Gulf Oil Lubricants India Limited (NSE: GULFOILLUB) Q4 2025 Earnings Call dated May. 22, 2025
Corporate Participants:
Ravi Chawla — Managing Director & Chief Executive Officer
Manish Kumar Gangwal — Chief Financial Officer & President, Strategic Sourcing, Information Technology & Legal
Analysts:
Sudeep Anand — Analyst
Lakshminarayanan KG — Analyst
Prashant Kale — Analyst
Varun Ghia — Analyst
Yash Nandwani — Analyst
Unidentified Participant
Arya Patel — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Gulf Oil Lubricants India Limited Q4 and FY ’25 Earnings Conference Call hosted by Systematix Group. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing and on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr Sudeep Anand from Group. Thank you and over to you, sir.
Sudeep Anand — Analyst
Thank you, Sudhiep. On behalf of Systematix Institutional Equities, we welcome you all to the Q4 and FY ’25 conference call of Gulf Oil Lupicants India. We would also like to thank the management for giving us the opportunity to host this call. From the management side, we have Mr Ravi Chabla, Managing Director and CEO; and Mr Manish Gangwal, CFO. Now I’ll hand over the call to the management for their opening remarks, followed by the Q&A session. Over to you, sir..
Ravi Chawla — Managing Director & Chief Executive Officer
Thank you. Good day. Good afternoon, everyone. Welcome to the Q4 call, which was the last quarter of the last financial year. We are truly delighted to obviously share with you that this quarter-four has been a record quarter for us in terms of our volumes, in terms of our revenue and our EBITDA. The quarter saw us deliver our highest-volume in of 39,500 KL and this has really helped us to also close the year at a 7% growth and this is a result of our continued effort and strategic execution that has led us to deliver another industry-leading performance with volume at more than two times the industry growth rate, which is around 3%. The revenue also we got a record, highest-ever revenue crossing INR915 crores, again up also supported by the volume growth and improved product mix. EBITDA also saw a new record for us of INR124.47 crores. Also happy to share that our EBITDA margin in-quarter four moved up to 13.6%, which is again a higher range and also within the band, which we’ve been prescribing. To talk about the year, I would just like to spend a few — few minutes here is that the fiscal year ’24-’25 with the quarter-four performance has also been a record year. We have passed the revenue of INR3,500 crores. And we have increased our market-share by nearly 0.5% across all key segments, delivering volume growth, again, as mentioned earlier, two times — more than two times the industry in some segments even more than that. Obviously, this has been to expand our product portfolio, market penetration across B2B, B2C and OEM and grow our customer bases. We had announced the Unlock 2.0 strategy, which was to basically accelerate our growth in segments also where we are doing well, have good share and also segments where we have opportunities. And also look at premium offerings and a meaningful transformation with digital and other initiatives like EV mobility, where we have been able to successfully close the year and of course, looking-forward to what’s going to happen in the future. Our investments in EV have seen our subsidiary Tyrex close the year-on a strong note, a record quarter again and tripling the revenue nearly 300% and also, you know making some money in that. And obviously, this is laying the seed for a future, which is going to be very promising for us. We also saw our brand investments go up from December onwards with two campaigns, the unstoppables campaign, which was a powerful ad campaign with all our three brand ambassadors, MS Doni, Hardik Pandia and Simiti was launched in December and really saw a very good response. It was a 360-degree campaign and really bought all the aspects in terms of digital, mainline media, outdoor and retail distribution and retail display to the highest-level. Repeating that, we have just launched a campaign for our motorcycle range called Gulf Pride and this is again a 360 degree approach. Of course, the product is in a new pack. It’s got the highest technical specification and a 10,000 kilometer drain interval. This campaign also celebrates the emotional bond between a rider and motorcycle, in this case MS Dhoni, deepening our brand promise and strengthening consumer engagement. So this is currently out there in the market. Really for us, it’s been — it’s been a — it’s a good end to the year and we look-forward to a lot of other initiatives. Now I’ll hand over to Manish to take us through some of the ideas. Manish, over to you.
