Chawla said Gulf Oil is actively working to improve its product mix by growing its share of premium lubricants, which currently make up less than 5% of overall sales. “We try to grow at double the rate in the premium segment compared to our overall 7% volume growth,” he noted. The company is investing in marketing, brand initiatives, and packaging revamps to support this shift.
Gulf Oil continued to gain market share in FY25, adding 0.4–0.5%, and now holds double-digit share in segments like diesel engine and motorcycle oils. Its B2C business accounts for around 54% of revenue, with the remainder from B2B, including industrial and infrastructure segments.
In the March quarter, Gulf Oil recorded its highest-ever quarterly lubricant volume at 39,500 KL, up 7% YoY, contributing to a full-year volume of 1,52,000 KL. Profit for the quarter rose 6.7% to ₹92.2 crore, while EBITDA was up nearly 10% at ₹128.7 crore, with margins steady at 13.5%. “Profits have gone up 17%, so it’s been a good year and a strong end to the year in Q4,” Chawla said.
The motorcycle oil segment, a key focus area, performed strongly in Q4. Gulf launched a new campaign for its premium Gulf Pride range with upgraded packaging and a 10,000-kilometre drain interval, targeting high-end and adventure bikers. The company is also deepening its presence through brand-led distribution formats and partnerships like Bajaj.
Non-lubricant businesses like EV charging and batteries are gaining traction. Gulf’s DC charging venture Tirex tripled revenue to ₹78 crore and now holds about 8–10% market share. The battery business, largely driven by two-wheeler and EV auxiliary batteries, added another ₹75–80 crore. Both businesses are now EBITDA-positive.
On the capital front, the company ended FY25 with over ₹1,000 crore in cash and has declared a record ₹48 per share final dividend. “We are returning capital to shareholders, but we’ll also look at investments in EV mobility and other ventures,” Chawla said.
While refraining from commenting on potential interest in Castrol India if it goes on the block, Chawla said the Indian lubricant market remains attractive, driven by rising vehicle penetration and industrial growth. “Unlike the West where it has flattened out, India is growing. Even with EVs, we expect 3–4% annual growth in lubricants for the next decade.”
Watch accompanying video for entire conversation.
