# Lubricants — company-by-company sector analysis

> Lubricants: Castrol India Ltd owns the largest revenue base; Gulf Oil Lubricants India Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Lubricants has underperformed NIFTY 500 by 2.6% over 52 weeks and 7.1% over 13 weeks. 1 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself. Castrol India Ltd leads with revenue of ₹5,845 crore, based on 4 of 4 comparable companies through Mar 2026.

### Is the Lubricants sector outperforming NIFTY 500?

Lubricants has underperformed NIFTY 500 by 2.6% over 52 weeks and 7.1% over 13 weeks. 1 of 4 covered companies beat NIFTY on Mansfield relative strength, while 2 of 4 beat the sector itself.

### Which Lubricants company is largest by revenue?

Castrol India Ltd leads with revenue of ₹5,845 crore, based on 4 of 4 comparable companies through Mar 2026.

### Which Lubricants company is growing fastest?

Gulf Oil Lubricants India Ltd has the fastest current revenue growth at 11.7%, across 4 of 4 comparable companies.

### Which Lubricants company has the strongest 4-Factor Sector Score?

Castrol India Ltd ranks first at 59.1/100 with 91% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Lubricants company has the least gross debt?

GOCL Corporation Ltd has the lowest comparable gross debt at ₹1 crore. Gulf Oil Lubricants India Ltd has the highest at ₹567 crore.

### Which Lubricants company has the lowest comparable PEG?

Veedol Corporation Ltd has the lowest comparable Guarded PEG at 0.51, among 3 of 4 companies that pass the metric’s comparability rules.

### How much history does this Lubricants comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Lubricants has underperformed NIFTY 500 by 2.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 7.1%. 1 of 4 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Castrol India Ltd is the strongest against the sector itself at +12.9%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 7.1%
52-week sector return versus NIFTY 500: -2.6%
Stocks leading NIFTY: 1/4
Stocks leading sector: 2/4

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 4
Combined market value: ₹27.7K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Castrol India Ltd (CASTROLIND): 59/100 — Mixed-positive evidence; evidence 91%
   - Growth & earnings 15.6/35 | Capital efficiency 21.7/25 | Valuation 8.3/20 | Relative strength 13.5/20
   - Exact sum: 15.6 + 21.7 + 8.3 + 13.5 = 59.1
   - Decision use: Price leads the evidence: RS versus the benchmark is -2%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
2. Veedol Corporation Ltd (VEEDOL): 56/100 — Mixed-positive evidence; evidence 91%
   - Growth & earnings 15.5/35 | Capital efficiency 19.8/25 | Valuation 17.2/20 | Relative strength 3.0/20
   - Exact sum: 15.5 + 19.8 + 17.2 + 3 = 55.5
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
3. GOCL Corporation Ltd (GOCLCORP): 51/100 — Mixed-positive evidence; evidence 78%
   - Growth & earnings 12.3/35 | Capital efficiency 12.3/25 | Valuation 13.0/20 | Relative strength 13.5/20
   - Exact sum: 12.3 + 12.3 + 13 + 13.5 = 51.1
   - Decision use: Price leads the evidence: RS versus the benchmark is 22.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
4. Gulf Oil Lubricants India Ltd (GULFOILLUB): 47/100 — Mixed-negative evidence; evidence 91%
   - Growth & earnings 12.9/35 | Capital efficiency 20.1/25 | Valuation 11.2/20 | Relative strength 3.0/20
   - Exact sum: 12.9 + 20.1 + 11.2 + 3 = 47.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Castrol India Ltd is the scale leader at ₹5,845 crore, 44.1% ahead of Gulf Oil Lubricants India Ltd. Gulf Oil Lubricants India Ltd's growth is 11.7% from a ₹4,056 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Castrol India Ltd is the scale benchmark; Gulf Oil Lubricants India Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Castrol India Ltd's growth falls below Gulf Oil Lubricants India Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Castrol India Ltd · ₹5,845 crore | 44.1% versus #2 · Gulf Oil Lubricants India Ltd | 8/8 recent comparable periods | 4/4 companies · 75 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Castrol India Ltd (CASTROLIND): ₹5.8K Cr
2. Gulf Oil Lubricants India Ltd (GULFOILLUB): ₹4.1K Cr
3. Veedol Corporation Ltd (VEEDOL): ₹2.2K Cr
4. GOCL Corporation Ltd (GOCLCORP): ₹9 Cr

### Revenue growth — fastest growers
1. Gulf Oil Lubricants India Ltd (GULFOILLUB): 12%
2. Veedol Corporation Ltd (VEEDOL): 10%
3. Castrol India Ltd (CASTROLIND): 7.0%
4. GOCL Corporation Ltd (GOCLCORP): -40%

