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10 Yrs X-Ray 
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Analyst Note 
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About
Gulf Oil Lubricants India Ltd (GULFOILLUB)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 538567 NSE: GULFOILLUB Lubricants | Small Cap | Gulf Oil Lubricants Share Price
₹1,061.80 -9.30 (-0.87%)
As on 11-Sep'26 15:13
Gulf Oil Lubricants India Ltd (GULFOILLUB)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 538567 NSE: GULFOILLUB Lubricants | Small Cap | Gulf Oil Lubricants Share Price
₹1,061.80 -9.30 (-0.87%)
As on 11-Sep'26 15:13
Key Metrics
Valuation Multiples
Market Cap
₹5,308 Cr.
Current Price
₹1,061.8
52-Week Low / High
₹865 / 1,331
TTM EPS
₹75.7
TTM Sales
₹4,367 Cr.
Book Value per Share
₹330.4
P/E Ratio
14.16
In line with its 5-year historical median
Industry PE
13.8
Price to Book (P/B)
3.24
In line with its 5-year historical median
Price to Sales (P/S)
1.22
In line with its 5-year historical median
EV/EBITDA
7.13
In line with its 5-year historical median
Dividend Yield
4.8%
Profitability Efficiency
Return on Equity (ROE)
23.23%
Outperforms industry median
Return on Capital Employed (ROCE)
26.41%
Outperforms industry median
Return on Assets (ROA)
11.46%
Operating Profit Margin
12.7%
Net Profit Margin
8.5%
Gross Profit Margin
6.9%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
12.29%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
8.82%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-3.51%
Asset Quality
Promoter Holding
66.85%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,627 Cr.
Equity
₹9.9 Cr.
Face Value
₹2
All Time Low / High
₹221.00 / 1510.00
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Gulf Oil Lubricants India Ltd a good quality company?
Gulf Oil Lubricants India Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Gulf Oil Lubricants India Ltd performance compare with that of its Peers?
Revenue growth of Gulf Oil Lubricants India Ltd vs industry peers?
Gulf Oil Lubricants India Ltd revenue CAGR is 19.29%, compared to the industry median CAGR of 11.52%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Gulf Oil Lubricants India Ltd?
Promoters hold 66.85% of the Gulf Oil Lubricants India Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Gulf Oil Lubricants India Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 3.8% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Gulf Oil Lubricants India Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 39.1% | 40.3% | 36.6% | 29.2% | 26% | 23.8% | 24.1% | 28% | 29.7% | 26.9% | - |
| Value Creation Index ⓘ | 1.8 | 1.9 | 1.6 | 1.1 | 0.9 | 0.7 | 0.7 | 1.0 | 1.2 | 1.0 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 1,087 | 1,332 | 1,706 | 1,644 | 1,652 | 2,192 | 2,999 | 3,284 | 3,554 | 3,991 | 4,315 |
| Sales YoY Gr. | - | 22.6% | 28% | -3.6% | 0.5% | 32.7% | 36.8% | 9.5% | 8.2% | 12.3% | - |
| Adj EPS ⓘ | 23.7 | 31.8 | 35.5 | 40.4 | 39.7 | 41.9 | 47 | 62.6 | 71.8 | 74.2 | 77 |
| YoY Gr. | - | 34.3% | 11.7% | 13.9% | -1.7% | 5.3% | 12.2% | 33.2% | 14.7% | 3.4% | - |
| BVPS (₹) ⓘ | 69.4 | 91.3 | 114.9 | 149.7 | 171.2 | 205.6 | 238.2 | 261.3 | 295.1 | 311.8 | 336.7 |
| Adj Net Profit ⓘ | 118 | 158 | 177 | 203 | 200 | 211 | 230 | 308 | 354 | 367 | 382 |
| Cash Flow from Ops. ⓘ | 134 | 110 | 17 | 237 | 194 | -23.7 | 273 | 348 | 423 | 363 | - |
| Debt/CF from Ops. ⓘ | 1.3 | 2.3 | 16.6 | 1.5 | 1 | -15.1 | 1.2 | 1 | 1 | 1.3 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 15.6% | 19.3% | 10% | 12.3% | ||||
