Date: November 2026

Financial Results (Consolidated)

Q2 FY27 Performance

  • Revenue from Operations: ₹1,709.4 Cr (Q2 FY26: ₹1,075.9 Cr)
  • Other Income: ₹4.7 Cr (Q2 FY26: ₹14.5 Cr)
  • Total Income: ₹1,714.1 Cr, up 57.2% YoY
  • Cost of Goods Sold: ₹1,269.3 Cr
  • Employee Cost: ₹30.0 Cr
  • Other Expenses: ₹118.4 Cr
  • EBITDA: ₹296.4 Cr, up 350.5% YoY
  • EBITDA Margin: 17.3% (Q2 FY26: 6.0%)
  • Depreciation: ₹6.5 Cr
  • Finance Cost: ₹6.8 Cr
  • Profit Before Tax: ₹283.1 Cr, up 410.1% YoY
  • Tax: ₹71.2 Cr
  • Profit After Tax: ₹211.9 Cr, up 421.9% YoY
  • PAT Margin: 12.4% (Q2 FY26: 3.7%)
  • EPS: ₹30.90

H1 FY27 Performance

  • Revenue from Operations: ₹3,189.2 Cr (H1 FY26: ₹2,065.0 Cr)
  • Other Income: ₹35.6 Cr
  • Total Income: ₹3,224.8 Cr, up 53.3% YoY
  • Cost of Goods Sold: ₹2,206.7 Cr
  • Employee Cost: ₹71.8 Cr
  • Other Expenses: ₹253.2 Cr
  • EBITDA: ₹693.1 Cr, up 361.8% YoY
  • EBITDA Margin: 21.5% (H1 FY26: 7.1%)
  • Depreciation: ₹12.7 Cr
  • Finance Cost: ₹10.7 Cr
  • Profit Before Tax: ₹669.7 Cr, up 424.1% YoY
  • Tax: ₹169.8 Cr
  • Profit After Tax: ₹499.9 Cr, up 418.0% YoY
  • PAT Margin: 15.5% (H1 FY26: 4.6%)
  • EPS: ₹72.92

Consolidated Balance Sheet (as of Sep-26)

  • Total Assets: ₹3,396.6 Cr (Mar-26: ₹2,712.5 Cr)
  • Non-Current Assets: ₹510.6 Cr
  • Property Plant & Equipment: ₹276.5 Cr
  • CWIP: ₹5.9 Cr
  • Investment Property: ₹6.6 Cr
  • Intangible assets: ₹1.5 Cr
  • Financial Assets: ₹217.2 Cr (Investments: ₹214.9 Cr, Loans: ₹0.2 Cr, Other: ₹2.1 Cr)
  • Other Non-Current Assets: ₹2.9 Cr
  • Current Assets: ₹2,886.0 Cr
  • Inventories: ₹1,108.6 Cr
  • Financial Assets: ₹1,568.4 Cr (Investments: ₹366.7 Cr, Trade receivables: ₹1,183.6 Cr, Cash and cash equivalents: ₹110.7 Cr, Bank balances other than cash: ₹7.9 Cr, Loans: ₹0.4 Cr, Others: ₹10.1 Cr)
  • Current Tax Assets: ₹1.5 Cr
  • Other Current Assets: ₹96.5 Cr
  • Total Equity: ₹2,280.7 Cr (Share Capital: ₹13.7 Cr, Other Equity: ₹2,267.0 Cr)
  • Non-Current Liabilities: ₹28.3 Cr
  • Financial Liabilities: ₹1.4 Cr (Lease Liabilities: ₹0.9 Cr, Other: ₹0.5 Cr)
  • Provisions: ₹7.5 Cr
  • Deferred Tax Liabilities: ₹19.4 Cr
  • Current Liabilities: ₹1,087.6 Cr
  • Financial Liabilities: ₹919.0 Cr (Trade Payables: ₹890.6 Cr, Lease: ₹0.6 Cr, Other: ₹27.7 Cr)
  • Other Current Liabilities: ₹87.4 Cr
  • Current tax liabilities: ₹77.2 Cr
  • Provisions: ₹4.1 Cr

