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Gulf Oil Lubricants India Results: Latest Quarterly Results & Analysis

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Gulf Oil Lubricants India Ltd. 06 Nov 2025 12:18 PM

Q2FY26 Quarterly Result Announced for Gulf Oil Lubricants India Ltd.

Oil Marketing & Distribution company Gulf Oil Lubricants India announced Q2FY26 results

  • Revenue from Operations at Rs 956.78 crore, up 12.65% YoY.
  • EBITDA at Rs 118.46 crore, up 10.56% YoY.
  • PAT at Rs 87.13 crore, up 3.19% YoY.

Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India, said: “Despite a seasonally impacted quarter due to uneven monsoon pattern, we delivered a resilient performance during the quarter, in line with our guidance of achieving core lubricants volume growth 2–3x the industry rate and overall double-digit revenue growth.

The B2C segment showed strong momentum with healthy double-digit growth in personal mobility. Rural markets led by Agri sector also witnessed encouraging traction during the quarter, and we expect this momentum to continue. Similar strength was seen in the B2B segment, with broad-based growth across Industrial, Infrastructure, and Mining. In OEM segment, we recorded highest ever quarterly volume driven by sustained growth from existing partnerships. We remain confident in our long-term structural growth across both our core lubricants and mobility segments. Our EV charger subsidiary, Tirex, in which we hold majority stake, delivered 75% revenue growth in H1.

We are progressing well with 'Unlock 2.0' as our broader theme- accelerating growth across segments, leading in premium products, and transforming into a future-ready organization. With SPARK as our internal mantra, we are accelerating execution and energizing the next growth phase. Further, we are extremely proud to share that our organization has been recognized as one of 'India's Best Managed Companies 2025' by Deloitte India. This honour reflects our successful and sustained business model based on our differentiated strategic execution, values, and commitment to excellence.

Looking ahead, we expect healthy demand and remain focused on delivering high quality products, driving agility, and creating long-term value for all stakeholders as we advance towards our transformation journey.”

Manish Gangwal, CFO, Gulf Oil Lubricants India, said: “This quarter has been steady for us, delivering 12.6% revenue growth, reflecting an improved product / segment mix. We grew our EBITDA by nearly 11% in spite of input cost pressures mainly due to sharp Rupee depreciation in Q2 and EBITDA margin was maintained at 12.4%. However, PAT was impacted by higher finance cost due to adverse INR movement leading to MTM forex losses accounted at quarter end. Going forward, we continue to closely monitor input cost trends while driving cost and margin management initiatives.

The recent GST reforms announced by the Government are a positive step toward boosting overall consumption and more particularly demand conditions in automotive sector have shown signs of good pick up setting the stage for sustained growth. Given the close linkage between the lubricants and automotive sector, going forward, we expect the positive momentum to reflect in the continued growth for our lubricants business.

With the strong and sustained performance of Tirex, the Board has today approved the acquisition of an additional 14% stake, increasing the overall holding to 65%, reaffirming the confidence in Tirex's long-term growth potential and strategic importance to our overall business, while also positioning us well to capitalize on future opportunities in this segment.”

Result PDF

Oil Marketing & Distribution company Gulf Oil Lubricants India announced Q1FY26 results

Q1FY26 Consolidated Financial Highlights:

  • Revenues at Rs 1,016.45 crore, up 13.69% YoY.
  • EBITDA at Rs 127.39 crore, up 12.29% YoY.
  • EBITDA Margin at 12.53%, down 16 BPS YoY.
  • PAT at Rs 95.17 crore, up 12.90% YoY.

Q1FY26 Stanadlone Financial Highlights:

  • Revenues at Rs 996.36 crore, up 12.57% YoY.
  • EBITDA at Rs 126.58 crore, up 8.89% YoY.
  • EBITDA Margin at 12.70%, down 43 BPS YoY.
  • PAT at Rs 96.66 crore, up 9.81% YoY

Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India, said: “The year began on a strong note, delivering yet another market-leading performance, achieving double-digit volume growth of 11% during the quarter, clearly over 3x the industry growth rate. This underscores the strength of our brand and the continued trust of our consumers. This all-round performance was driven by gains across segments, with the Motorcycle Oil (MCO) category in the B2C segment leading the way with strong double-digit growth. The campaign, new pack introduction and the on-ground activations for our recent Pride relaunch featuring the latest upgraded API-SP specifications were well-received and supported the momentum in the MCO category. While the OEM Factory Fill was flattish due to subdued new vehicle sales, OEM Franchise Workshops (FWS) delivered excellent results with high double-digit volume growth across categories, particularly Agri OEMs. The B2B Industrial segment also recorded double-digit growth, with continued new customer acquisitions across industries, with high double-digit growth in the metal industry and the infrastructure segments. Our agility in market responsiveness, along with continued focus on product premiumization, has enabled us to deliver this performance.

Our EV charger subsidiary, Tirex, continued to perform well and closed the quarter with over 163% growth in topline, catering to a broader customer base. This reflects our ongoing commitment to strengthening the EV segment in line with our long-term vision.

We are advancing strategically and continue to remain focused on strengthening consumer engagements, enhancing our product portfolio, people development, and building capabilities across both our core and EV segments to carry forward the strong momentum and unlock the next phase of growth.”

Manish Gangwal, CFO, Gulf Oil Lubricants India, said: “We are quite excited to see our consolidated revenue crossing Rs 1,000 crore as we concluded the quarter with the highest-ever Volume, Revenue, and EBITDA, driven by strong strategic execution resulting in profitable, volume-led growth.

With double-digit topline growth and notable improvement in gross margin, operating profit for the quarter stood at Rs 126.58 crore, growth of 8.9% over the same period last year with slight impact in EBITDA margin at 12.7% while remaining within the guided band of 12-14% in the volatile macro environment as we also continue to invest in brand and other long-term initiatives. Further, we remain focused on operational efficiency and enhancing profitability, in line with our strategic objectives.

As the year progresses, we remain watchful of the geopolitical developments. We remain committed to delivering consistent growth in our core business while also growing our mobility segment, which is yielding very encouraging results. Overall, we are well-positioned to capitalise on opportunities across our businesses, ensuring long-term and sustainable value creation for all our stakeholders.”

Result PDF

Oil Marketing & Distribution company Gulf Oil Lubricants India announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenues at Rs 915.08 crore, Up 7.30% YoY
  • EBITDA at Rs 124.47 crore, Up 8.20% YoY
  • EBITDA Margin at 13.60%, Up 11 BPS YoY
  • PAT at Rs 91.62 crore, Up 7.24% YoY

FY25 Financial Highlights:

  • Revenues at Rs 3,554.36 crore, Up 8.23% YoY
  • EBITDA at Rs 470.07 crore, Up 12.09% YoY
  • EBITDA Margin at 13.23%, Up 46 BPS YoY
  • PAT at Rs 362.25 crore, Up 17.58% YoY

Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India commented, “Fiscal year 2024–25 concluded on a momentous note, with revenues surpassing the Rs 3,500 crore mark. As outlined at the start of the year, we increased our market share across all key segments and delivered volume growth at twice the industry rate. These results were supported by focused strategic efforts to strengthen our market penetration, expand our product portfolio across B2B, B2C, and OEM segments, and grow our customer bases.

Under our UNLOCK 2.0 strategy, we focused on driving core business growth through premium offerings and meaningful transformation aligned with our long-term strategic goals. We are also placing strong emphasis on digitalization, automation, and process simplification to enhance efficiency across the organization. Our EV charger subsidiary, Tirex, closed the year on a strong note, reflecting our continued efforts to strengthen the EV segment in line with our future vision.

Our unwavering commitment to enhancing brand equity continues to drive our growth and strengthen our competitive edge. This year, we launched two major customer-centric campaigns that made a significant impact. We began the year with The Unstoppables, a powerful ad campaign that ran through December, followed by the recent launch of a 360-degree campaign for our flagship two wheeler engine oil, Gulf Pride. The relaunch features a bold new look and an enhanced formulation, brought to life by our long-time brand ambassador, MS Dhoni. The campaign celebrates the emotional bond between a rider and their motorcycle, deepening our brand promise and strengthening consumer engagement across all touchpoints.

