Gulf Oil Lubricants India Ltd.

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india.gulfoilindia.comBSE: 538567NSE: GULFOILLUB

Market Cap₹ 5,308 Cr.

Current Price

High / Low₹ 1,329 / 865

Stock P/E14.2

Book Value₹ 330

Price to Book2.89

Dividend Yield4.76 %

ROCE26.4 %

ROE23.2 %

Face Value₹ 2

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ABOUT

AI Sector View

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Oil Gas & Consumable Fuels

Reduce

Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.

Confidence

78%

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PROS

Company has a healthy return on capital (ROCE) of 27.9%
Company has a good return on equity (ROE) track record: 3 Years ROE 24.8%
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 27.0% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.08x)

CONS

Promoter holding has decreased over last 2 years: -4.9pp
Operating margins have contracted to 6.3% from 13.0%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Oil Gas & Consumable FuelsAutomobile & AncillariesLubricants

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	CASTROLIND	188.15	17.52	18610.34	4.65	347.70	42.50	1871.47	25.03	61.82	26.41
2.	GULFOILLUB	1071.10	14.16	5307.89	4.76	120.84	26.96	1327.21	30.57	26.41	12.49
3.	SOTL	697.30	11.55	4780.72	0.72	288.06	414.80	1479.76	50.65	15.18	24.59
4.	PANAMAPET	492.70	6.23	2980.52	0.61	308.91	624.80	1735.15	150.30	19.58	22.35
5.	GANDHAR	271.60	8.82	2658.41	0.28	205.89	689.15	1731.93	91.81	14.99	16.24
6.	VEEDOL	1437.25	11.39	2504.26	4.04	77.92	56.88	608.57	18.49	24.70	17.48

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	812	802	818	870	894	864	920	953	1,016	967	1,018	1,055	1,327
	719	702	707	752	780	757	798	824	889	849	885	919	1,189
Operating Profit	93	100	110	117	114	107	123	129	127	117	133	136	138
OPM %	11.43%	12.52%	13.51%	13.49%	12.71%	12.43%	13.31%	13.52%	12.54%	12.14%	13.03%	12.93%	10.38%
	14	17	17	20	18	24	34	23	23	26	2	25	27
Interest	4	7	8	6	5	7	15	10	6	13	14	23	8
Depreciation	11	11	13	16	13	13	13	16	16	16	18	19	20
Profit before Tax	92	99	107	115	114	111	129	125	128	113	102	120	165
Tax %	25.59%	25.63%	25.63%	24.41%	25.86%	25.56%	24.66%	25.87%	25.51%	25.88%	25.41%	25.40%	26.63%
Net Profit	0	0	0	0	84	83	97	93	95	84	76	90	121
	13.88	15.00	16.19	17.69	17.49	17.01	19.89	18.70	19.45	17.35	15.50	18.17	24.88

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,192	2,999	3,301	3,631	4,056	4,367
	1,906	2,657	2,882	3,159	3,542	3,843
Operating Profit	285	342	419	472	514	524
OPM %	13.02%	11.40%	12.70%	13.01%	12.67%	12.01%
	44	48	70	99	75	79
Interest	10	38	26	36	56	59
Depreciation	36	40	51	56	69	73
Profit before Tax	284	313	412	479	463	500
Tax %	25.77%	25.71%	25.29%	25.46%	25.55%	25.91%
Net Profit	211	232	308	357	345	370
EPS	41.63	47.16	62.63	72.99	70.37	—
Dividend Payout %	11.95%	52.75%	57.48%	65.77%	72.47%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 11%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 14%

STOCK PRICE CAGR

10 Years:: 4%
5 Years:: 12%
3 Years:: 25%
1 Year:: -19%

RETURN ON EQUITY

10 Years:: —
5 Years:: 23%
3 Years:: 25%
Last Year:: 23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	10	10	10	10	10
Minority Interest	0	0	72	69	47
	1,027	1,158	1,275	1,443	1,506
	379	356	350	449	546
Trade Payables	271	391	497	559	658
	213	243	302	353	368
Total Liabilities	1,900	2,157	2,506	2,883	3,136
	273	277	368	390	417
Capital Work in Progress	3	3	9	2	7
	36	88	91	89	51
	476	472	494	507	595
	0	0	502	494	535
Cash & Bank	574	654	757	1,051	1,157
	537	662	285	350	375
Total Assets	1,900	2,157	2,506	2,883	3,136

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	52	367	341	395	350
Cash from Investing	-17	30	-51	77	11
Cash from Financing	98	-202	-238	-150	-251
	57	102	53	323	110

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
71.76	67.22	67.14	67.14	67.14	67.11	67.11	67.01	66.85
5.65	7.07	7.29	7.51	8.48	9.53	9.22	8.91	7.78
5.87	9.55	9.59	9.53	7.84	7.45	8.13	8.17	8.70
0.30	0.30	0.30	0.30	0.30	0.30	0.30	0.33	0.33
16.42	15.86	15.68	15.52	16.24	15.60	15.24	15.58	16.33

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Shareholders meeting

2026-09-11 - We enclose herewith the Proceedings of the 18th Annual General Meeting held today, viz. Friday, September 11, 2026 through Video Conferencing/ Other Audio Visual Means.

2026-09-07

Resignation of Director/KMP/SMP

2026-09-07 - Gulf Oil Lubricants India Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-09-07

Cessation

2026-09-07 - We hereby inform you of cessation of a Senior Management Personnel ("SMP")

2026-09-01

Press Release

2026-09-01 - A Press Release is enclosed which is self-explanatory.

2026-08-20

Copy of Newspaper Publication

2026-08-20 - We enclose herewith the Newspaper cuttings of Business Standard (English) and Sakal (Marathi) wherein, inter-alia, the Notice of 18th Annual General Meeting of the shareholders is published.

2026-08-19

Updates

2026-08-19 - Please find enclosed Business Responsibility & Sustainability Report FY 2025-26.

2026-08-19

Updates

2026-08-19 - Please find enclosed the Annual Report 2025-26 of the Company.

2026-08-19

Shareholders meeting

2026-08-19 - Please find enclosed the Notice of 18th Annual General Meeting, scheduled to be held on Friday, September 11, 2026 at 3 p.m. (IST) through VC/OAVM.

2026-08-13

General Updates

2026-08-13 - We enclose herewith the Investor Presentation for the quarter ended June 30, 2026 providing highlights on financial results for the quarter ended June 30, 2026 and business/industry overview.

News

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