### 20-quarter Revenue history
- CASTROLIND: Jun 2021 ₹890 Cr | Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.5K Cr
- GULFOILLUB: Jun 2021 ₹417 Cr | Sep 2021 ₹534 Cr | Dec 2021 ₹602 Cr | Mar 2022 ₹637 Cr | Jun 2022 ₹706 Cr | Sep 2022 ₹720 Cr | Dec 2022 ₹781 Cr | Mar 2023 ₹792 Cr | Jun 2023 ₹812 Cr | Sep 2023 ₹802 Cr | Dec 2023 ₹818 Cr | Mar 2024 ₹870 Cr | Jun 2024 ₹894 Cr | Sep 2024 ₹864 Cr | Dec 2024 ₹920 Cr | Mar 2025 ₹953 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹967 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.1K Cr
- VEEDOL: Jun 2021 ₹285 Cr | Sep 2021 ₹394 Cr | Dec 2021 ₹412 Cr | Mar 2022 ₹445 Cr | Jun 2022 ₹439 Cr | Sep 2022 ₹448 Cr | Dec 2022 ₹497 Cr | Mar 2023 ₹470 Cr | Jun 2023 ₹474 Cr | Sep 2023 ₹474 Cr | Dec 2023 ₹496 Cr | Mar 2024 ₹487 Cr | Jun 2024 ₹479 Cr | Sep 2024 ₹476 Cr | Dec 2024 ₹482 Cr | Mar 2025 ₹532 Cr | Jun 2025 ₹514 Cr | Sep 2025 ₹509 Cr | Dec 2025 ₹538 Cr | Mar 2026 ₹607 Cr
- GOCLCORP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹39 Cr | Dec 2022 ₹248 Cr | Mar 2023 ₹242 Cr | Jun 2023 ₹197 Cr | Sep 2023 ₹163 Cr | Dec 2023 ₹167 Cr | Mar 2024 ₹158 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr

### 20-quarter Revenue growth history
- CASTROLIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 4.5% | Dec 2022 7.8% | Mar 2023 4.7% | Jun 2023 7.4% | Sep 2023 5.5% | Dec 2023 7.5% | Mar 2024 2.4% | Jun 2024 4.8% | Sep 2024 8.9% | Dec 2024 7.1% | Mar 2025 7.3% | Jun 2025 7.1% | Sep 2025 5.8% | Dec 2025 6.4% | Mar 2026 8.7%
- GULFOILLUB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 69% | Sep 2022 35% | Dec 2022 30% | Mar 2023 24% | Jun 2023 15% | Sep 2023 11% | Dec 2023 4.7% | Mar 2024 9.9% | Jun 2024 10% | Sep 2024 7.7% | Dec 2024 12% | Mar 2025 9.5% | Jun 2025 14% | Sep 2025 12% | Dec 2025 11% | Mar 2026 11%
- VEEDOL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 54% | Sep 2022 14% | Dec 2022 21% | Mar 2023 5.6% | Jun 2023 8.0% | Sep 2023 5.8% | Dec 2023 -0.2% | Mar 2024 3.6% | Jun 2024 1.1% | Sep 2024 0.4% | Dec 2024 -2.8% | Mar 2025 9.2% | Jun 2025 7.3% | Sep 2025 6.9% | Dec 2025 12% | Mar 2026 14%
- GOCLCORP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 318% | Dec 2023 -33% | Mar 2024 -35% | Jun 2024 -98% | Sep 2024 -98% | Dec 2024 -97% | Mar 2025 -98% | Jun 2025 -25% | Sep 2025 -33% | Dec 2025 -60% | Mar 2026 -33%

## Operating Economics & Margin Trend

What the numbers say: Castrol India Ltd leads both opm at 21% and margin change at -1 percentage points.

Investor read: Castrol India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Castrol India Ltd · 21% | 61.5% versus #2 · Gulf Oil Lubricants India Ltd | 2/8 recent comparable periods | 4/4 companies · 80 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Castrol India Ltd (CASTROLIND): 21%
2. Gulf Oil Lubricants India Ltd (GULFOILLUB): 13%
3. Veedol Corporation Ltd (VEEDOL): 10%
4. GOCL Corporation Ltd (GOCLCORP): -348%

### Margin change — fastest expanders
1. Castrol India Ltd (CASTROLIND): −1.0 pp
2. Gulf Oil Lubricants India Ltd (GULFOILLUB): −1.0 pp
3. Veedol Corporation Ltd (VEEDOL): −3.0 pp
4. GOCL Corporation Ltd (GOCLCORP): −179.0 pp

### 20-quarter OPM history
- CASTROLIND: Jun 2021 22% | Sep 2021 24% | Dec 2021 24% | Mar 2022 26% | Jun 2022 23% | Sep 2022 23% | Dec 2022 21% | Mar 2023 22% | Jun 2023 23% | Sep 2023 23% | Dec 2023 26% | Mar 2024 22% | Jun 2024 23% | Sep 2024 22% | Dec 2024 28% | Mar 2025 22% | Jun 2025 23% | Sep 2025 24% | Dec 2025 26% | Mar 2026 21%
- GULFOILLUB: Jun 2021 10% | Sep 2021 14% | Dec 2021 13% | Mar 2022 14% | Jun 2022 12% | Sep 2022 11% | Dec 2022 12% | Mar 2023 11% | Jun 2023 11% | Sep 2023 13% | Dec 2023 14% | Mar 2024 13% | Jun 2024 13% | Sep 2024 12% | Dec 2024 13% | Mar 2025 14% | Jun 2025 13% | Sep 2025 12% | Dec 2025 13% | Mar 2026 13%
- VEEDOL: Jun 2021 9.6% | Sep 2021 9.7% | Dec 2021 8.8% | Mar 2022 10% | Jun 2022 9.1% | Sep 2022 6.2% | Dec 2022 7.0% | Mar 2023 9.0% | Jun 2023 8.0% | Sep 2023 9.0% | Dec 2023 8.0% | Mar 2024 10% | Jun 2024 9.0% | Sep 2024 10% | Dec 2024 8.0% | Mar 2025 13% | Jun 2025 11% | Sep 2025 10% | Dec 2025 10% | Mar 2026 10%
- GOCLCORP: Jun 2021 6.0% | Sep 2021 -5.4% | Dec 2021 -2.4% | Mar 2022 3.7% | Jun 2022 -4.7% | Sep 2022 -2.0% | Dec 2022 6.0% | Mar 2023 -1.0% | Jun 2023 -2.0% | Sep 2023 5.0% | Dec 2023 -5.0% | Mar 2024 -7.0% | Jun 2024 -376% | Sep 2024 -116% | Dec 2024 -163% | Mar 2025 -169% | Jun 2025 -177% | Sep 2025 -327% | Dec 2025 -549% | Mar 2026 -348%

