Gulf Oil Lubricants India Limited (GULFOILLUB)

About

Gulf Oil Lubricants India Limited manufactures lubricants in the energy/petroleum products sector with a market cap of ₹5,738.54 Cr. Quarterly revenues range from ₹956–1,327 Cr with operating margins consistently at 12-13%. The company distributes regular dividends, indicating steady cash generation.

Face value: ₹2

Market cap

₹5,410 Cr

P/E

14.4×

P/B

3.5×

Dividend yield

7.2%

ROE

23.2%

ROCE

33.1%

Debt / equity

0.33

OPM

12.7%

EPS (TTM)

₹75.9

Book value

₹311.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin of 12.67% is narrow; exposure to base-oil and crude-cost swings and customer pass-through mechanisms should be verified
D/E ratio of 0.33 is moderate; debt levels, refinancing terms and covenant obligations should be clarified
One-year return of -0.23% lags market; relative underperformance and valuation compression drivers need examination
Quarterly net profit swings ₹76–127 Cr despite stable OPM indicate volume or product-mix volatility; underlying drivers should be verified

Generated analysis · source review pending

Growth drivers

ROE of 23.19% shows capital efficiency; reinvestment strategy and capex plans should be verified to assess organic-growth visibility
Quarterly revenue reached ₹1,327 Cr in Jun 2026 from ₹956 Cr in Sep 2025; sustainability of this upturn and its drivers should be verified
OPM stable at 12-13% despite 38% revenue range suggests pricing discipline; verify if reflects market position, customer contracts or commodity hedging
Regular dividend distributions (4 events in ~21 months) indicate cash generation; verify payout ratio and allocation of retained cash to growth capex

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,093.0-1.2%1Y

Quick read

rule-based

Pros

+Strong return on equity of 24.7% (3-yr avg)
+High return on capital employed of 33.4%
+Dividend yield of 7.2%
+High promoter holding of 66.9% with no pledge

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

72/100

Business quality: 67
Growth: 70
Valuation: 78

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Castrol India LimitedCASTROLINDCASTROLIND	₹19,687 Cr	₹19,687 Cr	₹6,219 Cr	₹1,514 Cr	23.6%	₹1,062 Cr	16.6%	—	—	—
Gulf Oil Lubricants India LimitedGULFOILLUBGULFOILLUB	₹5,410 Cr	₹5,925 Cr	₹4,367 Cr	₹552 Cr	12.7%	₹375 Cr	8.5%	33.1%	23.2%	38
Savita Oil Technologies LimitedSOTLSOTL	₹5,004 Cr	₹5,004 Cr	₹4,853 Cr	₹521 Cr	5.6%	₹414 Cr	4.2%	15%	10.5%	88
Panama Petrochem LimitedPANAMAPETPANAMAPET	₹2,947 Cr	₹3,025 Cr	₹4,106 Cr	₹609 Cr	9%	₹479 Cr	6.9%	19.5%	15.6%	122
Gandhar Oil Refinery (India) LimitedGANDHARGANDHAR	₹2,767 Cr	₹2,935 Cr	₹5,052 Cr	₹470 Cr	5.5%	₹301 Cr	3.2%	14.4%	10.5%	82
Veedol Corporation LimitedVEEDOLVEEDOL	₹2,360 Cr	₹2,360 Cr	₹2,263 Cr	₹265 Cr	10.5%	₹220 Cr	8.8%	20.2%	19.7%	92
Gp Petroleums LimitedGULFPETROGULFPETRO	₹318 Cr	₹338 Cr	₹643 Cr	₹39 Cr	6.1%	₹26 Cr	4.1%	11.5%	7.7%	124
Greenhitech Ventures LtdGVLGVL	₹52 Cr	—	₹19 Cr	₹2 Cr	11.5%	₹1 Cr	6.8%	—	—	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,192	2,192	2,999	3,301	3,631	4,056
COGS	1,312	1,312	1,868	1,946	2,102	2,330
Gross profit	880	880	1,131	1,355	1,529	1,726
	—	594	789	934	1,057	1,212
	—	285	343	421	472	514
OPM %	—	13%	11.4%	12.8%	13%	12.7%
Depreciation	36	36	40	51	56	69
Interest	10	10	38	26	36	56
	44	44	47	68	99	75
Profit before tax	—	284	313	412	479	463
Tax	73	73	80	104	122	118
Tax %	—	25.8%	25.7%	25.3%	25.5%	25.6%
	211	211	232	308	357	345
PAT margin %	9.6%	9.6%	7.8%	9.3%	9.8%	8.5%
EPS (₹)	—	41.9	47.3	62.8	73.1	70.5
EPS adjusted (₹)	42	41.8	47.4	62.7	73	70.4
	—	11.9%	52.9%	57.4%	65.7%	72.4%
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	10	10	10	10	10	10
Reserves	—	1,033	1,169	1,285	1,452	1,526
Minority interest	—	—	—	72	69	47
	—	357	332	333	422	514
	—	431	562	709	805	917
Total equity & liabilities	—	1,831	2,072	2,409	2,758	3,015
	243	242	277	368	390	417
CWIP	—	3	3	9	2	7
Investments	—	36	88	91	89	51
	—	1,550	1,703	1,941	2,277	2,540
Total assets	—	1,831	2,072	2,409	2,758	3,015