With a sharpened strategic focus, robust fundamentals, and a culture of innovation and excellence, we are poised to build on this unstoppable momentum and shape the next phase of Gulf Oil's growth journey with renewed confidence, a unified purpose and the unwavering commitment of our passionate team.”

Manish Gangwal, CFO, Gulf Oil Lubricants India commented, “We concluded the year on historic highs, delivering record volume, revenue and EBITDA both for the quarter and full year, driven by disciplined fiscal management and focused strategic execution. Operating profit for the quarter stood at Rs 124.47 crore, growth of 8.20% over the same period last year with margin sequentially inching up to 13.60% inspite of the sharp adverse movements in INR from November'24 onwards. For full year, EBITDA growth was 12.09% to Rs 470.07 crore. Continued efforts on operational efficiency has enabled us to deliver improved profitability with growth of 17.58% during FY25.

Committed to enhancing value for its shareholders, the Board has declared a final dividend of Rs 28.00 per equity share, 1,400% on FV of Rs 2 each, taking the total dividend for FY25 to Rs 48.00 per equity share with Interim dividend of Rs 20 per share i.e., 1,000% on FV of Rs 2 per share declared in Feb'25

As we move into FY26, we remain optimistic about the demand outlook, supported by favorable budget measures, including revised income tax slabs, increased infrastructure spending, and an improving macroeconomic environment. We continue to focus on leveraging the building blocks in place to drive industry-leading growth in lubricants and enhanced EV business delivery, while remaining watchful of the potential impact of uncertain global economic and geopolitical conditions.”

Result PDF

Oil Marketing & Distribution company Gulf Oil Lubricants India announced Q3FY25 results

  • Q3FY25 Revenues at Rs 904.88 crore, Up 10.72 % YoY.
  • Q3FY25 EBITDA at Rs 122.20 crore, Up 10.03% YoY.
  • Q3FY25 EBITDA Margin at 13.50%, Up 89 BPS sequentially.
  • Q3FY25 PAT at Rs 98.17 crore, Up 21.59% YoY.

Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India, said: “Despite macroeconomic headwinds, we at Gulf Oil focused on creating an agile environment and capitalize on the opportunities to swiftly navigate the evolving landscape. This led us to achieve our highest-ever quarterly volume and strong double-digit topline growth of 11% YoY, crossing Rs 900 crore in a quarter for the first time.

Our brand-building mega campaign continued at the beginning of the quarter with “The Unstoppables”, a 360-degree campaign centered on the theme Har Kadam Berok. Featuring our three esteemed brand ambassadors, this creative fusion of Cinema and Sports together through a full-fledged movie release format, reinforced our brand's consumer-centric approach.

Our strategic priorities remain focused on delivering consistent, profitable, volume-led growth in our core lubricants business, while also strengthening the EV Charging segment to become a growing contributor to the company's vision in the medium to long term.

Looking ahead, we are optimistic about improving demand across B2B and B2C segments with some early signs of demand recovery to be further supported by uptick in Government capex and infrastructure activities in coming quarters. Our focus remains on strengthening our brand, enhancing customer experience, and empowering our people to drive sustainable growth and long-term success.”

Manish Gangwal, CFO, Gulf Oil Lubricants India, said: “During the quarter, we continued to deliver a very healthy performance. Double-digit revenue growth of 11% YoY along with stable input costs enabled us to achieve our highest-ever quarterly EBITDA of Rs 122.20 crore. Our EBITDA-to-revenue stood at 13.50%, with a sequential improvement of 89 BPS, positioning us at the higher end of our guided range of 12-14%. Profitability registered significant 22% growth over nine-month period. This demonstrated our resilience and ability to deliver profitable growth even in challenging market conditions.

Confident in our overall performance and robust cash flow generation, the Board has declared an Interim Dividend of Rs 20.00 per equity share, 1,000% on the Face Value of Rs 2 per share, aimed at maximizing shareholder returns.

We are shaping a dynamic growth journey with our strategic theme UNLOCK 2.0 by accelerating growth in our core business with premiumization while spearheading transformation for long-term success and our future strategic vision.”