### 20-quarter Margin change history
- CASTROLIND: Jun 2021 +2.8 pp | Sep 2021 −8.2 pp | Dec 2021 −3.2 pp | Mar 2022 −4.2 pp | Jun 2022 +0.8 pp | Sep 2022 −1.5 pp | Dec 2022 −3.4 pp | Mar 2023 −3.7 pp | Jun 2023 −0.0 pp | Sep 2023 +0.1 pp | Dec 2023 +5.0 pp | Mar 2024 0.0 pp | Jun 2024 0.0 pp | Sep 2024 −1.0 pp | Dec 2024 +2.0 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +2.0 pp | Dec 2025 −2.0 pp | Mar 2026 −1.0 pp
- GULFOILLUB: Jun 2021 −0.5 pp | Sep 2021 −4.5 pp | Dec 2021 −4.5 pp | Mar 2022 −1.2 pp | Jun 2022 +1.9 pp | Sep 2022 −3.3 pp | Dec 2022 −0.8 pp | Mar 2023 −2.9 pp | Jun 2023 −1.0 pp | Sep 2023 +1.9 pp | Dec 2023 +2.0 pp | Mar 2024 +2.0 pp | Jun 2024 +2.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 +1.0 pp | Jun 2025 0.0 pp | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp
- VEEDOL: Jun 2021 −0.3 pp | Sep 2021 −4.0 pp | Dec 2021 −6.7 pp | Mar 2022 −1.6 pp | Jun 2022 −0.5 pp | Sep 2022 −3.5 pp | Dec 2022 −1.8 pp | Mar 2023 −1.2 pp | Jun 2023 −1.1 pp | Sep 2023 +2.8 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.0 pp | Sep 2024 +1.0 pp | Dec 2024 0.0 pp | Mar 2025 +3.0 pp | Jun 2025 +2.0 pp | Sep 2025 0.0 pp | Dec 2025 +2.0 pp | Mar 2026 −3.0 pp
- GOCLCORP: Jun 2021 +6.1 pp | Sep 2021 −4.0 pp | Dec 2021 −0.0 pp | Mar 2022 −7.7 pp | Jun 2022 −10.7 pp | Sep 2022 +3.4 pp | Dec 2022 +8.4 pp | Mar 2023 −4.7 pp | Jun 2023 +2.7 pp | Sep 2023 +7.0 pp | Dec 2023 −11.0 pp | Mar 2024 −6.0 pp | Jun 2024 −374.0 pp | Sep 2024 −121.0 pp | Dec 2024 −158.0 pp | Mar 2025 −162.0 pp | Jun 2025 +199.0 pp | Sep 2025 −211.0 pp | Dec 2025 −386.0 pp | Mar 2026 −179.0 pp

## Profit Scale & Acceleration

What the numbers say: GOCL Corporation Ltd leads with ₹1,522 crore of TTM profit, 58.7% above Castrol India Ltd. GOCL Corporation Ltd shows ≥100% on the scoring scale (875.6% uncapped) growth from a ₹1,522 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: GOCL Corporation Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: GOCL Corporation Ltd · ₹1,522 crore | 58.7% versus #2 · Castrol India Ltd | 7/8 recent comparable periods | 4/4 companies · 75 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. GOCL Corporation Ltd (GOCLCORP): ₹1.5K Cr
2. Castrol India Ltd (CASTROLIND): ₹959 Cr
3. Gulf Oil Lubricants India Ltd (GULFOILLUB): ₹345 Cr
4. Veedol Corporation Ltd (VEEDOL): ₹192 Cr

### Profit growth — fastest growers
1. GOCL Corporation Ltd (GOCLCORP): 100%
2. Veedol Corporation Ltd (VEEDOL): 14%
3. Castrol India Ltd (CASTROLIND): 1.7%
4. Gulf Oil Lubricants India Ltd (GULFOILLUB): -3.4%

### 20-quarter Net profit history
- CASTROLIND: Jun 2021 ₹140 Cr | Sep 2021 ₹186 Cr | Dec 2021 ₹189 Cr | Mar 2022 ₹228 Cr | Jun 2022 ₹206 Cr | Sep 2022 ₹187 Cr | Dec 2022 ₹193 Cr | Mar 2023 ₹202 Cr | Jun 2023 ₹225 Cr | Sep 2023 ₹194 Cr | Dec 2023 ₹242 Cr | Mar 2024 ₹216 Cr | Jun 2024 ₹232 Cr | Sep 2024 ₹207 Cr | Dec 2024 ₹271 Cr | Mar 2025 ₹233 Cr | Jun 2025 ₹244 Cr | Sep 2025 ₹228 Cr | Dec 2025 ₹245 Cr | Mar 2026 ₹242 Cr
- GULFOILLUB: Jun 2021 ₹30 Cr | Sep 2021 ₹59 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹63 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹52 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹62 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹79 Cr | Mar 2024 ₹87 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹97 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹95 Cr | Sep 2025 ₹84 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹90 Cr
- VEEDOL: Jun 2021 ₹23 Cr | Sep 2021 ₹32 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹38 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹26 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹35 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹60 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹57 Cr
- GOCLCORP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹61 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹92 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹210 Cr | Mar 2026 ₹75 Cr

