Gulf Oil Lubricants India Ltd is eyeing over ₹6,000 crore in annual revenue by FY30, up from approximately ₹4,000 crore in FY26, according to people familiar with the company’s growth plans, as the Hinduja Group company expands lubricant production and scales Tirex, its electric-vehicle charging equipment subsidiary supplying automakers, including MG and VinFast.
The ambition, implying nearly 11 per cent annual revenue growth, is supported by investments of ₹110–112 crore across the two businesses, even as higher crude-linked input costs test the company’s pricing power.
Ravi Chawla, Managing Director and Chief Executive Officer, Gulf Oil Lubricants India, told businessline in an exclusive conversation that the company had historically doubled turnover roughly every five years.
“So typically, if you do the math, we have been growing double digit,” Chawla said. “And if you take the history of our business, every 5 years we have doubled our turnover.”
Gulf is raising its lubricant manufacturing investment to ₹60–62 crore from ₹55 crore, alongside a previously disclosed ₹50-crore investment in Tirex for a new plant. The expansion will increase annual lubricant capacity by 70 per cent, from 140 million litres to 240 million litres, across Chennai and Silvassa.
Chawla said the plants were operating third shifts, with additional capacity expected to support growth for three to four years.
Chief Financial Officer Manish Kangwal told analysts that Chennai remained on schedule for December 2026, while Silvassa could slip into April–June 2027.
Core lubricant volumes rose 16 per cent year-on-year to 47,000 kilolitres in July–September 2026, following 17 per cent growth in the preceding quarter. Chawla said Gulf gained business by maintaining supplies during industry disruptions, ensuring supply security for its more than 50 OEM partners and other customers.
Consolidated net profit attributable to shareholders increased 34.9 per cent to ₹115.43 crore from ₹85.56 crore in July–September 2026 compared with a year earlier, while revenue from operations rose 45.7 per cent to ₹1,408.66 crore from ₹966.77 crore.
Standalone profit increased about 34 per cent to ₹117 crore from ₹87 crore, while revenue grew 44 per cent to ₹1,379 crore from ₹957 crore.
However, standalone EBITDA margin stood at 11.8 per cent, below management’s 12–14 per cent range. Management said earnings per litre remained resilient despite higher raw-material costs.
Gulf has implemented three consumer-channel price increases, while some automakers have shifted to monthly raw-material price adjustments. Further increases could follow if higher crude prices feed into base-oil costs.
The company is targeting a 10 per cent contribution from premium synthetic lubricants over three to four years, supporting its medium-term EBITDA margin ambition of 14–16 per cent.
Passenger-car lubricants offer another opportunity, with Gulf’s market share below 5 per cent.
“We are going into the car segment where our market share is also low. So we are putting investments behind these, having more garages which can do business with us,” Chawla said.
Tirex crossed ₹100 crore in FY26 revenue and is expanding manufacturing capacity towards 3,000 chargers.
“We are expecting the charger business to go to 300 to 400 crore in 3 to 4 years,” Chawla said
Tirex’s September-quarter revenue rose approximately 78 per cent to more than ₹33 crore from about ₹18 crore a year earlier, management told analysts. Its AC chargers serve MG and VinFast, while its DC portfolio targets electric buses, highway charging and construction equipment.
However, the subsidiary reported a quarterly net loss of approximately ₹1 crore, highlighting the challenge of converting growth into profitability, company officilals further informed
Gulf has approximately ₹1,200 crore in cash, providing scope for acquisitions in lubricants, industrial businesses and mobility technologies.
Published on November 2, 2026