Result PDF

Oil Marketing & Distribution company Gulf Oil Lubricants India announced H1FY25 & Q2FY25 results

  • Q2 Revenues at Rs 849.33 crore, up 5.86 % YoY.
  • Q2 EBITDA at Rs 107.15 crore, up 6.64 % YoY.
  • Q2 PAT at Rs 84.44 crore, up 14.68 % YoY.
  • H1 Revenues at Rs 1,734.40 crore, up 7.46 % YoY.
  • H1 EBITDA at Rs 223.40 crore, up 15.59 % YoY.
  • H1 PAT at Rs 172.46 crore, up 21.52 % YoY

Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India, said: “Despite the operational impact of heavy rains in the beginning of Q2, overall demand for us remained healthy, driving up our Q2 lubricant volume growth by 9%. This reinforces our unwavering commitment and reliable performance, even amid challenging conditions, positioning us well for continued 2-3x market growth.

The quarter concluded on a high note with the launch of our most ambitious brand campaign ever yet, “The Unstoppables”. Centered on the theme "Har Kadam Berok", this cinematic ad campaign stars Gulf's three brand ambassadors, MS Dhoni, Hardik Pandya, and Smriti Mandhana exemplifying our brand's values and capabilities on a grand scale across multiple media and marketing platforms.

Further, we uphold a positive demand outlook, confident in the medium- to long-term potential of India's lubricants sector. Our growth momentum is sustained through strategic & impactful brand investments, enhanced product capabilities, and industry-leading initiatives driving up profitable growth across our focus segments.”

Manish Gangwal, CFO, Gulf Oil Lubricants India, said: “We had a good quarter in spite of the volatile market conditions with Q2 and H1 PAT growth at healthy 15% and 22% respectively on a year-on-year basis. We focused on sustaining our margins, achieving an improvement in gross margin, resulting in an EBITDA of 12.62% of revenue while investing in brand, digital, and human resources to enhance the long-term endurance of the organization. Our robust cash flow generation in H1 reflects our continued focus on working capital management and operational efficiencies.

While monitoring the geopolitical landscape, we remain committed to refining our product mix, controlling costs, and enhancing profitability on a continuous basis to maximize shareholder value. Our mobility investments and initiatives are showing very good progress and early signs are quite encouraging to visualize this segment as a key contributor to the company's growth in the medium to longterm”

Result PDF

Oil Marketing & Distribution company Gulf Oil Lubricants India announced Q1FY25 results:

  • Q1 Revenues at Rs 885.07 crore, Up 9.04 % YoY
  • Q1 EBITDA at Rs 116.24 crore, Up 25.28 % YoY
  • Q1 PAT at Rs 88.02 crore, Up 28.88 % YoY 

Commenting on the performance, Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India, said, “Our lubricants volume grew 2x the industry rate and it was evident across major segments, with the B2C and Industrial segment both doing well. This highlights our relentless efforts and reliable performance, setting industry benchmarks.We continue leveraging our strong brand association with CSK attracting enhanced brand visibility during IPL seasons. This season we launched a major campaign with CSK where innovatively CSK fans made ads instead of players and it garnered great response across India. By leveraging our association with our brand ambassadors Mahendra Singh Dhoni, Hardik Pandya and Smriti Mandhana, we increased our brand-building efforts through impactful campaigns across segments enhancing brand consideration and adopting a customer-centric approach.

Looking ahead, we aim to drive industry leading volume and revenue growth, generating more resources to invest in our brand and focus on premiumization.We remain confident in the medium to long-term potential of the Indian lubricants sector.With our strong brand, execution capabilities, extensive distribution network and strong relations with our OEM partners and B2B customers, we are well-positioned to capitalize on industry opportunities.For the next level of growth & success, we have embarked on theme “UNLOCK 2.0- Accelerate. Premiumize. Transform”. We foster a caring, agile, and empowering work environment that celebrates gender diversity, driving innovation, promoting equality, and enhancing organizational performance by leveraging a diverse and inclusive talent pool. We are also committed on capitalizing on opportunities in the EV value chain with our strategic investments in e-mobility space to transform and achieve significant growth in the next 4-5 years.”