### 20-quarter Profit growth history
- CASTROLIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 47% | Sep 2022 0.5% | Dec 2022 2.1% | Mar 2023 -11% | Jun 2023 9.2% | Sep 2023 3.7% | Dec 2023 25% | Mar 2024 6.9% | Jun 2024 3.1% | Sep 2024 6.7% | Dec 2024 12% | Mar 2025 7.9% | Jun 2025 5.2% | Sep 2025 10% | Dec 2025 -9.6% | Mar 2026 3.9%
- GULFOILLUB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 83% | Sep 2022 -12% | Dec 2022 6.8% | Mar 2023 -1.6% | Jun 2023 24% | Sep 2023 42% | Dec 2023 25% | Mar 2024 40% | Jun 2024 24% | Sep 2024 12% | Dec 2024 23% | Mar 2025 6.9% | Jun 2025 13% | Sep 2025 1.2% | Dec 2025 -22% | Mar 2026 -3.2%
- VEEDOL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 48% | Sep 2022 -38% | Dec 2022 -13% | Mar 2023 -11% | Jun 2023 -8.8% | Sep 2023 75% | Dec 2023 31% | Mar 2024 26% | Jun 2024 19% | Sep 2024 0.0% | Dec 2024 8.8% | Mar 2025 40% | Jun 2025 35% | Sep 2025 17% | Dec 2025 19% | Mar 2026 -5.0%
- GOCLCORP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -74% | Dec 2023 -53% | Mar 2024 -64% | Jun 2024 200% | Sep 2024 -69% | Dec 2024 513% | Mar 2025 360% | Jun 2025 3,297% | Sep 2025 180% | Dec 2025 128% | Mar 2026 226%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/4 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Castrol India Ltd has the clearest covered balance-sheet capacity with ₹1,131 crore net cash and gross debt of ₹63 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: GOCL Corporation Ltd · ₹1 crore | 93.8% versus #2 · Veedol Corporation Ltd | 1/8 recent comparable periods | 4/4 companies · 79 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. GOCL Corporation Ltd (GOCLCORP): ₹1 Cr
2. Veedol Corporation Ltd (VEEDOL): ₹16 Cr
3. Castrol India Ltd (CASTROLIND): ₹63 Cr
4. Gulf Oil Lubricants India Ltd (GULFOILLUB): ₹567 Cr

### Net debt — lowest net debt
1. Castrol India Ltd (CASTROLIND): ₹-1.1K Cr
2. Gulf Oil Lubricants India Ltd (GULFOILLUB): ₹-590 Cr
3. Veedol Corporation Ltd (VEEDOL): ₹-189 Cr
4. GOCL Corporation Ltd (GOCLCORP): ₹-93 Cr

### 20-quarter Gross debt history
- CASTROLIND: Jun 2021 ₹1 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹7 Cr | Mar 2022 — | Jun 2022 ₹2 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹64 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹77 Cr | Mar 2024 ₹77 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹82 Cr | Mar 2025 ₹82 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹63 Cr | Mar 2026 ₹63 Cr
- GULFOILLUB: Jun 2021 ₹211 Cr | Sep 2021 ₹302 Cr | Dec 2021 ₹302 Cr | Mar 2022 ₹390 Cr | Jun 2022 ₹390 Cr | Sep 2022 ₹390 Cr | Dec 2022 ₹390 Cr | Mar 2023 ₹373 Cr | Jun 2023 ₹373 Cr | Sep 2023 ₹413 Cr | Dec 2023 ₹413 Cr | Mar 2024 ₹365 Cr | Jun 2024 ₹365 Cr | Sep 2024 ₹462 Cr | Dec 2024 ₹462 Cr | Mar 2025 ₹467 Cr | Jun 2025 ₹467 Cr | Sep 2025 ₹507 Cr | Dec 2025 ₹507 Cr | Mar 2026 ₹567 Cr
- VEEDOL: Jun 2021 ₹18 Cr | Sep 2021 ₹16 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹27 Cr | Dec 2024 ₹27 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹16 Cr
- GOCLCORP: Jun 2021 ₹1.1K Cr | Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹166 Cr | Dec 2025 ₹166 Cr | Mar 2026 ₹1 Cr

