Target: ₹700

CMP: ₹544.10

Gulf Oil Lubricants India has recently announced to acquire 51 per cent stake in Tirex Transmission for ₹103 crore.

Tirex based in Ahmedabad is working on DC fast chargers and currently has over 400 charges installed for customers such as NTPC, HPCL, PowerGrid and Electra. This is Gulf Oil Lubricant’s third investment in the EV charging space after investing in Indra Renewables which is in AC & bidirectional charging and in ElectreeFi which is a SaaS provider having expertise in implementation of IoT based e-mobility solutions.

Gulf Oil Lubricant is envisaging Revenue of more than ₹500 crore from Tirex in next 5 – 6 years from India market. For Battery business have plans to grow at about 20 per cent CAGR for next 5 years and revenue of ₹200 crore.

Core lubricant business to incur ₹20 crore capex each year for next 3 years. The focus is to remain primarily on growth of Lubricants and additional investment opportunities being evaluated where it has synergies and its existing network, brand and partnerships can be leveraged.