Gulf Oil targets ₹300-400 crore Tirex revenue in 3-4 years, doubles Ahmedabad charger capacity

Gulf Oil Lubricants India, which owns 51% of EV-charging business Tirex, is targeting ₹300-400 crore in revenue within three to four years from about ₹100 crore in FY2025-26. It plans to double DC-charger capacity at its Ahmedabad plant as part of a 70% overall capacity expansion.

— Source publishedTue, 25 Aug, 2026, 11:27 IST·First seen Tue, 25 Aug, 2026, 11:35 IST·Source CNBC-TV18 · Companies

What happened

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

Key facts

  • Tirex revenue target: ₹300-400 crore in 3-4 years
  • 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
  • Lubricant volume growth: 17%
  • EBITDA margin: 12.5%; target band: 12-14%
  • Industry growth estimate: 3-4%; Gulf Oil targets 2-3x industry growth
  • DC charger capacity at Ahmedabad plant to double
  • Overall plant capacity increase: 70%
  • AdBlue growth outlook: 10-15%

Why this matters

Gulf Oil’s majority-owned Tirex expansion reinforces the strategic value of acquiring or partnering for charging infrastructure capabilities as India’s EV ecosystem scales.

What to watch

  • Ahmedabad plant expansion commissioning date and post-expansion utilization rate.
  • 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.
  • India EV sales growth, especially electric buses, commercial vehicles and fleet-led passenger EV adoption.
  • Prioritize DC fast-charger orders from bus, logistics, last-mile delivery and corporate-fleet depots.
  • Use Gulf Oil's channel network to add charger sales, installation and annual maintenance contracts at fuel stations and commercial sites.
  • Expand software, remote monitoring and service offerings to increase recurring revenue beyond charger hardware.
  • Seek anchor partnerships with OEMs, fleet operators, utilities, charge-point operators and government tendering agencies.
  • Manage working capital and component sourcing as higher project volumes can create receivables and supply-chain risk.