Manish Kumar Gangwal — Chief Financial Officer & President, Strategic Sourcing, Information Technology & Legal
Thank you, Ravi. Yeah. Good afternoon, everyone. As Avi mentioned, we ended the year-on a historic highs in terms of volume, our revenues and EBITDA, not only for the quarter, but also for the full-year. So on all three parameters, we have recorded highest-volume and highest revenue and highest EBITDA for the quarter and full-year. Our EBITDA has grown by 12% for the full-year and PAT has grown by nearly 17.5%. Complemented to that was a fantastic our generation of cash from operations where we have taken the cash from operation for the year at INR423 crores as against INR348 crore last year. And with that, the cash on-balance sheet at the year-end for the first time crossed INR1,000 crores mark and at INR1,027 crores, which is the historic high. And the Board of Directors of the company have been very enthusiastic and happy about that and declared a higher payout ratio and at 65%, announcing INR28 final dividend for the year. In addition to the INR20 interim dividend, which was paid-in February, so the total dividend for the year now stands at INR48, which works out to nearly 65% payout. You will all recall that we have been maintaining a payout ratio of around 55% 57% over the last few years that has been increased to 65% in this year. Also coming to the business side, you will notice that gross margins for the quarter have been stable rather sequentially higher slightly by-10 basis-points. This is in-spite of the challenges which were there in-quarter four where we saw rupee depreciating and touching even briefly INR88 at some
Point in time, while towards the end-of-the quarter in March, it was slightly retracting to 85.6 levels, but still the quarter was throughout the year — throughout the quarter, there was an elevated INR which started from sometimes in October, November. And crude, while it was still hovering around $70, $75 throughout the quarter was not reflecting the gains in base oil. As we speak, crude is now around $65 or below and rupee is also stable. So while in the March quarter, there were challenges at the gross margin level, but we maintained our gross margins and improved it slightly, we see that usually base oil reacts to crude after a lag and although there are demand-supply conditions, but we were optimistic about coming quarters in terms of base oil rates. With that, we would like to go to Q&A. Thank you.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. The first question is from the line of Lakshmi Narana from Tunga Investment. Please proceed.
Lakshminarayanan KG
Thank you. And just few questions. One is in terms of your advertising sales and promotion expenses and sales and marketing, what has been the outlook for the — for the year and what is the plan for the next coming year?
Manish Kumar Gangwal
We usually have our A&P in the range of around 3% to 4% and that we intend to continue in terms of 3% to 4% of our revenues.
Lakshminarayanan KG
Okay. And in the sales and marketing, what has been the expenses?
Manish Kumar Gangwal
Sales and marketing expenses are mainly the royalties paid to various OEMs for our OEM businesses?
Lakshminarayanan KG
Okay, okay. The second question is among the various segments you operate in, be it auto, OEM as well as aftermarket and also industrial and non-auto, which segments grew the lowest in the last year and what are the reasons to that?
Ravi Chawla
Yeah. So all our segments wherever we are focused on has grown ahead of the market. And of course, you would have challenges in various segments, but we are growing more in the industrial and the industrial area and the IMF because there we have a lower market-share. So overall, the growth has been ahead of market for each and every segment.
Lakshminarayanan KG
Got it. And my last question is in terms of your volumes in the AdBlue segment and also just an update on the chargers investment. Can you just help me to grow? I
Manish Kumar Gangwal
Think you will recall that AdBlue as a segment started picking-up post BS-VI implementation and our volumes have grown significantly in the last three to four years in AdBlue segment. And now from a 16,000 KL annual volume, we are now closed the year at 1,40,000 KL last year and we are at a consistent rate of now 35,000, 37,000 KL per quarter, which is the run-rate we are hitting consistently. And this is a complementary product to our Digital engine oil segment, largely used in commercial trucks and buses and it’s very well synergized with our distribution and product portfolio. Coming to the charger business, I think we acquired a company called Tyrex Transmission that was in October ’23. And since then we have been really nurturing the business, helping them to grow and helping them in terms of their journey on the path of growth and the processes improvement. And we are happy, as Avi mentioned in his opening remarks that the company has this time delivered INR78 crores INR79 crores of top-line, which is 300% growth over last year and with a positive EBITDA. So we are very happy on our — these future prospects in terms of our businesses and the way they are tracking today.
