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Gulf Oil Lubricants Q2 Results: Revenue jumps 46% as OEM, B2B segments deliver double-digit growth - Published OnOct 28, 2026 | 20:15 IST - Last Updated OnOct 28, 2026 | 20:18 IST Strong double-digit volume expansion across OEM workshops, industrial B2B clients, and fast-charging e-mobility ventures fueled strong earnings growth for the lubricants maker, even as elevated raw material costs persisted. Find out how management plans to protect per-litre margins amid ongoing geopolitical supply volatility. Hinduja Group company Gulf Oil Lubricants India Ltd on Wednesday (October 28) reported a 37.4% year-on-year rise in net profit to ₹115.4 crore for the September quarter, compared with ₹84 crore in the year-ago period. Revenue increased 45.9% to ₹1,409 crore from ₹966 crore a year earlier. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 40.2% to ₹164 crore from ₹117 crore. The EBITDA margin stood at 11.6% in the September quarter, compared with 12.1% in the corresponding quarter last year. Gulf Oil Lubricants India reported a 38% year-on-year increase in standalone revenue from operations to ₹2,700 crore for the half-year ended September 30, 2026, compared with ₹1,953 crore in the corresponding period last year. Profit after tax (PAT) rose 33% to ₹245 crore from ₹184 crore. ALSO READ | Fire breaks out at Gulf Oil Lubricants' warehouse in Gujarat, damage assessment underway For the quarter, the company reported lubricant volume growth of 16% year-on-year despite challenging market conditions amid the West Asia supply crisis. Revenue grew more than 44%, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased over 37%, supported by volume-led growth. The company said unprecedented input cost inflation and pricing challenges continued during the quarter. Gulf Oil Lubricants said execution agility, strategic pricing interventions and effective conversion of business opportunities supported customer acquisition and growth. In the original equipment manufacturer (OEM) segment, the franchise workshop business recorded high double-digit growth, driven by the agriculture and commercial vehicle oil (CVO) segments. OEM factory-fill sales also delivered double-digit growth across categories. The business-to-business (B2B) industrial, infrastructure and mining segments recorded strong double-digit growth, supported by wider customer reach and the addition of new customers. The marine segment also continued to contribute to volume growth. ALSO READ | Gulf Oil sees Tirex revenue reaching ₹300-400 crore in 3-4 years, eyes market share gains In e-mobility, subsidiary Tirex expanded its presence across original equipment manufacturers (OEMs), charge point operators (CPOs) and fleet segments. New customer additions supported growth in fast-charging infrastructure, with the business recording 78% revenue growth during the quarter. Ravi Chawla, Managing Director and CEO, said, "Q2 was a testament to our agility amid the continued challenging environment. Despite elevated input costs and Q2 being a monsoon quarter, we stayed strong, with the growth momentum delivering industry-leading 16% lubricants volume growth during the quarter. The performance was underpinned by distribution expansion in B2C. Strong market execution and continued customer engagement specially in OEM and B2B segments, led to high double-digit growth in these segments. Our investment in brand, mechanic engagement, and BTL activities continued with greater vigour. We continue to focus on premiumization as part of our strategy, and our efforts in this direction continue to gain momentum. Looking ahead, with a best-in-class business model, our priorities remain clear: profitable growth, operational excellence and long-term value creation. We remain confident to continue outperforming the industry supported by a diversified portfolio, strong partnerships, brand strength and a continued focus on transformation with premiumization and building capabilities into broader mobility solutions." ALSO READ | Gulf Oil Lubricants Q1 profit surges 29% as strong demand offsets input cost pressure Manish Gangwal, Whole-Time Director and CFO, said, "We continued our strong growth momentum in Q2, delivering 44% Y-o-Y gain in revenue, driven by strong volume growth in a quarter marked by continued volatility, with the West Asia crisis keeping the key raw material prices significantly elevated. Our timely pricing interventions and effective sourcing helped us to manage our per-litre margin band with focus on gaining market share across segments. We closed the quarter and half year on a strong note, reporting 37% growth in EBITDA during the quarter supported by strong volume growth and calibrated pricing actions, with margins at 11.8%. H1 revenue reached Rs 2,700 crore, registering 38% growth." Shares of Gulf Oil Lubricants India Ltd ended at ₹1,071.60, up by ₹22.50, or 2.14%, on the BSE. ALSO READ | Gulf Oil sees profit dip while sales climb and EV chargers drive growth More from Stocks Nifty Outlook for October 29: Index stuck in 22,400-22,800 range, what should traders watch next? Oct 28, 2026 Raymond Lifestyle Q2 Results: Profit falls 10% as higher raw material, freight costs squeeze margins Oct 28, 2026 Jio Platforms logs ₹26,571 crore turnover on debut, nearly matching IPO proceeds Oct 28, 2026
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