Consolidated Cash Flow Statement (H1 FY27)

  • Net Profit Before Tax: ₹669.7 Cr
  • Adjustments for non-cash items: -₹3.2 Cr
  • Operating profit before working capital changes: ₹666.5 Cr
  • Changes in working capital: -₹343.4 Cr
  • Cash generated from Operations: ₹323.1 Cr
  • Direct taxes paid: -₹97.5 Cr
  • Net Cash from Operating Activities: ₹225.6 Cr
  • Net Cash from Investing Activities: -₹199.4 Cr
  • Net Cash from Financing Activities: -₹46.1 Cr
  • Net Decrease in Cash: -₹19.9 Cr
  • Net Foreign exchange difference: -₹0.1 Cr
  • Cash & Cash equivalents at end: ₹110.7 Cr

Strategic and Operational Updates

Capacity Expansion Plans

  • Planning to increase lubricant capacity by 50%
  • Planning to double capacity for Diesel Exhaust Fluids (DEF)

Product Performance and Development

  • Savsol Ester5 range of Automotive Lubricants growing at 4X industry growth rate
  • Ester based fluids for refrigeration compressors winning approvals from existing and new OEMs
  • Ester based immersion coolants for EV batteries (mobility and stationery BESS) under development
  • Glycol-based coolants for Direct Liquid Cooling applications under QuantiCool brand

Business Development

  • Multi-year partnership with Mahindra and Mahindra Limited [Automotive and Farm Equipment Business] to supply MStar brand genuine engine oils
  • Partnership covers Mahindra's Franchise Workshops and Spare Parts Distributor Network

Manufacturing Infrastructure

  • Four manufacturing plants:
  • Unit I – Navi Mumbai (1969): Transformer Oils, White Oils
  • Unit II – Mahad, Maharashtra (1989): Formulated & Specialty Products, Optic Fibre Compounds, Compressor Oils, Natural & Synthetic Ester Products
  • Unit III – Kharadpada, Silvassa (1998): Lubricating Oils, Specialty Oil Products
  • Unit IV – Silli, Silvassa (2013): Transformer Oils, White Oils
  • All plants have zero liquid discharge capability
  • Total installed rooftop solar capacity: 2,061 kWp across 4 facilities

Market Conditions

  • Volatility in crude oil and refined product prices
  • Tighter supply leading to increased input feedstock costs
  • Significant daily volatility in key feedstock supplies

Board of Directors

  • Gautam N. Mehra - Chairman & Managing Director (B.E. Chem, MBA from UC Berkeley, 3 decades experience)
  • Siddharth Mehra - Joint Managing Director (B.Sc Technical Systems Management, MSc Management from LSE, 10+ years experience)
  • Ajay Reche - Whole Time Director (B.Tech Agricultural Engineering, post-graduate in Personnel Management, 29+ years experience)
  • Kavita Nair - Independent Director (MBA Marketing, 25+ years experience)
  • Ravindra Pisharody - Independent Director (B.Tech IIT Kharagpur, PGDM IIM Calcutta, 35 years experience)
  • Hariharan Sunder - Independent Director (B.Com, Chartered Accountant, 35 years experience)

Corporate Social Responsibility

  • Bandra Holy Family Hospital Society (Revive Heart Foundation Project) - CPR workshops
  • Akshay Patra Foundation - mid-day meals to 7,000+ children at Silvassa
  • Shri Chaitanya Health and Care Trust - construction & expansion of OPD Wing at Bhaktivedanta Hospital

Industry Associations

  • Confederation of Indian Industry (CII)
  • Bombay Chamber of Commerce and Industry (BCCI)
  • Indian Merchant Chamber (IMC)
  • Indian Electrical & Electronics Manufacturers' Association (IEEMA)
  • Indian Transformer Manufacturers Association (ITMA)
  • Electrical Research and Development Association (ERDA)
  • CHEMEXCIL
  • Manufacturers of Petroleum Specialties Association (MOPSA)