1. Opening Hook
While most auto ancillaries were sulking over the monsoon slowdown, Gulf Oil decided to turn on the “performance mode.” Despite the rain gods playing peekaboo, Ravi Chawla’s team churned out double-digit growth — lubricants, AdBlue, and even EV chargers all revving together. The only real slip? A nasty forex skid thanks to a runaway rupee. But hey, if Deloitte calls you “India’s Best Managed Company,” who needs sympathy?
Stick around — things get greasy, electric, and a little too smooth to be pure luck.
2. At a Glance
- Revenue up 12.6%:CFO insists it’s “mix improvement,” not accounting magic.
- Volume +9.5%:Selling more oil than monsoon puddles.
- EBITDA up 10.5%:Profit rode shotgun, not the driver’s seat.
- PAT up ~3%:Forex gobbled the dessert before it reached the table.
- Margins at 12.3%:Still cruising within the promised 12–14% band.
- AdBlue volume up 24%:Even trucks want to go green, apparently.
- Stock steady:Investors sipping tea, waiting for H2 fireworks.
3. Management’s Key Commentary
Ravi Chawla:“We grew 2–3x the market in volume, hitting 40,500 KL of lubes.”(Translation: Competitors are crawling; we’re doing wheelies.)
Ravi Chawla:“B2C and rural agri markets are showing strong traction.”(Translation: Villages are the new cities — and tractors the new SUVs.)
Manish Gangwal:“Rupee depreciation of 3.5% hit margins, but we managed.”(Translation: The rupee sneezed, and our gross margins caught a cold 🤧.)
Ravi Chawla:“Our EV charging arm Tirex grew 75% YoY to ₹42 Cr revenue.”(Translation: Our EV bet isn’t just charging — it’s overcharging.)
Ravi Chawla:“We won Deloitte’s India’s Best Managed Company 2025 award.”(Translation: Even auditors think our PowerPoint decks are hot stuff.)
Manish Gangwal:“We’re buying another 14% in Tirex, upping our stake to 65%.”(Translation: Can’t let the charging party end before we own the dance floor.)
Ravi Chawla:“We launched Gulf Syntrac for high-end motorcycles with Ester tech.”(Translation: Fancy oil for bikes that go brrr and wallets that go ouch 😏.)
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Growth | Commentary |
|---|---|---|---|
| Lubricant Volume | 40,500 KL | +9.5% | Monsoon couldn’t dampen demand |
| AdBlue Volume | 36,000 KL | +24% | Clean diesel is suddenly sexy |
| H1 Revenue | — | +12.6% | Strong mix & premium oils |
| EBITDA Margin | 12.3% | Flat | Rupee ruckus offset pricing moves |
| PAT | — | +3–3.5% | ₹6 Cr forex hit says hello |
| Tirex Revenue (H1) | ₹42 Cr | +75% | DC chargers powering up fast |
Quick Take:Gulf’s core business is humming; Tirex is sprinting; forex is sulking. The company now holds more cash than some small banks — ₹1,100 Cr — and still takes buyer credits abroad. Treasury yoga, they call it.
5. Analyst Questions
Q:EBITDA margin target still 13% despite forex pain?A:“12–14% band remains intact.”(Translation: Yes, unless rupee throws another tantrum.)
Q:Cash flow down sharply?A:“Seasonal slowdown.”(Translation: Customers went on monsoon vacation.)
Q:Mechanics push your brand how?A:“We charm them via M-Power program.”(Translation: Grease palms, not just engines.)
Q:Tirex growth outlook?A:“₹300–400 Cr top line in 3–4 years.”(Translation: EV charging is our shiny new toy.)
6. Guidance & Outlook
Gulf expects to keep revving 2–3x industry growth — assuming no forex potholes or crude spikes. Management’s“Unlock 2.0”strategy focuses on premium oils, rural push, and EV adjacency. H2 looks sunnier with GST cuts revving auto sales, festive demand, and OEM momentum.
