1. At a Glance
Gulf Oil Lubricants isn’t just oiling the gears of India’s automotive sector — it’s polishing its financials with steady growth, high returns, and a generous dividend payout. FY25 saw revenue at ₹3,666 Cr, net profit at ₹371 Cr, ROCE at 29.1%, and ROE at 26.3%. It’s among India’s top 3 private lubricant players, and it’s now eyeing higher-margin EV fluids, industrial lubricants, and premium automotive oils for its next phase of growth.
2. Introduction
A brand older than many of its customers’ vehicles, Gulf Oil Lubricants India Ltd has managed to stay relevant in a market dominated by MNCs and PSU oil giants. Its partnerships with OEMs like Hyundai, Tata, Mahindra, Bajaj, and Ashok Leyland give it a steady B2B pipeline, while its 80,000+ retail touchpoints keep the B2C engine humming. In FY24, it ran its manufacturing at 95% capacity, forcing it to greenlight a 70% capacity expansion in FY26.
3. Business Model
Gulf Oil sells bothB2C(60% of sales) andB2B(40%) lubricants across:
- Automotive Lubricants– diesel engine oils, passenger car motor oils, two-wheeler oils.
- Industrial Lubricants– oils for manufacturing, mining, infrastructure equipment.
- Specialty Products– marine lubricants, AdBlue (for diesel emission control), and EV fluids.
The company’s
EV segment isn’t just marketing fluff — it offers fluids for both pure and hybrid EVs and has invested in ElectreeFi, a charging software platform.
4. Product Mix (FY24)
| Segment | % of Sales |
|---|---|
| Diesel Engine Oils | 39% |
| Personal Mobility | 20% |
| Industrial | 20% |
| Others | 21% |
5. Financials Overview
Quarterly Snapshot (₹ Cr)
| Metric | Jun 2025 | Jun 2024 | Mar 2025 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 996 | 885 | 915 | 12.57% | 8.85% |
| EBITDA | 127 | 116 | 124 | 9.48% | 2.42% |
| PAT | 97 | 88 | 92 | 10.23% | 5.43% |
| EPS (₹) | 19.6 | 17.89 | 18.58 | 9.54% | 5.49% |
TTM EPS ~₹75.2 → P/E ≈ 15.5 at CMP ₹1,162.
6. Valuation – Fair Value Range
P/E Method– Peer P/E range 15–21.FV Range: ₹75.2 × (15–21) = ₹1,128 – ₹1,579.
EV/EBITDA Method– TTM EBITDA ~₹480 Cr; sector EV/EBITDA ~9–11x.FV Range: ₹4,320 – ₹5,280 Cr EV → per share ₹875 – ₹1,070 (adjusted for debt).
DCF Method– Assuming 12% CAGR,