| Adj EPS ⓘ | 13.5% | 13.3% | 16.5% | 3.4% | ||||
| BVPSⓘ | 18.2% | 12.7% | 9.4% | 5.7% | ||||
| Share Price | 3.8% | 11.6% | 23.5% | -19.2% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 39 | 38.4 | 33.6 | 30.1 | 24.5 | 22.1 | 20.7 | 24.9 | 25.7 | 24.2 | 23.8 |
| Op. Profit Mgn % ⓘ | 16.3 | 17.7 | 16.6 | 17.5 | 16 | 13 | 11.4 | 12.7 | 13.2 | 12.8 | 12.8 |
| Net Profit Mgn % ⓘ | 10.8 | 11.8 | 10.4 | 12.3 | 12.1 | 9.6 | 7.7 | 9.4 | 10 | 9.2 | 8.9 |
| Debt to Equity ⓘ | 0.5 | 0.6 | 0.5 | 0.5 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | - |
| Working Cap Days ⓘ | 120 | 115 | 125 | 150 | 155 | 144 | 131 | 119 | 64 | 61 | 105 |
| Cash Conv. Cycle ⓘ | 21 | 23 | 38 | 51 | 49 | 62 | 58 | 37 | -13 | -18 | 51 |
Valuation of Gulf Oil Lubricants - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|
| Sales | 2,192 | 2,999 | 3,301 | 3,631 | 4,056 |
| Operating Expenses ⓘ + | 1,906 | 2,657 | 2,882 | 3,159 | 3,542 |
| Operating Profit ⓘ | 285 | 342 | 419 | 472 | 514 |
| Operating Profit Margin (%) | 13.0% | 11.4% | 12.7% | 13.0% | 12.7% |
| Other Income ⓘ + | 44 | 48 | 70 | 99 | 98 |
| Interest ⓘ | 10 | 38 | 26 | 36 | 56 |
| Depreciation ⓘ | 36 | 40 | 51 | 56 | 69 |
| Profit Before Tax ⓘ | 284 | 313 | 412 | 479 | 463 |
| Tax ⓘ | 73 | 80 | 104 | 122 | 118 |
| Profit After Tax | 211 | 232 | 308 | 357 | 345 |
| PAT Margin (%) | 9.6% | 7.8% | 9.3% | 9.8% | 8.5% |
| Adjusted EPS (₹) | 41.9 | 47.4 | 62.6 | 73.0 | 70.4 |
| Dividend Payout Ratio (%) | 12% | 52.80% | 57.50% | 65.80% | 72.50% |
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 1,037 | 1,168 | 1,285 | 1,452 | 1,516 | ||||||
| Debt + | 357 | 332 | 333 | 422 | 514 | ||||||
| Minority Interest | 0 | 0 | 72 | 69 | 47 | ||||||
| Trade Payables | 271 | 391 | 497 | 559 | 658 | ||||||
| Others Liabilities ⓘ | 235 | 267 | 319 | 380 | 400 | ||||||
| Total Liabilities ⓘ | 1,900 | 2,157 | 2,506 | 2,883 | 3,136 | ||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 273 | 277 | 368 | 390 | 417 | ||||||
| CWIP ⓘ | 3 | 3 | 15 | 19 | 32 | ||||||
| Investments ⓘ | 36 | 88 | 91 | 89 | 51 | ||||||
| Inventories | 476 | 472 | 494 | 507 | 595 | ||||||
| Trade Receivables | 335 | 410 | 502 | 494 | 535 | ||||||
Cash Equivalents 
ⓘ
| 574 | 654 | 757 | 1,051 | 1,157 | ||||||
| Others Assets ⓘ | 202 | 252 | 279 | 333 | 350 | ||||||
| Total Assets ⓘ | 1,900 | 2,157 | 2,506 | 2,883 | 3,136 | ||||||
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -24 | 273 | 341 | 395 | 350 |
| Cash Flow From Investing Activity ⓘ + | -17 | 30 | -51 | 77 | 11 |
| Cash Flow From Financing Activity ⓘ + | 98 | -202 | -238 | -150 | -251 |
| Net Cash Flow ⓘ | 57 | 102 | 53 | 323 | 110 |
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 20.35 | 21.07 | 25.12 | 26.11 | 23.23 | |||||
| ROCE (%) | 21 | 24.08 | 27.93 | 29.36 | 26.41 | |||||
| Asset Turnover Ratio | 1.15 | 1.48 | 1.57 | 2.69 | 2.69 | |||||
| PAT to CFO Conversion(x) | -0.11 | 1.18 | 1.11 | 1.11 | 1.01 | |||||
| Working Capital Days | ||||||||||
| Receivable Days | 55.70 | 45.30 | 45.60 | 25.10 | 23.20 | |||||
| Inventory Days | 79.30 | 57.70 | 48.30 | 25.20 | 24.80 | |||||
| Payable Days | 86.10 | 73.30 | 94.80 | 102.50 | 106.10 | |||||
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Gulf Oil Lubricants India Ltd FAQs
The current trading price of Gulf Oil Lubricants on 11-Sep-2026 15:13 is ₹1,061.8.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Gulf Oil Lubricants stood at ₹5,307.9 Cr
The latest P/E ratio of Gulf Oil Lubricants as of 10-Sep-2026 is 13.90.