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-24	273	341	395	350
	-17	30	-51	77	11
	98	-202	-238	-150	-251
Net cash flow	57	102	53	323	110
Free cash flow	-48	250	314	342	298
CFO / Operating profit %	-8.3%	79.7%	81.1%	83.7%	68%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	40.1%	40.1%	37.7%	41%	42.1%	42.5%
EBITDA margin %	—	13%	11.4%	12.8%	13%	12.7%
EBIT margin %	—	11.4%	10.1%	11.2%	11.5%	11%
PAT margin %	9.6%	9.6%	7.8%	9.3%	9.8%	8.5%
Working capital
Receivable days	—	56	50	55	50	48
Inventory days	—	133	92	93	88	93
Payable days	—	75	8	93	97	103
NWC days	—	113	134	55	41	38
Leverage
Current ratio	—	1.98	1.97	1.94	1.92	1.85
Debt to EBITDA	—	1.25	0.97	0.79	0.89	1
Debt to equity	—	0.34	0.28	0.26	0.29	0.33
Interest coverage	0.9	30.6	9.3	16.9	14.3	9.6
Asset turnover	—	1.2	1.45	1.37	1.32	1.35
Return ratios
Return on assets %	—	11.5%	11.2%	12.8%	13%	11.4%
Return on capital employed %	—	27.2%	30.4%	33.1%	34.1%	33.1%
Return on equity %	—	20.2%	19.7%	23.8%	24.4%	22.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71.94%	71.94%	71.8%	71.76%	67.22%	67.14%	67.14%	67.14%	67.11%	67.11%	67.01%	66.85%
	4.42%	4.98%	7.08%	5.65%	7.07%	7.29%	7.51%	8.48%	9.53%	9.21%	8.91%	7.78%
	5.76%	4.02%	5.02%	5.88%	9.55%	9.59%	9.53%	7.84%	7.45%	8.13%	8.17%	8.71%
	0%	0%	0%	0%	0%	0%	0%	0%	0.3%	0.3%	0.33%	0.33%
	17.88%	19.06%	16.1%	16.71%	16.16%	15.98%	15.82%	16.54%	15.61%	15.25%	15.58%	16.33%
No. of shareholders	—	—	—	—	—	—	—	—	82,277	78,807	73,350	72,647

Promoter holding down 5.09 percentage points since Sep 2023.