Lakshminarayanan KG
Got it. Got it. Thank you, sir. Congrats on a great set of numbers.
Manish Kumar Gangwal
Thank you.
Operator
Thank you. Before we take the next question, we would like to remind participants that you may press and one to ask a question. The next question is from the line of Prashant Kale from Star Capital. Please proceed.
Prashant Kale
Hello. Congratulations for having a good set of numbers. My question is regarding we are sitting on a huge amount of cash. I think after paying dividend, by September, we will have INR1,200 crores of cash. So I would like to know what is the plan for using this cash?
Ravi Chawla
Yes. Yeah, thanks for that question. Basically, as we have mentioned, the Board has been very cognizant and have been consistently increasing their dividend payouts. At the same time, we have been highlighting in our earlier con-calls that we are looking at investments not only in our lubricant business, especially focusing on around industrial businesses and some of our. And at the same time, we keep looking at opportunities in the evolving EV segment where we have already made a few investments in the last three years and we continuously look-forward to this evolving sector and build our business both organically and inorganically wherever we’ll find the opportunity, which is a good fit to our current approach of EV business, which is currently focusing on chargers. So all the — all the avenues are being looked at in terms of deployment of this surplus cash.
Prashant Kale
I would have we identify any opportunity or zero in on something which can come up in next few months because what happens is that having INR1,200 crores of cash is quite a bit. Probably management should look at distributing some of the cash maybe in terms of special dividend or maybe buyback and then utilize optimum amount of cash because Gulf Oil is a cash-generating. It’s like a cash machine, which generate huge amount of cash, but then it’s very difficult to find right opportunities to deploy the cash, right? So it could be great if you could give a possibility of distributing some of the cash and then bringing it to the optimum level so that it can be utilized in efficient way. Because finding a INR1,000 crore opportunity it would be difficult, isn’t it?
Ravi Chawla
Yeah. Yeah. I think, Mr, we appreciate your suggestions. And I think the Board is very cognizant about the cash position and the way we generate — continue to generate good cash, which is which is absolutely fantastic. And as we mentioned, the opportunities and M&A, both in the current business as well as in our evolving new target sector of EV related act opportunities, both are in active considerations. We obviously cannot disclose anything at this stage, but we keep looking and evaluating proposals, which are — but it has to make synergistic sense to our current businesses and that is where we keep evaluating each and every target object. Besides our current business, we’ll continue to require some cash, around INR50 crore annual capex is required. We may also be looking at expansion at our Silvasa plant shortly and that will also require some cash because we are running at almost 100% capacity on two-shift basis. So we have to augment some filling lines and some additional land we have already purchased, which is adjacent to our Silvasa plant. So all the opportunities are in active consideration. Thank you.
Prashant Kale
Okay. Yeah, that’s good to know. Thank you very much. One book — bookkeeping question. If we are having almost INR1,000 crores of cash, then why are we having a loan or debt of like INR400 crores? Can’t we use our own cash to finance the operating expenses?
Ravi Chawla
These are basically working capital loans in the form of supplier credit.
Prashant Kale
Oh, yeah, okay, supplier credit, okay, okay. That makes sense. Okay. Thank you very much, sir.
Ravi Chawla
Thank you.
Operator
Thank you. Please note that participants who wish to ask a question, please press star and one at this time. The next question is from the line of Varun from Capital. Please proceed.
Varun Ghia
Hi, sir. Could you provide the revenue figures for the full-year for AdBlue and battery?
Manish Kumar Gangwal
We don’t give separate AdBlue revenue figures. For battery, I think it was full-year figure was around INR80 crores. And AdBlue is 140,000 KL.
Varun Ghia
Okay. And what kind of price hikes are
Expected in the coming year? Any primary hikes?