### 20-quarter Net debt history
- CASTROLIND: Jun 2021 ₹-1.2K Cr | Sep 2021 ₹-1.2K Cr | Dec 2021 ₹-1.3K Cr | Mar 2022 — | Jun 2022 ₹-1.5K Cr | Sep 2022 ₹-1.5K Cr | Dec 2022 ₹-1.2K Cr | Mar 2023 ₹-1.2K Cr | Jun 2023 ₹-927 Cr | Sep 2023 ₹-927 Cr | Dec 2023 ₹-1.2K Cr | Mar 2024 ₹-1.1K Cr | Jun 2024 ₹-1.2K Cr | Sep 2024 ₹-1.2K Cr | Dec 2024 ₹-1.4K Cr | Mar 2025 ₹-1.4K Cr | Jun 2025 ₹-793 Cr | Sep 2025 ₹-793 Cr | Dec 2025 ₹-1.1K Cr | Mar 2026 ₹-1.1K Cr
- GULFOILLUB: Jun 2021 ₹-287 Cr | Sep 2021 ₹-204 Cr | Dec 2021 ₹-204 Cr | Mar 2022 ₹-159 Cr | Jun 2022 ₹-184 Cr | Sep 2022 ₹-131 Cr | Dec 2022 ₹-131 Cr | Mar 2023 ₹-277 Cr | Jun 2023 ₹-281 Cr | Sep 2023 ₹-310 Cr | Dec 2023 ₹-310 Cr | Mar 2024 ₹-389 Cr | Jun 2024 ₹-392 Cr | Sep 2024 ₹-428 Cr | Dec 2024 ₹-428 Cr | Mar 2025 ₹-579 Cr | Jun 2025 ₹-584 Cr | Sep 2025 ₹-611 Cr | Dec 2025 ₹-611 Cr | Mar 2026 ₹-590 Cr
- VEEDOL: Jun 2021 ₹-166 Cr | Sep 2021 ₹-130 Cr | Dec 2021 ₹-130 Cr | Mar 2022 ₹-133 Cr | Jun 2022 ₹-133 Cr | Sep 2022 ₹-90 Cr | Dec 2022 ₹-90 Cr | Mar 2023 ₹-157 Cr | Jun 2023 ₹-157 Cr | Sep 2023 ₹-194 Cr | Dec 2023 ₹-194 Cr | Mar 2024 ₹-211 Cr | Jun 2024 ₹-211 Cr | Sep 2024 ₹-45 Cr | Dec 2024 ₹-45 Cr | Mar 2025 ₹-116 Cr | Jun 2025 ₹-116 Cr | Sep 2025 ₹-73 Cr | Dec 2025 ₹-73 Cr | Mar 2026 ₹-189 Cr
- GOCLCORP: Jun 2021 ₹1.1K Cr | Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹66 Cr | Mar 2026 ₹-93 Cr

## Return On Capital Employed

What the numbers say: Castrol India Ltd leads ROCE at 60.3%, 34.1 percentage points above Gulf Oil Lubricants India Ltd. Castrol India Ltd has the strongest latest improvement at +3.4 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Castrol India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Castrol India Ltd · 60.3% | 130.2% versus #2 · Gulf Oil Lubricants India Ltd | 5/8 recent comparable periods | 4/4 companies · 62 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Castrol India Ltd (CASTROLIND): 60%
2. Gulf Oil Lubricants India Ltd (GULFOILLUB): 26%
3. Veedol Corporation Ltd (VEEDOL): 24%
4. GOCL Corporation Ltd (GOCLCORP): 13%

### ROCE change — fastest improvers
1. Castrol India Ltd (CASTROLIND): +3.4 pp
2. Veedol Corporation Ltd (VEEDOL): +0.8 pp
3. Gulf Oil Lubricants India Ltd (GULFOILLUB): +0.4 pp
4. GOCL Corporation Ltd (GOCLCORP): −12.3 pp

### 20-quarter ROCE history
- CASTROLIND: Jun 2021 67% | Sep 2021 — | Dec 2021 60% | Mar 2022 — | Jun 2022 59% | Sep 2022 — | Dec 2022 54% | Mar 2023 — | Jun 2023 51% | Sep 2023 58% | Dec 2023 52% | Mar 2024 57% | Jun 2024 52% | Sep 2024 57% | Dec 2024 51% | Mar 2025 56% | Jun 2025 65% | Sep 2025 65% | Dec 2025 64% | Mar 2026 60%
- GULFOILLUB: Jun 2021 — | Sep 2021 26% | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 28% | Dec 2022 — | Mar 2023 25% | Jun 2023 — | Sep 2023 26% | Dec 2023 35% | Mar 2024 26% | Jun 2024 35% | Sep 2024 26% | Dec 2024 37% | Mar 2025 26% | Jun 2025 35% | Sep 2025 25% | Dec 2025 31% | Mar 2026 27%
- VEEDOL: Jun 2021 — | Sep 2021 19% | Dec 2021 — | Mar 2022 17% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 16% | Jun 2023 — | Sep 2023 17% | Dec 2023 21% | Mar 2024 18% | Jun 2024 23% | Sep 2024 17% | Dec 2024 21% | Mar 2025 17% | Jun 2025 24% | Sep 2025 18% | Dec 2025 25% | Mar 2026 18%
- GOCLCORP: Jun 2021 — | Sep 2021 0.2% | Dec 2021 — | Mar 2022 -0.1% | Jun 2022 — | Sep 2022 -1.6% | Dec 2022 — | Mar 2023 -1.4% | Jun 2023 11% | Sep 2023 0.2% | Dec 2023 8.4% | Mar 2024 8.0% | Jun 2024 9.3% | Sep 2024 -2.0% | Dec 2024 11% | Mar 2025 11% | Jun 2025 56% | Sep 2025 -2.1% | Dec 2025 59% | Mar 2026 -1.0%

