Please refer to important disclosures at the end of this report
Gulf Oil Lubricants (GOL) India Limited is engaged in the business o
manufacturing, marketing and trading of automotive and non-automotive
lubricants, and greases. GOL has progressed from just being a B2B player to a
premium lubricant company in the past 7-8 years. Balanced approach towards
B2B and B2C segments has given strong volume growth at firm margins. GOL is
well placed to see a strong volume growth backed by robust growth in auto
sector demand, recovery in industrial segment owing to initiatives such as Make
in India campaign, increase in market share driven by deepening presence in
rural India and new branding initiatives. GOL has significantly improved its
distribution in H1FY17. For instance, retailers have been increased to 55,000,
Bike Stops to 5,000, Branded workshops for cars at 600 and rural stockiest to
250. The company has a reported a healthy return on equity (ROE) of 61.83%
for the last 3 Years. The company has also been maintaining a healthy dividend
payout of 34.86% (Div. yield: 1.00%). Hence Buy.
CMP `691
Stock Info
Beta 0.7
Bloomberg Code
Shareholding Pattern (%)
Promoters 68.6
MF / Banks / Indian Fls 16.0
FII / NRIs / OCBs 3.2
Indian Public / Others 12.2
Abs. (%) 3m 1yr 3yr
Sensex (5.2) 0.8 27.9
Gulf Oil Lub. (2.7) 45.4 --
52 Week High / Low 780/452
Avg. Daily Volume 6,738
Oil & Gas
Market Cap (
cr) 3,426
BSE Sensex 26,350
Nifty 8,127
Face Value (
Reuters Code --
Vaibhav Agrawal
022 – 3935 7800 Ext: 6808
Gulf Oil Lubricants India
Others | Oil & Gas
November 29, 2016
Gulf Oil Lubricants | Oil & Gas
November 29, 2016
Research Team Tel: 022 - 39357800 E-mail: [email protected] Website:
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Disclosure of Interest Statement Gulf Oil Lubricants
1. Financial interest of research analyst or Angel or his Associate or his relative No
2. Ownership of 1% or more of the stock by research analyst or Angel or associates or relatives No
3. Served as an officer, director or employee of the company covered under Research No
4. Broking relationship with company covered under Research No
Ratings (Based on expected returns Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
over 12 months investment
: Reduce
-5% to -15%
< -15