39 deals · 20 Oct 2023 – 26 Sept 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
26 Sept 2024	GULF OIL INTERNATIONAL MAURITIUS INC	Bulk	BSE	Sell	20,65,494	₹1,352.06	₹279.27 Cr
26 Sept 2024	GULF OIL INTERNATIONAL MAURITIUS INC	Block	BSE	Sell	9,25,000	₹1,351.00	₹124.97 Cr
26 Sept 2024	ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED	Block	BSE	Buy	9,25,000	₹1,351.00	₹124.97 Cr
26 Sept 2024	ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED	Bulk	BSE	Buy	9,25,000	₹1,351.00	₹124.97 Cr
26 Sept 2024	ITI MUTUAL FUND	Bulk	BSE	Buy	2,96,000	₹1,351.00	₹39.99 Cr
26 Sept 2024	ITI MUTUAL FUND	Block	BSE	Buy	2,96,000	₹1,351.00	₹39.99 Cr
26 Sept 2024	GULF OIL INTERNATIONAL MAURITIUS INC	Block	BSE	Sell	2,96,000	₹1,351.00	₹39.99 Cr
26 Sept 2024	AXIS SECURITIES LIMITED	Block	BSE	Buy	2,10,000	₹1,351.00	₹28.37 Cr
26 Sept 2024	GULF OIL INTERNATIONAL MAURITIUS INC	Block	BSE	Sell	2,10,000	₹1,351.00	₹28.37 Cr
26 Sept 2024	GULF OIL INTERNATIONAL MAURITIUS INC	Block	BSE	Sell	2,00,000	₹1,351.00	₹27.02 Cr

1–10 of 39

1 / 4

Mr. Sanjay G. HindujaNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Shom Ashok HindujaNon-Executive - Non Independent Director
Mr. Arvind UppalNon-Executive - Independent Director
Mrs. Manju AgarwalNon-Executive - Independent Director
Mr. Munesh Narinder KhannaNon-Executive - Independent Director
Mr. Nirvik SinghNon-Executive - Independent Director
Mr. Ravi Shamlal ChawlaExecutive Director-CEO-MD
Mr. Manish Kumar GangwalExecutive Director
Mr. Ashish PandeyCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

7

across 4 fund houses

Held by these funds

2.83%

of the company's equity

All mutual funds

6.55%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

7 schemes · 4 fund houses

		Shares
Small Cap FundNEW	ICICI Prudential Mutual Fund	6.91 L	77.55	0.79%	1.397%	—
Energy Opportunities Fund	ICICI Prudential Mutual Fund	4.91 L	55.1	0.67%	0.992%	-326
MNC Fund	ICICI Prudential Mutual Fund	1.49 L	16.76	0.93%	0.302%	-0
Energy Opportunities Fund	Baroda BNP Paribas Mutual Fund	35,000	3.93	0.63%	0.071%	+25,000
Portfolio of Kotak Energy Opportunities Fund	Kotak Mahindra Mutual Fund	30,000	3.37	1.23%	0.061%	-0
FMCG Fund	ICICI Prudential Mutual Fund	5,095	0.57	0.04%	0.01%	-4,404
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	47	0.01	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

30

Annual reports

11

Credit ratings

1

We are pleased to inform you that the credit rating for the Long-Term-Fund-based-Cash Credit limits of the Company has been reaffirmed and assigned for an enhanced amount of ? 192.00 crores ....30 Jan 2026

Investor Presentation and earnings call

5

Aug 2026Transcript AI Summary PPTREC
Jun 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

23 announcementsExport CSV

22 Sept 2026, 4:43 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

16 Sept 2026, 5:12 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

16 Sept 2026, 11:36 amCompany Update

Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer

Resignation of Company Secretary / Compliance Officer PDF

12 Sept 2026, 4:21 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

11 Sept 2026, 7:03 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

7 Sept 2026, 6:06 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

1 Sept 2026, 3:10 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release

Press Release / Media Release PDF

20 Aug 2026, 4:22 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

Date	Category	Subject	Filing
22 Sept 2026, 4:43 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
16 Sept 2026, 5:12 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

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Gulf Oil Lubricants India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Announcements

Not in the F&O segment

1

22

1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Gulf Oil Lubricants India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Announcements

Ratio timeline

Not in the F&O segment

Upcoming and recent1

Dividends22

Board meetings1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

1

22

1