### 20-quarter ROCE change history
- CASTROLIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −8.2 pp | Sep 2022 — | Dec 2022 −5.8 pp | Mar 2023 — | Jun 2023 −7.3 pp | Sep 2023 — | Dec 2023 −2.6 pp | Mar 2024 — | Jun 2024 +0.3 pp | Sep 2024 −0.3 pp | Dec 2024 −0.8 pp | Mar 2025 −1.0 pp | Jun 2025 +13.7 pp | Sep 2025 +7.6 pp | Dec 2025 +12.8 pp | Mar 2026 +3.4 pp
- GULFOILLUB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 — | Mar 2023 +1.8 pp | Jun 2023 — | Sep 2023 −1.1 pp | Dec 2023 — | Mar 2024 +1.3 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 +1.3 pp | Mar 2025 +0.1 pp | Jun 2025 +0.4 pp | Sep 2025 −1.8 pp | Dec 2025 −5.5 pp | Mar 2026 +0.4 pp
- VEEDOL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.4 pp | Dec 2022 — | Mar 2023 −1.4 pp | Jun 2023 — | Sep 2023 −0.5 pp | Dec 2023 — | Mar 2024 +2.3 pp | Jun 2024 — | Sep 2024 +0.4 pp | Dec 2024 −0.2 pp | Mar 2025 −1.1 pp | Jun 2025 +0.4 pp | Sep 2025 +1.1 pp | Dec 2025 +3.6 pp | Mar 2026 +0.8 pp
- GOCLCORP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.8 pp | Dec 2022 — | Mar 2023 −1.3 pp | Jun 2023 — | Sep 2023 +1.8 pp | Dec 2023 — | Mar 2024 +9.4 pp | Jun 2024 −1.2 pp | Sep 2024 −2.2 pp | Dec 2024 +2.5 pp | Mar 2025 +3.3 pp | Jun 2025 +46.2 pp | Sep 2025 −0.1 pp | Dec 2025 +47.6 pp | Mar 2026 −12.3 pp

## Valuation Against Growth & Quality

What the numbers say: Veedol Corporation Ltd has the lowest comparable Guarded PEG at 0.51×, 66.9% below Gulf Oil Lubricants India Ltd. Only 3 of 4 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Veedol Corporation Ltd · 0.51× | 66.9% versus #2 · Gulf Oil Lubricants India Ltd | 0/8 recent comparable periods | 3/4 companies · 35 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Veedol Corporation Ltd (VEEDOL): 0.5
2. Gulf Oil Lubricants India Ltd (GULFOILLUB): 1.5
3. Castrol India Ltd (CASTROLIND): 2.3

### P/E — lowest P/E
1. GOCL Corporation Ltd (GOCLCORP): 7.3
2. Veedol Corporation Ltd (VEEDOL): 12.7
3. Gulf Oil Lubricants India Ltd (GULFOILLUB): 13.8
4. Castrol India Ltd (CASTROLIND): 18.8

### 20-quarter Guarded PEG history
- CASTROLIND: Jun 2021 — | Sep 2021 0.9 | Dec 2021 — | Mar 2022 0.5 | Jun 2022 2.3 | Sep 2022 — | Dec 2022 — | Mar 2023 1.8 | Jun 2023 2.4 | Sep 2023 — | Dec 2023 — | Mar 2024 3.6 | Jun 2024 2.0 | Sep 2024 2.9 | Dec 2024 2.1 | Mar 2025 3.0 | Jun 2025 3.0 | Sep 2025 2.5 | Dec 2025 2.3 | Mar 2026 —
- GULFOILLUB: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.1 | Mar 2023 — | Jun 2023 0.7 | Sep 2023 0.5 | Dec 2023 0.4 | Mar 2024 0.7 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 1.0 | Sep 2025 1.2 | Dec 2025 1.5 | Mar 2026 —
- VEEDOL: Jun 2021 1.9 | Sep 2021 0.7 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1.3 | Jun 2024 1.5 | Sep 2024 — | Dec 2024 1.2 | Mar 2025 0.9 | Jun 2025 0.5 | Sep 2025 0.7 | Dec 2025 0.5 | Mar 2026 0.5

### 20-quarter P/E history
- CASTROLIND: Jun 2021 20.5 | Sep 2021 17.7 | Dec 2021 16.0 | Mar 2022 13.4 | Jun 2022 13.6 | Sep 2022 13.8 | Dec 2022 15.0 | Mar 2023 13.5 | Jun 2023 15.1 | Sep 2023 17.0 | Dec 2023 21.8 | Mar 2024 21.6 | Jun 2024 22.6 | Sep 2024 27.3 | Dec 2024 21.6 | Mar 2025 21.8 | Jun 2025 22.7 | Sep 2025 20.2 | Dec 2025 19.6 | Mar 2026 18.1
- GULFOILLUB: Jun 2021 16.2 | Sep 2021 13.8 | Dec 2021 11.0 | Mar 2022 10.1 | Jun 2022 9.6 | Sep 2022 10.3 | Dec 2022 10.1 | Mar 2023 8.6 | Jun 2023 9.8 | Sep 2023 10.6 | Dec 2023 13.2 | Mar 2024 16.2 | Jun 2024 19.4 | Sep 2024 21.0 | Dec 2024 17.7 | Mar 2025 15.9 | Jun 2025 16.7 | Sep 2025 16.2 | Dec 2025 15.8 | Mar 2026 12.2
- VEEDOL: Jun 2021 30.2 | Sep 2021 21.4 | Dec 2021 18.6 | Mar 2022 16.7 | Jun 2022 14.8 | Sep 2022 13.4 | Dec 2022 14.3 | Mar 2023 12.3 | Jun 2023 15.4 | Sep 2023 18.9 | Dec 2023 19.4 | Mar 2024 18.1 | Jun 2024 27.9 | Sep 2024 26.6 | Dec 2024 19.5 | Mar 2025 15.0 | Jun 2025 16.6 | Sep 2025 16.8 | Dec 2025 15.0 | Mar 2026 11.5
- GOCLCORP: Jun 2021 19.2 | Sep 2021 16.6 | Dec 2021 22.0 | Mar 2022 23.7 | Jun 2022 21.8 | Sep 2022 8.7 | Dec 2022 9.0 | Mar 2023 6.6 | Jun 2023 7.2 | Sep 2023 24.9 | Dec 2023 38.0 | Mar 2024 41.9 | Jun 2024 49.8 | Sep 2024 26.2 | Dec 2024 22.2 | Mar 2025 13.6 | Jun 2025 15.8 | Sep 2025 15.4 | Dec 2025 12.2 | Mar 2026 5.5

