Gulf Oil Lubricants India announced its most robust first quarter of fiscal 2027, with revenue surpassing ₹1,300 crore and a 33% annual increase, backed by strong supply resilience and diversified expansion despite raw material challenges.
Gulf Oil Lubricants India said its first quarter of fiscal 2027 was its strongest yet, with revenue passing ₹1,300 crore and rising 33% from a year earlier, while EBITDA climbed 35% to ₹170 crore. The company said the result reflected broad-based growth across its consumer, original equipment manufacturer and business-to-business channels, alongside steady execution during a period of supply disruption and sharp raw material inflation.
Management said volumes rose 17% year on year, more than three times the industry rate, helped by what it described as strong supply security during the West Asia crisis. Chief executive Ravi Shamlal Chawla said customers valued the company’s ability to deliver when competitors struggled, allowing Gulf to win share in several categories. The company also said its EBITDA margin held at 13% despite higher input costs, although gross margin came under some pressure because price rises took time to filter through to end customers.
A key support to profitability remained AdBlue, the diesel emissions fluid used in vehicles fitted with selective catalytic reduction systems. Manish Kumar Gangwal, the chief financial officer, said quarterly volumes were steady at 38,000 to 40,000 kilolitres, putting Gulf among the three largest suppliers in India. The company also said its premium and value-added products still make up less than 10% of the mix, leaving room for a planned shift towards higher-margin offerings over time.
The group’s newer businesses were more mixed. Tirex, its EV charging and battery venture, had a softer quarter because of slower government depot orders, though the company said it expects a better second half as tenders and deployments pick up. It added that the business still has a multi-year growth path, while new capacity at Silvassa and Chennai remains on track. Even so, management warned that the next quarter could be seasonally weaker because of the monsoon, and that further price changes may still be needed if base oil costs stay volatile.
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