A decade ago, Gulf Oil was ranked sixth in the Indian market. Today, we hold the number two position. The Indian lubricant industry grows at about 3-4 per cent annually, but we have consistently outperformed it, growing at 2-3x the market rate, achieving near double-digit growth annually.

I think we want to continue growing 2-3x the market. We want to also expand our distribution because our brand is already there, and we will continue investing in our brands.

We’ve significantly expanded our partnerships, growing from just two OEM tie-ups 15 years ago to over 40 today. Some of our key partners include Ashok Leyland, Schwing Stetter, Daimler, Piaggio, and others.

Gulf Oil traces its roots back to the Gulf of Mexico in 1901, and the Hinduja Group acquired the brand in the 1980s. While Gulf Oil is known internationally for its fuel stations, in India, we focus exclusively on the lubricant business, spanning factory fills, the replacement or bazaar segment, and franchised workshops. While PSUs dominate the market with a volume-centric approach, our focus is on building a strong brand, which drives higher recall, customer intent, and better margins.

Yes, we hold the number two position in the private lubricant sector by volume as well. While Castrol dominates the B2C space, and Shell leads in B2B, Gulf has established a balanced presence in both segments. Today, we lead in several categories, including commercial vehicles, two-wheelers, factory fills, and industrial lubricants.

Innovation and customer-centricity are at the core of our growth strategy. For example, in 2006, we introduced India’s first long-drain engine oil, doubling the oil change interval for truck owners from 18,000 km to 36,000 km, delivering substantial value.

Overtaking them is not our ambition, but to grow well, and profitably. Our ambition is to continue growing at 2-3x the market rate while improving margins. We are focused on premiumizing our product portfolio and maintaining profitability. With over 200,000 touchpoints, our volumes are between 140,000–150,000 KL annually. While there’s a clear opportunity to grow further, our priority is sustainable, value-driven expansion.

Yes, our margins currently stand at 12-14 per cent, supported by a structured approach and market-leading products. This demonstrates the trust and momentum we’ve built for our brand. Our new strategic theme, UNLOCK 2.0 – Accelerate, Premiumize, and Transform, outlines our roadmap for sustainable growth. We aim to grow in underpenetrated segments like passenger cars, industrial lubricants, infrastructure, tractors, and synthetics. These segments will drive future growth and improve our market positioning.

We’re also building unique customer-centric solutions. For example, in the steel industry, we’ve introduced a lubricant management program for JSW, where we charge based on steel output while managing the entire process for them.

We are leveraging technology for transformation, working with partners like Salesforce and SAP. Our collaborations with Deloitte and KPMG are helping us harness AI and ML to better utilize data and drive insights.

There’s been a misconception that EV adoption would significantly disrupt the lubricant market. However, independent research shows that internal combustion engines (ICE) will remain dominant for the next 20-30 years. Even with EV penetration reaching 18-20 per cent in five years and higher adoption in three-wheelers, the ICE vehicle park will still grow. Lubricants will remain essential for these vehicles.

We’ve been proactive in the EV space, having invested in batteries nearly a decade ago. Today, our Gulf Pride batteries are the third-largest in the two-wheeler segment, distributed through 12,500 touchpoints.

Additionally, we have a range of EV fluids and coolants, and we’re exploring battery management and charging solutions through investments in companies like Tirex, Indra Renewables, and ElectreeFi.

We are growing at double the industry rate, achieving around 15 per cent growth in the industrial segment. The government’s push for manufacturing has created new opportunities, and we’re focusing on offering unique solutions to improve efficiency and efficacy. Margins are higher in the automotive segment, particularly in the replacement market. However, the industrial segment offers significant volume opportunities. To strike a balance, we’re focusing on premiumizing our product offerings in both areas.

Our annual capex is around ₹25–30 crore for expansion, while investments in digitization and marketing account for 5-6 per cent of revenue. Currently, we operate at 90-94 per cent capacity, and we’re evaluating further expansions at our Chennai and Silvassa plants.

While there are no acquisition opportunities in the Indian lubricant space currently, we are actively exploring growth avenues in the mobility vertical. We’ve already made strategic investments in Tirex, Indra Renewables, and ElectreeFi, aligning with our vision for the future of mobility.