Ravi Chawla
So based on raw-material, yeah, based on raw-material pricing is generally the market follows that. So at the moment, I think the — as you know, the base oils are partly dependent on crude. Crude is quite steady. We hope that this remains steady. And obviously, the price moves happen based on cost movements. So at the moment, we have to just wait-and-watch and see how that goes. There is no — currently, the market is not really — the price is more or less steady for some time, but yeah, do few small increases, decreases happen. But as of now, it’s looking that it should be steady.
Varun Ghia
And do you see any challenges in terms of volume growth of 6%, 7%, which you have guided going-forward?
Ravi Chawla
Yeah. So Varun, our record, if you see for the last more than a decade is growing the industry. And given our strategies and also our brand strength and the kind of B2B base we have made with OEMs, we are very confident of continuing this growth also because there are some segments obviously where we have close to double-digit, but there is a lot of opportunity in industrial, IMF, even in the retail, we see a lot of opportunities in some geographies. So we will continue striving to get to the 2x, which we have done quite successfully in the last more than 15 years, I would say. We still have scope because we still have our overall market-share only of about, if you say close to 7% slightly plus overall in the automotive industrial. So there is a lot of room when our brand is also getting stronger. Our distribution, our initiatives are quite successful and we hope we can continue to actually beat what we have been 2x to 3x, we keep saying some segments we are even doing 3x. So that is our mantra actually to do.
Varun Ghia
And what was the average realization for the full-year in,
Manish Kumar Gangwal
Average realization varies from segment to segment. You know, the Digital engine oil segment, the personal segment all have different price points and different realization levels. And then there are — one is the MRP level pricing, which is which is written in the pack as per the Indian laws. And then there is a market pricing. So all these are segment to segment where quite operate at a different level. So it will be very difficult to give you one single figure.
Varun Ghia
Okay, sir. Thanks much.
Ravi Chawla
Thank you.
Operator
Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Yash Nandwani from IIFL Capital. Please proceed.
Yash Nandwani
Hello,
Operator
Yes, sir
Yash Nandwani
Hello. Yes, sir. Yes, sir. Yeah. Thanks for the opportunity. I just wanted to know the core lubricant volumes in this quarter.
Manish Kumar Gangwal
The core lubricant volume and volume was better?
Operator
Hello. Hello. Yes, sir. Hello. There’s an echo.
Yash Nandwani
Am I audible now? Yeah. Sir, what are the core lubilkins volume in this quarter?
Manish Kumar Gangwal
So the core lubricant volume was 39,500 KL
Yash Nandwani
Okay, sir. And how has been the volume breakup in this quarter in terms of diesel oil, personal mobility, industrial, et-cetera?
Manish Kumar Gangwal
It more or less has been similar, except that Indian oil was slightly lower by 2% and personal mobility was higher at 24%. So digital Indian oil was around 36% and personal mobility went up fall because of a very good double-digit growth in motorcycle oil. So it is back to around 24% in terms of overall comfort. So these two changes, rest all remains similar.
Yash Nandwani
Yeah. And how has been the volume growth trend in each of them, I mean so — and sir, just second question was the factory field, how has been factory field doing?
Manish Kumar Gangwal
So as far as quarter-four is concerned, the factory field was flat, at least it was not degrowing. First 3/4, we all know and we have been highlighting that factory field business was under degrowth, right now. But quarter-four it has — it was flat. For the full-year, it was still almost a double-digit degrowth. And as Ravi highlighted, if we exclude Factory field, our full-year volume growth is nearly 9%, which is the industry.
Yash Nandwani
Okay, sir. And sir, last question was with crude prices now trending lower in first-quarter FY ’26, can we expect EBITDA margins to trend towards the upper-end of your guidance, which is 12% to 14% or even surpassing that.