The latest P/B ratio of Gulf Oil Lubricants as of 10-Sep-2026 is 3.18.
The 52-week high of Gulf Oil Lubricants is ₹1,331.2 and the 52-week low is ₹864.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Gulf Oil Lubricants is ₹4,315 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Gulf Oil Lubricants India Ltd is a average quality company.
The key valuation ratios of Gulf Oil Lubricants India Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Gulf Oil Lubricants India Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Gulf Oil Lubricants India Ltd
Gulf Oil Lubricants India Ltd (GOLIL), part of the Hinduja Group, is an established player in the Indian Lubricants Industry. Gulf Oil International (GOI), parent of GOLIL, owns the Gulf brand globally (except USA, Spain & Portugal). Previously a part of Gulf Oil Corporation Limited, today, GOLIL, as part of the parent company GOI, enjoys a presence in many countries.
With operations primarily in the Automotive and Industrial segments, and a leading presence in the open market through a stellar distributor network, GOLIL supply directly to OEMs and other B2B customers (Industries, Infrastructure, Mining & Fleet Customers, State Transport and Government Undertakings).
Business area of the company
Gulf Oil Lubricants India is engaged in the business of manufacturing, marketing and trading of automotive and non-automotive lubricants.
Products and services offered by the company
- Automotive Lubricants
- Industrial Lubricants
- Batteries
- Marine
Awards
FY 2017-18
- Won the World Training and Development Leadership Award from the World HRD Congress
- Won the Brandon Hall Excellence award 2017
- Gulf Oil India won the ‘best team of the year’ award in Gulf Oil International’s Global Conference in Dubai
FY 2018- 19
- Gulf MLP - Master Mechanic - won ‘Best Loyalty Program in Auto Sector’ in the 12th Customer Loyalty Summit, 2019 - Customer Fest Show.
- Gulf MLP - Master Mechanic - won ‘Best Influencer Marketing Platform Award’ in the Mar Tech Leadership Awards, 2019.
- Flame Asia Silver award for ‘Agriculture and Allied Campaigns’
- Gold at the ACEF awards for ‘Effective Customer Engagement campaign for Brand Awareness’
- Chennai facility has been awarded “Gold Level Certification” by the Indian Green Building Council (IGBC).
FY 2019-20
- India’s most admired automobile lubricant brand, 2019 Gulf Oil was adjudged “India’s Most Admired Automobile Lubricant Brand” and Ravi Chawla, MD & CEO, was selected as one of “India’s most Inspirational Leader” by WPI in their India’s Most Admired Brands/ Companies and Leaders for 2019-20.
