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Gulf Oil Lubricants reported record Q3 volumes (41,500 KL), revenue, and EBITDA. Lubricants volume grew 8%, outperforming the industry by 2x, driven by PCMO, agri, industrial, and OEM workshops. Q3 EBITDA margins are back above 13%, with an interim dividend of INR 21 per share.
Management forecasts 2-3x market volume growth and a 12-14% EBITDA margin outlook, supported by recent pricing actions. Strategic focus includes premiumization, digital transformation, and scaling the EV segment via Tirex, which targets INR 300-400 Cr revenue in 3-4 years and expects over INR 100 Cr this year with positive EBITDA. Capacity expansion of INR 55 Cr is underway for future growth. The outlook is confident on market outperformance and strategic diversification.