General

Gulf Oil reports record Q3 as revenue, volumes, & EBITDA hit all-time highs

For the nine-month period, consolidated revenue grew 12.04% to Rs. 3,000.78 Cr, with EBITDA rising 9.79% to Rs. 377.36 Cr

Gulf Oil Lubricants, a Hinduja Group company, reported a blockbuster quarter, posting record revenues, volumes, and EBITDA for Q3 FY’26.

The company also crossed Rs. 3,000 crore in consolidated revenue for the nine months ended December 31, 2025, and declared an interim dividend of Rs. 21 per share—1,050% of the face value.

Key Financials (Consolidated Q3 FY’26 vs Q3 FY’25) -- Revenue: Rs. 1,017.55 Cr, up 10.56% YoY; EBITDA: Rs. 132.46 Cr, up 7.80% YoY; EBITDA Margin: 13.02%; Profit After Tax: Rs. 76.13 Cr

For the nine-month period, consolidated revenue grew 12.04% to Rs. 3,000.78 Cr, with EBITDA rising 9.79% to Rs. 377.36 Cr.

Standalone results were equally robust, with revenue of Rs. 997.92 Cr in Q3, up 10.28% YoY, and EBITDA of Rs. 130.27 Cr, up 6.60% YoY.

Commenting on the results, Ravi Chawla, MD & CEO, said: "The quarter has been a strong one for us, with all-time high quarterly Volumes, Revenue, and EBITDA. Demand and sales picked up in the second half of the quarter post the prolonged monsoon and festivities.

"Overall lubricants volume grew by 8%, clearly outperforming industry growth by 2x, supported by double-digit growth in key segments of B2C led by Passenger Car Motor Oil (PCMO) & Agri and across B2B segments."

He added: "We expect overall demand momentum to continue in the coming quarter, enabling us to close the year on a strong note. GST rationalisation for ICE vehicles has improved the affordability providing a renewed sense of optimism among the consumer, creating additional growth opportunities. Continued focus on rural and agri markets will remain a key driver in sustaining growth trajectory.

"In addition, our EV subsidiary Tirex is charging ahead, acquiring new marquee customers and delivering strong financial performance. The business is on track to close the year in line with the expectations and remains well aligned with our long-term strategy to scale and strengthen the EV segment as a core pillar for us. Tirex closed Q3 with top-line growth of 83%, while delivering 78% growth over the nine-month period.”

Manish Gangwal, Whole-Time Director & CFO, said: "Q3 delivered encouraging performance across all key financial parameters, reflecting the strength of our execution capabilities. We recorded healthy double-digit topline growth for both the quarter and the nine-month period, supported by higher volumes and an improved product mix."

He added: "We have recognised an exceptional item of Rs 22.64 Crores in Q3 on account of the new labour code which impacted profitability. We had a one-time gain on sale of land & building amounting to Rs 11.97 Crores during the quarter ended Dec'24. Excluding the impact of this one-time gain and provision for new labour code, our PAT growth is 7.40% Y-o-Y. The nine-month period marked a major milestone, with consolidated revenue exceeding Rs 3,000 Crores and achieving the highest consolidated quarterly revenue ever."

The company's Board has declared an interim dividend of Rs 21.00 per equity share, representing 1,050% of the face value of Rs 2 per share, underscoring our continued focus on maximizing shareholder returns.