Manish Gangwal, CFO, Gulf Oil Lubricants India Ltd commented “Our first-quarter performance reflects our continued actions towards sustainable and profitable growth. We delivered industry leading top-line and bottom-line growth with revenues higher by over 9% year-on-year in Q1 and PAT up 29% YoY. Emphasizing premium products across segments and effective input cost management, we achieved improvement in gross margins resulting in 25% growth in EBITDA at 13.13%.of revenue.

Going forward, in-spite of global uncertainties, we remain focussed on margin management through prudent cost controls and improved product/segment mix, enhancing profitability and maximizing shareholder returns. We continue to explore opportunities in EV space, which can be synergistic to our brand, distribution strengths catering to evolving needs of our existing and new customers/consumers “

Result PDF

Oil Marketing & Distribution company Gulf Oil Lubricants India announced Q4FY24 & FY24 results:

  • Q4FY24 Revenues at Rs 852.82 crore, Up 7.67 % YoY
  • Q4FY24 EBITDA at Rs 115.04 crore, Up 31.42% YoY
  • Q4FY24 PAT at Rs 85.43 crore, Up 37.41% YoY
  • FY24 Revenues at Rs 3,284.10 crore, Up 9.50% YoY
  • FY24 EBITDA at Rs 419.38 crore, Up 22.33% YoY
  • FY24 PAT at Rs 308.10 crore, Up 32.63% YoY
  • Declared final dividend of Rs 20.00 per equity share, 1,000% on Face Value of Rs 2 per share. Total dividend for the full year at Rs 36.00 per equity share (including Interim dividend of Rs 16 per share i.e., 800% on FV of Rs 2 per share paid in Feb'24)

Commenting on the performance, Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India , said, “We have had an excellent quarter, maintaining our growth momentum. In the financial year, we have gained market share in B2B and B2C, expanded our distribution, and launched new products across segments which have been innovative and value driven. This clearly showcases our relentless efforts towards yet another unstoppable performance setting standards for the industry.

Our success spanned various categories, strong growth in AdBlue® and strategic focus on premium products. We are continuously growing by capitalizing on robust distribution and brand initiatives as our strong pillars of growth. Our key focus remains on strategic, sustainable, and profitable growth across our portfolio over long term in line with our segment-wise focus and brand strategies.

With a positive outlook, we believe that the company will continue to deliver industry leading performance driven by our sustained focus on increasing market share, growing distribution, brand activations, enhancing our focus on premiumisation and leveraging our strengths to growing our business in e-mobility with the strategic acquisitions made.

As we unlock the next level of growth, we anticipate market demand to keep growing in coming years due to strong GDP growth, significant manufacturing and infrastructural impetus, acceleration in automotive industry, increased vehicle penetration levels and shift towards more inclusive rural and urban development. Robust domestic demand and a growing middle class will help sustain India's growth momentum and remain in the bright spot for coming years”

Manish Gangwal, CFO, Gulf Oil Lubricants India Ltd commented “Our continuous efforts on maintaining operational excellence and enhance profitability helped us achieve another remarkable year of industry leading performance. Amidst some variation in input cost towards the end of FY24, we showcased our prudent margin management efforts and focused on a better product mix translating to quarterly EBITDAof Rs 115.04 crore, sustaining at 13.49% EBITDA to revenue.

Our Revenues have witnessed near 10% growth for the year and profitability registered significant growth of 37% during the quarter over the same period last year and 33% growth for full year showcasing our efforts towards driving business excellence.

Drawing a lot of confidence from the overall performance and cash flow generations from business, in order to maximize shareholders value, the Board has declared final Dividend of Rs 20.00 per equity share, amounting to 1,000% on the Face Value of Rs 2 per Share. Total dividend for the full year at Rs 36.00 per equity share (including Interim dividend of Rs 16 per share i.e., 800% on FV of Rs 2 per share paid in Feb'24).

Going forward, our strategic focus remains clear. We are committed to outperform the industry with 2-3x of volume and value growth, effective margin management, enhancing profitability and maximizing return to shareholders.”

