Buy Gulf Oil Lubricants; target of Rs 750: HDFC Securities

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26 Aug, 2025 12:21

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HDFC Securities' research report on Gulf Oil Lubricants

Gulf Oil’s 4QFY20 adj. volumes declined ~13% YoY amidst the downturn in the auto industry and COVID-19 impact. However, we expect Gulf Oil to outperform the industry on the back of expansion of its distribution network and improving product/customer mix. The company is expected to gain market share in the PCMO segment as customers shift towards personal mobility. Maintain BUY.

Outlook

Our estimates our largely unchanged. We re-iterate BUY with a target price of Rs 750 @ 20x FY20 EPS. Key Risks: Delayed pick up in the DEO segment and increased competition in the PCMO segment.

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