1. At a Glance – The Market Is Yawning, But Should It?
₹166 crore market cap.
₹662 crore TTM sales.
₹27 crore TTM profit.
Stock at ₹32.6.
P/E at 6.15.
Price to Book at 0.50.
Debt to equity at 0.05.
ROE at 8.38%.
Return in last 3 months: -14.3%.
Ladies and gentlemen, welcome to GP Petroleums Ltd, a company selling oil in every possible form — engine oil, rubber oil, industrial oil, bitumen, base oil — basically if it flows and stains your shirt, they probably trade it.
The latest Q3 FY26 numbers (December 2025 quarter) show:
- Revenue: ₹169.23 crore
- PAT: ₹5.24 crore
- EPS: ₹1.03
Quarterly sales up 24.5% YoY.
Profit slightly down 1.95% YoY.
So revenue is flexing. Margins are… stretching.
The stock trades at half its book value and barely 6 times earnings. The industry median P/E is 13.6. So either the market is blind… or it knows something you don’t.
Let’s find out.
2. Introduction – Oil, Drama & Boardroom Musical Chairs
Incorporated in 1983, GP Petroleums isn’t a startup pretending to disrupt the world. It’s a veteran lubricant manufacturer operating under the brand IPOL and also exclusively manufacturing Repsol branded lubricants in India since 2016.
It operates across:
- Automotive lubricants
- Industrial lubricants
- Rubber process oils
- Trading of base oil, bitumen, coal and bunker fuel
So this is part manufacturer, part trader, part opportunist.
But wait. The real masala is in management announcements.
- CEO resigned in August 2023.
- New CEO appointed September 2025.
- CEO-Lubricants resigned January 2026.
- Ayush Goel appointed CMD January 2026 (approved with 99.904% votes).
That’s not a board meeting. That’s a reality show.
Also:
- ₹223 crore HPCL bitumen supply agreement (Nov 2024)
- ₹38.13 crore BPCL LOA (Jan 2026)
- ₹30 crore related-party warehouse acquisition (Jan 2026)
- ₹14.75 crore related-party Savli plant purchase approved (Feb 2026)
Contracts are coming in. Assets are being bought. Management is rotating.
Is this expansion or empire-building?
Let’s go deeper.
3. Business Model – WTF Do They Even Do?
Imagine you run:
- A car workshop
- A factory
- A tyre plant
- A highway project
Chances are, GP Petroleums supplies you something oily.
Automotive Lubricants
Engine oils, transmission oils, greases, coolant, brake fluids.
They manufacture and market Repsol lubricants exclusively in India. That’s a legit global brand partnership.
Industrial Lubricants
Metal working fluids, corrosion preventive oils, quenching oils — the boring but essential stuff factories cannot function without.
Rubber Process Oils
Used in tyre manufacturing. Think aromatic oils, naphthenic oils, paraffinic oils.
Trading Business
Base oils, bitumen, coal, bunker fuel oil.
Revenue breakup FY23:
- Finished goods: ~65%
- Traded goods: ~35%
- Manufacturing: ~64%
- Trading: ~36%
So they are not purely high-margin branded product sellers. A big chunk is commodity
