1. At a Glance

Savita Oil Technologies Ltd — the ₹2,732 crore market cap veteran of the lubricants and petroleum specialty space — just dropped its latest quarterly performance, and it’s more exciting than most Bollywood comebacks. The company reportedQ2FY26 revenue of ₹1,076 croreand aPAT of ₹43.7 crore, up a solid37% YoY. ItsEBITDA margincame in around5%, showing the volatility of its crude-linked fortunes, but still better than a year ago when margins had gone “thanda.”

With aP/E of 17.9,ROCE of 9.84%, and adebt-free balance sheet, Savita looks like that responsible elder cousin in a family of reckless oil traders. Yet, itsstock has slipped 24% in the past year, making investors wonder: is this the calm before a slick rebound, or just the slow drift of base oil?

This is the company that oils India’s power grids, polishes your favorite beauty brands, and cools electric vehicle batteries. Transformer oils, lubricants, white oils, and wax emulsions – they’ve got it all bottled up. Oh, and did we mention they generate53.8 MW of wind energywhile doing it?

2. Introduction

If India’s lubricant and petroleum specialty industry were a soap opera,Savita Oil Technologieswould be that old-money patriarch — traditional, composed, and secretly experimenting with synthetic ester fluids behind the scenes.

Founded in1961, Savita has seen oil prices rise, crash, and rise again — yet the company keeps churning profits, transforming crude derivatives into industrial gold. Theirflagship TRANSOL transformer oilkeeps India’s power stations humming, whileTECHNOL white oilsmoisturize everything from machinery to moisturizers.

But the last few years have been anything but smooth. The company’sEBITDA margin hit a peak of 16% in FY21, only to nosedive as crude prices rebounded and base oil costs shot up. In a business whereraw materials form 85–90% of costs, it’s less about strategy and more about surviving global oil mood swings.

Still, Savita isn’t your average fossil-fuel relic. It’sdiversifying into EV coolants,synthetic fluids, and evenrecycled plastics— all while running adebt-free operation. The company’s mantra seems to be: if oil’s destiny is to end, it’ll go down lubricated, polished, and renewable.

And to add a corporate soap twist,Q2FY26 saw steady profits, astrong buyback program, and even a newwhole-time directorstepping in mid-2024 after a resignation. Clearly, the boardroom has been as active as their refinery units.

3. Business Model – WTF Do They Even Do?

Let’s decode this oily beast.

Savita operates throughtwo main segments— thePetroleum Specialty Oils division (74%)and theLubricants division (~26%).

🛢 Petroleum Specialty Oils (74%)

1. Transformer Oils – “TRANSOL”The silent hero behind India’s electricity. If your fan runs without a tantrum, thank TRANSOL. Customers? Heavyweights likeBHEL, NTPC, Tata Power, andCrompton.
2. White & Mineral Oils – “TECHNOL” and “SAVONOL”Used in personal care, pharma, and food-grade applications. Clients includeUnilever, Dabur, Marico, Emami— basically, they lubricate your beauty regime.
3. Formulated Specialty Products – “Savofil”, “Savoflod”, “Vitagel”The geeky side of Savita: waxes, emulsions, and cable-filling compounds for fiber optic cables. If 5G ever runs smoothly, you can thank this division.

🛞 Lubricating Oils (~26%)

Under theSAVSOLbrand, the company sells automotive and industrial lubricants — frommotorcycle oils to hydraulic fluids. Clients likeHero, Mahindra, and Swarajrely on these to keep their engines alive and kicking.

To summarize:If it rotates, glows, or powers something — Savita’s oils are probably inside it.

And just to flex, they’re also makingsynthetic ester fluidsforEVs and data centers, because apparently even cloud servers need premium coolants.

4. Financials Overview

Annualized EPS = ₹6.32 × 4 =