Manish Kumar Gangwal
You see, I also mentioned in my remarks that while crude is stabilized at around $65, we’re yet to see any impact on the base oil because there are a lot of global demand and supply situations. Even then usually it takes a lag time of at least one to two months for base oil to react, but still we are not seeing any of those impacts. However, having said that, if we see the trend of last 15 years, eventually if crude remains at these levels, the base well will see some softening at some point in time. The timing is difficult to predict, but eventually it happens when the crude remains at these levels, it should happen. And we are also optimistic about it. But Timing-wise, it will be very difficult to predict at this stage, this time because there are a lot of demand-supply situations globally in the base oil segment. And also rupee has from the highs of 87 plus has been now stabilized at around 85.5 levels, which is also auguring well overall because we import 70%, 80% of our base oils. So both put together, yes, we are also optimistic, but timing is difficult at this stage to say.
Yash Nandwani
Yeah. So we should expect EBITDA margin to remain at least at the 4th-quarter level, which is 13.6%.
Manish Kumar Gangwal
Yeah. It also depends on the market pricing and the way we invest. As Ravi mentioned, we have a mega campaign going on right now, which is one of the biggest campaigns Gulf has ever had in its history in terms of motorcycle oil and with our brand. And that should see some elevated A&P expenses in the current quarter, but still we have — we will maintain our EBITDA guided band of 12% to 14%. Hello.
Operator
So I think line went on-hold. Shall we go to the next participant?
Manish Kumar Gangwal
Yes, please.
Operator
Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Misha, an individual investor. Please proceed.
Unidentified Participant
Hello. Am I audible? Yes., congratulations on the great set of numbers. Just one question. What is the share of the export revenue in this quarter and on a full-year basis?
Manish Kumar Gangwal
You’re talking about volume, share of exports?
Unidentified Participant
Yeah. Yeah.
Manish Kumar Gangwal
Usually we used to have around 5%, 6% in terms of our volume mix in exports. It has gone up to now 7%, 8%.
Unidentified Participant
Okay.
Manish Kumar Gangwal
Yeah, we can have a next question hello, hello, sir, am I audible to you now? Hello.
Operator
Hello, sir, am I audible to you now?
Manish Kumar Gangwal
Yes, yes, sir. Yes. Lost in-between. Yeah.
Operator
Yeah. The next question is from the line of Daval from Choice India. Please proceed so Daval, has seem to be disconnected. We’ll take the question from Prashant Kale. You may proceed, sir.
Prashant Kale
Ohh, hello, sir, this question is regarding our subsidiary. Is there any plan to increase the shareholding more than 51% going-forward? And this, are they planning to enter into the export market also for these DC charges.
Ravi Chawla
Yeah. So on the — definitely the charges that Tarex is making, we are seeing very good acceptance and it’s also — we also have a technology roadmap to improve on those for the Indian market and the opportunity of going to other markets is definitely present and we are looking at that. So there are some certifications in that which we are progressing
On. And we also see that as a good opportunity. And of course, what we’ve been guiding is mainly the Indian market where we have indicated INR400 crores to INR500 crores in four, five years could be even better, but we would like to go with that view now. And exports will also open up opportunities once we are ready with the certifications and also the products have to be tested there.
Prashant Kale
Regarding stake,
Ravi Chawla
Yeah. Your second question was on stake. I think currently we are at 51. So I think that’s where we are today.
Prashant Kale
Yeah, but is there any plan to increase it further?
Manish Kumar Gangwal
Yeah. So we keep evaluating. And at the right time, we’ll — we have all the ROFR clauses, etc., in our contract. So we keep evaluating. And at right time we will exercise our options.
Prashant Kale
Okay. So there is a option in the share — share purchase agreement, right?
Manish Kumar Gangwal
Yes.
Prashant Kale
Okay, that’s good to know. And sir, since we are making the charges, there is quite a lot of demand for these cheap generic chargers — AC chargers for charging two-wheelers at-home. They are really cheap, but there is a market — huge market for it, mass-market. So is there any plan to cater to that market also because basically the components — components are almost them, but it’s just a low-tech IW, but mass-market.
