Que: Gulf Oil Lubricants India has consistently outpaced industry growth over the past 15–16 years. What have been the key drivers behind this performance, and where do you see the next phase of growth coming from?

Ans: Our growth over the past decade and a half has been the result of a disciplined strategy. We have consistently stayed close to our customers, expanded our distribution footprint, invested in premium products, and strengthened our partnerships with OEMs and industrial customers. Equally important has been our ability to anticipate where the market is headed and strategically invest ahead of the curve.

Looking ahead, the next phase of growth will come from multiple levers. While we remain committed to delivering industry-leading lubricants volume growth, premiumisation continues to be a strong driver as customers increasingly seek higher performance products with longer drain intervals and better fuel efficiency. We will continue our focus on ahead-of-market growth across B2C, B2B and OEM segments and categories under it. Our industrial and OEM businesses are growing rapidly alongside India's manufacturing and infrastructure expansion, while new e-mobility businesses such as EV charging and software platforms will complement our core lubricants business and serve as a key growth pillar for the company.

We recently announced an INR 55 crore investment to expand our lubricants manufacturing capacity by nearly 70 percent combined at both our plants, which reflects our confidence in growth ambitions and in the long-term opportunity. Our objective is to remain a growth company by balancing leadership in our traditional business with strategic investments in the future of mobility, towards becoming a meaningful player in this growing segment.

Que: As India's automotive landscape transitions toward electrification, how is Gulf balancing investments in its core lubricants business with emerging opportunities in EV charging and mobility solutions?

Ans: The mobility transition is often viewed as a choice between conventional vehicles and electric vehicles, but we see it as an opportunity to participate across multiple mobility technologies. While internal combustion engine vehicles will continue to remain an important part, accounting for a significant share of India's automotive landscape, the mobility landscape is undergoing a broader transition toward more sustainable and energy-efficient solutions, creating new avenues for growth. While electric vehicles are an important part of this shift, they represent just one element of a wider spectrum that also includes more efficient internal combustion engines, hybrid technologies, hydrogen, and other alternative fuels. Ultimately, the transition is about meeting the evolving mobility preferences of the same end user.

Our strategy reflects this reality. We continue to invest in our lubricants business through capacity expansion, product innovation, and premium offerings while simultaneously building capabilities in the EV ecosystem. Our investments in Tirex, Indra Renewables, and ElectreeFi allow us to participate in charging infrastructure, home charging, and software-enabled mobility solutions, creating a comprehensive mobility portfolio. We are not moving away from lubricants. Instead, we are expanding our relevance across the broader mobility ecosystem so that Gulf continues to create value irrespective of how the market evolves.

Que: Through acquisitions and investments in Tirex, Indra Renewables, and ElectreeFi, Gulf has expanded its presence across the EV ecosystem. What strategic role do these businesses play in the company's long-term mobility vision?

Ans: Our vision has always been to evolve alongside our customers. As mobility changes, the needs of customers are also changing, and we believe companies must participate in those emerging opportunities rather than wait for disruption to happen.

Each of these investments addresses a different part of the EV value chain. Tirex strengthens our presence in DC fast charging infrastructure, Indra Renewables brings advanced home charging technologies, while Electree-Fi enables software and digital management of charging networks. Together, they give us exposure to hardware, software, and services, creating a much stronger mobility platform than any single investment could achieve. Tirex crossing INR 100 crore revenue milestone during FY26 demonstrates that these investments are already delivering meaningful business outcomes. Over time, these businesses will strengthen Gulf's position as a comprehensive mobility solutions partner while creating new growth opportunities beyond lubricants.

Que: Tirex has surpassed INR 100 crore in revenue in FY26. What factors have driven this growth, and how do you see the commercial EV charging market evolving over the next five years?

Ans: Commercial vehicle electrification is progressing differently from passenger vehicles because fleet operators evaluate investments through the lens of utilisation, operating costs, and reliability. Charging infrastructure therefore becomes a critical part of the overall business case.

