01 — At a Glance
The Veedol Story: 97 Years of “Chalo, Badha Dena” to Your Engine
- 52-Week High / Low₹2,035 / ₹1,275
- Q3 FY26 Revenue₹538 Cr
- Q3 FY26 PAT₹43.6 Cr
- TTM EPS₹111
- Annualised EPS (Q1-Q3 Avg × 4)₹102.68
- Book Value / Share₹561
- Price to Book2.37x
- Gross Debt₹21 Cr
- Debt/Equity0.02x
- ROCE23.7%
Flash Summary: Veedol just delivered Q3 PAT of ₹43.6 crore, with quarterly sales at ₹538 crore. The stock is down 30.8% in 6 months because the market is convinced that car ownership in India will vanish next Tuesday. Meanwhile, ROCE is 23.7%, ROE is 19.8%, debt is practically non-existent (₹21 crore), and the company is paying you 4% dividend yield while sleeping. At 12x P/E, this looks like a boomer stock, which is exactly why everyone’s running away from it.
02 — Introduction
Veedol: The Company That Started When Your Great-Grandfather Had Hair
Let’s rewind to 1928. The stock market was a luxury for princes. India was still getting independence. And somewhere in Kolkata, Tide Water Oil Company India Limited — trading under the brand Veedol — decided that Indian engines needed better lubricants. They were right then. They’re still right now. They’ll probably still be right in 2050.
Veedol operates in a business so unglamorous that even the Screener platform seems to cover it with pity. The Indian lubricants market is worth roughly ₹20,000+ crore annually, and Veedol owns about 10% of that pie — not with Teslas and Instagram followers, but with Tata trucks, Bajaj autos, and every mechanic workshop from Mumbai to Manipur. Their brands? “Veedol” (the OG, 40% of domestic sales) and “Eneos” (the fancy Japanese import, 35% of sales, via a 50-50 JV with Eneos Corporation).
Q3 FY26 brought a modest quarter: ₹538 crore in revenue (up 11.5% QoQ but flat YoY) and ₹43.6 crore in PAT. The stock market yawned. Then it sneezed. Then it crashed 20.9% in three months because apparently, a 23.7% ROCE and a 4% dividend yield are diseases, not features.
CARE Ratings Note (Feb 2026): CARE AA; Stable. Veedol got a fresh bank facility rating of ₹99 crore. The company’s credit profile is “comfortable,” with “strong liquidity” and “minimal debt.” But sure, let’s panic-sell on Q3 flat growth. This is the way.
03 — Business Model: Making Sure Your Bike Doesn’t Sound Like a Dying Cow
They Squeeze Oil, You Get Smooth Rides. Everyone’s Happy (Except The Stock).
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