While EBITDA improved by 7.80% to Rs 132.46 crore, EBITDA margin declined by 33 basis points YoY to 13.02% in Q3 FY26.

Profit before tax in Q3 FY26 stood at Rs 102.10 crore, down by 20.89% from Rs 129.06 crore recorded in Q3 FY25.

Ravi Chewla, managing director & CEO, Gulf Oil Lubricants India, commented: 'Demand and sales picked up in the second half of the quarter post the prolonged monsoon and festivities.

Overall lubricants volume grew by 8%, clearly outperforming industry growth by 2x, supported by double-digit growth in key segments of 82C led by Passenger Car Motor Oil (PCMO) & Agri and across B2B segments.

The OEM Franchise Workshops (FWS) business delivered high double-digit growth, driven by strong momentum from existing partnerships. Growth was broad-based across categories, with PCMO registering high double-digit growth, while the Agri segment also recorded good double-digit increase.

We expect overall demand momentum to continue in the coming quarter, enabling us to close the year on a strong note. GST rationalisation for ICE vehicles has improved the affordability providing a renewed sense of optimism among the consumer, creating additional growth opportunities. Continued focus on rural and agri markets will remain a key driver in sustaining growth trajectory.

In addition, our EV subsidiary Tirex is charging ahead, acquiring new marquee customers and delivering strong financial performance. The business is on track to close the year in line with the expectations and remains well aligned with our long-term strategy to scale and strengthen the EV segment as a core pillar for us. Tirex closed Q3 with top-line growth of 83%, while delivering 78% growth over the nine-month period.”

Gulf Oil Lubricants India (GOLIL), part of the Hinduja Group and Gulf Oil International, is a leading player in India's lubricant market offering a comprehensive product portfolio in automotive and industrial lubricants.

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