We enclose herewith the transcript of the Earnings Conference Call held on October 30, 2026 with Investors in connection with the Unaudited Financial Results (Standalone and Consolidated) for the second quarter and half year ended September 30, 2026.

November 5, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra-Kurla Complex Dalal Street, Mumbai - 400 001 Bandra (East), Mumbai - 400 051 Scrip Code: 538567 Scrip symbol: GULFOILLUB Through: BSE Listing Centre Through: NEAPS Dear Sir/ Madam, Sub.: Transcript of Earnings Conference Call with Analysts/Institutional Investors in connection with the Unaudited Financial Results (Standalone and Consolidated) for the second quarter and half year ended September 30, 2026 Ref.: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 This is in continuation to our letter dated October 26, 2026 intimating about the schedule of Earnings Conference Call which was held on Friday, October 30, 2026 with Analysts/Institutional Investors in connection with the Unaudited Financial Results (Standalone and Consolidated) for the second quarter and half year ended September 30, 2026. We enclose herewith the Transcript of the said Earnings Conference Call. The said Transcript is also uploaded on the website of the Company and can be accessed at https://india.gulfoilltd.com/investors/financials/transcript-conference-calls . Request you to kindly take the same on record. Thanking you. For Gulf Oil Lubricants India Limited Manish Kumar Gangwal Whole-Time Director & CFO DIN: 00255201 Encl.: as above Gulf Oil Lubricants India Ltd. Q2 & H1 FY27 Earnings Conference Call October 30, 2026 Hosted by MANAGEMENT: MR. RAVI CHAWLA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – GULF OIL LUBRICANTS INDIA LIMITED MR. MANISH GANGWAL – WHOLE-TIME DIRECTOR AND CHIEF FINANCIAL OFFICER – GULF OIL LUBRICANTS INDIA LIMITED MODERATOR: MR. PROBAL SEN – ICICI SECURITIES Moderator: Ladies and gentlemen, good day and welcome to Gulf Oil Q2 FY27 earnings conference call hosted by ICICI Securities Limited. 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 ‘star’ then ‘zero’ on your touchtone phone. Please note this conference is being recorded. I now hand the conference over to Mr. Probal. Thank you and over to you, sir. Probal Sen: Thank you to everyone for making the time to attend this post Q2 results discussion call for Gulf Oil Lubricants. As always, we are joined by the members of the senior management of the Company, - Mr. Ravi Chawla, who is the Managing Director and CEO; and Mr. Manish Gangwal, Whole-Time Director and CFO of the Company. The format will be, as always, Ravi sir and Manish sir will give their opening brief on the results and thereafter, we can get into an interactive Q&A session. So, without further ado, I'll hand over to the management. Ravi Chawla: Good afternoon, everyone, and thank you for joining our quarter 2 call. We would like to start off by obviously passing on our festive greetings to all of you in advance, the coming season. Transcript of Gulf Oil Lubricants Ltd. Q2 FY27 Earnings Call Page 1 of 16 And very happy to share with you that the quarter 2 for us has also been a very robust quarter. We've continued the strong lubricants volume growth, which obviously we saw in quarter 1. Quarter 1, I would say, was also a quarter where there were supply issues and we showed agility and we grew more than 3x, 4x the market. And quarter 2, again, kind of is a testimony to our strong business model, which is very robust and consistent. So, the 16% growth in a quarter in which we expected the monsoon, being a low seasonal quarter would play its role. But really delighted to share with you that the team has come up with these results, which are, again, I think, industry-leading with 16% growth. Despite a tough situation internally in terms of cost challenges and also West Asia crisis, we have seen obviously the costs remaining what they were. And I think for that, it's obviously been a very, very good all-round show by all segments. So, each and every segment of ours has been able to grow. Even the B2C segment has obviously shown that we've been able to get primary, secondary sales. Definitely, the two segments which came out very well as we have given in our press release is the OEM franchisee workshop, even OEM factory fill picked up for us, double digit. In fact, OEM franchisee workshops was high double digit. And the B2B industrial segment also was a very good segment for us in this quarter, again, going into high double digit. We continue our focus to also look at new customers. And I think some of the B2B industrial customers that came in, nearly 1/3 of the incremental growth is from new customers. So very happy to share that. And we have a large number of OEM franchisee workshops, about 7,000 numbers with OEMs who have been with us, and we have a very good portfolio of OEMs right from the commercial vehicle to the car OEMs, to the tractor OEMs, to industrial OEMs right across India. So that has really been a very good positive for us. We've been able to really show the agility continued in a challenging environment. Manish will talk a bit more later about some of those things. But I think our calibrated price increases have also been able to really give us a good return overall given that there were lots of challenges in the market as we have seen. And we also are happy to share that during this quarter, we started the biggest investment ever in the history of Gulf in terms of an advertising campaign with our campaign for our ‘Pride’ product and also our repositioning of our, positioning on ‘Born to be Behad’, what we say ‘Kuch Behad Kar’, that is actually ‘Performance Beyond Limits’. So that was a start off of our motorcycle campaign. Our mechanic engagement BTL activities continued with greater vigor. And we also continue to focus on premiumization as part of our strategy and continue to gain momentum in these. We also had the Chennai plant, as you know, working towards a lot of ESG and environment initiatives. The Chennai plant was awarded the IGBC Transcript of Gulf Oil Lubricants Ltd. Q2 FY27 Earnings Call Page 2 of 16 Platinum certification. And really, that is a significant milestone, again, showing our strong commitment to sustainability. I think overall a very good quarter for us and given what we are seeing, the monsoon quarter, a very good result for us. And definitely, there are challenges, but as we see our growth engines are going very strong. And one of the key is the agility and execution, strategic pricing interventions, effective opportunity conversion supported by customer acquisition and growth. I'll now hand over to Manish to give a bit of granularity on a few things and of course, we'll be happy to take your questions after that. Manish Gangwal: Thank you, Ravi. Good afternoon, everyone. So, as Ravi mentioned, we had a very strong quarter. On the back of a strong Q1, back-to-back, we have delivered another quarter of growth momentum where our volume grew by nearly 16% and revenues grew by 44%. And this has been, I would say, a robust volume-led profitable growth where our EBITDA also in line with our volume and revenue growth have delivered a strong 37% growth on Y-o-Y basis. And also, at the same time, it is important to note that we have been able to maintain our margins in more or less near to the guided band of 12% to 14%. The margins for the quarter are 11.8%, which is very close to our guided band. And on the per litre basis, which we have been highlighting in our previous call also that in these inflationary environment situations, it is better to look at per litre, which we have been able to protect our per litre margins, which means the cost increases have been passed on to customers, consumers on per litre basis. And that is in such a challenging environment where the supply security was important for our customers, our consumers, we have bee [Showing first 8,000 characters — download PDF for full document]