- Won 2 golds at the WOW Awards Asia 2020 which are among the most prestigious on-ground activation awards in the industry
- Suraksha Bandhan campaign created a Guinness World Record for ‘The Longest Line Of Postcards’
- Gold at the Singapore Customer Engagement Awards
- Silver at the Flame Awards Asia, 2019
- Two Gold and one Bronze at the ACEF Global Awards, 2019
- Felicitation of Gulf Supreme Tractotsav winners by the Uttar Pradesh Agriculture minister at a grand meet in Lucknow on ‘Krishi Diwas’
- Champion of the Champions award for the best loyalty programme of the year
- The most innovative program of the year for Gulf-Zomato Partnership.
- Gulf Unnati programme won the Best Channel Loyalty Program award at ‘The Customers Fest Awards 2020 - 13th edition’
Milestones
- 1920- Gulf introduced in India by Silvertown Lubricants, UK, through its Indian subsidiary.
- 1930- Gulf Oil India Ltd is formed with the acquisition of Silvertown by Gulf.
- 1974- Gulf Oil India Ltd becomes part of the JP Goenka group and is renamed as Petrosil India.
- 1984- Hinduja Group acquires rights to Gulf brand globally and also picks up 26% stake in the Indian entity.
- 1993- Gulf Oil India set up by the Hinduja Group.
- 2002- Hinduja merges Gulf Oil India with IDL Industries to form Gulf Oil Lubricants India Limited.
- 2006- Gulf Oil redefines performance standards of Diesel Engine Oils segment with the launch of Gulf SUPERFLEET LE Max which had a drain interval of 36,000 km.
- 2007- Gulf Pride 4T Plus, India’s first motorcycle engine oil with a drain interval of 10,000 km is launched. The claim has been rigorously tested both internally (by M/s Sportscraft) and externally (by IADADA).
- 2008- Gulf Oil, as a pioneer initiative in the Industry, participated in the IPL for the first time by sponsoring KXIP. This initiative was followed up by a rich history of Gulf’s Involvement with IPL s as Gulf sponsored CSK and RPSG in the coming years.
- 2009- Gulf MAX range of New Generation passenger car motor oils introduced from global portfolio, with MX4 Technology and industry leading technical specifications.
- 2010- Gulf SUPERFLEET LE Max becomes India’s first engine oil with a drain interval of 40,000 km.
- 2011- Gulf-Mahindra co-brand introduced to deliver superior performance and customer satisfaction to India’s leading automaker with the launch of Gulf Super Diesel X-10, with a drain interval of 10,000 km. Gulf took the Indian auto sector by storm with the launch of GULF SUPERFLEET LE Dura Max, the first-ever 80,000 km drain interval engine oil.
- 2011- Gulf Oil India signed up Mahindra Singh Dhoni as its official Brand Ambassador that has being going from strength to strength and has become an integral part of ‘Gulf Oil’ Brand’s Success.
- 2012- Gulf’s portfolio for the Mining & Construction sector strengthened through a tie up with L&T Komatsu and launch of the Gulf Super Duty LTK range of hydraulic and engine oils.
- 2013- Gulf cracked an OEM partnership with Mahindra and Swaraj for creating co-branded oils for Tractors.
- 2014- Gulf entered into an exclusive partnership with Whitmore, a giant in specialty lubricant, as their official distributor in India.
- 2015- GOI entered into a global partnership with the Manchester United, one of the top clubs globally, as their esteemed partners.
- 2016- Gulf cracked an OEM partnership with Bajaj, India’s no.2 in Motorcycle Manufacturing, for manufacturing and supplying Genuine Oil for Motorcycle, both Domestic as well as Global.
- 2017- Universal Tractor Transmission oil for an OEM with 1200hr drain interval.
- 2017- Established long drain prowess with new environment friendly technology coolant with change period of 3,00,000 km.
- 2018- Introduced OEM co-branded axle oil for with 120,000km and 1500hr drain interval.
- 2018- Gear Oil launched for an OEM with drain interval extension up to 3000 hr.
- 2019- Industrial products has been launched namely Heavy Duty Industrial Grease - Gulf Crown HD Blue and High Performance Hydraulic Oil - Gulf Harmony AW Premium
- 2020- Gulf Oil Lubricants India (Gulf Oil) has renewed its strategic partnership with Bajaj Auto for three years.
- 2020- Gulf Oil Lubricants enters into long term strategic partnership with S-Oil Corporation
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