facility globally)
  • Customer Experience Centre (first of its kind in India)
  • Automated Storage and Retrieval System (ASRS)
  • Solar energy, grey water recycling, rainwater harvesting systems

E-Mobility Business Update

  • EV fluids launched globally and in India in 2021
  • Product basket includes transmission lubricants, coolants, greases and brake fluids formulated for hybrid and fully EVs
  • Subsidiary Tirex crossed ₹100 Crores revenue for FY26
  • Targeting ₹300-400 Crores revenue in next 3-4 years
  • Expansion through new plant development
  • Focus on R&D and new product development
  • Onboarding marquee customers across segments, especially in Construction & Heavy CVs
  • Exploring exports market

AdBlue® Business

  • Multi-fold growth in volume (KL)
  • Complementary product with huge synergy in supply chain, distribution and end customer segments

Battery Business

  • Among top five players in replacement two-wheeler battery segment
  • Commands 2-3% market share in replacement market
  • Gulf Pride batteries based on VRLA technology with superior cranking power
  • Distribution network: ~12,500 retail touch points, 220 distributors (40% Gulf Auto Distributors)
  • Service network: 13 service engineers, 518 active Gulf Battery Service Points
  • Brand ambassador: Indian Cricketer Hardik Pandya (appointed in 2018)

Partnerships and Marketing

  • Extended partnership with Chennai Super Kings as Official Lubricants Partner for next four years (13+ year relationship)
  • Strategic multi-year renewal alliance with Mahindra & Mahindra Ltd (Farm Equipment Business – Mahindra Tractors Division)
  • Mechanic Meet and Greet with M.S. Dhoni: Over 45,000 mechanics participated, 20 selected mechanics met M.S. Dhoni who inaugurated a mechanic's workshop

Management Commentary

Mr. Ravi Chawla, MD & CEO:

"The quarter has been a strong one for us, with All-Time High quarterly Volumes, Revenue, and EBITDA supported by customer demand and business agility. Growth was broad-based across all key segments, rising above and beyond with industry-leading performance. FY26 has been a year marked by sustained business momentum, with double-digit lubricant volume growth and disciplined execution amid geopolitical headwinds."

Mr. Manish Gangwal, Whole-Time Director & CFO:

"With the quarter marked by heightened global volatility and shifting trade dynamics, the Company's performance has been supported by higher volumes and disciplined cost management. We delivered a strong finish to FY26 with another quarter of consistent double-digit topline growth. Board has declared a final dividend of Rs 30 per equity share taking the total dividend for FY26 to Rs 51 per equity share with interim dividend of Rs 21 per share declared and paid in February 2026."

Industry Context

  • Indian lubricants industry benefiting from rising per capita income crossing $2,800 p.a.
  • Under-penetrated auto market (8% household owns cars, 47-50% owns 2Ws)
  • Strong rural economy and rising farm income prospects
  • India officially the 4th Largest Economy (over $4 trillion), surpassing Japan
  • Rapidly expanding middle class (projected to rise to 60-63% by 2047 from 31% currently)
  • Advancement of engine technology with stringent emission norms driving premium oil growth
  • Increased use of lighter viscosity and synthetic oils driving value growth