Veedol (Tide Water Oil Co. Ltd.) is a leading manufacturer and marketer of lubricants in over 65 countries around the globe. In India, it has been catering to both automotive and industrial segments since 1928 under the brand “Veedol”.
Q3 FY26 Earnings Results
- Revenue from Operations: Consolidated ₹537.73 cr, +11.47% YoY; Standalone ₹395.02 cr, +2.43% YoY (vs Q3 FY25).
- EBITDA: Standalone ₹52.50 cr (+38.2% YoY), EBITDA margin 9.76% vs 7.88% prior year; consolidated EBITDA margin 9.8% (derived).
- PAT: Consolidated ₹43.55 cr, +16.63% YoY; Standalone ₹43.64 cr, +29.8% YoY.
- EPS: Standalone ₹25.68, Consolidated ₹25.63 (both up 30% YoY).
- 9M YTD:
- Standalone Revenue from Operations ₹1,119.30 cr (flat YoY Shrink),
- 9M Standalone PAT ₹86.32 cr vs ₹79.90 cr prior YTD,
- Consolidated 9M Revenue ₹1,560.58 cr vs ₹1,437.51 cr; 9M PAT ₹134.16 cr vs ₹109.05 cr last year.
Management Commentary & Strategic Decisions
- Management highlighted robust growth in revenues and profitability, especially margin improvement driven by operating leverage and tighter cost management compared with Q3 FY25.
- Dividend policy: Board declared a second interim dividend of ₹14 per share (700%) for FY26; record date Feb 6, 2026.
- Corporate governance & appointments: Appointed Kulbhushan Malhotra as Non-Executive, Non-Independent Director; appointed new auditors for UK subsidiary demonstrating governance strengthening across geographies.
- Management continues to monitor labour code implications and regulatory developments that could impact operating costs and compliance.
Q2 FY26 Earnings Results
- Revenue from Operations: ₹509.23 cr, +6.93% YoY; slight sequential dip QoQ.
- EBITDA & Margins: Operating Margin (ex OI) 10.42%, down 102 bps QoQ; PAT Margin 8.04%.
- PAT: ₹40.94 cr, +18.32% YoY; Profit before tax ₹55.25 cr, +19.9% YoY.
- EPS: ₹24.09 (23.9% higher than Q2 FY25).
Management Commentary Q2
- Management noted modest YoY revenue growth (7%) but highlighted margin compression, with operating & PAT margins falling QoQ due to pressure on lubricant pricing and raw material costs.
- The company maintained revenue stability above ₹500 cr, reflecting consistent demand, and H1 FY26 PAT grew 26% YoY, indicating underlying growth.
- Dividend action: First interim dividend of ₹22 per share declared in Q2, rewarding shareholders ahead of Q3.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.