With Tirex, Gulf has focused on building high-quality charging solutions supported by strong engineering, dependable service, and close collaboration with OEMs and fleet operators. Tirex further strengthened its leadership in the Bus OEM segment with around 30 percent market share while expanding its presence across the passenger vehicle ecosystem, onboarding new customers across dealerships, housing societies, charge point operators (CPOs), and OEMs for both AC and DC charging solutions. Crossing INR 100 crore in revenue in FY26 reflects the growing confidence customers have placed in the business.

Looking ahead, we are quite bullish on this segment. Our aim is to scale Tirex to INR 300-400 crore in revenue over the next three to four years. This confidence stems from the fact that electric buses, logistics fleets, and commercial transport will continue to scale meaningfully, and charging infrastructure has to keep pace with that momentum.

National and state policies will also play an important role in shaping this trajectory in the year ahead. Companies that combine technology, execution capability, scale and reliable after-sales support will be well positioned to benefit from this opportunity.

Que: With the government pushing EV adoption, what are the biggest challenges in developing a robust charging infrastructure in India, and how important will localisation be in achieving the country's electrification goals?

Ans: The pace of EV adoption will ultimately depend on how quickly the supporting ecosystem develops. Charging infrastructure, grid readiness, charger uptime, service quality, financing models, and customer confidence all need to evolve together for large-scale adoption to happen.

Localisation will play an equally important role because it improves supply chain resilience, reduces costs, and supports India's ambition of becoming a global manufacturing hub. This goes beyond assembling chargers locally and extends to components, electronics, software, and power management systems. We believe public policy and private sector investment must work together to accelerate this process. Through Tirex, we are continuously increasing localisation while expanding our manufacturing capabilities, because building a strong domestic ecosystem will be essential for making EV infrastructure more accessible and commercially viable across the country.

Que: Gulf recently announced an INR 55 crore manufacturing capacity expansion in lubricants. How will this investment strengthen your production capabilities, and what trends are you seeing in demand for automotive and industrial lubricants?

Ans: India's lubricant market continues to offer attractive long-term opportunities despite the ongoing transition in mobility. Vehicle ownership is increasing, industrial activity remains strong, and customers are steadily moving towards higher-quality lubricants that deliver better performance and longer equipment life.

Our capacity expansion will increase production capability by nearly 70 percent from both our plants, enabling us to support future demand across automotive, industrial, and OEM businesses while improving manufacturing efficiency and flexibility. This expansion is a strategic step that aligns with the company’s broader growth objectives of 2-3x industry volume growth. We are also seeing healthy demand for synthetic and semi-synthetic lubricants as customers increasingly recognise the benefits of premium products. In parallel, industrial lubricants are benefiting from growth across infrastructure, manufacturing, mining, and logistics. This investment therefore prepares us not only for higher volumes but also for a more diversified and premium product portfolio in the years ahead.

Que: As BS VI technologies, synthetic lubricants, and electric vehicles reshape the automotive industry, how do you see the lubricants market evolving over the next decade? Will premiumisation continue to drive growth even as ICE and EVs coexist?

Ans: The lubricants industry is entering a phase where value creation will increasingly come from innovation, customer engagement, and premiumisation rather than volume alone. As vehicle technologies evolve, modern BS VI engines require more advanced lubricants, while customers are increasingly looking for better fuel efficiency, longer drain intervals, and enhanced engine protection. We believe premiumisation will remain one of the strongest growth drivers over the next decade. At the same time, while electric vehicles will continue to gain momentum, internal combustion engine vehicles will remain a significant part of India's vehicle parc for many years. The opportunity therefore lies in serving and capitalising both markets effectively and evolving alongside changing mobility needs.

Another important shift is that products across leading lubricant brands have reached a fairly mature stage in terms of technology and performance. The real differentiator now lies in how companies engage with customers and create value beyond the product. At Gulf, we have long invested in specialised teams across channels, customer segments, and industry verticals, enabling us to build deeper relationships with over 50 OEMs that we are partnered with, industrial customers, mechanics, and retailers. Combined with continued investments in advanced lubricant technologies and future mobility solutions, this customer-first approach will remain one of our biggest strengths in the years ahead.