Gulf Oil Lubricants India538567Earnings call transcript

Earnings call transcript: 16% volume growth in Q2, EBITDA margin at 11.8%

Gulf Oil Lubricants has shared the transcript of its Q2 FY27 earnings conference call held on October 30, 2026.

By ScoutQuest · Thu 5 Nov 2026, 3:36 PM IST · 2 min read

Core lubricant volume growth: 16% year-on-year
Revenue growth: 44% year-on-year
EBITDA margin: 11.8%

What this document is

This is the transcript of the company's earnings conference call held on October 30, 2026, discussing the unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026. It is a question-and-answer record of the management's opening remarks and analyst questions.

Key outcomes from the call

Core lubricant volume growth of 16% in the quarter, which management described as strong for a monsoon quarter that is seasonally low.
Revenue grew 44% and EBITDA grew 37% year-on-year, which management called volume-led profitable growth.
EBITDA margin for the quarter was 11.8%.
Core lubricant volume was 47,000 KL in Q2 and 95,000 KL for the half year.
AdBlue volume was 33,000 KL in the quarter; management linked the lower-than-usual offtake to the monsoon reducing truck movement.
Management said per-litre margins were protected, meaning cost increases were passed on to customers and consumers through calibrated price increases taken in time.
On segments, management said OEM franchisee workshops and OEM factory fill grew in double digits, the B2B industrial segment grew in high double digits, and all segments grew during the quarter.
The Chennai plant received IGBC Platinum certification, which management called a sustainability milestone.
The quarter saw the biggest advertising investment in the company's history, for the 'Pride' product and the 'Born to be Behad' motorcycle campaign, along with continued mechanic engagement activities and a premiumisation focus.

Guidance and outlook from management

Margins: the guided band is 12% to 14%, and the Q2 margin of 11.8% was described as very close to that band.
Working capital: management said days are within the usual band, while absolute inventory and receivable values rose because prices were high; the level reached should be close to the peak, with some moderation expected if prices do not escalate further significantly.
Valsad fire: the fire has been doused, the stocks are covered under insurance, a small number of days of production was lost in inventory terms, extra shifts will be run at both plants, both plants are running fully and the company does not anticipate any disruption to customer supplies.

Operating points mentioned

Supply security and delivering every litre that customers and OEM partners needed was highlighted as a priority in a difficult cost and supply environment.
Material can be shifted from other locations if required, and the company said its other warehouses across India are fully operational.

What a retail investor can take away

The call focuses on volume-led growth, a margin that is close to the stated band, and reassurance on both the working capital position and the impact of the Valsad fire. These are the operating points management used to explain the quarter.

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