Hold Gulf Oil Lubricants; target of Rs 810: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Gulf Oil Lubricants

Gulf Oil Lubricants reported Q1FY20 results largely in line with our estimates although volume growth was marginally below estimates of 10% and were at 7.5% YoY (core volume growth of 10% in line with estimate). Revenues increased 12.9% to Rs 440.7 crore, in line with our estimate of Rs 449.3 crore. EBITDA per litre was at ~Rs 26.3 per litre (Q1FY19: Rs 23.5 per litre), above our estimate of Rs 24.5 per litre on account of a better sales mix. Subsequently, EBITDA during the quarter increased 20.6% YoY to Rs 77.9 crore, above our estimate of Rs 74 crore. PAT increased 21.4% to Rs 48.7 crore in line with our estimate of Rs 48.5 crore.

Outlook

We value the company at 18x FY21E EPS of Rs 45 to arrive at a target price of Rs 810.

For all recommendations report, click here

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