Gulf Oil Lubricants India Q2 FY27 Results: Consolidated Net Profit ₹115 Crore on Total Income of ₹1,436 Crore
Earnings
lubricants
Blacklitt Research3 min read
Gulf Oil Lubricants India (NSE: GULFOILLUB) reported consolidated total income of ₹1,435.94 crore and net profit of ₹114.52 crore for the quarter ended 30 Sep 2026, it said in a filing on 28 Oct 2026. Standalone total income was ₹1,406.49 crore and standalone net profit ₹117.19 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹1,435.94 crore, up 44.7% YoY and 6.0% QoQ
Net profit: ₹114.52 crore, up 36.4% YoY and down 5.2% QoQ
EPS: ₹23.30 basic, not annualised, against ₹17.35 a year earlier
Finance costs: ₹15.48 crore, up 83.0% from ₹8.46 crore in the previous quarter
Standalone
The company on its own, without its subsidiaries
Total income: ₹1,406.49 crore, up 43.2% YoY and 4.4% QoQ
Net profit: ₹117.19 crore, up 34.5% YoY and down 8.1% QoQ
EPS: ₹23.65 basic, not annualised, against ₹17.67 a year earlier
Finance costs: ₹14.43 crore, up 87.8% from ₹7.68 crore in the previous quarter
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,435.94
992.27
+44.7%
1,354.09
+6.0%
Revenue from operations
1,408.66
966.77
+45.7%
1,327.21
+6.1%
Other income
27.28
25.50
+7.0%
26.88
+1.5%
114.52
83.95
+36.4%
120.84
-5.2%
Profit before tax
153.91
113.22
+35.9%
164.69
-6.5%
Finance costs
15.48
13.47
+15.0%
8.46
+83.0%
Depreciation
21.34
16.32
+30.7%
19.52
+9.3%
Tax expense
39.39
29.27
+34.6%
43.85
-10.2%
Net profit margin
7.98%
8.46%
-0.49 pp
8.92%
-0.95 pp
EPS, basic (₹)
23.30
17.35
+34.3%
24.88
-6.4%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Income grew faster than profit this quarter. Consolidated total income rose 44.7% year on year, while net profit rose 36.4%, and profit before tax rose 35.9%. Revenue from operations, at ₹1,408.66 crore, accounts for almost all of the income; other income of ₹27.28 crore is 1.9% of total income and 17.7% of profit before tax.
Finance costs moved sharply against the previous quarter. At ₹15.48 crore they were 1.1% of total income, up from ₹8.46 crore in the quarter ended 30 Jun 2026. Depreciation rose 30.7% year on year to ₹21.34 crore. The filing does not give the reason for the rise in finance costs or in revenue from operations.
Quarter on quarter, net profit fell 5.2% while total income rose 6.0%. The tax expense of ₹39.39 crore is 25.6% of profit before tax, against ₹43.85 crore in the previous quarter. Consolidated net profit of ₹114.52 crore is ₹2.67 crore lower than standalone net profit, and the attributable figure is ₹115.43 crore.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,406.49
982.01
+43.2%
1,347.00
+4.4%
Revenue from operations
1,379.43
956.78
+44.2%
1,320.36
+4.5%
Other income
27.06
25.23
+7.3%
26.64
+1.6%
117.19
87.13
+34.5%
127.52
-8.1%
Profit before tax
156.72
117.02
+33.9%
172.44
-9.1%
Finance costs
14.43
12.97
+11.3%
7.68
+87.8%
Depreciation
18.65
13.70
+36.1%
16.88
+10.5%
Tax expense
39.53
29.88
+32.3%
44.92
-12.0%
Net profit margin
8.33%
8.87%
-0.54 pp
9.47%
-1.13 pp
EPS, basic (₹)
23.65
17.67
+33.8%
25.76
-8.2%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone results follow the same pattern. Total income rose 43.2% year on year and net profit rose 34.5%, a slower rise in profit than in income. Standalone profit before tax of ₹156.72 crore is 33.9% higher than a year earlier, and the tax expense is ₹39.53 crore, 25.2% of profit before tax.
Standalone finance costs of ₹14.43 crore are 1.0% of total income, up from ₹7.68 crore in the previous quarter. Standalone depreciation rose 36.1% year on year to ₹18.65 crore, the faster of the two depreciation rises in the statements.
Net profit fell 8.1% quarter on quarter, from ₹127.52 crore, while total income rose 4.4%. Standalone EPS of ₹23.65 compares with ₹25.76 in the previous quarter.
Consolidated total income is ₹29.45 crore higher than standalone, and the consolidated group includes one subsidiary, Tirex Transmission Private Limited, and one associate, Techperspect Software Private Limited. The auditor S R B C & Co LLP issued an unmodified limited review report on both sets of results.
Inference
The filing states that the company allotted 38,751 equity shares in the quarter under its Employees Stock Option Scheme-2015, and 1,55,452 shares in the half year. The consolidated cash flow statement shows a dividend paid of ₹148.28 crore in the half year ended 30 Sep 2026.
After the quarter, a fire occurred at an adjoining premises that extended to a third-party warehouse used by the company at Valsad, Gujarat, on 27 Oct 2026. The company says the extent of damage is being assessed and the stocks are insured, and that its two manufacturing plants and other 24 warehouses remain fully operational. The amount of loss and whether insurance covers it are not stated, and the filing does not say whether a dividend has been declared for the quarter.
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GULFOILLUBGulf Oil Lubricants India Ltd.