Ravi Chawla
Yeah, so we have developed a range of AC chargers. In fact, Tyrex has a semi-automatic. So we are looking at this area, which you said, but we would not like to get into the cheap end. We would like to have a good-quality and also work with certain OEMs. So Mr, work is on there and we will make some announcements on that shortly.
Prashant Kale
That’s fair to name. Thank you. Thank you for having.
Ravi Chawla
Thank you.
Operator
Thank you, sir. Thank you. Before we take the next question, we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Puppat from Choice India. Please proceed.
Unidentified Participant
Hello. Am I audible?
Operator
Yes, sir.
Unidentified Participant
Yeah. So sorry if I missed it, but in case so in the previous call, you mentioned that the EV charges subsidiary, you are expecting it to grow by 2x every year. Given it has already gone up from nine months ending to one year from INR40 crores to almost INR79 crores, do you still hold this guidance or is there any update? So am I clear?
Manish Kumar Gangwal
So as a fast-growing segment, EV chargers and especially the DC chargers is a very fast-growing segment. And we intend to keep increasing our revenues at a very fast pace and continuously looking at how we can attain INR400 crores to INR500 crore turnover in next three to four years is what we are looking at.
Unidentified Participant
Okay, thank you. Just one more question if I may.
Manish Kumar Gangwal
Yes, please.
Unidentified Participant
So on the data center business, I’m aware the overall volume lies very low. If I’m correct, it is just 14 million tons if the overall data centers get converted to liquid coal. But is there any development, do you really see any traction as of now or is there some period involved or how do you see that?
Ravi Chawla
Yeah. So I was — I think same question was asked on one of the channels today. So we are happy to share with you that we have developed two products, which are two product candidates for data center liquid cooling applications. These products have been made in India with the support of our global technical team. We have a R&D center in Chennai. So one of them is POA-based, which is the high-end synthetic and one is mineral. So happy to say that they are — these products are now tested in terms of critical material compatibility parameters and for the components. The next step is to actually collaborate with liquid cooling service providers and data center companies for a proof-of-concept on the product. So happy to share that is the stage we are at and these products are now available for us to test.
Unidentified Participant
Thank you. Thank you. Thank you so much.
Ravi Chawla
Thank you.
Operator
Thank you. You. Participants who wish to ask a question may press star and one at this time. The next question is from the line of Arya Patel from Emkay Global. Please proceed.
Arya Patel
Hi, thank you for the opportunity and congratulations on a good set of numbers. So I had few questions regarding. So if you could help us with realization per liter and margins for the and also the volumes in-quarter four the quarter-four
Manish Kumar Gangwal
AdBlue volume was 37,000 KL and the full-year volume is 1,40,000 KL for AdBlue. Realization varies again from segment to segment and from OEM to retail. But on a ballpark basis, you can take a realization of around INR50 on an average, INR45 to INR50.
Arya Patel
Sure. Thank you. The next question is, sir, could you throw some light on the margin or diger commission as a percentage of our sales?
Ravi Chawla
So this — so in our B2C business, you know, we have various competitive brand strengths. So based on our strength, there is obviously there is a the margin he makes in terms of his trade margin. And then there are other incentives which go for development of the market and then there is incentive-based based on the mix. So all this is what most of the companies offer. And obviously Gulf with its brand strength is at the number two position. So accordingly, our distributor margin is decided. And then of course, when the distributor sells to the retailer, he has a margin between what the dealers distributor sells to him and the MRP. So retailer margins are normally, it would be anything from 10% to 20% based on the product and distributors would also earn close to double-digit overall.
Arya Patel
Sure. Thank you, sir.
Ravi Chawla
Thank you.
Operator
Thank you. Participants wish to ask a question may press star and one at this time. The next question is from the line of Sudeep Anand from Systematix. You may proceed.
Sudeep Anand
Yeah. Congratulations, sir, for a good set of numbers. Sir, regarding volume makeup of, how has the different segment performed during the quarter, so if you can give some light on that?
Manish Kumar Gangwal
No, yeah. MR. Sudeep, we are not clear on the questions.
Sudeep Anand
So they are different. So regarding the industrial automotive so how is the volume has done during the quarter?
