Financial Performance Summary

Q4 FY26 Standalone Results:

  • Revenue from Operations: Rs. 1,040.24 Crores (vs Rs. 915.08 Crores in Q4 FY25, +13.68% YoY)
  • EBITDA: Rs. 135.08 Crores (vs Rs. 124.47 Crores in Q4 FY25, +8.52% YoY)
  • EBITDA Margin: 12.99% (vs 13.60% in Q4 FY25, -61 BPS)
  • Profit Before Tax (PBT): Rs. 120.90 Crores (vs Rs. 123.43 Crores in Q4 FY25, -1.74% YoY)
  • Profit After Tax (PAT): Rs. 90.02 Crores (vs Rs. 91.62 Crores in Q4 FY25)
  • Basic EPS: Rs. 18.22 (not annualized, after exceptional items)

Q4 FY26 Consolidated Results:

  • Revenue from Operations: Rs. 1,055.26 Crores (vs Rs. 952.74 Crores in Q4 FY25, +10.76% YoY)
  • EBITDA: Rs. 136.52 Crores (vs Rs. 128.74 Crores in Q4 FY25, +6.04% YoY)
  • EBITDA Margin: 12.94% (vs 13.51% in Q4 FY25, -57 BPS)
  • Profit Before Tax (PBT): Rs. 120.09 Crores (vs Rs. 125.21 Crores in Q4 FY25, -3.46% YoY)
  • Profit After Tax (PAT): Rs. 89.59 Crores (vs Rs. 92.80 Crores in Q4 FY25)
  • Basic EPS: Rs. 18.17 (not annualized, after exceptional items)

Full Year FY26 Standalone Results:

  • Revenue from Operations: Rs. 3,991.31 Crores (vs Rs. 3,554.36 Crores in FY25, +12.29% YoY)
  • EBITDA: Rs. 510.38 Crores (vs Rs. 470.07 Crores in FY25, +8.58% YoY)
  • EBITDA Margin: 12.79% (vs 13.23% in FY25, -44 BPS)
  • Profit Before Tax (PBT): Rs. 471.37 Crores (vs Rs. 485.74 Crores in FY25, -3.13% YoY)
  • Profit After Tax (PAT): Rs. 350.92 Crores (vs Rs. 362.25 Crores in FY25)
  • Basic EPS: Rs. 71.13 (after exceptional items)

Full Year FY26 Consolidated Results:

  • Revenue from Operations: Rs. 4,056.04 Crores (vs Rs. 3,631.16 Crores in FY25, +11.70% YoY)
  • EBITDA: Rs. 513.89 Crores (vs Rs. 472.45 Crores in FY25, +8.77% YoY)
  • EBITDA Margin: 12.67% (vs 13.01% in FY25, -34 BPS)
  • Profit Before Tax (PBT): Rs. 463.20 Crores (vs Rs. 479.47 Crores in FY25, -3.51% YoY)
  • Profit After Tax (PAT): Rs. 344.85 Crores (vs Rs. 357.39 Crores in FY25)
  • Basic EPS: Rs. 70.47 (after exceptional items)

Exceptional Items Impact:

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

Operational Highlights

Volume Performance:

  • Q4 lubricants volume grew 14% YoY, outperforming industry growth by over 3x
  • Full year volume growth was 10.5%
  • Growth was broad-based across all key segments: B2C, OEM, and B2B

Segment-wise Performance:

  • Passenger Car Motor Oils (PCMO): Good double-digit growth in Q4 and significant growth for full year
  • Commercial Vehicle Oils (CVO): Double-digit growth in Q4
  • Agri segment: Robust double-digit growth
  • OEM Franchise Workshop (FWS) business: Strong double-digit growth
  • B2B Industrial segment: High double-digit growth during the quarter

Cost Context:

  • Elevated crude oil prices in latter part of Q4 caused sharp increase in raw material costs
  • Continued INR depreciation added to imported input cost pressures
  • Company offset through disciplined pricing actions, cost optimization, and operational agility

Dividend Declaration

  • Final dividend declared: Rs. 30.00 per equity share (1,500% on face value of Rs. 2 per share)
  • Total dividend for FY26: Rs. 51.00 per equity share (2,550% on face value)
  • Interim dividend of Rs. 21 per share declared and paid in February 2026

Management Commentary

Mr. Ravi Chawla, Managing Director & CEO:

  • Q4 marked by all-time high quarterly volumes, revenue, and EBITDA
  • Growth supported by customer demand and business agility
  • Continued focus on growth priorities across segments in lubricants
  • Commitment to growing the mobility segment
  • Strengthened and renewed OEM associations
  • EV subsidiary Tirex crossed Rs. 100 Crores revenue mark in FY26
  • Business witnessing encouraging traction with marquee customer additions

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

  • Performance supported by higher volumes and disciplined cost management
  • Focus on disciplined pricing actions and cost optimization helped navigate challenges
  • PBT (before exceptional item) excluding impact of one-time profit on sale of land parcel grew 4% for FY2025-26
  • Remain watchful of evolving macroeconomic environment, particularly crude oil volatility and currency movements

Strategic Updates

Marketing & Partnerships:

  • Extended partnership with Chennai Super Kings as Official Lubricants Partner for next four years
  • Strategic multi-year renewal alliance with Mahindra & Mahindra Ltd (Farm Equipment Business)
  • Gulf Pride Maha Mechanic Gratification initiative reached over 45,000 mechanics
  • 20 selected mechanics met MS Dhoni and inaugurated a mechanic's workshop

E-Mobility Updates:

  • Tirex Chargers (EV subsidiary) crossed Rs. 100 Crores revenue in FY26
  • Strengthened leadership in Bus OEM segment while expanding in passenger vehicle space
  • Secured orders for bus EV chargers across multiple airports: Mumbai, Bhopal, and Dehradun

Sustainability & Recognition

  • Kushal Mechanic Training Program: Trained and certified 420 mechanics across Truck, Tractor, and 2W segments
  • Both Chennai and Silvassa plants achieved ISO 50001:2018 Energy Management System Certification with Zero Non-Conformances
  • Annual Report FY25 won Platinum Award and Technical Achievement Award at LACP Vision Awards 2024-25
  • Kushal Mechanic Program recognized by NSDC and Ministry of Road Transport and Highways