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Gulf Oil targets ₹300-400 crore Tirex revenue in 3-4 years, doubles Ahmedabad charger capacity
Our read
Tirex is likely to become a materially larger growth vertical for Gulf Oil, but reaching ₹300-400 crore will depend more on fleet and institutional charging contracts than on consumer public-charging demand.
For operators
Gulf Oil is scaling Tirex aggressively, with Ahmedabad DC-charger capacity doubling to support a planned three-to-fourfold revenue increase within four years.
Watch
Ahmedabad plant expansion commissioning date and post-expansion utilization rate.
The report,
Gulf Oil Lubricants India targets Tirex EV-charging revenue of ₹300-400 crore within three to four years, doubling Ahmedabad DC-charger capacity. It reported strong Q1 growth and plans to expand plant capacity, gain lubricant market share and sustain 12-14% margins.
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Reported figures
From the report. Source details below
| Tirex FY2025-26 revenue: | ₹100 crore |
|---|---|
| Gulf Oil owns | 51% of Tirex |
| Q1 FY2026-27 consolidated net profit: | ₹123.1 crore, up 28.6% YoY |
| Q1 revenue from operations: | ₹1,327 crore, up 30.6% YoY |
What to watch next
- Quarterly Tirex order book, revenue mix, EBITDA margin and receivables trend.
- Large fleet-depot, highway-corridor, oil-marketing-company or state transport orders.
- Evidence of Gulf Oil retail outlets being converted into charging locations or channel partners.
- DC charger pricing trends, imported-component costs and domestic-manufacturing incentives.
The counter-case
The case against this reading — not reported by the source.
The ₹300-400 crore target implies roughly 3-4x revenue growth in a market where charger demand, tender cycles, site approvals and utilization can be volatile. Doubling Ahmedabad DC-charger capacity before proven order visibility could create underutilized capacity, pressure pricing and tie up working capital. Competition from larger charging hardware suppliers, oil-marketing companies and vertically integrated EV players may limit margins even if installations rise.
The source
First seen