Staff Writer
Mumbai: Gulf Oil Lubricants India Limited, part of the Hinduja Group, delivered a strong financial performance in the third quarter of FY26, reporting its highest-ever quarterly volumes, revenue and EBITDA, backed by broad-based growth across consumer, OEM and industrial segments.
For the quarter ended December 31, 2025, the company reported standalone revenue from operations of Rs 997.92 crore, marking a year-on-year growth of 10.28 per cent. EBITDA rose 6.6 per cent to Rs 130.27 crore, while EBITDA margin stood at 13.05 per cent, improving sequentially despite currency headwinds. On a consolidated basis, revenue increased 10.56 per cent year-on-year to Rs 1,017.55 crore, with EBITDA growing 7.8 per cent to Rs 132.46 crore.
During the nine-month period ended December 31, 2025, Gulf Oil achieved a key milestone as consolidated revenue crossed Rs 3,000 crore for the first time, reaching Rs 3,000.78 crore, up 12.04 per cent from the previous year. Consolidated EBITDA for the nine months grew 9.79 per cent to Rs 377.36 crore, reflecting sustained volume growth and a better product mix.
Profitability for the quarter was impacted by exceptional items, including provisions related to newly notified labour codes effective November 2025. Profit after tax on a consolidated basis stood at Rs 76.13 crore in Q3 FY26, compared with Rs 97.32 crore in the corresponding quarter last year. Management noted that excluding one-time items in both periods, underlying profitability showed healthy year-on-year growth.
The company’s board declared an interim dividend of Rs 21 per equity share of face value Rs 2, translating into a payout of 1,050 per cent, underlining its continued focus on shareholder returns.
Operationally, Gulf Oil outperformed the overall lubricants industry, with total volumes growing 8 per cent during the quarter. The B2C segment recorded double-digit growth led by strong demand for passenger car motor oils and agri lubricants, while the OEM franchise workshop business delivered high double-digit expansion. The B2B industrial and infrastructure segments also posted robust growth, supported by new customer additions and deeper engagement with existing clients.
Commenting on the performance, Managing Director and CEO Ravi Chawla said demand picked up strongly in the second half of the quarter following the monsoon and festive period, enabling the company to achieve record quarterly numbers. He added that improving affordability of internal combustion engine vehicles and continued focus on rural and agri markets are expected to support demand momentum in the coming quarters.
Chief Financial Officer Manish Gangwal highlighted that stable commodity prices and improved product mix helped the company achieve its highest-ever quarterly EBITDA, even as currency depreciation and regulatory provisions weighed on margins. He said the nine-month performance reflects the company’s execution strength and positions it well for sustained, profitable growth.
Gulf Oil’s EV charging subsidiary Tirex also reported strong traction, with quarterly revenue growth of 83 per cent and positive EBITDA, reinforcing the company’s strategy of building e-mobility as a long-term growth pillar. The company continues to expand its footprint in EV infrastructure, industrial services and sustainability initiatives, including operating its manufacturing plants with 100 per cent rooftop solar capacity.
With demand trends remaining positive and investments across core and emerging segments gaining momentum, Gulf Oil said it expects to close the financial year on a strong note.