## Enterprise Value & Book Value

What the numbers say: GOCL Corporation Ltd leads both ev/ebitda at 4× and p/bv at 0.63×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: GOCL Corporation Ltd · 4× | 37.5% versus #2 · Gulf Oil Lubricants India Ltd | 0/8 recent comparable periods | 4/4 companies · 80 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. GOCL Corporation Ltd (GOCLCORP): 4.0
2. Gulf Oil Lubricants India Ltd (GULFOILLUB): 6.4
3. Veedol Corporation Ltd (VEEDOL): 7.7
4. Castrol India Ltd (CASTROLIND): 11.6

### P/BV — lowest P/BV
1. GOCL Corporation Ltd (GOCLCORP): 0.6
2. Veedol Corporation Ltd (VEEDOL): 2.4
3. Gulf Oil Lubricants India Ltd (GULFOILLUB): 3.3
4. Castrol India Ltd (CASTROLIND): 9.6

### 20-quarter EV/EBITDA history
- CASTROLIND: Jun 2021 12.7 | Sep 2021 11.1 | Dec 2021 9.8 | Mar 2022 8.0 | Jun 2022 8.1 | Sep 2022 8.2 | Dec 2022 9.0 | Mar 2023 8.2 | Jun 2023 9.5 | Sep 2023 10.8 | Dec 2023 14.0 | Mar 2024 13.7 | Jun 2024 14.6 | Sep 2024 17.7 | Dec 2024 13.8 | Mar 2025 13.8 | Jun 2025 14.5 | Sep 2025 13.2 | Dec 2025 12.8 | Mar 2026 11.6
- GULFOILLUB: Jun 2021 11.4 | Sep 2021 9.7 | Dec 2021 7.7 | Mar 2022 7.0 | Jun 2022 5.4 | Sep 2022 6.0 | Dec 2022 5.9 | Mar 2023 4.6 | Jun 2023 5.3 | Sep 2023 5.8 | Dec 2023 7.5 | Mar 2024 9.5 | Jun 2024 11.7 | Sep 2024 12.6 | Dec 2024 10.5 | Mar 2025 9.4 | Jun 2025 9.8 | Sep 2025 9.2 | Dec 2025 8.8 | Mar 2026 6.4
- VEEDOL: Jun 2021 20.3 | Sep 2021 14.3 | Dec 2021 12.4 | Mar 2022 10.7 | Jun 2022 9.3 | Sep 2022 8.9 | Dec 2022 9.4 | Mar 2023 7.7 | Jun 2023 9.9 | Sep 2023 11.9 | Dec 2023 12.5 | Mar 2024 11.7 | Jun 2024 18.7 | Sep 2024 18.3 | Dec 2024 12.9 | Mar 2025 10.5 | Jun 2025 11.9 | Sep 2025 12.2 | Dec 2025 10.7 | Mar 2026 7.7
- GOCLCORP: Jun 2021 19.2 | Sep 2021 15.8 | Dec 2021 18.4 | Mar 2022 18.2 | Jun 2022 17.2 | Sep 2022 9.4 | Dec 2022 8.5 | Mar 2023 6.5 | Jun 2023 6.5 | Sep 2023 14.0 | Dec 2023 16.0 | Mar 2024 15.6 | Jun 2024 18.2 | Sep 2024 12.2 | Dec 2024 11.6 | Mar 2025 10.1 | Jun 2025 11.3 | Sep 2025 12.1 | Dec 2025 6.9 | Mar 2026 4.0

