Gulf Oil Lubricants' Outlook Remains Positive Says Systematix Maintaining 'Buy'

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Systematix Report

Gulf Oil Lubricants India Ltd. is well-positioned to strengthen its market presence (with Core/Adblue market share 6%-8%%/20% in India) and drive sustained profitability (Ebitda/PAT to grow 13%/15.3% CAGR during FY24-27E).

Core Lubricant/AdBlue volume is expected to grow 7%/11.1% CAGR during FY24-27E.

The stock is trading very attractive at a PER of 13.5 times/11.9x on FY26E/FY27E with return on equity/return on capital employed of 25%+ and dividend yield of nearly 4%, we maintain Buy with PER of 18 times and target price of Rs 1,731.

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