Result PDF

Oil Marketing & Distribution company Gulf Oil Lubricants India announced Q2FY24 & H1FY24 results:

  • Q2FY24 Revenue at Rs 802.30 crore, Up 11.51 % YoY
  • Q2FY24 EBITDA at Rs 100.48 crore, Up 25.22% YoY
  • Q2FY24 PAT at Rs 73.63 crore, Up 41.22% YoY
  • H1FY24 Revenue at Rs 1614.01 crore, Up 13.19 % YoY
  • H1FY24 EBITDA at Rs 193.27 crore, Up 16.94% YoY
  • H1FY24 PAT at Rs 141.93 crore, Up 32.06% YoY

Commenting on the performance, Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India, said, “I am delighted by the performance of 2nd quarter with the Company delivering Rs 100 crore EBITDA in a single quarter backed by 2x the industry volume growth and improved margins. With a double-digit revenue growth and double-digit volume growth in most segments, the Company is confidently on track to continue its 'ahead of industry' performance and gain market shares. Our brand investments to enhance brand visibility through promotions and increase usage through distribution for consumers and partners continued in the quarter as well. Towards this effort our flagship initiative “Surakshabandhan” resonated strongly with the trucker community, leaving a highly positive impact.

Our strategy to continue to focus on distribution growth in retail will augur well for the segment over the coming quarters/years. The recent developments in geo-political situations in the Middle East along with the ongoing Russia-Ukraine war will continue to require close margin management focus going forward as well. Our robust cash generations enable us to look for opportunities in the emerging fields of EVs and other adjacencies and explore areas where the Gulf can play a key role basis synergy with our current strengths and future strategies”.

 

Result PDF

Oil Marketing & Distribution company Gulf Oil Lubricants India announced Q1FY24 results:

  • Revenues at Rs 811.71 crore, Up 14.90 % YoY
  • EBITDA at Rs 92.78 crore, Up 9.12% YoY
  • PBT at Rs 91.77 crore, Up 23.40% YoY
  • PAT at Rs 68.30 crore, Up 23.42% YoY

Commenting on the performance, Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India, said, “During June'23 quarter, the Company witnessed robust revenue growth of 15% and PAT growth of 23% on the back of sequential margin improvements and easing of forex volatility, which paved the way for higher brand investments by leveraging our brand assets during IPL season. While a few segments are still facing softer demand conditions, B2B continues to achieve double-digit growth for us. Our distribution reach is continuously on the rise and that creates a strong foundation for our market share gain strategy. We will continue our focus on margin management and 2-3x market growth in terms of volumes and revenues on a full-year basis. Our robust cash generations enable us to look for opportunities in the emerging fields of EVs and other adjacencies and explore areas where Gulf can play a key role basis synergies with our current strengths and future strategies”.

 

 

Result PDF

Oil Marketing & Distribution company Gulf Oil Lubricants India announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Q4FY23 Revenues at Rs 792.05 crore, a growth of 24% YoY
    • Q4FY23 EBITDA at Rs 87.54 crore
    • PAT of Rs 63.39 crore
  • FY23:
    • Full Year Revenues at Rs 2,999.10 crore, a growth 37 % YoY
    • Full Year EBITDA at Rs 342.84 crore, grows 20.0% YoY
    • PAT of Rs 232.30 crore
    • Dividend recommended by the Board of Rs 25.00 per equity share (i.e. 1250% on FV of Rs 2 each)

Commenting on the performance, Ravi Chawla, Managing Director & CEO, Gulf Oil Lubricants India, said, “FY23 marks a strong performance for us and we have once again delivered market-leading double-digit volume growth in core lubricants and 20% growth in EBITDA for the year which witnessed significant turbulence in input costs and in a general hyperinflationary environment. Our distribution growth in B2C continues and our market shares further improve across B2C, B2B, and OEM segments as we have grown 3-4x of Industry growth. Our investments in the brand have been reinforced this year and enhanced significantly from Q4 with a mega multi-media campaign during IPL through MyJio & Jio Cinema and our unique “Gulf Fan Academy” property which is currently ongoing and leading to millions of impressions and consumer connects online. Consumer response to our campaigns has been overwhelming helped by the huge fan following for our brand ambassador and legend MS Dhoni and the Chennai Super Kings team. We are also seeing significant traction in Adblue, an environment-friendly product and we are continuously enhancing our reach and capabilities to cater to this growing demand. We continue to look at evolving e-Mobility space in India and exploring areas where Gulf can play a key role basis synergies with our current strengths and future strategies”.

 

 

 

 

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