### 20-quarter P/BV history
- CASTROLIND: Jun 2021 10.2 | Sep 2021 9.1 | Dec 2021 8.6 | Mar 2022 7.2 | Jun 2022 6.2 | Sep 2022 6.2 | Dec 2022 6.8 | Mar 2023 6.7 | Jun 2023 6.0 | Sep 2023 6.9 | Dec 2023 9.0 | Mar 2024 8.7 | Jun 2024 9.3 | Sep 2024 11.3 | Dec 2024 9.1 | Mar 2025 8.8 | Jun 2025 9.4 | Sep 2025 10.6 | Dec 2025 10.5 | Mar 2026 9.1
- GULFOILLUB: Jun 2021 4.0 | Sep 2021 3.2 | Dec 2021 2.5 | Mar 2022 2.0 | Jun 2022 1.9 | Sep 2022 2.0 | Dec 2022 2.0 | Mar 2023 2.0 | Jun 2023 2.2 | Sep 2023 2.2 | Dec 2023 2.9 | Mar 2024 3.8 | Jun 2024 5.1 | Sep 2024 5.3 | Dec 2024 4.3 | Mar 2025 4.1 | Jun 2025 4.6 | Sep 2025 4.1 | Dec 2025 3.6 | Mar 2026 2.7
- VEEDOL: Jun 2021 6.3 | Sep 2021 4.3 | Dec 2021 3.6 | Mar 2022 2.8 | Jun 2022 2.5 | Sep 2022 2.4 | Dec 2022 2.4 | Mar 2023 2.0 | Jun 2023 2.4 | Sep 2023 2.8 | Dec 2023 3.1 | Mar 2024 3.0 | Jun 2024 5.2 | Sep 2024 4.8 | Dec 2024 3.3 | Mar 2025 2.7 | Jun 2025 3.5 | Sep 2025 3.4 | Dec 2025 3.0 | Mar 2026 2.3
- GOCLCORP: Jun 2021 1.4 | Sep 2021 1.2 | Dec 2021 1.3 | Mar 2022 1.3 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 1.3 | Mar 2023 1.3 | Jun 2023 1.3 | Sep 2023 1.6 | Dec 2023 1.8 | Mar 2024 1.6 | Jun 2024 1.6 | Sep 2024 1.5 | Dec 2024 1.2 | Mar 2025 0.9 | Jun 2025 1.3 | Sep 2025 1.1 | Dec 2025 0.5 | Mar 2026 0.5

## Market action

GOCL Corporation Ltd has the strongest one-year price move in Lubricants at +0.3%. It also leads on Mansfield relative strength against NIFTY at +22.3%. 1 of 4 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. GOCL Corporation Ltd (GOCLCORP): 0.3%
2. Castrol India Ltd (CASTROLIND): -17%
3. Veedol Corporation Ltd (VEEDOL): -17%
4. Gulf Oil Lubricants India Ltd (GULFOILLUB): -18%

### Strongest relative strength versus NIFTY 500
1. GOCL Corporation Ltd (GOCLCORP): 22%
2. Castrol India Ltd (CASTROLIND): -2.0%
3. Gulf Oil Lubricants India Ltd (GULFOILLUB): -6.8%
4. Veedol Corporation Ltd (VEEDOL): -9.1%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Castrol India Ltd (CASTROLIND) — market value ₹18.3K Cr; latest fundamentals Mar 2026
- Gulf Oil Lubricants India Ltd (GULFOILLUB) — market value ₹5.0K Cr; latest fundamentals Mar 2026
- Veedol Corporation Ltd (VEEDOL) — market value ₹2.4K Cr; latest fundamentals Mar 2026
- GOCL Corporation Ltd (GOCLCORP) — market value ₹2.0K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 3. Unverified: 1. Withheld: 0. Graded companies: 4.

1 of 4 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | GOCLCORP | GOCL Corporation Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Lubricants index?

The Nifty Lubricants index tracks India's listed Lubricants companies as a single basket. This page follows the same 4 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Lubricants sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Lubricants stocks in India?

Ranked by this page's four-factor score, Castrol India Ltd places first among 4 listed Lubricants companies, followed by Veedol Corporation Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Lubricants stocks are listed in India?

This comparison covers 4 listed Lubricants companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Lubricants company is the biggest?

Castrol India Ltd is the largest, with trailing-twelve-month revenue of ₹5,845 crore, ahead of Gulf Oil Lubricants India Ltd at ₹4,056 crore. That covers 4 of 4 companies with comparable reporting through Mar 2026.

### Which Lubricants company is growing fastest?

Gulf Oil Lubricants India Ltd has the fastest revenue growth at 11.7% year on year, across 4 of 4 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Lubricants company has the best profit margins?

Castrol India Ltd has the highest operating margin at 21%, from 4 of 4 comparable companies. Castrol India Ltd shows the biggest recent improvement, at -1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Lubricants company makes the most profit?

GOCL Corporation Ltd earns the most, at ₹1,522 crore of trailing-twelve-month net profit, from 4 of 4 comparable companies. GOCL Corporation Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Lubricants company earns the highest return on capital?

Castrol India Ltd leads on return on capital employed at 60.3%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Lubricants stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Veedol Corporation Ltd screens cheapest at 0.51×. Only 3 of 4 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Lubricants company has the strongest balance sheet?

GOCL Corporation Ltd carries the lowest comparable gross debt at ₹1 crore, from 4 of 4 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Lubricants sector beating the market?

Lubricants has underperformed NIFTY 500 by 2.6% over the last 52 weeks and 7.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Lubricants stock has the strongest price momentum?

GOCL Corporation Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Lubricants company scores highest for research priority?

Castrol India Ltd scores 59.1 out of 100 with 91% evidence confidence, from 15.6 points on growth and earnings, 21.7 on capital efficiency, 8.3 on valuation and 13.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Lubricants companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Lubricants sector?

The 4 Lubricants companies on this page carry ₹27,714 crore of combined market value. Castrol India Ltd is the largest at ₹18,278 crore, about 66% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Lubricants sector performing?

1 of the 4 covered Lubricants companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 2.6% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/lubricants