Manish Kumar Gangwal
Okay. So as a mix, we would say that we have already highlighted personal mobility has grown double-digit. Digital engine oil also has grown high-single-digit and industrials are also in the high-single-digit for the quarter.
Sudeep Anand
Okay. And sir, regarding, how is the volume growth we are looking over the next one to two years, what kind of growth that we are guiding for?
Manish Kumar Gangwal
You see, now we have reached a base of around 1,40,000 KL in AdBlue. And we believe that now you know, our growth in will continue to be in the range of 10% to 15% in terms of volume. And we are only playing in a very niche high-end quality-conscious buyer segment where as a category can be, you know, it’s a mass product, but we play only in the high-end segment and especially with our marquee OEMs also. And the retail market is not fully developed. So considering all that, we still believe that the can keep growing at 10% to 15% for the next few years.
Ravi Chawla
Yeah. And just to add, we had announced a tie-up with as the Nayra, which has a chain of 6,000 plus outlets. We have exclusivity there to sell our AdBlue there. So that is another good channel for us. But of course, as Manish said, we are looking at a 10% to 15% overall and we would like to continue our position of maintaining the highest-quality. We have just relaunched the pack with an anti-counterfeit sort of a of scanner, which helps people to understand that it is important to use the right quality, otherwise you will not get what you require is to lower the emissions. So we are trying to consciously also communicate that to all our stakeholders.
Sudeep Anand
Okay. Thank you, sir. And all the best, sir.
Ravi Chawla
Thank you.
Operator
Thank you. Before we take the next question, we would like to remind participants that you may press star and want to ask a question thank you. Thank you. As there are no further questions, I now hand the conference over to the management for the closing comments. Thank you, and over to you, sir.
Ravi Chawla
Thank you. I think for us, the financial year performance has been very strong. So with all our strategies and I think at the renewed passion, we want to really look at taking this strong momentum and take Gulf Oil growth to the next level. And our outlook is that we will look at two to 2x the market and of course, in some segments more than that, we are confident of that. And we are
Also confident that we’ll be able to gain market-share across all our segments, better product mix. We will focus ahead of the market growth in key segments like diesel engineer and MCO where we have good strength and higher and aggressive growth at other segments where we are less than 5%, like industrial, passenger car, etc. Sustainable margin for us is as we grow our volumes, we are, as we have mentioned, is a band of 12% to 14% is where we would like to go because we do have investments in the brand. We want to continue doing that. We want to look at definitely getting more customers and if permitted, of course and if the overall environment is there, we would prefer to move to a higher brand, but 12% to 14% is our range which we target and also the volume growth which we desire. And hoping that of course longer-term base oil prices remain steady, then we will be able to move it up. We are also going to focus on increasing our distribution and we have also done — internally, we are looking at how that can be done and made some changes in terms of our distribution network, our internal sales teams. Also marketing, you will see a very important role in marketing, not only to keep our brand saliency, brand consideration, brand awareness, but also make some initiatives in terms of brand-led kind of specific segments and geographies, which will happen. We have continued to evaluate investments in e-mobility space as we make our current investments with Tyrex, Electrophy and Indra come more to the — more to the ground in terms of more customers, better products, better service and of course, increase our market-share there. Our mantra of Unlock 2.0 is a mantra which we have taken on, which is about accelerating, premiumizing and transforming not only digital transformation, but also taking on mobility and looking at new areas. This has shaped very well and we continue focusing on that. And added to that internally, we have a theme called Spark, which is to reignite and look at how we can improve our strategies, plans, actions and to use our resources differently more effectively. And of course, the KRA KPIs for our teams, which will then translate to higher-performance for the company. So overall, this is our outlook and we look-forward to being with you in the next quarter and thank you for your support and confidence. Hope you’ve been able to answer the questions to your satisfaction. Thank you very much and have a great day, great week. Great month.
Operator
Thank you. Thank you. On behalf of Systematix Group, that concludes this conference. Thank you for joining us and you may now disconnect your lines