Gulf Oil Lubricants building scalable EV  ecosystem amid rising adoption of electric vehicles

MUMBAI, May 28:  Gulf Oil Lubricants India is steadily building a scalable EV ecosystem amid rising adoption of electric vehicles and demand for charging infrastructure in the domestic market.

This comes as EV penetration in the two-wheeler segment is nearing 7 per cent, the company said on Thursday.

According to the company, its EV subsidiary Tirex revenue crossed Rs 100-crore mark during the previous fiscal.

The Hinduja Group firm Gulf Oil Lubricants on Wednesday had reported a 3.46 per cent dip in the consolidated Profit After Tax (PAT) to Rs 89.59 crore for the March quarter. The company had recorded a consolidated PAT of Rs 92.80 crore in the last quarter of FY25.

Revenue from operations for the fourth quarter of the previous fiscal was up 10.76 per cent at Rs 1,055.26 crore from Rs 952.74 crore in the corresponding quarter a year earlier.

For FY26, consolidated PAT dropped 3.51 per cent to Rs 344.85 crore from Rs 357.39 crore in FY25. Revenue from operations was at Rs 4,057.04 crore in FY26 against Rs 3,631.16 crore in FY25.

“Mobility remains a key strategic growth pillar for Gulf Oil as we continue expanding beyond lubricants into future-ready mobility solutions. Alongside strong growth in our core lubricants business, we are steadily building a scalable EV ecosystem as EV adoption and charging infrastructure demand continue to rise in India, with EV penetration in the two-wheeler segment nearing 7 per cent,” said Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India.

FY26 marked a significant milestone in this journey with Tirex crossing the Rs 100 crore revenue mark for the first time, he said.

Tirex today also holds a leadership position in India’s electric bus and fleet charging segment with nearly 40 per cent market share, reinforcing the company’s confidence in the mobility business becoming a meaningful contributor to Gulf’s long-term growth story, Chawla said.

The business is witnessing encouraging traction with marquee customer additions and remains well aligned with our long-term vision of building a future-ready mobility ecosystem and strengthening the EV segment as a key growth pillar for the company, Gulf Oil Lubricants said. (PTI)